Multifamily

Reliant Group Management Acquires 405-Unit Phoenix Manor Apartments in Phoenix

by Jeff Shaw July 13, 2023

PHOENIX — An affiliate of Reliant Group Management has purchased Phoenix Manor, a 405-unit apartment property in Phoenix. Phoenix Manor comprises 38 buildings, a 16,750-square-foot clubhouse with a leasing center, 6,750-square-foot auditorium, 4,200-square-foot maintenance shop, two pools, two lagoons, three pavilions, a dog park, putting green and four shuffleboard courts. The property offers studio, one- and two-bedroom floor plans. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers represented the seller, Phoenix Manor LLC.

July 13, 2023

Acquisitions California Multifamily Western

Eden Housing Purchases Two Multifamily Communities in Concord, California for $37.3M

by Jeff Shaw July 13, 2023

CONCORD, CALIF. — Eden Housing acquired a two-property apartment portfolio in Concord for $37.3 million. Concord is approximately midway between San Francisco and Sacramento. Located at 1770 Adelaide St., Sunset Pines is a 69-unit community with amenities such as a pool and a clubhouse. Coral Court Apartments is located at 1491 Detroit Ave. and offers 47 units, as well as a fitness center. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the undisclosed seller in a Naturally Occurring Affordable Housing (NOAH) transaction. Eden Housing will convert the portfolio into affordable housing. Eden Housing used $6 million in equity from the City of Concord to finance the transaction. Income restrictions for the converted communities were not disclosed.

July 13, 2023

Acquisitions Affordable Housing Multifamily Texas

Elizabeth Property Group Buys 1,444-Unit Affordable Housing Portfolio in Texas

by Taylor Williams July 13, 2023

DALLAS — Dallas-based investment firm Elizabeth Property Group has purchased a portfolio of six affordable housing properties totaling 1,444 units in Texas. The properties are located in Houston, Dallas-Fort Worth, Beaumont, Huntsville, Bryan-College Station and Wichita Falls. Elizabeth Property Group plans to renovate the properties by addressing deferred maintenance, painting and replacing unit floors and undertaking exterior landscape upgrades. Afterschool community programs will also be offered at each property. American South Fund Management provided acquisition financing for the deal. The seller was not disclosed.

July 13, 2023

Acquisitions Affordable Housing Multifamily Texas

Hunt Capital Partners Sells Interest in 248-Unit Affordable Housing Community in San Antonio

by Taylor Williams July 13, 2023

SAN ANTONIO — Hunt Capital Partners has sold its ownership interest in Stonehouse Apartment Homes, a 248-unit affordable housing community in San Antonio, to the Mexican American Unity Council. The property, which is nearing the end of its compliance period, offers one-, two- and three-bedroom units and amenities such as a pool, clubhouse, courtyard and onsite laundry facilities. The percentage of the interest and the sales price it commanded were both undisclosed.

July 13, 2023

Acquisitions Multifamily New York Northeast

Wavecrest Equities Acquires Bronx Multifamily Portfolio for $28M

by Taylor Williams July 13, 2023

NEW YORK CITY — Wavecrest Equities has acquired a portfolio of five multifamily buildings totaling 180 units in the Little Italy area of The Bronx for $28 million. The portfolio includes two retail spaces. Ben Khakshoor and Alex Fuchs of locally based brokerage firm Rosewood Realty Group represented Wavecrest Equities, which also assumed two existing loans totaling $20 million, and the undisclosed seller in the transaction. The deal traded at a cap rate of 5.85 percent.

July 13, 2023

Fisher Brothers-South-Elevation-View-Day

Development Florida Multifamily Southeast Top Stories

Fisher Brothers Breaks Ground on 308-Unit Multifamily Project in Miami’s Wynwood Neighborhood

by Katie Sloan July 13, 2023

MIAMI — Fisher Brothers has broken ground on Wynhouse Miami, a 308-unit multifamily community located at 2200 NW First Ave. in the Wynwood neighborhood of Miami. JP Morgan Chase and affiliates of Canyon Partners provided $117.5 million in financing for the development, which Suffolk Construction is building. The eight-story community is scheduled for completion in early 2025. Wynhouse Miami will offer units in studio, one- and two-bedroom configurations, alongside a selection of penthouse units. Shared amenities will include a fitness center, second-floor lawn area, co-working and entertainment lounges, an expo kitchen, and a rooftop swimming pool and outdoor entertainment space with views of the downtown Miami skyline. The property will also feature 26,000 square feet of ground-floor retail space and public artwork on the exterior of the community, with passageways to encourage pedestrians to engage with the building and community spaces. The development team for the project includes Rockwell Group, Nichols Architects and ID & Design International. “The project pays homage to the industrial, craft-oriented nature of the historic neighborhood,” says Andrew James, principal of Nichols Architects. “At the same time, the contemporary identity of Wynwood is being reinforced by the paseos, which will enhance the pedestrian realm, and the application …

July 13, 2023

Development Midwest Missouri Multifamily

Cordish Begins Conversion of Office Building into Apartments in Kansas City’s Power & Light District

by Kristin Harlow July 12, 2023

KANSAS CITY, MO. — The Cordish Cos. has begun construction on the conversion of the historic Midland Office Building into Midland Lofts, a 135-unit apartment building in Kansas City’s Power & Light District. The project is directly connected to the Midland Theatre. In 2008, Cordish and AMC completed a two-year, multi-million-dollar renovation of the theater, which first opened its doors in 1927. The office building has been vacant for more than 20 years. Midland Lofts will feature studios and one-bedroom units. Amenities will include a coffee bar, entertainment kitchen, fitness center, coworking spaces, billiards room, club lounge, meditation room, business center, conference rooms and package system. Local Kansas City architecture and design firm Helix is the project architect, and RD Jones + Associates is the interior designer for the amenity spaces. Completion is slated for May 2024.

July 12, 2023

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Structures $30.9M HUD-Insured Loan for Refinancing of Nursing Home in Chicago

by Kristin Harlow July 12, 2023

CHICAGO — Walker & Dunlop has structured a $30.9 million HUD 232/223(f) loan for the refinancing of Clark Manor, a nursing home in Chicago. Clark Manor provides services such as short-term, post-hospital physical rehabilitation, full-time physical, occupational and speech therapists, and a secure dementia and Alzheimer’s floor. Joshua Rosen and Brad Annis of Walker & Dunlop originated the loan. The borrower was undisclosed.

July 12, 2023

Acquisitions Kansas Midwest Multifamily

Marcus & Millichap Arranges $2M Sale of Apartment Building in Topeka, Kansas

by Kristin Harlow July 12, 2023

TOPEKA, KAN. — Marcus & Millichap has arranged the $2 million sale of Englewood Apartments, a 27-unit apartment building in Topeka. The property at 5210 SW 10th Ave. has historically been fully occupied. Jacob Carroll and Aaron Kuroiwa of Marcus & Millichap represented the seller, a limited liability company. The duo also secured and represented the buyer, an individual trust. The sale closed at the full list price.

July 12, 2023

Acquisitions Multifamily Washington Western

CEP Multifamily Acquires Regal Ridge Apartments in Spokane, Washington for $21.5M

by Jeff Shaw July 12, 2023

SPOKANE, WASH. — CEP Multifamily has acquired Regal Ridge, a 97-unit, garden-style community in Spokane’s South Hill neighborhood. Ryan Harmon, Nicholas Ruggeiro, Giovanni Napoli and Philip Assouad of Institutional Property Advisors brokered the deal. The property traded for $21.5 million. The seller was not disclosed. According to Apartments.com, Regal Ridge was built in 1997 and offers two- or three-bedroom units. Amenities include a pool, clubhouse, playground and recycling services.

July 12, 2023

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