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Multifamily

DevelopmentFloridaMultifamilySoutheast

Tortoise Properties Delivers 264-Unit Luxury Apartment Community in Downtown West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — Tortoise Properties, a locally based development firm, has delivered Tortoise One, a luxury multifamily development in downtown West Palm Beach. The property comprises two eight-story buildings with 264 apartments, nearly 21,000 square feet of amenities and 3,325 square feet of ground-level retail space. Tortoise One’s floor plans range from studios to two-bedroom units ranging from 548 to 1,053 square feet in size. Monthly rental rates range from $2,506 to $4,629, according to Apartments.com. Tortoise Properties recently received its final temporary certificate of occupancy (TCO) for the project. The project team includes property manager Crown Residential, architect MSA Architects, interior designer Builders Design and general contract Verdex. In summer 2022, Acore Capital provided an $88.5 million construction loan for the project.

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Depot-on-Main-Burleson
DevelopmentMultifamilyTexas

Realty Capital Residential Completes 275-Unit Multifamily Project in Burleson, Texas

by Taylor Williams

BURLESON, TEXAS — Locally based developer Realty Capital Residential has completed Depot on Main, a 275-unit multifamily project in Burleson, located south of Fort Worth. The five-story building is situated adjacent to the city’s Old Town district at 125 N. Main St. Depot on Main offers one- and two-bedroom units ranging in size from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, coworking lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas. Monthly rental rates range from $1,325 to $2,260, according to Apartments.com. Merriman Anderson Architects designed the project.

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Negotiates Sale of 78-Unit Seniors Housing Property in Katy, Texas

by Taylor Williams

KATY, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 78-unit seniors housing property in the western Houston suburb of Katy. Opened in 2018, the unnamed property consists of 70 short-term rehab beds and 34 assisted living beds across 78 units. The seller was a privately held investment and development firm. Ignite Medical Resorts acquired the property for an undisclosed price. Amy Sitzman, Michael Segal and Giancarlo Riso of Blueprint brokered the deal.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Arranges Sale of 48-Unit Oakmont Apartments in Coon Rapids, Minnesota

by Kristin Harlow

COON RAPIDS, MINN. — JLL Capital Markets has arranged the sale of Oakmont Apartments in Coon Rapids, a northern suburb of Minneapolis. The sales price was undisclosed. Built in 1974, the 48-unit multifamily property features an onsite laundry facility, garage parking and access to the neighboring Pheasant Ridge Park. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. The asset was part of Gaughan’s Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. The buyer was a local private investor.

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AcquisitionsMultifamilyNew JerseyNortheast

Berkadia Negotiates Sale of 36-Unit Marlaw Apartments in Elizabeth, New Jersey

by Taylor Williams

ELIZABETH, N.J. — Berkadia has negotiated the $4.8 million sale of Marlaw Apartments, a 36-unit multifamily complex located in the Northern New Jersey community of Elizabeth. The property’s unit mix comprises one studio, 17 one-bedroom units and 18 two-bedroom apartments. Nat Gambuzza, Trevor Fiebel, Tim Blashford and Nick Balancia of Berkadia represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully occupied at the time of sale.

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Village-on-the-Park-Plano
AcquisitionsMultifamilySeniors HousingTexas

CBRE Arranges Sale of 366-Unit Seniors Housing Portfolio in Dallas Area

by Taylor Williams

DALLAS — CBRE has arranged the sale of a portfolio of four seniors housing properties in the Dallas metro area. The names of the recently rebranded properties in the portfolio are Village on the Park Plano, Village on the Park Denton, Village on the Park Stonebridge Ranch and Village on the Park McKinney. All properties were built between 2014 and 2017 and offer assisted living and memory care services. The buyer is a joint venture between Artemis Real Estate Partners and Bridgewood Property Co. The seller and sales price were not disclosed. John Sweeny, Aron Will and Garrett Sacco of CBRE brokered the deal.

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Twin-River-Commons-Binghamton
LoansMultifamilyNew YorkNortheastStudent Housing

TSB Capital Advisors Arranges Refinancing of Twin River Commons Near SUNY Binghamton

by Taylor Williams

BINGHAMTON, N.Y. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing of Twin River Commons, a 371-bed student housing property located near the State University of New York (SUNY) at Binghamton campus. The floating-rate loan was secured on behalf of the borrower, Chicago-based Harrison Street. The community offers units in studio through four-bedroom configurations with bed-to-bath parity. Shared amenities include a fitness center, clubhouse, fireplace lounge with billiards and games, package lockers and an outdoor courtyard and kitchen. The direct lender was not disclosed.

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DevelopmentMichiganMidwestMultifamilySeniors Housing

REDICO Opens 132-Unit Independent Living Community in Haslett, Michigan

by Kristin Harlow

HASLETT, MICH. — REDICO has opened American House Meridian, a 132-unit independent living community in Haslett, an eastern suburb of Lansing. The project team included Cunningham-Limp Development Co. and Banko Design. The four-story property is located at 1673 Haslett Road. Amenities include a fitness center, movie theater room, café, game room and Paul Mitchell salon. The Therapy Institute, a physical, occupational and speech therapy company, is moving into the lower-level retail space in June. Prior to opening, 50 of the community’s units were leased.

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LoansMidwestMultifamilyNorth Dakota

Bernard Financial Group Arranges $14.2M Loan for Refinancing of Multifamily Portfolio in North Dakota

by Kristin Harlow

DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $14.2 million CMBS loan for the refinancing of a 392-unit multifamily portfolio in Dickinson, a city in western North Dakota. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Falcon Heights Owner LLC.

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LoansMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $6M Loan for Refinancing of Brooklyn Multifamily Portfolio

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm and financial intermediary Ariel Property Advisors has arranged a $6 million loan for the refinancing of a portfolio of four multifamily buildings totaling 22 units in Brooklyn’s Bedford-Stuyvesant area. The portfolio, which was fully occupied at the time of the loan closing, includes five commercial units. Matthew Dzbanek, Matt Swerdlow, Rhea Vivek and Anthony Priest of Ariel arranged the nonrecourse, fixed-rate loan, which carried a five-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

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