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Multifamily

AcquisitionsMidwestMinnesotaMultifamily

CBRE Brokers Sale of Granite Shores Multifamily Property in Suburban Minneapolis for $12.6M

by Kristin Harlow

ELK RIVER, MINN. — CBRE has brokered the sale of Granite Shores in the Minneapolis suburb of Elk River for $12.6 million. The 67-unit multifamily property is located at 633 Main St. NW. The asset was originally built as condominiums in 2008 and later converted into a rental property in 2011. Granite Shores features one- and two-bedroom floor plans averaging 996 square feet and an additional 9,803 square feet of ground-floor commercial space. Amenities include a fitness center, pet washing station, community room and outdoor deck. Keith Collins, Ted Abramson, Abe Appert and Drew Rafshol of CBRE represented the seller, Granite Shores LLC. Gary Hegenes was the buyer.

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The-Marlette-Carson-City-NV
LoansMultifamilyNevadaWestern

Dwight Mortgage Funds $30.2M Bridge Loan for The Marlette Apartment Complex in Carson City, Nevada

by Amy Works

CARSON CITY, NEV. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has closed a $30.2 million bridge refinance for The Marlette, a garden-style multifamily community in Carson City, south of Reno along Lake Tahoe. Fident Capital brokered this transaction on behalf of the borrower, Kingsbarns Realty Capital. Completed in 2023, The Marlette features 140 apartments spread across 10 two-story buildings on six acres. Community amenities include a clubhouse, pool, spa, fitness center, dog park, pet spa, community park and grilling stations. The loan proceeds will be used to refinance existing debt, cover final construction costs and fund an operating reserve to facilitate lease-up.

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1005-1017-W-14th-Ave-Denver-CO
AcquisitionsColoradoMultifamilyWestern

Kaufman Hagan Commercial Real Estate Brokers $2.8M Sale of Multifamily Building in Denver

by Amy Works

DENVER — Kaufman Hagan Commercial Real Estate has arranged the sale of a townhome-style apartment building, located at 1005-1017 W. 14th Ave. in downtown Denver. The property traded for $2.8 million, or $350,000 per unit. The 15,033-square-foot building offers eight apartments. Brandon Kaufman of Kaufman Hagan Commercial Real Estate represented the undisclosed seller and buyer in the deal.

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AcquisitionsArizonaMultifamilyWestern

Air Estates Acquires Flores Apartments in Tucson, Arizona for $1.3M

by Amy Works

TUCSON, ARIZ. — Air Estates LLC has purchased Flores Apartments, a multifamily investment property in Tucson, from 225 W Flores LLC and Colonia Properties TIC I LLC for $1.3 million. Located at 225-255 W. Flores St., Flores Apartments features 20 units. Allan Mendelsburg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the seller in the deal.

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DevelopmentLoansMixed-UseMultifamilyRetailSoutheastTennessee

Naftali Credit, J.P. Morgan Provide $120M Financing for Mixed-Use Project in Nashville

by John Nelson

NASHVILLE, TENN. — Naftali Credit Partners and J.P. Morgan have provided $120 million in financing for 1111 Church Street, a recently developed multifamily and retail project in Nashville. New York City-based Tidal Real Estate Partners is the borrower. The five-year financing comprises a senior loan from J.P. Morgan and a mezzanine loan from Naftali, which will be used to refinance an existing construction loan and provide bridge financing to a sale or permanent financing. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the borrower. Located in the North Gulch neighborhood, the property features 380 multifamily units in studio, one- and two-bedroom layouts, in addition to 52,000 square feet of amenities, 45,000 square feet of retail space and dedicated parking. Amenities include an outdoor pool, fitness center, pickleball court and golf simulators, and a recently opened Puttshack.

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AcquisitionsMultifamilySoutheastTennessee

FCP Acquires 322-Unit Hickory Lake Apartments in Metro Nashville

by John Nelson

ANTIOCH, TENN. — FCP has acquired Hickory Lake Apartments, a 322-unit multifamily community located at 3940 Apache Trail in Antioch, roughly 11 miles outside Nashville. The property features units in one-, two- and three-bedroom layouts. Amenities at the community include two swimming pools, a playground and grill and picnic areas. FCP assumed a HUD loan as part of the acquisition. Zac Wracher of The Kirkland Co. represented the undisclosed seller in the transaction. The sales price was also not disclosed.

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51-Majestic-Ct-Moorpark-CA
AcquisitionsCaliforniaMultifamilyWestern

Decron Sells 376-Unit Ranch at Moorpark in California to AEW Capital for $133.2M

by Amy Works

MOORPARK, CALIF. — Decron Properties has completed the disposition of Ranch at Moorpark, an apartment community in Moorpark, approximately 50 miles west of Los Angeles. AEW Capital Management purchased the asset for $133.2 million. Located at 51 Majestic Court, Ranch at Moorpark features 376 apartments, a rental office, fitness center, yoga/spin studio, resident clubhouse with chef’s kitchen, children’s play area, dog park, pool, poolside barbecue and dining areas, fire pits and seating areas.

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LoansMultifamilySeniors HousingTexas

LTC Provides $12.7M Acquisition Loan for Seniors Housing Campus in Katy, Texas

by Taylor Williams

KATY, TEXAS — LTC Properties Inc. (NYSE: LTC) has provided a $12.7 million senior loan to Ignite Medical Resorts for the acquisition of a skilled nursing and assisted living campus in Katy, a suburb west of Houston. The campus was built in 2017 and includes 78 units (48 skilled nursing and 30 assisted living) and 104 licensed beds (70 skilled nursing and 34 assisted living). The five-year loan features full-term interest-only payments at a current rate of 9.15 percent and includes a capital expenditures investment of approximately $800,000 for campus improvements.

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DevelopmentMassachusettsMultifamilyNortheastSeniors Housing

Wingate Living to Develop 69-Unit Seniors Housing Project in Needham, Massachusetts

by Taylor Williams

NEEDHAM, MASS. — Regional owner-operator Wingate Living will develop a 69-unit seniors housing project in Needham, a western suburb of Boston. One Wingate Way East will offer one- and two-bedroom units with more than a dozen different floor plans. Amenities will include a pickleball court, rooftop lounge and grille, a golf simulator, art workshop, yoga and spin studios, library and a bistro bar with personal wine lockers. Construction is expected to begin before the end of the year.

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Affordable HousingLoansMultifamilyNew YorkNortheast

CL Credit Provides $24M Loan for Refinancing of Affordable Housing Property in The Bronx

by Taylor Williams

NEW YORK CITY — CL Credit, a division of New York-based investment firm Castle Lanterra Properties, has provided a $24 million loan for the refinancing of an 81-unit affordable housing property located at 53 E. 177th St. in The Bronx. Completed in 2023, the property comprises three studios, 38 one-bedroom units, 30 two-bedroom apartments and one ground-floor retail space. The undisclosed borrower will use a portion of the proceeds to retire senior construction debt and fund remaining lease-up costs.

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