Multifamily

Villa Montana in Los Angeles Sells for Record-Breaking Price Per Unit

by Nellie Day July 15, 2015

LOS ANGELES — A private investor has purchased the 20-unit Villa Montana apartment community in the Los Angeles submarket of Brentwood for $20 million. This equates to a price-per-unit of more than $1 million, the highest price per unit ever paid for a Los Angeles apartment building that was not adjacent to the ocean, according to Marcus & Millichap, which executed the sale. Villa Montana is located at 11611 Montana Ave. It is within walking distance of Brentwood Village. The new owner exchanged into Villa Montana after selling a property in New York City. The seller was Ken Kahan of California Landmark. Both parties were represented by Ron Harris, Greg Harris and Paul Darrow of Marcus & Millichap. Darrow notes that the sale points toward a larger trend in affluent submarkets like Brentwood.

July 15, 2015

California Loans Multifamily Western

Los Angeles Apartment Complex Receives $3.9M Loan

by Nellie Day July 15, 2015

LOS ANGELES – A 30-unit apartment community in Los Angeles has received a $3.9 million acquisition loan. The community is located at 1135 Grand View Street in the Westlake submarket. It was purchased by the Armor Family Trust. The five-year loan features a fixed interest rate of 3.2 percent. The loan was arranged by Dan Litman of Marcus & Millichap Capital Corporation’s West Los Angeles office. It was provided by Wayne D. McCoy of OneUnited Bank.

July 15, 2015

Hospitality Loans Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $42M Acquisition Loan for Development Site in Queens

by Amy Works July 15, 2015

NEW YORK CITY — Eastern Consolidated has arranged a $42 million bridge loan for the acquisition of a development site located at 131-01 39th Ave. in the Flushing neighborhood of Queens. The borrower, Triple Star Realty, acquired the former Assi Plaza supermarket location for more than $90 million. Triple Star Realty plans to raze the existing structures and develop a 631,752-square-foot mixed-use complex. The waterfront property will feature a 360-unit residential space, a 200-room hotel, retail space, a supermarket, general and medical office space and parking. Jonathan Aghravi, Charles Han, Ben Tapper and Tripp Lyons of Eastern Consolidated arranged the financing for the borrower.

July 15, 2015

Midwest Multifamily Nebraska

Berkadia Arranges Sale of 470-Unit Multifamily Property in Omaha

by Jonathan Mehall July 14, 2015

OMAHA, NEB. — Berkadia has arranged the sale of Grandridge Apartments, located at 5439 N. 100th Plaza in Omaha. Built in 1974, the 470-unit property includes a mix of one-, two- and three-bedroom floor plans in both apartment and townhome layouts. Unit amenities include fully equipped kitchens, balconies or patios, Internet access and ceiling fans. Select units have fireplaces and garages or covered parking. Community amenities include a large clubhouse with a swimming pool, spa, tanning beds, laundry room, fitness center and extra storage. Brooklyn, N.Y.-based Grandridge 930 LLC paid an undisclosed price to the seller, a private investment partnership based in Salt Lake City, Utah. Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corp., provides comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.

July 14, 2015

California Loans Multifamily Seniors Housing

Cambridge Arranges $12.3M HUD Refinance for California Skilled Nursing Facility

by Nellie Day July 14, 2015

VICTORVILLE, CALIF. — Cambridge Realty Capital Companies has arranged a $12.3 million HUD Lean loan to refinance Knolls West Post Acute, a skilled care nursing facility located in Victorville. The fully amortized, 30-year loan was arranged for the owner, a California limited liability company, using the HUD Section 232 funding program. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction.

July 14, 2015

Multifamily Seniors Housing Washington Western

Evans Senior Investments Arranges Sale of Washington Community for $18M

by Nellie Day July 14, 2015

VANCOUVER, WASH. — Evans Senior Investments has arranged the sale of a three-property seniors housing community, all located on the same campus in Vancouver, to a publicly traded REIT for $18 million. The three properties are Fort Vancouver Convalescent Center, a skilled nursing facility; Caretique, a memory care community; and Park Lido, an assisted living facility. With 136 total beds, the sale price represents $132,353 per unit. Opened in 1982, additions and buildings were added on to the facility in 1985 and 1992. At the time of the transaction, occupancy ran between 70 percent and 80 percent for the facilities. The capitalization rate was 11.7 percent based on the trailing 12 months of net operating income.

July 14, 2015

Multifamily Texas

M&M Arranges Sale of Two Apartment Buildings in Fort Worth

by Haisten Willis July 14, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of two apartment communities in Fort Worth: The Ridge, a 208-unit apartment complex, and Shadowood Apartments, a 52-unit apartment property. Al Silva of Marcus & Millichap’s Fort Worth office marketed both properties on behalf of the Texas-based sellers and secured both buyers. The Ridge is located at 8925 Randol Mill Road, 10 miles east of downtown Fort Worth and north of I-30. The property was built in 1985 and consists of 14 buildings. The new owner plans to make substantial renovations to the property. Shadowood Apartments is located at 6701 Calmont Ave. The property is located near I-30 and is five miles west of downtown Fort Worth. The property was built in 1964 and consists of one large building that comprises a brick veneer exterior with a new mansard roof and wood frame on a concrete slab foundation. The Texas-based buyer plans to make substantial improvements to the complex.

July 14, 2015

Multifamily Texas

Lloyd Jones Capital Purchases Apartment Complex in Fort Worth

by Haisten Willis July 14, 2015

FORT WORTH, TEXAS — Lloyd Jones Capital, a multifamily investment firm, has purchased the Carol Oaks Apartments in Fort Worth. The firm plans to upgrade and rebrand the 224-unit community located at 7412 Ederville Road. The property is located one mile from I-30 and I-820. Finlay Management will provide management services.

July 14, 2015

Loans Multifamily Texas

NXT Capital Provides $22.3M Loan for Acquisition of Apartment Properties in Dallas

by Haisten Willis July 14, 2015

DALLAS — NXT Capital has provided a $22.3 million first mortgage loan to finance the acquisition of two multifamily properties located in Dallas. The two properties total 394 units. Both properties provide access to I-635, eastern Dallas and Uptown Dallas. One of the properties offers two swimming pools and a fitness center, and the other property offers a swimming pool and a clubhouse. Andy Scott of HFF’s Dallas office placed the loan. NXT Capital’s real estate finance group primarily serves experienced real estate investors with non-recourse first mortgages of $10 million to $40 million for major-market properties.

July 14, 2015

Multifamily Texas

ARA Newmark Arranges Sale of Apartment Complex in San Antonio

by Haisten Willis July 14, 2015

SAN ANTONIO — ARA Newmark has arranged the sale of Ventana, a 390-unit, Class A asset located in northwest San Antonio. Occupancy at the time of the sale was 95 percent. Patton Jones and Matt Michelson of ARA Newmark represented the seller, California-based Francis Property Management, in the transaction. A real estate investment and management company, Francis Property Management maintains an existing portfolio of Class A apartment communities located throughout Texas and California. The buyer, Venterra Realty Management, purchased the property for an undisclosed price. Constructed in 1994, Ventana is a Class A, garden-style community located in the Northwest Medical Center submarket of San Antonio. Apartment units at Ventana average 975 square feet and feature nine-foot ceilings with crown molding, brushed nickel lighting and plumbing fixtures. There are 14 floor plans ranging from 671-square-foot, one-bedroom homes to 1,403-square-foot, three-bedroom homes, with some units including direct access garages. Property amenities at Ventana include two swimming pools, poolside wireless internet, attached garages, a business center and fitness center.

July 14, 2015

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