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Multifamily

Hearthstone-City-Center-Aurora-CO
AcquisitionsColoradoMultifamilyWestern

Partnership Buys 360-Unit Hearthstone at City Center Apartments in Aurora, Colorado for $74M

by Amy Works

AURORA, COLO. — The Bascom Group and an affiliate of Oberndorf Real Estate Management, formerly known as The Axton Group, have acquired Hearthstone at City Center, a multifamily property in Aurora, for $74 million. The name of the seller was not released. Aurora is just east of Denver. Located at 932 South Helena Way, Hearthstone features 360 one-, two- and three-bedroom apartments spread across 41 buildings on 18.2 acres. Select units offer contemporary appliances, in-home washers/dryers, hardwood-style flooring, walk-in closets, fireplaces and private patios or balconies. Community amenities include a resort-style pool, outdoor grilling and picnic areas, a fitness center and sauna, pet park, playground, basketball court and on-site laundry. The buyers plan to implement an extensive value-add renovation program that includes upgraded appliances, countertops and lighting; additional in-unit washers/dryers; added kitchen backsplashes; new cabinets and fixtures; and wood plank flooring. Planned common area improvements include updating the fitness center, leasing center and pool, as well as a completely redesigning the multipurpose activity area, enhancing the façade and revamping landscaping.

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AcquisitionsAlabamaMultifamilySoutheast

Oakley Group Sells 96-Unit Apartment Community in Gulf Shores, Alabama

by John Nelson

GULF SHORES, ALA. — An affiliate of Birmingham-based Oakley Group has sold Marbella, a 96-unit apartment community located at 1910 E. First St. in Gulf Shores, a city near the Alabama-Florida border. Atlanta-based Arcan Capital LLC purchased the property from an entity doing business as OG Marbella LLC for an undisclosed price. The buyer also assumed a HUD-insured loan previously executed by Berkadia. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller in the transaction. Situated on a 4.8-acre site, Marbella features one- and two-bedroom residences, as well as a clubhouse, pool, outdoor gathering spaces and grill stations.

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Summerdale-Apts-Anaheim-CA
CaliforniaLoansMultifamilyWestern

PSRS Arranges $3M Refinancing for Summerdale Apartments in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — PSRS has arranged $3 million in financing for Summerdale Apartments, a multifamily property in Anaheim. Constructed in 1978, Summerdale Apartments features 34 units, a pool, on-site laundry, gated facility and HVAC. Grady Seldin and Thomas Rudinsky of PSRS secured a non-recourse loan, with a seven-year, interest-only term, for the undisclosed borrower through a correspondent life insurance company.

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DevelopmentLeasing ActivityMixed-UseMultifamilyRetailSoutheastTennessee

Portman Signs Solidcore to Retail Lease at Starling Residential Tower in Nashville

by John Nelson

NASHVILLE, TENN. — Portman has signed fitness chain [solidcore] to a retail lease at Starling, a 363-unit residential tower underway in Nashville’s Germantown neighborhood. The fitness concept, which focuses on high-intensity, low-impact training in 50-minute group classes, will join a tenant roster that will include Toastique, Social Cantina and Retrograde Coffee. Preleasing efforts at Starling are currently underway, with the first units delivering in May. Portman plans to debut [solidcore] this fall, marking the concept’s second location in Nashville.

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IllinoisLoansMidwestMultifamilySeniors HousingWalker & DunlopWisconsin

Walker & Dunlop Arranges $65.7M in HUD Financing for Seven Skilled Nursing Facilities in Illinois, Wisconsin

by Kristin Harlow

ILLINOIS AND WISCONSIN — Walker & Dunlop Inc. has arranged $65.7 million in 232/223(f) and 241(a) HUD loans for seven skilled nursing facilities in Illinois and Wisconsin over the course of four months. Joshua Rosen, Brad Annis and Johnny Rice of Walker & Dunlop arranged the construction loans and refinancings on behalf of five clients. The properties, which total 376 units, include Elevate Care Waukegan, Asbury of Kankakee, Allure of Galesburg, Allure of Moline, Crossroads Care Center of Sun Prairie, Aperion Care St. Elmo and Crossroads Care Center of Fond Du Lac.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Woda Cooper Breaks Ground on $13.8M Affordable Housing Community in Zanesville, Ohio

by Kristin Harlow

ZANESVILLE, OHIO — Woda Cooper Cos. Inc. has broken ground on Munson Crossing, a 43-unit affordable housing community in Zanesville, about 50 miles east of Columbus. The co-developer for the $13.8 million project is Housing Services Alliance. Munson Crossing is located in the West Main Street Community Reinvestment Area (CRA) on the site of the former Munson Elementary School building, which was demolished last year. Munson Crossing will provide 14 one-bedroom units that offer 663 square feet, 23 two-bedroom apartments with 858 square feet and six three-bedroom units totaling 1,105 square feet each. Projected rental rates will range from $330 to $1,025 per month, depending on unit size and the resident’s income. All units are reserved for tenants whose income is 30 to 80 percent of the area median income. Amenities will include a multipurpose room with kitchenette, package room, laundry room and dedicated supportive service space. The project received housing tax credits allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan and will provide a second permanent mortgage. PNC Bank provided $6.1 million in Low-Income Housing Tax Credit equity. RiverHills Bank is the construction lender, providing a loan of $7.8 million. Cedar Rapids Bank …

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AcquisitionsIllinoisMidwestMultifamily

ShainRealty Capital Sells Chicago Apartment Building for $11M

by Kristin Harlow

CHICAGO — ShainRealty Capital has sold Madison Terrace, a 96-unit apartment building in Chicago, for $11 million. The transaction marks the company’s last holding in the Chicago multifamily market. ShainRealty purchased the asset for $8.2 million shortly after the pandemic began. The disposition marks a 34 percent increase in value. Additionally, ShainRealty had acquired the asset in a low interest rate environment with a 2.83 percent, fixed-rate Fannie Mae loan with a term of seven years. ShainRealty says that the loan assumption enticed the buyer, David Pezzola of Icarus Investments. The property, built in 1986, consists of two-, three- and four-bedroom units averaging 1,275 square feet in size. Lucas Fryman and Ted Stratman of Interra Realty represented both the buyer and seller.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges Sale of 100-Unit Apartment Complex in St. Cloud, Minnesota

by Kristin Harlow

ST. CLOUD, MINN. — Marcus & Millichap has arranged the sale of The Highlands, a 100-unit apartment complex in the Minneapolis suburb of St. Cloud. The sales price was undisclosed. Located at 2015 27th St., the property was constructed in 2003 and is part of the Low-Income Housing Tax Credit Section 42 program. Amenities include an outdoor pool, playground, community room and underground parking. Chris Collins and Evan Miller of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company.

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AcquisitionsMultifamilySeniors HousingTexas

Sherman & Roylance Arranges $8.1M Sale of Skilled Nursing Facility in Texas

by Taylor Williams

TEXAS — Sherman & Roylance has arranged the sale of a 104-bed skilled nursing facility in Texas. A physician owner sold the asset to a California-based buyer for $8.1 million. The facility was built in 2018 and features 94 Medicare and 10 Medicaid beds. The name of the property, buyer and seller were not disclosed. Sherman & Roylance also arranged acquisition financing for the deal.

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AcquisitionsMultifamilyTexas

Marcus & Millichap Brokers Sale of 40-Site Mobile Home Park in Cleburne, Texas

by Taylor Williams

CLEBURNE, TEXAS — Marcus & Millichap has brokered the sale of Hidden Oaks Mobile Home Park, a 40-site manufactured housing property in Cleburne, a southern suburb of Fort Worth. Skyler Henderson, Brad Dorsey, Edgar Martinez and Blake Eisenberg of Marcus & Millichap brokered the deal. The names of the seller and Texas-based buyer were not disclosed.

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