Multifamily

MG Properties Acquires 316-Unit Syracuse Apartments in Denver

by Amy Works October 26, 2023

DENVER — MG Properties has purchased 4400 Syracuse Apartments, a multifamily community in Denver. Morgan Group and LaSalle Investment Management sold the property for an undisclosed price. Situated in the Denver Tech Center/Southeast Business Corridor, 4400 Syracuse Apartments features 316 units with modern finishes, functional floor plans and best-in-class amenity spaces. Jordan Robbins and Alex Possick of JLL Capital Markets represented the sellers in the deal. Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice of JLL Capital Markets arranged an undisclosed amount of Freddie Mac financing for the transaction.

October 26, 2023

High Tech Solutions Lenders Bill Hyman Lument quote

Content Partner Features Loans Lument Midwest Multifamily Northeast Southeast Texas Video Western

How One Lender Is Finding High-Tech Solutions to Complicated Application Processes

by Sarah Daniels October 26, 2023

Today’s accelerating technology transformation is altering how the commercial real estate industry executes transactions and manages assets. “The amount of information that a multifamily borrower needs to submit and disclose has become more demanding over time,” says William (Bill) Hyman, a Lument senior managing director who oversees the firm’s strategic business technology transformation and conventional loan production. “That has made due diligence more complex and data intensive, and we wanted to create a more secure and expedient way to tackle that process.” Seeing this need, Lument responded by creating a suite of proprietary technology tools. Across the industry, the advent of online, friendlier multifamily loan application and servicing processes has not only eliminated the transfer of sensitive information through email by moving the processes to secure portals, but it has also streamlined common paper-based, time-consuming and burdensome tasks. That has translated into much speedier decisions about loans and responses to questions and requests. LeapOnline Beginnings Lument is a commercial real estate finance solutions provider based in New York that specializes in Fannie Mae, Freddie Mac, Federal Housing Administration and balance sheet lending. The company’s digital transformation began in 2017. At the time, the company saw the opportunity to better …

October 26, 2023

Acquisitions Multifamily Oklahoma Texas

Cushman & Wakefield Brokers Sale of 360-Unit Legend Park Apartments in Lawton, Oklahoma

by Taylor Williams October 25, 2023

LAWTON, OKLA. — Cushman & Wakefield has brokered the sale of Legend Park, a 360-unit apartment community in Lawton, located about 90 miles southwest of Oklahoma City. Built between 2010 and 2012, Legend Park offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, basketball court, dog park, business center, playground and outdoor grilling and dining areas. Martin Bynum, Craig Hey and Stephen Pestinger of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

October 25, 2023

Development Georgia Seniors Housing Southeast

Canterbury Court in Atlanta Expands With New Independent Living Tower, Seniors Housing Hub

by John Nelson October 25, 2023

ATLANTA — Canterbury Court, a continuing care retirement community in Atlanta’s Buckhead district, has doubled in size with its new expansion. The property now includes two new additions: The Garden Tower, a high-rise that features 105 independent living apartments and a ground-level restaurant; and Monarch Pavilion, a four-story building that offers seniors housing units, amenities and services in a neighborhood setting. Monarch Pavilion comprises Azalea View, a new assisted living community; Wisteria Park, a memory care destination centered around a courtyard garden; and Sage Glen, a skilled nursing neighborhood that features dedicated physical, speech and occupational therapists. The construction period for the expansion lasted approximately two years. Greystone Communities served as the project’s financial advisory and financial consultant, and JLL provided project management services. The design-build team included architect Rule Joy Trammell + Rubio and general contractor Brasfield & Gorrie.

October 25, 2023

Loans Maryland Southeast Student Housing

JLL Secures $63M Refinancing for Student Housing Tower in Hyattsville, Maryland

by John Nelson October 25, 2023

HYATTSVILLE, MD. — JLL has secured a $63 million refinancing for Vie Towers, a 910-bed student housing community located in the Washington, D.C., suburb of Hyattsville. The high-rise community serves students attending both Howard University and the University of Maryland. Doug Opalka, Dan Kearns, Jayme Nelson and Owen Claypool of JLL worked on behalf of the borrowers, Safanad and Vie Management, to secure the three-year, floating-rate loan through Värde Partners. Built in 2006 and renovated in 2019, the community offers a mix of two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a rooftop pool deck, modern fitness center, yoga studio and coworking and creative space.

October 25, 2023

Acquisitions Multifamily North Carolina Southeast

Berkadia Arranges Sale of Two-Property Multifamily Portfolio in Charlotte Totaling 292 Units

by John Nelson October 25, 2023

CHARLOTTE, N.C. — Berkadia has arranged the sale of a two-property multifamily portfolio in Charlotte. The assets include Hamilton Square, a 120-unit property located at 6017 Williams Road, and Heatherwood Trace, a 172-unit community located at 5600 Paces Glen Ave. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office represented the seller, European Investment Management Corp. (EIMC), in the transaction. The buyer and sales price were not disclosed.

October 25, 2023

Acquisitions Illinois Midwest Multifamily

Waterton Acquires 346-Unit Apartment Complex in Chicago’s South Loop

by Kristin Harlow October 25, 2023

CHICAGO — Waterton has acquired the Alta Grand Central apartment community in Chicago’s South Loop for an undisclosed price. Completed in 2020, the property at 221 W. Harrison St. comprises 346 units across two 14-story buildings. Waterton plans to rebrand the asset as The Grand Central. According to Waterton, the community primarily attracts workforce residents in the healthcare, public service and consulting sectors. Units come in studios, one-, two- and three-bedroom floor plans. Amenities include coworking spaces, an indoor-outdoor rooftop lounge, yoga studio, bike storage, pool, rooftop spa and electric vehicle charging stations. The seller was a joint venture between Chicago-based D2 Realty and Atlanta-based Wood Partners, according to Crain’s Chicago Business.

October 25, 2023

Development Indiana Midwest Multifamily

The Life Properties Underway on $4M Capital Improvement Program at 248-Unit Multifamily Community in Indianapolis

by Kristin Harlow October 25, 2023

INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is underway on a $4 million capital improvement program at The Life at Belhaven Place in Indianapolis. The project is 71 percent complete, with completion slated for the second quarter of 2025. The 248-unit multifamily community is receiving select interior renovations to all units and upgrades to the office clubhouse. Exterior improvements include new paint and repairs to the roof, property signage, pool, parking lot, sidewalk, playground and dog park. There is also a new security camera system and landscaping improvements. Sustainable updates include low-flow plumbing retrofits and repairs to the LED lighting. Built in 2006, The Life at Belhaven Place features a mix of one-, two-, three- and four-bedroom units.

October 25, 2023

Development Multifamily New Jersey Northeast

BNE Real Estate Nears Completion of 245-Unit Multifamily Project in Chatham, New Jersey

by Taylor Williams October 25, 2023

CHATHAM, N.J. — New Jersey-based developer BNE Real Estate Group is nearing completion of The Ivy, a 245-unit multifamily project in the Northern New Jersey community of Chatham. Designed by Minno & Wasko Architects & Planners, the six-story building will house one- and two-bedroom units that will be furnished with stainless steel appliances, quartz countertops and tile backsplashes. The property will also feature 34,000 square feet of indoor and outdoor amenity space. Specifically, the amenity package will include a pool, an outdoor movie lawn and dining areas, fitness center, resident lounge, bar, game room, sport simulator lounges, children’s play area, pet spa and a media screening room. Leasing will begin later this fall.

October 25, 2023

Acquisitions Affordable Housing Multifamily New Mexico Western

CPP Enters Santa Fe Market, Acquires Two Affordable Housing Communities for $41.8M

by Amy Works October 25, 2023

SANTA FE, N.M. — Community Preservation Partners (CPP) has entered the Santa Fe market with the acquisition and planned renovation of two multifamily communities — Sangre De Cristo Apartments and Santa Fe Apartments. Once renovated, the two communities will be restricted to households earning 60 percent or less of the area median gross income and will continue to benefit from project-based rental assistance. Located at 255 Camino Alire, Santa Fe Apartments features 64 units and was built in 1968. Sangre De Cristo Apartments, located at 1801 Espinacitas St., offers 164 units. Both communities offer one-, two- and three-bedroom layouts, with Sangre De Cristo also offering four-bedroom units. Renovation costs are estimated at $96,700 per unit. CPP’s total investment for both properties is approximately $93.7 million, which includes the combined purchase price of $41.8 million. CPP expects to complete renovations by December 2024. Project partners include the New Mexico Mortgage Finance Authority, US Bank and KeyBank.

October 25, 2023

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