Multifamily

IPA Negotiates $106.6M Sale of Summerset Village Multifamily Property in Los Angeles’ Chatsworth Neighborhood

by Amy Works October 31, 2023

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Summerset Village, an apartment community in the Chatsworth neighborhood of Los Angeles. An institutional buyer acquired the property from an undisclosed seller for $106.6 million, or $380,893 per unit. Completed in 1986, Summerset Village features 280 apartments spread across 39 two-story residential buildings. Apartments offer full-size washers/dryers and panoramic views. Select units feature fireplaces, wrap-around patios and direct access garages. Community amenities include two solar-heated swimming pools, two hot tubs, a beach volleyball court and direct access to hiking trails. Kevin Green, Joseph Grabiec and Gregory Harris of IPA represented the seller and procured the buyer in the transaction.

October 31, 2023

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 274-Unit Park at Rialto Apartments in Northwest San Antonio

by Taylor Williams October 31, 2023

SAN ANTONIO — Greysteel has brokered the sale of Park at Rialto, a 274-unit apartment community located on the northwest side of San Antonio. Built in 2017, Park at Rialto is a garden-style community that offers a pool, media lounge and a fitness center. Units come in studio, one-, two- and three-bedroom units, according to Apartments.com. J.R. Ellis and Matthew Romanchuk of Greysteel negotiated the sale on behalf of the buyer and seller, both of which requested anonymity.

October 31, 2023

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Provides $11.3M in Financing for New Affordable Seniors Housing Project in Cleveland

by Kristin Harlow October 31, 2023

CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided $11.3 million in 9 percent tax credit equity to finance the new construction of Garrett Square Apartments in Cleveland. The 49-unit affordable seniors housing community will be situated in the city’s Glenville neighborhood. The four-story building will be reserved for seniors age 55 and older. The project will be partially subsidized with 19 units supported by 20-year project-based vouchers through Cuyahoga Metropolitan Housing Authority. The project site is currently home to a parking lot and vacant retail building, which will be razed prior to development. The borrower and developer is Volker Development Inc., and Marous Brothers Construction is the general contractor. The Famicos Foundation will serve as the property manager. Famicos will also offer supportive services such as financial literacy, cooking classes, gardening programs, emergency preparedness workshops, food delivery and distributions, neighborhood events, healthcare referrals, tax preparation and access to its legal clinic, Famicos CARES. Derek Reed and Greg Kiger of KeyBank CDLI structured the tax credit equity and debt financing. KeyBank is providing a $9 million construction loan and a $2.3 million permanent loan. Additional permanent financing sources include secondary soft loans of $1.7 million provided through the …

October 31, 2023

Acquisitions Multifamily Texas

Cooper Street Capital Buys 174-Unit Multifamily Property in Southeast San Antonio

by Taylor Williams October 31, 2023

SAN ANTONIO — San Francisco-based investment firm Cooper Street Capital has purchased South Hill Apartments, a 174-unit multifamily property in southeast San Antonio. Built in 1965, South Hill Apartments offers one-, two- and three-bedroom units and amenities such as three pools, tennis courts, a playground and a business center. Zar Haro, Moses Siller, Bryan VanCura, Brian Booth and Phil Grafe of Northmarq represented the seller in the transaction.

October 31, 2023

Affordable Housing Development Florida Multifamily Southeast

RUDG Breaks Ground on Fourth Phase of 60-Acre Liberty Square Redevelopment in Miami

by Hayden Spiess October 31, 2023

MIAMI — Related Urban Development Group (RUDG), the affordable housing arm of Related Group, has broken ground on Phase 4 of the 60-acre Liberty Square redevelopment in Miami. Dubbed Serenity Liberty Square, the fourth phase will comprise 193 residential units across three buildings for families and individuals earning 30 to 80 percent of the area median income (AMI). Upon completion, which is scheduled for March 2025, the property will also feature the Jessie Trice Healthcare Center, as well as the new headquarters of the Miami-Dade Chamber of Commerce. Funding for Liberty Square Phase Four includes tax-exempt bonds, low-income housing tax credit (LIHTC) equity and funds from the Florida Housing State Apartment Incentive Loan Program (SAIL) and Miami-Dade County Surtax. The Liberty Square redevelopment will total nine phases and comprise roughly 1,900 new residential units, renovations to the Liberty Square Community Center, a new educational center, green spaces and a grocery store.

October 31, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 165-Unit Polk Villas Apartments in South Dallas

by Taylor Williams October 31, 2023

DALLAS — Marcus & Millichap has brokered the sale of Polk Villas, a 165-unit apartment complex in South Dallas. The 16-building property was built in phases between 1960 and 1973. Al Silva and Ford Braly of Marcus & Millichap represented the undisclosed seller and procured the buyer, a partnership led by Henley Properties, in the transaction. The new ownership plans to implement a value-add program. Tyler Rentfro, Travis Headapohl and Diego Garcia of Marcus & Millichap Capital Corp. arranged $12.8 million in preferred equity and agency financing for the deal.

October 31, 2023

Development Florida Multifamily Southeast

Thompson Thrift to Develop 300-Unit Standard441 Multifamily Community in Orlando Suburb

by Hayden Spiess October 31, 2023

LADY LAKE, FLA. — Thompson Thrift will begin development this month on Standard441, a 300-unit multifamily community to be located in the Orlando suburb of Lady Lake. Upon completion, the property will feature apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a fitness center, swimming pool and outdoor spa, pavilion with a built-in fireplace and grills, pickleball court, dog park and pet spa, 24-hour social hub, work-from-home suites and electric vehicle charging stations. Standard441 is scheduled to open in late 2024.

October 31, 2023

Alabama Development Multifamily Southeast

Doster Completes Construction of 290-Unit Dempsey Apartments in Madison, Alabama

by Hayden Spiess October 31, 2023

MADISON, ALA. — Doster Construction Co. has completed the construction of The Dempsey Apartments, a 290-unit multifamily community in Madison. In addition to studio, one- and two-bedroom apartments, the property features 483 surface parking spaces, 25 detached garages and 5,000 square feet of retail space. Amenities at the community include a swimming pool, coworking lounge, fitness center, dog park and a clubroom. Located at 375 Lime Quarry Road, Dempsey Apartments is adjacent to the 563-acre Town Madison mixed-use community. Doster completed the construction on behalf of the developer, Novare Group.

October 31, 2023

Acquisitions Florida Multifamily Southeast

LeCesse Sells 269-Unit Avila Apartment Community in Oviedo, Florida

by Hayden Spiess October 31, 2023

OVIEDO, FLA. — LeCesse Development Corp. has sold Avila, a 269-unit apartment community located in Oviedo, about 18 miles northeast of Orlando. LeCesse completed construction on the property — which features one-, two- and three-bedroom units across three buildings — in June 2022. Humphreys & Partners Architects was the project architect, and Roger B. Kennedy Construction served as the general contractor. Florida Engineering Group was the civil engineer. Wells Fargo and Federal Capital Partners provided financing. Amenities at the community include a clubhouse, dog park, car wash, grilling stations, a putting green, fire pits and electric car charging stations. GAIA Real Estate acquired the property for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the buyer in the transaction.

October 31, 2023

Development Massachusetts Multifamily Northeast

Nauset Construction Completes 94-Unit Multifamily Project in Somerville, Massachusetts

by Taylor Williams October 31, 2023

SOMERVILLE, MASS. — Locally based general contractor Nauset Construction has completed Union 346, a 94-unit multifamily project located outside of Boston in Somerville. Designed by ICON Architecture and developed by a partnership between John M. Corcoran & Co., Grossman Cos. and SMT Development, Union 346 rises four stories and houses studio and one-bedroom units, 18 of which are reserved as affordable housing. The property also features 2,000 square feet of retail space. Amenities include a fitness center, lounge with a kitchen and a rooftop deck. Information on starting rents was not disclosed.

October 31, 2023

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