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Multifamily

AcquisitionsDevelopmentFloridaMultifamilySoutheast

Marcus & Millichap Brokers $10M Sale of Multifamily Development Site in Miami

by John Nelson

MIAMI — Marcus & Millichap has brokered the $10 million sale of a fully approved multifamily development site at 315 N.W. 27th Ave. in Miami’s Little Havana neighborhood. The buyer, an entity doing business as Astor Acquisitions LLC, plans to develop an apartment community on the 1.2-acre site called 315 Urban Flats. Eddie Toledo and Jonathan De La Rosa of Marcus & Millichap’s Miami office represented the sellers, Frank Lopez and Pedro Munilla, in the land sale. 315 Urban Flats is approved for 179 apartments across eight floors comprising studios, one-, and two-bedroom units. Amenities will include ground-floor retail spaces, a swimming pool, fitness center and a parking garage. The construction timeline was not disclosed.

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Elle-at-the-Med-Center-Houston
AcquisitionsMultifamilyTexas

Partnership Acquires Houston Multifamily Portfolio for $60M

by Taylor Williams

HOUSTON — A partnership between Los Angeles-based Ascendant Capital Partners and Dallas-based Culver Investment Partners has acquired a portfolio of three apartment communities totaling 470 units near Texas Medical Center in Houston for $60 million. Known as the Elle Collection, the portfolio includes Elle at the Medical Center, Vie at the Medical Center and Plaza Townhomes at the Medical Center. The seller was not disclosed. The new ownership plans to implement capital improvement programs at each of the properties.

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CaliforniaDevelopmentMultifamilyStudent HousingWestern

Cal State Long Beach Breaks Ground on $115M La Playa Residence Hall Project

by Amy Works

LONG BEACH, CALIF. — California State University, Long Beach (CSULB) has broken ground on La Playa Residence Hall, a 108,000-square-foot student housing project in Long Beach, located on the coast south of Los Angeles. Designed by Perkins&Will, the project is part of the State of California’s Higher Education Student Housing Grant Program, which aims to increase below-rate rental options for students living on campus. La Playa Residence Hall will add 424 beds to CSULB’s Hillside Housing village. The $115 million project will consist of three five-story buildings each surrounded by outdoor amenities, including patios, dining areas, a welcome plaza and central lawn. Upon completion, the community will offer a mix of single- and double-occupancy student rooms with lounges, study areas and maintenance facilities on every floor. Each building will feature a kitchen on the ground floor, three apartments for staff or faculty, a 2,000-square-foot multipurpose room and music practice rooms. Additionally, the residence hall will feature two dedicated offices that will expand the University’s Counseling and Psychological Services program to provide support for students in need. Completion is slated for summer 2026, with first occupancy for students for 2026 fall semester.

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CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

Wells Fargo Provides $57.9M Financing for La Sabila Seniors Housing Development in San Diego

by Amy Works

SAN DIEGO — Wells Fargo’s Community Lending and Investment (CLI) group has provided a total of $57.9 million in financing for construction of La Sabila, an affordable housing community for seniors in San Diego. The borrower is Wakeland. CLI provided a $30.5 million construction loan and $27.4 million equity investment. The project will consist of 85 residential units reserved for low-income residents over age 55. Further details were not disclosed. Timothy McCann, Terence Cordero and Jessica Gonzalez of CLI arranged the financing.

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The-Vineyard-Ceres-CA
AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Arranges $32.6M Sale of The Vineyard Apartments in Ceres, California

by Amy Works

CERES, CALIF. — Marcus & Millichap has arranged the sale of The Vineyard, an apartment property in Ceres, a suburb of Modesto. The asset traded for $32.6 million, or $153,774 per unit. Jon Mimms of Marcus & Millichap’s Fresno office represented the undisclosed seller and undisclosed buyer in the deal. Built in 1979, The Vineyard features 212 apartments, averaging 671 square feet, with open floor plans, large kitchen pantries and central heating and air conditioning. Community amenities include two swimming pools, five laundry rooms, covered parking, pathways and a walking and jogging trail.  

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AcquisitionsArizonaLoansMultifamilyWestern

Berkadia Brokers Sale, Financing of Cambria Multifamily Property in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — Berkadia has arranged the sale and financing of Cambria, a garden-style multifamily community in Gilbert, southeast of Phoenix. Utah-based Bridge Investment Group Holdings sold the asset to a California-based private investor for an undisclosed price. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the transaction. Vincent Punzi and Lowell Takahashi of Berkadia Irvine, Calif., secured $31.5 million in permanent acquisition financing on behalf of the buyer. Cambria features 174 apartments, averaging 1,022 square feet per unit, with direct-access attached garages, nine-foot ceilings, side-by-side washers/dryers and a full slate of amenities.

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DevelopmentMidwestMinnesotaMultifamilySeniors Housing

Kraus-Anderson Begins $41.5M Expansion of Trillium Woods Retirement Community in Plymouth, Minnesota

by Kristin Harlow

PLYMOUTH, MINN. — Kraus-Anderson has begun a $41.5 million expansion of Trillium Woods, an independent retirement community in Plymouth, a western suburb of Minneapolis. Trillium Woods is a Life Plan Community that provides wellness services and levels of senior healthcare, including memory care, skilled nursing and rehabilitation. The 160,321-square-foot, five-story expansion calls for 18 assisted living units, 16 assisted living memory care units, 52 independent living units and 67 underground parking spaces. Construction is slated for completion in fall 2025. Pope Design Group was the architect.  

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120-E.-144th-St.-Bronx
DevelopmentLoansMultifamilyNew YorkNortheast

SCALE Lending Provides $150M Construction Loan for Bronx Multifamily Project

by Taylor Williams

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $150 million construction loan for a 450-unit multifamily project that will be located at 120 E. 144th St. in the Mott Haven area of The Bronx. The 13-story building will offer studio, one- and two-bedroom units and amenities such as an outdoor courtyard and garden, a fitness center with yoga studio, business lounge, conference room, music room, coworking space and a rooftop lounge. Leah Paskus of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group, which purchased the site in 2022 and demolished the original structure. Construction is slated for a mid-2025 completion.

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DevelopmentMultifamilyNew YorkNortheast

Developer Nears Completion of 28-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams

POUGHKEEPSIE, N.Y. — A developer doing business as Built Parcel Six LLC is nearing completion of 44 Springside, a 28-unit multifamily project in Poughkeepsie, about 80 miles north of Manhattan. Designed by Tinkelman Architecture, the five-story building is located within the Arlington area and will house amenities such as an indoor pool, community room, fitness center, rooftop terrace and flexible space for social events or work functions. The development will also feature 7,000 square feet of commercial space. Delivery is slated for this summer. Rents start at $2,500 per month.

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AcquisitionsFeaturesMultifamilySeniors Housing

After Lackluster 2023, Seniors Housing M&A Activity Is Poised to Rebound in 2024

by Jeff Shaw

At first blush, 2023 looks like a bad year for seniors housing property sales. Total transaction volume fell 23 percent to $10.6 billion, the sector’s lowest mark in over a decade, according to data from MSCI Real Assets. “I’m not surprised to see transaction volume down from 2022,” says Kelly Sheehy, senior managing director of Artemis Real Estate Partners. “The combined impact of declining asset values, scarcity of financing for new acquisitions and lender extensions for underperforming assets has kept sellers from listing assets and have prevented levered buyers from acquiring.” MSCI’s data is based on independent reports of property and portfolio sales of $2.5 million and above. The numbers include both private-pay seniors housing and skilled nursing care, but not active adult properties. The factors limiting seniors housing transaction volume have affected all real estate asset classes. As far as property acquisitions go, seniors housing was one of the most consistent property sectors in the United States in 2023. Commercial real estate sales across the country were down 51 percent last year, and the two hardest hit sectors were office (sales fell 56 percent) and multifamily (sales fell 61 percent), according to MSCI. What’s more, seniors housing was the …

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