Multifamily

Barcelo Homes Sells Caesars Luxury Apartments in Tacoma for $35.4M

by Jeff Shaw April 28, 2023

TACOMA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Caesars Luxury Apartments in Tacoma. Barcelo Homes sold the 131-unit asset, which it completed development of earlier this year, for $35.4 million. IPA’s Nick Ruggiero, Philip Assouad, Giovani Napoli, Ryan Harmon and Anthony Palladino represented the seller. Kathryn Dobler of Tacoma-based Dobler Management represented the buyer, RGPD LLC. The property offers a mix of studios, urban one-bedrooms, traditional one-bedrooms and two-bedroom units. An urban one-bedroom is a unit type that is popular in the Pacific Northwest. It is a junior one-bedroom floor plan that often separates the bedroom area from the living area with a smaller wall or sliding door. Amenities at Caesars Luxury Apartments include a rooftop deck with green space, a resident lounge, bike storage and maintenance room, and a parking garage with electric vehicle charging.

April 28, 2023

Acquisitions Multifamily Oregon Seniors Housing Western

Cushman & Wakefield Arranges $35M Sale of Crescent Park Independent Living Community in Eugene, Oregon

by Jeff Shaw April 28, 2023

EUGENE, ORE. — Cushman & Wakefield has arranged the sale of Crescent Park, a 119-unit independent living community in Eugene. Built in 2014, the community is a three-story, 116,000-square-foot community on 5.7 acres. Inspired Healthcare Capital acquired the asset for $35 million. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker represented the seller, an investment management firm with a focus on alternative assets including seniors housing.

April 28, 2023

Acquisitions Connecticut Multifamily Northeast

NEPCG Arranges $9.7M Sale of Belden Square Apartments in Norwalk, Connecticut

by Taylor Williams April 28, 2023

NORWALK, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of Belden Square, a 24-unit apartment complex in Norwalk, located in the southern coastal part of Connecticut. Belden Square, which includes 11,675 square feet of commercial space, was originally built in 1989 as an office building and converted to residential use in 2017. Apartments come in studio, one- and two-bedroom formats. Brad Balletto, Rich Edwards and Jeff Wright of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

April 28, 2023

California Development Mixed-Use Multifamily Retail Western

Watermarke Properties Buys City Centre Office-to-Apartment Conversion Project in Orange, California

by Jeff Shaw April 28, 2023

ORANGE, CALIF. — Watermarke Properties has acquired City Centre I, a 6.8-acre multifamily redevelopment project, for $22.5 million. The current property is a Class A, 150,161-square-foot office building suitable for multifamily or mixed-use conversion. Current zoning designations for the site allow for up to 60 units per acre. Primary use of the site’s ground floor is slated for retail. Newmark’s Kevin Shannon, Paul Jones, Ken White, Chris Benton, Anthony Muhlstein and Brandon White represented the undisclosed seller.

April 28, 2023

Development Multifamily Nevada Seniors Housing Western

Blueprint Brokers Sale of 130-Unit Seniors Housing Development Site in Minden, Nevada

by Jeff Shaw April 28, 2023

MINDEN, NEV. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a development site in Minden, approximately 50 miles south of Reno. The five-acre parcel is fully entitled for construction of a seniors housing community totaling up to 130 units. The site is strategically located adjacent to Carson Tahoe Minden Medical Center, which Carson Tahoe Regional Health — the region’s largest healthcare provider — operates. The buyer was a West Coast-based seniors housing developer that is affiliated with a seniors housing operator. Information on the seller and price were not disclosed.

April 28, 2023

Affordable Housing Development Illinois Midwest Multifamily

McShane, Powers & Sons Complete Construction of 206-Unit Mixed-Income Community in Chicago

by Kristin Harlow April 28, 2023

CHICAGO — McShane Construction Co. and Powers & Sons Construction have completed 23rd Place at Southbridge, a 206-unit mixed-income community located on Chicago’s Near South Side. The Community Builders and McCaffery Interests developed the project, which is situated on the former Harold Ickes Homes site. The two-building development features 15,000 square feet of ground-floor retail space. Approximately 50 percent of the units are affordable to households earning up to 80 percent of the area median income. The project features amenity space on the first and sixth floors, including lounges, terraces and a fitness center. A new public right-of-way, 23rd Place, connects the two buildings and can be closed off to create public gathering space for community activities. The transit-oriented development is located adjacent to the Cermak-McCormick Place Green Line L stop. Nia Architects and Antunovich Associates provided architectural services.

April 28, 2023

Indiana Loans Midwest Multifamily

Greystone Provides $40.1M in Fannie Mae Financing for Two Multifamily Properties in Indianapolis

by Kristin Harlow April 28, 2023

INDIANAPOLIS — Greystone has provided $40.1 million in Fannie Mae DUS financing for two multifamily properties totaling 408 units in Indianapolis. Dan Sacks and Avi Kozlowski of Greystone originated the loans. In the first transaction, Greystone provided a $23.5 million Fannie Mae Green Rewards loan with a 10-year term and 30-year amortization. The 26-building property was constructed in 1972 and features 200 units. Loan proceeds enable the borrower to acquire and make improvements to the community. In the second transaction, Greystone secured a $16.6 million fixed-rate loan that features a 10-year term and 35-year amortization. The garden-style community was built in 1970 and consists of 208 units across 24 buildings. In addition to refinancing, loan proceeds enable the borrower to make improvements and monetize a portion of its equity.

April 28, 2023

Acquisitions Midwest Minnesota Multifamily

JLL Brokers Sale of 207-Unit Urbana Court Apartment Complex in Brooklyn Park, Minnesota

by Kristin Harlow April 28, 2023

BROOKLYN PARK, MINN. — JLL Capital Markets has brokered the sale of Urbana Court, a 207-unit apartment complex in the Twin Cities suburb of Brooklyn Park. The sales price was undisclosed. Completed in 2021, the property features units with an average size of 877 square feet. Amenities include a pool, fitness center, private dog park, outdoor pergolas and pickleball courts. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development LLC, and the buyer, Turner Impact Capital.

April 28, 2023

Acquisitions Indiana Midwest Multifamily

CBRE Negotiates Sale of 129-Unit Apartment Building in Indianapolis

by Kristin Harlow April 28, 2023

INDIANAPOLIS — CBRE has negotiated the sale of The Residences at Keystone Crossing in Indianapolis for an undisclosed price. The buyer, Core Redevelopment, has renamed the 129-unit property as VITRA Apartments. Located at 8785 Keystone Crossing in the heart of the Keystone Crossing submarket, the 12-story building was originally constructed in 1987 as a hotel and converted into apartments in 2012. Residents of the building have access to all the adjacent Sheraton Hotel amenities, including a fitness center, indoor pool, restaurant, bar and public space. Steve LaMotte Jr., Dane Wilson and Ross Wettersten of CBRE represented the seller, Highline Hospitality Partners. PRAXM will manage the asset. The transaction marks the first time that an apartment owner will own the property.

April 28, 2023

Development Georgia Multifamily Southeast

Atlas, FIDES to Break Ground on $70M Multifamily Project in Chamblee, Georgia

by John Nelson April 27, 2023

CHAMBLEE, GA. — Atlas Real Estate Partners and FIDES Development plan to break ground in early May on The Hawkins, a $70 million multifamily community in the Atlanta suburb of Chamblee. The 192-unit mid-rise community will feature a mix of one-, two- and three-bedroom floor plans, as well as 15,000 square feet of amenity and commercial space. Amenities will include a fitness center, coworking space, pet spa, dog park, community room, pool courtyard, bike room and a rooftop lounge overlooking the nearby DeKalb-Peachtree Airport.

April 27, 2023

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