Multifamily

Opus, Balboa Complete 255-Unit Luxury Apartment Complex in Kansas City

by Kristin Harlow October 27, 2023

KANSAS CITY, MO. — The Opus Group and Balboa Real Estate Partners have completed The Darby at Briarcliff, a 255-unit luxury apartment complex in Kansas City. Owned by Balboa, the property is situated in the Briarcliff West neighborhood and consists of two buildings. Amenities include a pool, lounge, private event space, fitness center, patio, work-from-home lounge, coffee bar, pet spa and dog run. The development is part of a master-planned community initiated by Charles Garney of Briarcliff Development Co. Over the course of two decades, the firm has revitalized what was once a 400-acre infill site by developing single-family residences, apartments, commercial spaces and hotels. Monthly rents at The Darby at Briarcliff start at $1,203. Residents can now earn one month of free rent, according to the property’s website. Coastal Ridge is the property manager for The Darby at Briarcliff. Opus served as developer, design-builder, interior designer, architect and structural engineer.

October 27, 2023

California Loans Multifamily Western

Barings Real Estate Receives $115M Loan for The Ventana Luxury Apartments in West Los Angeles

by Amy Works October 27, 2023

LOS ANGELES — Barings Real Estate has received $115 million in financing for The Ventana Luxury Apartments, a low-rise multifamily community within the master-planned community of Playa Vista in Los Angeles. The Ventana Luxury Apartments features 405 studio, one-, two- and three-bedroom units, with an average size of 1,049 square feet. The apartments offer in-unit washers/dryers, granite countertops and ceiling heights ranging from nine to 14 feet. Community amenities include two clubhouses, two swimming pools, a spa, business center and fitness center. Originally built in 2007 in two phases, the property is located at 7225 and 6565 Crescent Park. Chris Drew, Annie Rose, Brandon Smith and Gyasi Edmondson of JLL Capital Markets Debt Advisory secured the cash-neutral, five-year loan, which features full-term interest-only payments. The use of the funds was not disclosed.

October 27, 2023

Acquisitions Midwest Multifamily NAI Wisconsin

NAI Greywolf Negotiates $9.3M Sale of Apartment Community in Milwaukee

by Kristin Harlow October 27, 2023

MILWAUKEE — NAI Greywolf has brokered the sale of Mayfair Apartments in Milwaukee for $9.3 million. Located on North Lovers Lane Road, the apartment community features 134 units in one- and two-bedroom layouts. Thomas Gale and Katrina Gee of NAI Greywolf represented the seller. Buyer and seller information was not provided.

October 27, 2023

Acquisitions California Multifamily Western

IPA Negotiates $35.5M Sale of Terramonte at Foothill Multifamily Property in Pomona, California

by Amy Works October 27, 2023

POMONA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terramonte at Foothill, a multifamily community in Pomona, approximately 30 miles east of Los Angeles. The asset traded for $35.5 million, or $257,246 per unit. Constructed in 1963 on nine acres, Terramonte at Foothill features 138 one-, two- and three-bedroom apartments spread across 35 residential buildings. Community amenities include two resort-style swimming pools, a picnic area and laundry facilities. Alexander Garcia Jr., Christopher Zorbas, Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the undisclosed seller and procured the undisclosed buyer in the transaction.

October 27, 2023

California Development Multifamily Western

Lowe, Centennial Open 309-Unit Paloma Apartments at MainPlace Mixed-Use Redevelopment in Santa Ana, California

by Amy Works October 27, 2023

SANTA ANA, CALIF. — Los Angeles-based Lowe and Centennial have opened Paloma, a multifamily property in the Orange County city of Santa Ana. The development brings 309 studio, one- and two-bedroom apartments to MainPlace, a shopping center that is being redeveloped into a mixed-use asset. Apartments feature stylish kitchens, bathrooms, flooring and fixtures, as well as in-unit washers and dryers. The five-story community offers two private courtyards; a rooftop deck; central pool and spa; open-air kitchen with screened area; two-story fitness center and yoga room; business center with private offices; and multiple co-working spaces. Additional amenities include a dog run, dog spa, concierge package service, bike repair, bike storage and designated resident parking. Centennial owns MainPlace, which a three-story super-regional shopping center in Santa Ana that is being transformed into a mixed-use environment. Current retail tenants include Macy’s, JCPenney, H&M, Bath & Body Works, Victoria’s Secret, California Pizza Kitchen, Boudin SF, 24 Hour Fitness, T-Mobile, Candeeland, LensCrafters, Picture Show Theater and Round One Bowling & Amusement.

October 27, 2023

Affordable Housing Development Multifamily New York Northeast

Habitat Receives Approval for $400M Affordable Housing Redevelopment in Buffalo

by Taylor Williams October 27, 2023

BUFFALO, N.Y. — Chicago-based multifamily developer and manager The Habitat Co. has received approval from the Buffalo Common Council for a $400 million affordable housing redevelopment project. The site at 205 Marine Drive currently houses a seven-building, 616-unit waterfront apartment complex that was originally constructed as affordable housing in 1952. The development team, which includes Duvernay + Brooks and the Buffalo Municipal Housing Authority, plans to convert the property into a 700-unit affordable housing complex. Phase I of the redevelopment includes construction of a mix of new towers on the surface parking lot adjacent to its current buildings. The initial phase will feature low-, mid- and high-rise buildings, a parking garage and commercial space. Construction is expected to begin in late 2024. With approval for planned unit development now secured, the development team is focused on getting final design approval from the city and filing financing applications with the state of New York by the end of 2023. Full completion of the redevelopment is slated for 2029. Financing for the project included Low-Income Housing Tax Credit Equity, tax credits from the New York State Brownfield program and debt from the New York State Housing Finance Agency.

October 27, 2023

California Loans Multifamily Western

Greystone Provides $15.1M in Financing for University Village Apartment Property in Hayward, California

by Amy Works October 27, 2023

HAYWARD, CALIF. — Greystone has provided a $15.1 million Fannie Mae Delegated Underwriting & Servicing (DUS) loan to refinance a multifamily community in the Bay Area city of Hayward. Tim Thompson of Greystone originated the financing for the borrower, WSB University Village LLC. Constructed in 1964, University Village features 68 one- and two-bedroom apartments, on-site parking, laundry facilities and a fitness center. The nonrecourse, fixed-rate loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan proceeds will enable the borrower to continue with ongoing property maintenance.

October 27, 2023

Loans Multifamily New York Northeast Seniors Housing

JLL Arranges $29M in Financing for Long Island Seniors Housing Property

by Taylor Williams October 27, 2023

SMITHTOWN, N.Y. — JLL has arranged $29 million in financing for Whisper Woods of Smithtown, a seniors housing property located on Long Island. Built in 2018, the property houses 136 beds across 101 units and offers assisted living and memory care services. The borrower is a partnership between Sculptor Real Estate and Benchmark Senior Living, and the direct lender was an undisclosed regional bank. Joel Mendes, Ted Flagg and Stephen Van Leer led the transaction for JLL.

October 27, 2023

Acquisitions Multifamily New York Northeast

Stav Equities Negotiates $3.8M Sale of Brooklyn Apartment Building

by Taylor Williams October 27, 2023

NEW YORK CITY — Locally based brokerage firm Stav Equities has negotiated the $3.8 million sale of a seven-unit apartment building located at 10 Clermont Ave. near the Brooklyn Navy Yard. The building, which according to LoopNet Inc. was originally constructed in 1915, includes a retail space. Jacob Stavsky of Stav Equities represented the buyer, Neue Urban, in the off-market transaction.

October 27, 2023

Acquisitions Features Multifamily

The 411 on 1031s: What to Know Before Making a Tax-Deferred Swap in the Multifamily Sector

by Jeff Shaw October 27, 2023

By Paul Waterloo, Interra Realty 1031 exchanges are an effective way for investors to protect their capital. They also historically have experienced strong fundamentals in the long term. Why, then, aren’t more multifamily investors taking advantage of tax-deferred swaps? Many property owners simply lack the expertise and industry connections to source acquisition opportunities that meet their objectives. This is especially true considering the tight timeframe many 1031 exchanges operate under, as these types of deals have a built-in ticking clock. Once an investor sells an asset, he or she has 45 days to identify a replacement property and 180 days to close. That’s a very short window in which to secure financing and perform proper due diligence. There remains uncertainty among some investors about 1031 exchanges, which allow an investor to defer capital gains on a property sale when those funds are used to acquire a “like kind” property. The IRS considers two assets to be like kind so long as they both are used for business purposes or held as an investment. This means investors may exit one sector and broaden their exposure to another. With the right counsel, however, an investor can make smart decisions that take advantage …

October 27, 2023

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