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Multifamily

AcquisitionsMichiganMidwestMultifamilySeniors Housing

Commonwealth Senior Living Acquires 102-Unit Community in Suburban Grand Rapids

by Kristin Harlow

WYOMING, MICH. — Commonwealth Senior Living has acquired American House Wyoming, a 102-unit assisted living and memory care community in the Grand Rapids suburb of Wyoming. The purchase price and seller were undisclosed. The buyer will rebrand the facility as Commonwealth Senior Living at North Byron. The acquisition marks the third community for Commonwealth in the Grand Rapids area. Commonwealth plans to renovate the property, primarily focused on enhancing the secure memory care neighborhood.

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IndianaLoansMidwestMultifamily

Red Oak Capital Holdings Provides $4M Bridge Loan for Renovation of Indianapolis Apartment Property

by Kristin Harlow

INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $4 million bridge loan for Bon Air Apartments, an apartment property located in Indianapolis. The funds will be used to pay off an existing loan and complete a renovation. The loan features interest-only payments, a two-year term and two six-month extension options. The nonrecourse debt represents 54.4 percent of the property’s estimated stabilized value of $7.3 million. Stratos Athanassiades, Thomas Gorski and Jesus Martinez of Red Oak originated and underwrote the debt under the firm’s Opportunistic Bridge Loan Program, which is a higher-leverage product with a small equity component for assets with a substantial value-creation element. Paul Meyer of Bristol Capital arranged the loan. The borrower, a group of professionals doing business as 21 West QOZ LLC, has invested $4 million into the property since acquiring it in 2021. Originally built in 1960, the property consists of a trio of three-story buildings with 42 units and 56 parking spaces. The owner is planning a gut renovation of the three buildings as well as constructing a new building on an adjacent vacant parcel. Common area and amenity spaces will connect all four buildings. The borrower ultimately intends to exit the Red …

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The-Alice-Wilmington
DevelopmentMassachusettsMultifamilyNortheast

Procopio Cos. Nears Completion of 50-Unit Multifamily Project in Wilmington, Massachusetts

by Taylor Williams

WILMINGTON, MASS. — Locally based developer The Procopio Cos. is nearing completion of The Alice, a 50-unit multifamily project located north of Boston in Wilmington. The Alice is one of three buildings within a larger mixed-use development, with the others being an 8,050-square-foot retail and office building and a 2,488-square-foot retail building that is now leased to Starbucks. Procopio Cos. expects to open The Alice this fall and to complete the office/retail building in early 2025. Vertical construction on the Starbucks building, which also features a drive-thru, will begin in April.

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AcquisitionsMultifamilyNew YorkNortheast

Rosewood Realty Arranges $2M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $2 million sale of a 29-unit apartment building located at 407 W. 205th St. in Manhattan’s Inwood neighborhood. The five-story building was originally constructed in 1911. Ben Khakshoor, Aaron Jungreis and Alex Fuchs of Rosewood represented both the buyer, Gilman Management, and the seller, family office Ramer & Saperstein, in the transaction. The deal traded at a cap rate of 7.8 percent.

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AcquisitionsFloridaLoansMultifamilySoutheast

Berkadia Arranges $21.2M Acquisition Loan for Two Multifamily Communities in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Berkadia has arranged a $21.2 million acquisition loan for two garden-style apartment communities in Jacksonville. The properties, which total 328 units combined, include Colonial Forest at 5928 Firestone Road and Northwood Apartments at 1601 Dunn Ave. Matthew Robbins, Wesley Moczul, Mitch Sinberg, Scott Wadler and Brad Williamson of Berkadia arranged the bridge loan through The Bancorp on behalf of the borrower, Fort Lauderdale, Fla.-based Southeast Property Group. The fixed-rate, three-year loan includes $9.6 million for future capital expenditures. The seller of Colonial Forest and Northwood Apartments was not disclosed.

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The-Shoreline-Brooklyn
DevelopmentLoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $108.1M Bridge Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $108.1 million bridge loan for The Shoreline, a 248-unit multifamily project located near Brooklyn’s Bath Beach neighborhood. Designed by Hill West Architects and developed by NY Developers & Management, the 31-story building houses studio, one- and two-bedroom units and 28,610 square feet of commercial space. Amenities include a pool, fitness center, business center and an outdoor lounge. The borrowers will use the proceeds to retire existing debt and fund additional construction and lease-up costs. Construction is slated for completion by the end of April.

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AcquisitionsMultifamilyNortheastPennsylvania

Colliers Brokers Sale of 24-Unit Barclay Flats Apartments in Philadelphia

by Taylor Williams

PHILADELPHIA — Colliers has brokered the sale of Barclay Flats, a 24-unit apartment building in Philadelphia’s Arts North/Fairmount & Ridge neighborhood. The five-story building was originally constructed in 2018 and offers one-bedroom units, according to Apartments.com. Jeff Algatt, Michael Barmash and Larry Steinberg of Colliers brokered the deal. The buyer and seller were not disclosed.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers Sale of 52-Unit Apartment Property in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Marcus & Millichap has brokered the sale of First Avenue Apartments, a 52-unit apartment property located on First Avenue in Minneapolis. The sales price was undisclosed. Constructed in 1917 and 1919, the asset is comprised of two neighboring buildings within the city’s Stevens Square neighborhood. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the buyer and seller, both of which requested anonymity.  

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Brokers Sale of 65-Unit Seniors Housing Property in Plano

by Taylor Williams

PLANO, TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 65-unit seniors housing facility in Plano. The unnamed property was built in the 1990s and offers assisted living and memory care services. The seller was a national development and investment firm, and the buyer was a regional seniors housing owner-operator. Both parties requested anonymity. Giancarlo Riso, Amy Sitzman and Alex Florea of Blueprint brokered the deal.

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1314-Maple-Sumner-WA.jpg
AcquisitionsMultifamilyWashingtonWestern

Marcus & Millichap Arranges $3.6M Sale of Apartment Building in Sumner, Washington

by Amy Works

SUMNER, WASH. — Marcus & Millichap has brokered the sale of 1314 Maple, a multifamily property in Sumner. A limited liability company sold the asset to an undisclosed buyer for $3.6 million, or $495 per square foot. Located at 1314 Maple St., the building features 16 studio and urban one-bedroom units, averaging 458 square feet. The sellers completed a more than $1 million interior and exterior renovation to the property. Kellan Moll, Mitchell Loofburrow and Scott Morasch of Marcus & Millichap’s Seattle office represented the seller in the deal.

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