Multifamily

Greystone Provides $15M HUD-Insured Loan for Refinancing of Multifamily Property in Stamford, Connecticut

by Taylor Williams October 10, 2023

STAMFORD, CONN. — Greystone has provided a $15 million HUD-insured loan for the refinancing of a 94-unit multifamily property in Stamford, located in southern coastal Connecticut. The property at 100 Prospect St. was originally built as an office complex between 1977 and 1981 and converted to residential use in 2008. Amenities include a fitness center and a rooftop terrace. Lori DiMartino of Greystone originated the fixed-rate financing, which retires an existing bridge loan that was used to acquire the property. The borrower was not disclosed.

October 10, 2023

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 110-Unit Apartment Complex in Manchester, Connecticut

by Taylor Williams October 10, 2023

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Apex One91, a 110-unit apartment complex in Manchester, located just east of Hartford. Built in 1991, the seven-building complex offers studio, one- and two-bedroom units and amenities such as a pool, clubhouse, fitness center and laundry facilities. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller, Paredim Communities, in the transaction and procured the buyer, Cue Residential.

October 10, 2023

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Pennrose to Develop 93-Unit Affordable Housing Project in Wareham, Massachusetts

by Taylor Williams October 10, 2023

WAREHAM, MASS. — Pennrose will develop a 93-unit affordable housing project in Wareham, located in southern Massachusetts near the base of Cape Cod. The development will consist of a 49-unit complex with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors aged 62 and older. Units will come in one-, two- and three-bedroom apartments and will be reserved for renters earning between 30 and 100 percent of the area median income. Completion is slated for summer 2024.

October 10, 2023

Acquisitions Arizona Multifamily Western

Brixton Capital Buys 300-Unit Alta Warehouse District Apartments in Phoenix

by Amy Works October 10, 2023

PHOENIX — Brixton Capital has acquired Alta Warehouse District, a Class A apartment property in downtown Phoenix’s Warehouse District. Atlanta-based Wood Partners sold the asset for $82 million. Built in 2023, Alta Warehouse District features 300 one-, two- and three-bedroom units spread across three four-story, elevator-served residential buildings. Onsite amenities include a ground-floor bodega, resort-style pool with designated grill areas, a fitness center, yoga studio, off-leash dog park, entertainment-style clubhouse and a speakeasy lounge with a music room. Additional amenities include a rooftop sky deck, complimentary cold-brew coffee, a cybercafé, conference space and private work-from-home offices. Brixton will rebrand the property, which is located at 402 W. Lincoln St., and complete minor capital improvements. Scottsdale-based Mark-Taylor Residential will manage the asset. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented Wood Partners in the transaction. Additionally, Mark McGovern, Scott Peterson, Colby Matzke and Brian Cruz of CBRE Capital Markets’ Debt and Structured Finance secured a $47.2 million, fixed-rate loan on behalf of Brixton Capital.

October 10, 2023

Acquisitions California Loans Multifamily Western

Dwight Mortgage Trust Provides $60M Loan for Multifamily Portfolio in California’s Central Valley

by Amy Works October 10, 2023

MODESTO AND STOCKTON, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has closed two acquisition bridge loans totaling $60 million for a portfolio of four apartment complexes in Modesto and Stockton. Totaling 347 units spread across 57 buildings on more than 16 acres, the portfolio includes Robinhood Manor, Tully Manor, Standiford Court and Villa de la Paix. Common area amenities include a courtyard garden, outdoor lounge and pool. Proceeds from the bridge loans will provide acquisition funding for the borrower, Tesseract Capital Group, along with substantial capital expenditure funding for both interior and exterior improvements. Following the renovations, the communities will also feature fitness centers and additional lounge areas.

October 10, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $12M Sale of Apartment Building in Los Angeles’ Silver Lake

by Amy Works October 10, 2023

LOS ANGELES — THG Multifamily, a Marcus & Millichap brokerage team, has arranged the sale of 1185 Myra Avenue, an apartment building located in the Silver Lake neighborhood of Los Angeles. A private owner sold the asset to an undisclosed buyer for $12 million. The seller significantly renovated the 21-unit property, which was built in 1964. Kevin Green and Joseph Grabiec of THG Multifamily represented the seller and procured the buyer in the deal.

October 10, 2023

Acquisitions Multifamily Washington Western

Berkadia Negotiates $5.8M Sale of Multifamily Community in Kennewick, Washington

by Amy Works October 10, 2023

KENNEWICK, WASH. — Berkadia has brokered the sale of 720 Arthur, a garden-style apartment property in Kennewick. The community traded for $5.8 million, or $146,250 per unit. The names of the seller and buyer were not released. Built in 1976, the property features 40 three-bedroom apartments averaging 1,200 square feet. Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz, Brandon Lawler and Beau Krueger of Berkadia Seattle represented the seller in the deal.

October 10, 2023

Acquisitions Georgia Multifamily Southeast

Capstone Brokers $26.1M Sale of Lancaster Ridge Apartments in Metro Atlanta

by John Nelson October 9, 2023

CANTON, GA. — Capstone Cos. has brokered the $26.1 million sale of Lancaster Ridge Apartments, a 145-unit multifamily community located in Canton, roughly 40 miles north of Atlanta. Built in 1994, the community features apartments in one-, two- and three-bedroom floorplans. Amenities include a clubhouse, playground, picnic area and swimming pool. Eric Liebich and Ron Corrao of Capstone represented the undisclosed seller in the transaction. Emma Capital acquired Lancaster Ridge, which was 96 percent occupied at the time of sale.

October 9, 2023

Acquisitions Georgia Multifamily Southeast

GID Acquires 315-Unit ARIUM Vinings Station Apartment Community in Atlanta

by John Nelson October 9, 2023

ATLANTA — GID has acquired ARIUM Vinings Station, a 315-unit apartment community located at 4695 N. Church Lane in Atlanta’s Vinings district. The buyer plans to implement renovations and rebrand the property as Windsor Vinings. Amenities at the community include a dog park, pool, fitness center, grilling areas, a clubhouse, tennis court and a business center. The seller and sales price were not disclosed.

October 9, 2023

Acquisitions Multifamily Student Housing Texas

Vesper Holdings Acquires 427-Bed Student Housing Community Near the University of North Texas

by Taylor Williams October 9, 2023

DENTON, TEXAS — Vesper Holdings has acquired 33 North, a 427-bed student housing community located near the University of North Texas in Denton. Built in 2013, the mid-rise property offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a pool, fitness center, study lounge, clubroom, gaming centers, package lockers and an outdoor kitchen. The property was acquired in an off-market transaction, the terms of which were not disclosed. Vesper plans to implement capital improvements to the community’s clubhouse, fitness center and pool area. Technological upgrades will also be implemented throughout the property, which will be managed by Vesper’s in-house management firm, Campus Life & Style.

October 9, 2023

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