Multifamily

Cypress-Village-Apartments_Buena-Park-Calif

Priya Living Sells Cypress Village Apartments in Buena Park, California for $34.4M

by Hayden Spiess February 22, 2024

BUENA PARK, CALIF. — Priya Living has sold Cypress Village Apartments, a multifamily community in the Orange County city of Buena Park, for $34.4 million. Northmarq represented the seller in the transaction. Nate Prouty, Briana Harney DeHaan, Andrew Deaver and Soraya Rios of Northmarq arranged $19.7 million in acquisition financing for the undisclosed buyer. Built in 1963 and renovated in 2023, the property features 88 two-bedroom apartments. Amenities at the community, which was 95.5 percent occupied at the time of sale, include a swimming pool, courtyard, BBQ area and clubhouse. The seller was not disclosed.

February 22, 2024

Acquisitions California Multifamily Western

CBRE Arranges $2.7M Sale of Multifamily Community in Long Beach, California

by Hayden Spiess February 22, 2024

LONG BEACH, CALIF. — CBRE has arranged the $2.7 million sale of a multifamily community located at 2203 E. Bermuda St. in Long Beach. Built in 1985, the apartment building totals 8,364 square feet across eight units. Dan Blackwell, Trey Mitchell and Jack O’Connor of CBRE represented the California-based, all-cash buyer in the transaction. The seller is also based in California. This marks the first sale of the property since its construction.

February 22, 2024

Acquisitions Conference Coverage Features Multifamily Seniors Housing

Seniors Housing Investors Are Ready to Switch to Acquisitions Mode, Say InterFace Panelists

by Jeff Shaw February 22, 2024

LOS ANGELES — In 2023, particularly in the second half of the year, a combination of forces slowed property sales to a crawl in the seniors housing sector. Amy Sitzman, executive managing director of seniors housing and care at Blueprint Healthcare Real Estate Advisors, laid out the laundry list of challenges. “The bid-ask spread conversation really has everything to do with what’s gone on in the market the past year and a half,” she said. “It has been trying for everybody dealing with interest rate hikes, inflation, operations, staffing challenges, expenses going out of control, the minimal lack of stabilized assets out on the market. We’re just trying to get our head around the value of assets today.” Sitzman made her comments as moderator of a panel titled “Investment Outlook: When Will the Bid-Ask Gap Narrow and Transactions Resume in Earnest?” at France Media’s InterFace Seniors Housing West conference, held Feb. 1 at the Omni Los Angeles. Speakers at the session included Michelle Kelly, senior vice president of investments, NHI; Darrin Smith, executive vice president of Investments, Sabra Health Care REIT; Bryan Schachter, chief investment officer, Watermark Retirement Communities; and Clint Malin, co-president and chief investment officer, LTC Properties. While …

February 22, 2024

Development Florida Mixed-Use Multifamily Southeast

Partnership Tops Out 509-Unit Residences at The Wynwood Plaza in Miami

by John Nelson February 21, 2024

MIAMI — Co-developers L&L Holding Co. and Oak Row Equities, along with project partner Shorenstein Properties and capital partner Claure Group, have topped out the Residences at The Wynwood Plaza, a 509-unit apartment development in Miami. The property serves as the multifamily component of Wynwood Plaza, a 1 million-square-foot mixed-use development underway in the city’s Wynwood district. Designed by Gensler, Residences at The Wynwood Plaza will feature studio, one- and two-bedroom apartments with floor-to-ceiling windows, modern appliances, high-end finishes and flexible layouts. Amenities will include 32,000 square feet of retail space, multiple connected rooftops, a multi-purpose sports court, two outdoor pools, sauna, hot tub, cold plunge pool, coworking spaces, private phone rooms, game lounge and a modern fitness center. Urban planning firm Field Operations designed the property’s 26,000-square-foot public plaza. L&L Holding and Oak Row plan to begin welcoming residents in 2025. The duo also topped off on Wynwood Plaza’s 12-story office tower in September 2023.

February 21, 2024

Acquisitions Multifamily Seniors Housing Texas

Blueprint Arranges Sale of Two Skilled Nursing Facilities Totaling 320 Beds in East Texas

by Taylor Williams February 21, 2024

TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities totaling 320 licensed beds in East Texas. The names of the properties, as well as the buyers and sellers were not disclosed. Giancarlo Riso, Amy Sitzman and Ryan Chase led the Blueprint team on the transaction. The deal closed via the buyer’s assumption of the seller’s outstanding loan, which carried an interest rate of 2.9 percent and a remaining term of over 25 years.

February 21, 2024

Affordable Housing Arizona Development Multifamily Seniors Housing Western

Dominium to Break Ground on Two Affordable Housing Communities Totaling 605 Units in Glendale, Arizona

by Hayden Spiess February 21, 2024

GLENDALE, ARIZ. — Dominium is scheduled to break ground on two affordable housing communities in Glendale, roughly 10 miles northwest of Phoenix. Totaling 605 units, the apartment communities will be reserved for individuals earning 60 percent or less of the area median income (AMI). Juniper Square, a seniors housing community, will comprise 287,468 square feet and 221 apartments in one-, two- and three-bedroom floorplans. Amenities at the property will include a pool, courtyard, fire pits, a clubroom, fitness center, theater and salon. 67 Flats will span 875,141 square feet with 384 apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a pool, playground, soccer field, courtyard, clubroom and fitness center. Juniper Square and 67 Flats are scheduled to open in the spring and summer of 2026, respectively. W.D. Construction, a joint venture between Weis Builders and Dominium Construction and Architectural Services, will serve as the general contractor.

February 21, 2024

Arizona Development Multifamily Western

Korman, RXR Complete 254-Unit AVE Phoenix Sky Multifamily Community in Downtown Phoenix

by Hayden Spiess February 21, 2024

PHOENIX — Korman Communities, in partnership with RXR, has completed development 254-unit multifamily community in downtown Phoenix. Dubbed AVE Phoenix Sky, the property features apartments in studio, one- and two-bedroom layouts. Amenities at the community include an outdoor sky deck, pool, hot tub, grilling stations, clubhouse, social lounge, work spaces, a courtyard, hot beverage bar, 24-hour fitness center, dog spa and electric vehicle charging stations. In addition to residences, the property features 4,350 square feet of retail space, with 580 square feet reserved as artist studio space.

February 21, 2024

Acquisitions Multifamily Oregon Western

CBRE Arranges $57.5M Sale of Outlook at Pilot Butte Apartments in Bend, Oregon

by Hayden Spiess February 21, 2024

BEND, ORE. — CBRE has arranged the $57.5 million sale of Outlook at Pilot Butte, a 205-unit apartment community in Bend. Built in 2017 on five acres, the property comprises three four-story buildings with one- and two-bedroom floorplans. Units average 761 square feet. Amenities at the community include a fitness center, clubhouse and an outdoor patio with a fire pit. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller, Seattle-based Security Properties, in the transaction. The buyer was not disclosed.

February 21, 2024

Development Loans Multifamily New York Northeast

Cushman & Wakefield Arranges $75M Construction Loan for Manhattan Multifamily Project

by Taylor Williams February 21, 2024

NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a 157-unit multifamily project that will be located at 255 E. 39th St. in the Manhattan’s Murray Hill neighborhood. The 20-story building will include 4,687 square feet of commercial space as well as an affordable housing component. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. Completion is slated for late 2025.

February 21, 2024

Development Multifamily Northeast Pennsylvania

Federal Realty Receives Approval for 217-Unit Multifamily Project in Metro Philadelphia

by Taylor Williams February 21, 2024

BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) has received approval for a multifamily project in Bala Cynwyd, a northwestern suburb of Philadelphia. The development will add 217 residential units above 16,000 square feet of retail space in the former Lord & Taylor building. Federal Realty is redeveloping the site to ultimately feature more than 300 apartments and 190,000 square feet of retail space for a total investment of $170 million. Construction on the new multifamily complex is slated to begin this spring and to be complete in summer 2026.

February 21, 2024

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