Multifamily

TMG Brokers Sale of 242-Unit Apartment Community in North Little Rock, Arkansas

by John Nelson August 2, 2024

NORTH LITTLE ROCK, ARK. — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Sherwood Park, a 242-unit apartment community located at 1707 Arrowhead Road in North Little Rock. The buyer, seller and sales price were not disclosed. Paul Yazbeck of TMG represented the seller in the transaction, and Chase Davis, also with TMG, procured the buyer. Built in 1977, Sherwood Park includes amenities such as a package service, laundry facility, storage space, swimming pool, playground and picnic tables. The property has seven floor plans, including some townhomes, and more than half of the units are two-bedroom apartments.

August 2, 2024

Acquisitions Midwest Multifamily Ohio Seniors Housing

ESI Arranges Sale of Three-Property Seniors Housing Portfolio in Western Ohio

by Kristin Harlow August 2, 2024

OHIO — Evans Senior Investments (ESI) has arranged the sale of a three-property seniors housing portfolio in western Ohio for an undisclosed price. The seller was Mariner Management Group Inc., an independent owner and operator seeking to exit the industry. The buyer was an owner-operator in the state. The portfolio, which was built in stages between 1990 and 2013, consists of 317 licensed skilled nursing beds and 209 seniors housing units.

August 2, 2024

Acquisitions Arizona Multifamily Western

Tower 16, Raith Capital Partners Buy Ascend on Glendale Apartments in Arizona

by Amy Works August 2, 2024

GLENDALE, ARIZ. — Tower 16 Capital Partners, in partnership with Raith Capital Partners, has acquired Ascend on Glendale, a multifamily community in Glendale’s Westgate Entertainment District. Glendale is a suburb northwest of Phoenix. The price was not disclosed, but the property was purchased for “well below today’s replacement cost,” according to the buyers. The buyers plan to invest $1 million in upgrades and rebrand the Class A property as Obsidian on Glendale. Built in 2023, the two-story, garden-style community features 216 one-, two- and three-bedroom, averaging 921 square feet. Amenities include a swimming pool, fitness center and clubhouse. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the undisclosed seller in the transaction. Brian Share and Craig Branton of Cushman & Wakefield secured debt financing for the buyer.

August 2, 2024

Acquisitions Colorado Multifamily Western

Brixton Capital Acquires 114-Unit Parkside at Littleton Village Multifamily Community in Colorado

by Amy Works August 2, 2024

LITTLETON, COLO. — Brixton Capital has purchased Parkside at Littleton Village, a multifamily property at 300 E. Fremont Place in Littleton, a suburb south of Denver. Terms of the transaction were not released, but Brixton plans to rebrand the property. Built in 2022, the community offers 114 units, with an average unit size of 1,215 square feet and ceiling heights from nine to 13 feet. Community amenities include a clubhouse, café, outdoor fireplaces, secure controlled entry doors and elevators, and an entertainment and game room. Additionally, the property offers a pet park, playground, co-working spaces with Wi-Fi, garage parking with electric vehicle charging stations, a fitness center, package lockers and outdoor barbecue areas. Brixton will partner with Sares-Regis to manage daily operations at the property. Matt Barnett of Walker & Dunlop represented the seller, while Brixton was self-represented in the deal.

August 2, 2024

Development Seniors Housing Southeast Virginia

LifeSpire Plans $80M Expansion of Seniors Housing Campus in Lynchburg, Virginia

by John Nelson August 1, 2024

LYNCHBURG, VA. — LifeSpire of Virginia has announced plans for an $80 million expansion of The Summit, a continuing care retirement community in Lynchburg, about 55 miles east of Roanoke, Va. Although the number of units was not disclosed, the company says the project will “create dozens of new residences” via 18 cottage homes and multiple villa options, as well as a new memory care neighborhood. The nonprofit LifeSpire of Virginia, which acquired The Summit in late 2021, plans to complete the expansion over the next 24 months. The Summit sits on a 125-acre campus, which comprises scenic trails; a 10-acre lake for fishing, kayaking and canoeing; and forested areas.

August 1, 2024

Build-to-Rent Loans Multifamily Single-Family Rental South Carolina Southeast

Northmarq Secures $32M Refinancing for Build-to-Rent Residential Community in Coastal South Carolina

by John Nelson August 1, 2024

OKATIE, S.C. — Northmarq has secured a $32 million bridge loan for the refinancing of Saddlewood at Pepper Hall, a 121-unit build-to-rent (BTR) residential community in Okatie, a city 11 miles west of Hilton Head Island. The borrowers, RP Communities and Argosy Real Estate Partners, delivered the BTR property last year within the Pepper Hall master-planned development. Grant Harris, David Vinson and Faron Thompson of Northmarq arranged the five-year loan on behalf of the borrowers through Atlanta-based ACRE. Saddlewood at Pepper Hall features one-, two- and three-bedroom townhomes and carriage homes with private porches and detached garages. Amenities include a pool, dog park, green spaces and a clubhouse with a fitness center. Additionally, the site will feature a planned state waterfront park that will include a kayak launch and walking trails.

August 1, 2024

Acquisitions Louisiana Multifamily Southeast

Reynolds, Slabotsky Family Office Acquire Riverside Oaks Apartments in Shreveport, Louisiana for $9.5M

by John Nelson August 1, 2024

SHREVEPORT, LA. — A partnership between Reynolds Asset Management and Slabotsky Family Office has purchased Riverside Oaks Apartments, a 185-unit community located at 109 Southfield Road in Shreveport. The undisclosed seller sold the property to the partnership for $9.5 million. John Hamilton of Marcus & Millichap brokered the transaction, with Tom Didio, Max Custer and Michael Mataras of JLL procuring acquisition financing. Built in 1972, Riverside Oaks features one-, two- and three-bedroom floor plans, as well as a swimming pool, playground, laundry facilities, bicycle storage, picnic area and a dog park. Reynolds and Slabotsky are planning to invest $4 million to overhaul Riverside Oaks, including installing new roofs, driveways, site lighting, landscaping and fencing, as well as upgrading the pool and dog park, improving security features and renovating interiors. Renovations are anticipated to begin immediately and continue over the next two years.

August 1, 2024

Acquisitions Illinois Iowa Midwest Missouri Multifamily Seniors Housing

Arrow Senior Living Acquires Eight Communities in Midwest Region

by Kristin Harlow August 1, 2024

ILLINOIS, IOWA, MISSOURI AND ARKANSAS — St. Charles, Mo.-based Arrow Senior Living has acquired eight seniors housing communities across Illinois, Iowa, Missouri and Arkansas. Acquired in June, CedarStone Senior Living and PrairieStone Senior Living, both located in Cedar Falls, Iowa, were developed by Nelson Construction and Development. CedarStone consists of 120 units, including 88 assisted living apartments and 32 memory care residences. PrairieStone consists of 111 units, including 79 assisted living apartments and 32 memory care residences. Arrow also acquired six independent living communities in partnership with Welltower in early July, adding 654 units to its portfolio. The Cambridge Senior Living in Springfield, Mo., features 115 units. The Gardens at Arkanshire in Springdale, Ark., consists of 80 units. The Montvale Senior Living in Springfield, Ill., features 121 apartments. Curtis Creek Senior Living in Quincy, Ill., totals 120 units. Lastly, Mallard Point Senior Living in Cedar Falls, Iowa, features 114 units, while Walden Place Senior Living in Iowa City totals 104 units.

August 1, 2024

Acquisitions Midwest Multifamily Wisconsin

Marcus & Millichap Arranges $5.7M Sale of Multifamily Property in Thiensville, Wisconsin

by Kristin Harlow August 1, 2024

THIENSVILLE, WIS. — Marcus & Millichap has arranged the $5.7 million sale of Grand Avenue Apartments in Thiensville, a northern suburb of Milwaukee. The 47-unit multifamily property is situated on nearly four acres on Grand Avenue. The original building was constructed as a school in 1920 and totals 18,668 square feet. The rear building was constructed in 1986 and totals 34,560 square feet. The complex offers a mix of one- and two-bedroom units, many of which are townhome style. Blake Hanlon and Mark Peltin of Marcus & Millichap represented the seller, a family office, and procured the buyer, a local real estate investor.

August 1, 2024

Loans Multifamily Office Texas

Westdale Receives $115M Loan for Refinancing of Texas Office, Multifamily Portfolio

by Taylor Williams August 1, 2024

DALLAS — Dallas-based Westdale Real Estate Investment & Management has received a $115 million loan for the refinancing of a portfolio of three commercial properties in Texas. The portfolio comprises Epic I, a 282,873-square-foot office building located in the Deep Ellum district of Dallas; Colonnade, a 168,255-square-foot office building located on the north side of San Antonio; and Woodmeade, a 304-unit multifamily property in Irving. The five-year loan carried a fixed interest rate of 7.11 percent and a 70 percent loan-to-value ratio. Giryes Capital Group, an intermediary that connects American borrowers and Israeli lenders, sourced the debt through Pando Cos., a Dallas-based company that is also owned and managed by Giryes founder and CEO Amir Giryes.

August 1, 2024

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