Multifamily

Ziegler Arranges $52.5M Bond Financing for Seniors Housing Development in Winchester, Virginia

by John Nelson November 6, 2023

WINCHESTER, VA. — Ziegler has arranged $52.5 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a senior housing development located in Winchester, approximately 70 miles west of the Washington, D.C. metro area. Constructed in 1982, the 87-acre property features 217 independent living units (164 apartments and 53 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. Currently, an independent living villa apartment expansion project is underway at the development. Ziegler financed the first phase, which includes 48 new independent living villa apartments, in 2022. The second phase of the project is being financed with the new bonds and includes an additional 49 independent living villa apartments, for which SVWC issued two tranches of draw-down bank loans that were purchased by Atlantic Union Bank and Pinnacle Financial Partners. The two tranches include a $27.5 million, 10-year bank commitment period with an accreting swap that mitigates interest rate risk through the bank commitment period and a $25 million intermediate-term bond with a 30-month maturity to be repaid with entrance fees to the expansion.

November 6, 2023

Affordable Housing Development Florida Seniors Housing Southeast

HTG, AM Affordable Housing Break Ground on $37M Seniors Housing Community in Miami

by John Nelson November 6, 2023

MIAMI — A joint venture between Housing Trust Group (HTG) and AM Affordable Housing has broken ground on a $37 million affordable seniors housing project located at 18700 NE 25th Ave. in Miami. Dubbed Oasis at Aventura, the development will feature 95 one-bedroom units across eight stories reserved for residents age 62 years or older earning at or below 25, 33 and 60 percent of the area median income (AMI). Amenities at the community will include a community room, fitness center, business center, library and lounge and outdoor terrace. Monthly rents at the property will range from $484 to $1,161. Funding for the project includes $21 million in low-income housing tax credits (LIHTC) syndicated through Raymond James, a $19.3 million construction loan provided by JP Morgan Chase Bank, a permanent $7.5 million Freddie Mac loan secured through Berkadia, a $4.3 million Florida Housing Finance Corp. viability loan and a $2.4 million loan provided by the Miami-Dade County affordable housing surtax program. The project team includes Realization Architects, general contractor Ballast Construction, engineer Sun-Tech Engineering, interior designer B Pila Design Studio and landscape architect Witkin Hults + Partners. Completion of Oasis at Aventura is scheduled for spring 2025.

November 6, 2023

Alabama Loans Southeast Student Housing

The Preiss Co. Secures Recapitalization for 600-Bed Student Housing Community Near Auburn University in Alabama

by John Nelson November 6, 2023

AUBURN, ALA. — The Preiss Co. (TPCO) has recapitalized the Collective at Auburn, a 600-bed student housing community located near the Auburn University campus in Alabama. A multimillion-dollar renovation is planned for the property, which will include upgrading countertops, appliances and paint in select units; modernization of unit access controls; and fully furnishing 25 percent of units. Upgrades are scheduled to begin in spring 2025. The Collective at Auburn offers two-, three- and four-bedroom units with bed-to-bath parity. Amenities include a 24-hour fitness center, swimming pool, basketball court, tanning salon, volleyball court, game room, movie theater and a business center.

November 6, 2023

Acquisitions Multifamily Texas

Newmark Brokers Sale of Multifamily Portfolio Totaling 673 Units in Texas

by Taylor Williams November 6, 2023

AUSTIN, KATY AND STAFFORD, TEXAS — Newmark has brokered the sale of a portfolio of three multifamily properties totaling 673 units in the Austin and Houston metro areas. The portfolio consists of Treehouse, a 297-unit community that sits on a 12.4-acre site in Austin’s East Riverside area; the 208-unit Stonecreek in the western Houston suburb of Katy; and Waterstone Place, a 168-unit apartment complex located on the southwestern outskirts of Houston. All three properties offer value-add potential. Zach Springer, Jim Young and Carter Mizell of Newmark represented the seller, Houston-based investment firm Nitya Capital, in the transaction. The buyer was Houston-based Disrupt Equity.

November 6, 2023

Acquisitions Multifamily Texas

Trion Properties Acquires 471-Unit Riverbend Apartments in Lancaster, Texas

by Taylor Williams November 6, 2023

LANCASTER, TEXAS — Trion Properties, a private equity real estate firm with offices in Miami and Los Angeles, has acquired Riverbend Apartments, a 471-unit multifamily complex located in the southern Dallas suburb of Lancaster. Riverbend Apartments features 181 one-bedroom units and 290 two-bedroom units and amenities such as three pools and multiple play areas for children. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.

November 6, 2023

Acquisitions Multifamily New York Northeast

CBRE Brokers Sale of 229-Unit Apartment Community in Mamaroneck, New York

by Taylor Williams November 6, 2023

MAMARONECK, N.Y. — CBRE has brokered the sale of Avalon Mamaroneck, a 229-unit multifamily community located about 25 miles north of Manhattan. Built in 1999 and renovated in 2018, Avalon Mamaroneck features one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling and dining areas and a resident lounge. Jeff Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the seller, AvalonBay Communities, in the transaction. The quartet also procured the buyer, a joint venture between Harbor Group International and Cantor Fitzgerald.

November 6, 2023

Arizona Loans Multifamily Western

Marcus & Millichap Arranges $19.3M Refinancing for Harmony at Hurley Farms Apartments in Tolleson, Arizona

by Amy Works November 6, 2023

TOLLESON, ARIZ. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $19.3 million refinancing for Harmony at Hurley Farms, an apartment community in Tolleson, a western suburb of Phoenix. Tyler Waller of MMCC’s Phoenix office secured the financing. Terms of the loan include a five-year term, fixed rate of 6.41 percent, interest-only payments, loan-to-value ratio of 60 percent and 30-year amortization schedule. Located at 2929 S. 91st Ave., Harmony at Hurley Farms features 128 apartments and was 70 percent occupied at the time of financing.

November 6, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $3.7M Sale of Multifamily Building in Denver

by Amy Works November 6, 2023

DENVER — NorthPeak Commercial Advisors has negotiated the sale of a multifamily property, located at 245 Bannock St. in Denver. The asset traded for $3.7 million, or $244,333 per unit. The 11,019-square-foot building feature 15 apartments. Joe Hornstein and Scott Fetter of NorthPeak represented the undisclosed seller, while Kevin Calame and Matt Lewallen of NorthPeak represented the undisclosed buyer in the transaction.

November 6, 2023

Acquisitions Indiana Midwest Multifamily

CBRE Arranges Sale of 196-Unit Apartment Complex in Carmel, Indiana

by Kristin Harlow November 6, 2023

CARMEL, IND. — CBRE has arranged the sale of VER at Proscenium, a 196-unit apartment complex in the Indianapolis suburb of Carmel. The sales price was undisclosed. Located at 1225 Veterans Way and completed in 2021, the property features studio, one- and two-bedroom floor plans. Amenities include a pool, fitness center, pet spa, virtual sports simulator, coworking space and resident beer tab. The community’s retail space is home to Wahlburgers, 101 Beer Kitchen and Lux Lab Hair + Body. Steve LaMotte Jr., Dane Wilson and Ross Wettersten of CBRE represented the undisclosed seller. Sterling Group was the buyer.

November 6, 2023

Acquisitions Michigan Midwest Multifamily Student Housing

Centurion Property Group, IDE Acquire 376-Bed Student Housing Community Near Michigan State University

by Kristin Harlow November 6, 2023

EAST LANSING, MICH. — A joint venture between Centurion Property Group and IDE has acquired The Rocks, a 376-bed student housing community located near Michigan State University in East Lansing. The purchase price was undisclosed. Built in 2015, the property features one, two-, three- and four-bedroom layouts, all with 100 percent bed-to-bath parity. Amenities include a fitness area, game room and study lounge. The community is fully occupied. Aaron Moll of Berkadia originated a Freddie Mac loan for the acquisition that features a fixed interest rate and interest-only payments for the full term. Kevin Larimer and Brandon Buell of Berkadia represented the seller, Nuveen Real Estate.

November 6, 2023

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