Multifamily

Passco Cos. Acquires Apartment Community in Metro Mobile for $43M

by John Nelson June 2, 2015

SPANISH FORT, ALA. — Passco Cos. LLC has purchased The Arlington at Eastern Shore, a 300-unit, Class A multifamily community located at 10558 Eastern Shore Blvd. in Mobile’s Spanish Fort suburb, for $43 million. Built in 2009, the property was designed to where each multi-unit apartment building resembles a large single-family home. The property features attached garages, an indoor basketball court, stocked fishing pond, pool with a sundeck, resident lounge, car care center and a fitness center. Passco plans to improve the apartment community with new exterior paint and the addition of a dog park. Passco funded its purchase of The Arlington at Eastern Shore using Fannie Mae debt. Rock Apartment Advisors brokered the transaction.

June 2, 2015

Multifamily Washington Western

Pathfinder Partners Sells Redondo Terrace Apartments in Seattle

by Nellie Day June 2, 2015

SEATTLE – Pathfinder Partners has divested the 78-unit Redondo Terrace apartments in Seattle. The community was purchased by a local investor for $7.5 million. It is located at 29421 Pacific Highway South in the Federal Way submarket, just south of Downtown Seattle. The property was originally known as the View at Redondo. Pathfinder completed extensive value-add improvements prior to the sale. The buyer was represented by George Miller of Marcus & Millichap.

June 2, 2015

Market Reports Multifamily New Mexico Western Western Market Reports

Millennials Lead the Way in New Mexico’s Multifamily Market

by Nellie Day June 2, 2015

Multifamily housing is coming of age in New Mexico, and the Millennial generation is spurring the growth. The old adage of “location, location, location” is ever present as the placement of a property in relation to cultural, educational, entertainment and natural amenities becomes a major factor in the value of the property. The ability to walk and bike to social amenities like restaurants, theaters and schools is, and will continue to be, very high on the list of importance for members of this generation in New Mexico. There is not only a distinguishable difference in occupancy rates for units scoring high on Millennial’s wish lists, but the income for these units is between 20 percent and 24 percent higher than those with lower scores. While newly constructed and refurbished multi-housing units often appeal to Millennials, all of New Mexico is experiencing high occupancy rates throughout the multifamily market. This push on availability is fueling an environment that will continue to encourage increasing rents and new construction. Though the sale of multifamily properties was deeply affected by the recession, a market shift in 2013 has allowed the multifamily market to regain its footing with a two- to three-times increase in sales …

June 2, 2015

Multifamily Texas

M&M Arranges Sale of 52-Unit Apartment Building in Austin

by Haisten Willis June 1, 2015

AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Lindy’s Landing, a 52-unit apartment property located in Austin. Joe James and Kent Myers of Marcus & Millichap’s Austin office, along with Robert Sheppard, Armand Tiberio and Spencer Hurst of the firm’s tax credit group, marketed the property on behalf of the seller, a partnership. James and Myers also secured the buyer, a foreign entity. Built in 1985 on 1.4 acres at 121 Woodward St., the complex is located just minutes south of downtown. Lindy’s Landing, a 33,600-square-foot apartment community, offers two floor plans and amenities including a leasing office, centrally located laundry facility and barbecue areas.

June 1, 2015

Multifamily New York Northeast

Taconic Investment Partners, Ares Sell Brooklyn Multifamily Property for $53M

by Amy Works June 1, 2015

NEW YORK CITY — Taconic Investment Partners and Ares Management have completed the disposition of 318 residential units at MeadowWood at Gateway, a multifamily property located at 12205 Flatlands Ave. in Brooklyn. The Pinnacle Group purchased the units for $53 million. MeadowWood at Gateway features 19 high-rise and garden-home buildings offers studio, one-, two-, three- and four-bedroom in a mix of for-sale and rental units. Taconic and funds managed by Ares originally purchased the 983 unsold condominiums units out of the 1,152 units at MeadowWood in 2006 and completed a $40 million renovation program at the property. Aaron Jungreis of Rosewood Realty Group represented the seller in the transaction.

June 1, 2015

Multifamily Northeast Pennsylvania

UMH Properties Buys Manufactured Home Community in Northeastern Pennsylvania

by Amy Works June 1, 2015

PENNSYLVANIA — UMH Properties Inc. has acquired a manufactured home community in northeastern Pennsylvania for $3.5 million. Situated on 43 acres, the property features 158 developed home sites, with an average occupancy of 64 percent. With this acquisition, UMH owns 92 communities and 15,700 developed home sites. The name of the seller was not released.

June 1, 2015

Multifamily Southeast Student Housing Tennessee

Green Real Estate Breaks Ground on Student Housing Property in Chattanooga

by John Nelson June 1, 2015

CHATTANOOGA, TENN. — Green Real Estate Group LLC, in partnership with DEW UTC LLC, has begun development on a five-story, 68-bed student housing project, VINE 422, located in downtown Chattanooga adjacent to the University of Tennessee at Chattanooga campus. VINE 422 is scheduled to be completed for the 2016 summer semester. Throughout the building, students will reside in one-, two- and three-bedroom apartments, all featuring designer kitchens, full appliance packages with washers and dryers and large windows for natural light. Students will also have free access to EPB’s 1 Gigabit Internet services, along with water, trash removal and monthly cleaning services included in the price of rent. Located on the ground floor of VINE 422 will be a sit-down restaurant that offers food made with fresh ingredients from local farms. There will also be a second small commercial space where Green envisions a late-night food walk-up or small convenience store. Green has selected Pointe General Contractors as the builders for VINE 422. Chattanooga-based Caughman & Caughman Architects, along with Knoxville-based interior design firm McAbee Hayes, will provide the project’s design services. Berry Engineering PLLC, Advanced Energy and Engineering Design PLLC and Woods Engineering PLLC will provide all of the project’s …

June 1, 2015

Loans Louisiana Midwest Multifamily Ohio Seniors Housing Southeast

Lancaster Pollard Arranges Seniors Housing Refinancing in Louisiana, Ohio

by John Nelson June 1, 2015

MONROE, LA. AND GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged the refinancing of two seniors housing communities: one for Paramount Healthcare Consultants (PHC) in Monroe for $20.2 million and another for The Jennings Center for Older Adults in Garfield Heights for $12.6 million. The PHC refinancing is a HUD loan for three facilities — Avalon Place, a 115-bed skilled nursing facility (SNF); Leslie Lakes, a 150-bed SNF and 19-unit independent living facility; and Princeton Place, a 112-bed SNF. Scott Blount, healthcare banker out of Austin, Texas, led the transaction for Lancaster Pollard. Lancaster Pollard also assisted PHC with a corporate restructuring to ensure compliance with HUD’s single asset entity and master lease requirements. The existing indebtedness and swap termination fee were completely funded through the FHA Sec. 232/223(f) loans and no equity was required from PHC. The Jennings Center is a nonprofit community featuring 174 private suites of skilled nursing, 54 units of assisted living, 10 independent living units, adult day services, child day care, a wellness center, transportation services and community programs. The main campus was founded in 1942 and is sponsored by the Sisters of the Holy Spirit. Lancaster Pollard arranged the refinance Jennings’ 2009 bonds using …

June 1, 2015

California Multifamily Western

Jefferson Apartments on the San Francisco Peninsula Sells for $10M

by Nellie Day June 1, 2015

REDWOOD CITY, CALIF. – The 30-unit Jefferson Apartments in the San Francisco Peninsula submarket of Redwood City has sold to an unnamed buyer for $10 million. The community is located at 1331 Jefferson Ave. It was built in 1963. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and seller in this transaction.

June 1, 2015

Multifamily Texas

Olympus Property Acquires Newly Developed Apartment Community in San Antonio

by Haisten Willis May 29, 2015

SAN ANTONIO — Olympus Property has acquired Tacara at Westover Hills, a 312-unit Class A apartment complex in San Antonio. Built in 2014, Tacara at Westover Hills sits on almost 14 acres in the Westover Hills submarket. The property’s amenities include a pool with sundeck, fitness center, business center, outdoor kitchen and fireplace, covered parking and detached garages. Tacara at Westover Hills comprises 192 one-bedroom, one-bath units; 108 two-bedroom, two-bath units; and 12 three-bedroom, two-bath units. Each unit features granite countertops, stainless steel appliances, keyless entry and patios. Vaulted ceilings and carports are also available for some residents.

May 29, 2015

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