Multifamily

DTZ Arranges $20M Sale of Arbor Terrace Seniors Housing Property in Tampa

by John Nelson May 1, 2015

TAMPA, Fla. — DTZ has arranged the $20 million sale of Arbor Terrace at Citrus Park in Tampa on behalf of Citrus Park ALF LLC. The project was pre-sold to Capitol Seniors Housing prior to breaking ground and the transaction closed upon certificate of occupancy. The property is built on 6.3 acres and comprises 52 assisted living, 14 transitional memory care and 26 memory care units. Arbor Terrace was designed by Tampa architectural firm Chancey Design and developed by a joint venture between Tampa architect/developer Walt Chancey and Rookis Development Co. based in Santa Rosa Beach, Fla. The DTZ team of Allen McMurtry, Megan Fetter and David Kliewer closed the transaction.

May 1, 2015

California Multifamily Western

Waypoint Property Group Buys the Waterfront in Newport Beach

by Nellie Day May 1, 2015

NEWPORT BEACH, CALIF. — Waypoint Property Group has purchased the Waterfront, a 64-unit apartment community in Newport Beach, for $25.5 million. The community is located at 919 Bayside Drive. The Waterfront is situated across from Balboa Island. The property, which was built in 1964, overlooks Newport Harbor. Common-area amenities at the property include private single-car garages, a salt-water pool, a poolside lounge and a clubhouse. Select units feature stainless-steel appliances, fireplaces, new wood-style floors, quartz countertops and recessed lighting. The seller, BT Real Estate Group, was represented by Stewart I. Weston of Institutional Property Advisors.

May 1, 2015

Loans Multifamily Southeast Virginia

Walker & Dunlop Arranges $401.9M in Acquisition Financing for Multifamily Portfolio in Virginia

by John Nelson April 30, 2015

BETHESDA, MD. — Walker & Dunlop Inc. has closed a portfolio of acquisition loans totaling $401.9 million for three multifamily properties in northern Virginia’s Fairfax County. The assets total 2,175 units and include the Avant in Annandale, Amberleigh Apartments in Fairfax and The Edgemoore in Alexandria. The apartments include one-, two-, and three-bedroom apartments with community amenities including playgrounds, swimming pools, business centers, tennis courts, nature trails and dog parks. Brendan Coleman and David Redmond of Walker & Dunlop led the team that closed the loans on behalf of the borrowers, Redbrick LMD and David Werner Real Estate Investments. The loans were brokered to Walker & Dunlop through Meridian Capital Group and Eastdil Secured.

April 30, 2015

California Multifamily Western

Glendale Apartment Community Sells for $4.1M

by Nellie Day April 30, 2015

LOS ANGELES – A 16-unit apartment complex in the Los Angeles submarket of Glendale has sold to a private family trust for $4.1 million. The community is located at 1323 N. Columbus Ave. It was built in 1927. The trust was represented by Salleh Beitollahi and Rick Raymundo of Marcus & Millichap Real Estate Investment Services.

April 30, 2015

Loans Midwest Multifamily Ohio

KeyBank Arranges $22.1M Loan for Apartment Community in Ohio

by Danielle Everson April 30, 2015

COLUMBUS — KeyBank Real Estate Capital has secured a $22.1 million Freddie Mac loan for Polaris Place, a multifamily apartment community in Columbus. The community was built in 2014 and includes 11, three-story, garden-style apartment buildings, totaling 224 units. The property also includes 10 detached garage buildings, a leasing office and a clubhouse. Timothy Migchelbrink of Key’s Commercial Mortgage Group arranged the financing, which was used to pay off an existing KeyBank construction loan.

April 30, 2015

Multifamily Student Housing Texas

Vesper Buys Two Texas Student Housing Properties

by Haisten Willis April 30, 2015

SAN MARCOS AND LUBBOCK, TEXAS — Vesper Holdings has purchased two student housing properties in Texas. The properties include Wildwood San Marcos in San Marcos and University Fountains in Lubbock. Wildwood San Marcos is a 132-unit, 528-bed student housing community located near Texas State University. Wildwood includes 11 three-story residential buildings and a clubhouse. Built in 2013, Wildwood currently maintains a 99 percent occupancy rate. Vesper is allocating $250,000 toward property improvements at Wildwood. These funds will be used to improve curb appeal, renovate the clubhouse and pool, and upgrade the amenities.

April 30, 2015

Multifamily Student Housing Texas

City of Waco Approves ACC Project Near Baylor University

by Haisten Willis April 30, 2015

WACO, TEXAS — Waco City Council has unanimously approved the zoning and design of a 702-bed student housing project in the former Speight Avenue H-E-B grocery location near Baylor University in Waco. The five-story, $40 million project, which American Campus Communities is developing, would join two other nearby complexes of the same size, the View on 10th and a proposed complex, Park7, according to the Waco Tribune. The City Plan Commission recommended and approved the project, which ACC will own, by a 7-3 vote.

April 30, 2015

Multifamily Texas

M&M Arranges Sale of 146-Unit Apartment Portfolio in Metro Dallas

by Haisten Willis April 30, 2015

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Pioneer House and Executive Apartments, a 146-unit apartment portfolio located in Irving. William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Ware and Jarnagin also procured the buyer, a local private investor. The seller plans to utilize the sale of the portfolio to acquire a larger asset with additional cash flow. The buyer intends to make minor improvements to the stabilized asset and improve upon the existing cash flow. Old Capital arranged financing with a Fannie Mae loan from Arbor Commercial Mortgage. Pioneer House is located at 2851 W. Pioneer Drive. Executive Apartments is located at 2700 W. Grauwyler Road. The Class C multifamily communities include 15 buildings with nine efficiency, 66 one-bedroom/one-bath, 36 two-bedroom/one-bath, 34 two-bedroom/two-bath, and one three-bedroom/two-bath floor plans. At the time of listing, both properties reported 99 percent occupancy rates.

April 30, 2015

Illinois Midwest Mixed-Use Multifamily Retail

Waterton Associates Acquires Pensacola Place Apartments on Chicago’s North Side

by Danielle Everson April 30, 2015

CHICAGO — Waterton Associates LLC has acquired Pensacola Place, a 264-unit mixed-use property in Chicago’s Uptown neighborhood. The seller was undisclosed. Built in 1981, the Stanley Tigerman-designed building includes a mix of studio, one- and two-bedroom apartments, as well as 12 two-bedroom townhomes overlooking the property’s fourth-level sundeck. The property includes more than 81,000 square feet of retail space anchored by a recently renovated Jewel-Osco grocery store on the lower level of the building. Waterton will make upgrades to individual residences and also plans to update the community’s common areas. Waterton will serve as the manager for the property.

April 30, 2015

Illinois Midwest Multifamily

BARBERMurphy Group Arranges Sale of 24-Unit Apartment Complex in Eldorado, Ill.

by Danielle Everson April 30, 2015

ELDORADO, ILL. — BARBERMurphy Group has arranged the sale of a 40,000-square-foot, 24-unit apartment complex in Eldorado. The asset is located at 1901 Organ St. BONLUKE Apartments purchased the property for an undisclosed sales price. Jerry Hunt of BARBERMurphy Group represented the buyer and the undisclosed seller.

April 30, 2015

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