Multifamily

Jackson Square Properties Sells Waters Edge Multifamily Property in Kent, Washington for $80M

by Amy Works October 6, 2023

KENT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Waters Edge, an apartment community in Kent. Jackson Square Properties sold the asset to FPA Multifamily for $80 million, or $263,125 per unit. Giovanni Napoli, Philip Assouad, Nicholas Ruggerio, Ryan Harmon and Anthony Palladino of IPA represented the seller and procured the buyer in the deal. Completed in 1987, Waters Edge features 304 apartments in a mix of one-, two- and three-bedroom apartments, averaging 879 square feet, with oversized laundry rooms and wood-burning fireplaces with brick mantels. Community amenities include a private lake with walking trail, central clubhouse, leasing office, lounge, fitness center, outdoor pool, walking trails and children’s playground.

October 6, 2023

Acquisitions California Multifamily Western

TMG Negotiates Sale of 100-Unit Rosemont Terrace Apartments in Sacramento

by Amy Works October 6, 2023

SACRAMENTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Rosemont Terrace, a garden-style apartment property in Sacramento. A Southern California-based private investment group sold the community to an undisclosed buyer for $17.9 million. Located at 3690 S. Port Drive, Rosemont Terrace features 100 apartments in a mix of one-, two- and three-bedroom layouts spread across 15 two-story residential buildings. Community amenities include a swimming pool, laundry facilities, an outdoor picnic area and carport parking. The property was built in 1970. Otto Ozen of TMG represented the seller in the deal.

October 6, 2023

Acquisitions Massachusetts Multifamily Northeast Top Stories

CBRE Arranges $182 Million Sale of Multifamily Complex in Cambridge, Massachusetts

by Jeff Shaw October 6, 2023

CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a reception area; clubroom with a projector screen and shuffleboard court; co-working lounge; private meeting spaces; and fitness center. According to the property website, Hanover North Cambridge offers studio, one-, two- and three-bedroom floor plans. Rental rates range from $2,976 per month for a studio to $6,284 per month for a three-bedroom apartment. The property is LEED Gold-certified. The community is located adjacent to the MBTA Alewife Station, giving residents train access to the greater Cambridge and Boston areas. Cambridge is home to more than 32 million square feet of office space, as well as Harvard University and the Massachusetts Institute of Technology (MIT). A CBRE Capital Markets team consisting of Simon …

October 6, 2023

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $65M Affordable Housing Project in San Antonio

by Taylor Williams October 5, 2023

SAN ANTONIO — Palladium USA, in partnership with the San Antonio Housing Trust Public Facility Corp. (PFC), has broken ground on Palladium Crestway, a $65 million affordable housing project in San Antonio. Income restrictions for the community were not disclosed. Palladium Crestway will be a three-story building with 271 units on a 10-acre site. Residences will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, conference center, sports court, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. Preleasing will begin next summer, and full completion is slated for next winter. The San Antonio Housing Trust PFC issued $31 million in tax-exempt bonds that were purchased by Cedar Rapids Bank & Trust. PNC Bank provided a $27 million equity investment. Kim Parker of Dynamic Commercial Real Estate represented Palladium USA in the purchase of the land. Cross Architects designed the Palladium Crestway, and Brownstone Construction is serving as the project’s general contractor.

October 5, 2023

Development Multifamily Texas

Legacy Partners, Pondmoon Capital Open 296-Unit Merit Apartments in Lewisville, Texas

by Taylor Williams October 5, 2023

LEWISVILLE, TEXAS — San Francisco-based Legacy Partners and Pondmoon Capital Holdings USA have opened Merit, a 296-unit apartment community in the northern Dallas suburb of Lewisville. The development features one-, two- and three-bedroom units that range in size from 630 to 1,500 square feet and are furnished with granite countertops, stainless steel appliances, work-from-home spaces and private balconies/patios. Amenities include a pool, fitness center, dog park, coworking space, outdoor gaming area and a 24-hour convenience mart. Project partners included JHP Architecture and Provident General Contractors.

October 5, 2023

Acquisitions California Multifamily Western

MIG Real Estate Buys 456-Unit Waterleaf Apartment Complex in Vista, California for $174M

by Amy Works October 5, 2023

VISTA, CALIF. — MIG Real Estate has acquired Waterleaf, a multifamily community in Vista, from an undisclosed seller for $174 million. Located at 333 N. Emerald Drive, Waterleaf features 456 one- and two-bedroom floor plans with eight-foot ceilings, full-size washers/dryers, air conditioning and balconies or patios. Built in 1985, the property offers easy access to Camp Pendleton, Oceanside Business Park, Vista Industrial Park and McClellan Palomar Airport. The buyer plans to modernize the interiors, paint the exterior and enhance the common areas of the property. Walker & Dunlop represented MIG and the seller in the deal.

October 5, 2023

Acquisitions Colorado Multifamily Western

Palisade Partners Sells B Street LoHi Apartments in Denver for $29M

by Amy Works October 5, 2023

DENVER — Palisade Partners has completed the disposition of B Street LoHi, a multifamily property located in the Lower Highlands (LoHi) neighborhood of Denver. The Paskin Group acquired the asset for $29 million, or $397,260 per unit. Located at 1736 Boulder St., B Street LoHi features 73 apartments in a mix of one- and two-bedroom floor plans. Dave Martin, Rich Ritter and Brian Mooney of Northmarq’s Denver investment sales team represented the seller in the deal.

October 5, 2023

Acquisitions Arizona Multifamily Western

CBRE Arranges $16.2M Sale of Landmark on 67th Multifamily Property in Peoria, Arizona

by Amy Works October 5, 2023

PEORIA, ARIZ. — CBRE has brokered the sale of Landmark on 67th, a Class A apartment community in Peoria. LM67 LLC acquired the asset from RET3 LLC for $16.23 million, or $289,857 per unit. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller and buyer in the transaction. Located at 9160 N. 67th Ave., Landmark on 67th features 56 two-bedroom/two-bath apartments, each averaging 1,100 square feet. Units offer stainless steel appliances, white shaker-style cabinetry, quartz countertops and subway tile backsplashes. Situated on 4.1 acres, the residential units are spread across seven two-story buildings. Community amenities include a leasing office, swimming pool and spa, cabana-style seating, fitness center, covered playground and dog park.

October 5, 2023

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Provides $14.6M Construction Loan for New Life Homes Affordable Project in Tacoma, Washington

by Amy Works October 5, 2023

TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $14.6 million in financing for the construction of New Life Homes, a 60-unit low-income housing project in Hilltop in Tacoma. The community is designated for individuals in recovery for substance abuse, those leaving the criminal justice system, formerly homeless persons, persons with disabilities and veterans earning no more than 30 percent or 50 percent of area median income. Shiloh Baptist Church, with Beacon Development Group as consultant, is sponsoring and developing New Life Homes. Shiloh Baptist Church, a historically Black church, wants to combat gentrification on Tacoma’s Hilltop neighborhood by transforming several of its parcels along the block of South I Street into affordable housing. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. Believing In Myself Again (BIMA) Services will provide supportive services for tenants with a focus on creating opportunities for growth, education and skill development. Veterans Affairs will provide services for the Veterans Affairs Supportive Housing units and coordinate with BIMA. KeyBank CDLI provided a $14.6 million construction loan with LIHTC equity provided by National Equity Fund (NEF). …

October 5, 2023

Loans Multifamily New York Northeast

JLL Arranges $33M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams October 5, 2023

NEW YORK CITY — JLL has arranged a $33 million loan for the refinancing of 640 Broadway, a 21-unit luxury apartment building that occupies a full city block in Manhattan’s NoHo neighborhood. The nine-story, pre-war building was originally designed and constructed in 1896 and houses 4,241 square feet of retail space that is fully leased. Residential amenities include a fitness center and a rooftop terrace. Stephen Van Leer led the JLL team that arranged the loan through Bridge Investment Group on behalf of the borrower, Acadia Realty Trust.

October 5, 2023

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