Multifamily

TruAmerica, Intercontinental Buy Maribelle Apartment Homes in Santa Rosa

by Nellie Day August 7, 2015

SANTA ROSA, CALIF. — TruAmerica Multifamily and Intercontinental Real Estate have purchased the 287-unit Maribelle Apartment Homes in the Napa submarket of Santa Rosa for $59 million. The community is located at 750 Apple Creek Lane. Maribelle Apartments was built in 1987. It is the largest apartment community in Santa Rosa. The property is near US 101 and California State Highway 2. It will also be situated near the Santa Rosa Station of the Sonoma Marin Rail Transit Service once it’s completed. The partnership obtained a seven-year, interest-only, fixed-rate agency loan that was originated by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets.

August 7, 2015

Multifamily North Carolina Southeast

Terwilliger Pappas, Federal Capital Partners to Build Apartment Community in Charlotte

by John Nelson August 7, 2015

CHARLOTTE, N.C. — Terwilliger Pappas Multifamily Partners and Federal Capital Partners have teamed up to develop Solis Waverly, a 375-unit apartment community located in the Waverly master-planned development in south Charlotte. The community’s amenity package includes attached and detached garages, a fitness center, conference room, pet park and resort-style pool with a bar. Solis Waverly’s first one-, two- and three-bedroom apartments are expected to be completed by spring 2016. The general contractor for the project is Fortune Johnson. Waverly’s 90-acre plan includes a mix of retail, office, medical office and residential offerings. Novant Healthcare will open a facility at Waverly in the fall. Other tenants at Waverly will include Whole Foods Market, Modern Salon, Dresslers, Bad Daddy’s and Novanta Pizzeria Napoletana.

August 7, 2015

Multifamily Seniors Housing Texas

Civitas Senior Living Begins Construction on Seniors Housing Complex in Metro Dallas

by Haisten Willis August 6, 2015

WILLOW PARK, TEXAS — Civitas Senior Living LLC began construction in July on Clear Fork Senior living, a seniors housing complex that will offer assisted living and memory care units. The development will be the 13th property in the company’s portfolio. The project is a joint venture between Civitas and Sandlin Capital LLC/2MR Capital LLC. Justin Hitchcock of Community National Bank & Trust of Texas in Weatherford originated construction financing for the project. Donica Construction and Development will be the developer for Clear Fork Assisted Living and Memory Care. Building plans include 38 assisted living suites and one-bedroom units, along with 24 private and semi-private memory care units. Clear Fork Senior Living amenities will include a gym, spa, wellness center, walking trails and a clubhouse. The complex will be owned and managed by Civitas. In addition to Clear Fork Senior Living, Civitas Senior Living operates Cambridge Court Assisted Living and Memory Care Facility in Mesquite, Autumn Wind Assisted Living in Winnsboro, Aria Memory Care in Cedar Park and Midtowne Assisted Living and Memory Care in Midlothian. The company also projects in the pipeline in Burleson, Flower Mound, Frisco, Austin and Allen.

August 6, 2015

Loans Multifamily Texas

Churchill Capital Arranges $4.7M Acquisition Loan for Dallas Apartment Complex

by Haisten Willis August 6, 2015

DALLAS — Churchill Capital Co. of Dallas has arranged a $4.7 million loan for the acquisition and improvement of a 173-unit Class C multifamily community located at 1810 John West Road in northeast Dallas. The Buckner Village Apartments are garden-style, one- and two-story units with one-, two- and three-bedroom floor plans. The 7.6-acre complex was fully renovated in 2009 and features gated access, a pool and a playground. Duke Stone and Steve Forson of Churchill Capital arranged the three-year, floating-rate loan through a local bank on behalf of the borrower, JAG Re-Development.

August 6, 2015

Multifamily Northeast Pennsylvania

Castle Rock Equity Acquires Philadelphia’s ICON Building for $112M

by Amy Works August 6, 2015

PHILADELPHIA — Castle Rock Equity has acquired the ICON Building at 1616 Walnut St. in Philadelphia’s City Center district. The company purchased the 25-story art deco tower for $112 million. The previous owners, a partnership between Federal Capital Partners, Cross Properties and Alterra Property Group, completed a $60 million transformation to the building in 2014, converting it from office to residential use. Constructed in 1929, the 206-unit apartment building features a rooftop terrace, wellness center, club level, electric car charging stations, car and bike share programs, and a pet grooming station, among other on-site amenities. Castle Rock Equity Group worked with Divvone Equity Group to close the transaction.

August 6, 2015

Multifamily Seniors Housing Southeast Virginia

SLIB Arranges $28.5M Sale of Skilled Nursing Facility in Virginia

by John Nelson August 6, 2015

MARTINSVILLE, VA. — Senior Living Investment Brokerage (SLIB) has arranged the $28.5 million sale of Blue Ridge Nursing & Rehabilitation Center, a 300-bed skilled nursing facility in Martinsville. The adjacent assisted living community is also included in the transaction, but is awaiting approval for the assumption of the existing HUD-insured debt. The affiliated operator of the seller, Sovran Management, will continue to manage the communities through a long-term lease with the new owner, which was not identified. Bradley Clousing and Patrick Burke of SLIB handled the transaction.

August 6, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $15.8M Sale of Mixed-Use Building in Manhattan

by Amy Works August 6, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 5008 Broadway in Manhattan’s Inwood neighborhood. The six-story property sold for $15.8 million, or approximately $325 per square foot, in an all-cash transaction. The 48,576-square-foot property features five retail units and 47 residential units in a mix of one-, two- and three-bedroom layouts. Robert Shapiro of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

August 6, 2015

California Multifamily Western

The Commodore Apartments in Beverly Hills Sells for $4.7M

by Nellie Day August 6, 2015

BEVERLY HILLS, CALIF. — The Commodore, a 14-unit apartment complex in Beverly Hills, has sold to Paul Ling for $4.7 million. The community is located at 1830 N. Cherokee Ave. It is situated just three blocks from the Golden Triangle on South Rexford Drive. Kevin Kawaoka of NAI Capital represented both the buyer, which was not identified, and seller, Tower Ventures LLC, in this transaction.

August 6, 2015

California Multifamily Western

Long Beach Apartment Building Sells for $4.8M

by Nellie Day August 6, 2015

LONG BEACH, CALIF. — Rdbh LLC has acquired a 27-uinit apartment building in Long Beach for $4.8 million. The community is located at 1101-1121 Gaviota Ave. It was built in 1988. The property is located within the Rose Park historical district near the neighborhoods of Carroll Park and Belmont Heights. The buyer plans to hold this asset long term, according to Stepp Commercial, which represented the buyer. The seller, Lunar Bear Properties II LLC, represented itself. Robert Stepp and Michael Toveg represented Rdbh.

August 6, 2015

Illinois Midwest Multifamily

IMPACT Strategies Completes $4M Green Development in Granite City, Ill.

by Jonathan Mehall August 5, 2015

GRANITE CITY, ILL. — IMPACT Strategies has completed construction of the second phase of the federally funded Granite City Green Communities in Granite City, about 10 miles northeast of St. Louis. IMPACT Strategies constructed 20 new units within six buildings for a total of 63 units at the development. Granite City Green’s design and construction are focused on sustainable and energy-efficient criteria. The project incorporates the use of solar panel and bioretention rain gardens in an effort to maximize the development’s environmental impact and performance. The Granite City Housing Authority hired Impact Strategies to lead construction of the project, which began last August and wrapped up at the end of July The first phase of Granite City Green was developed in 2012. Farr Associates, a sustainable architecture and urban planning firm in Chicago, designed the project.

August 5, 2015

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