Multifamily

CBRE Brokers $15.4M Sale of Ranchero Palms Apartments in San Jose

by Jeff Shaw May 19, 2023

SAN JOSE, CALIF. — CBRE has arranged the $15.4 million sale of Ranchero Palms, a 61-unit apartment community in San Jose. Keith Manson, Zachary Greenwood and Mac Watson represented both the buyer and seller. Ranchero Palms features one- and two-bedroom floor plans, and was recently renovated with a new entryway, railings, stairways and main electrical service. According to Apartments.com, the property was built in 1969 and offers community amenities such as a pool, a sundeck, on-site laundry facilities and dry-cleaning services.

May 19, 2023

Acquisitions Multifamily Seniors Housing Western

SLIB Arranges Sale of 130-Unit Seniors Housing Portfolio in Mountain States

by Jeff Shaw May 19, 2023

GLEN ELLYN, ILL. — Senior Living Investment Brokerage (SLIB), a Glen Ellyn-based broker, has arranged the sales of two seniors housing communities in the Rocky Mountains states. The facilities total 130 units and were built in 1996 and 1999. The properties are 32,897 and 32,904 square feet, and are situated on approximately 1.81 and 4.03 acres of land. The buyer is a large, regional owner-operator based out of California with over 30 communities nationwide. The new owner will invest money in capital improvements and continuing the strong operational performance. The seller and price were not disclosed. Jason Punzel, Vince Viverito, Brad Goodsell and Matthew Alley of SLIB handled the transaction.

May 19, 2023

Colorado Leasing Activity Multifamily Western

Asset Living to Manage St. Paul Collection Multifamily Community in Denver

by Jeff Shaw May 19, 2023

DENVER — Asset Living has been selected to manage St. Paul Collection, a 165-unit apartment building in Denver’s Cherry Creek North neighborhood. St. Paul Collection offers one-, two- and three-bedroom floor plans. Community amenities include a pool with hot tubs and day beds, a lounge, fitness center, sun terrace, bike storage and a coffee bar.

May 19, 2023

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper Begins Development of 97-Unit Affordable Housing Community in Columbus

by Kristin Harlow May 19, 2023

COLUMBUS, OHIO — Woda Cooper Cos. Inc. and co-developer Franklinton Development Association have broken ground on Starling Yard, a 97-unit affordable housing community in the Franklinton neighborhood of Columbus. Located at 120 S. Central Ave., the project involves the adaptive reuse of the vacant Starling Middle School. Woda Cooper secured the site through a purchase agreement with the Board of Education of the Columbus City School District. The school, listed on the Columbus Register of Historic Properties in 2022, was originally built as West High School in 1908. It has been vacant since 2013. In addition to the adaptive reuse component, the project will also include two ground-up buildings with 52 units. All of the property’s units will be reserved for residents who earn 30 to 80 percent of the area median income. Rental rates are projected to range from $400 to $1,295 per month depending on income restriction and size of the unit. Five units will be reserved for those with mobility challenges and two units for those with sight and hearing disabilities. Primary financial support for Starling Yard is the result of a bond issuance and Low-Income Housing Tax Credits allocated by the Ohio Housing Finance Agency (OHFA). …

May 19, 2023

Acquisitions Affordable Housing Indiana Midwest Multifamily

Revitate Cherry Tree Acquires 96-Unit Workforce Housing Property in Lawrenceburg, Indiana

by Kristin Harlow May 19, 2023

LAWRENCEBURG, IND. — Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit workforce housing property located in Lawrenceburg, about 26 miles west of Cincinnati. The purchase price was undisclosed. Built in 1999, Tuscany Bay is situated near the newly developed Amazon Air Hub, a $1.5 billion air cargo facility totaling 800,000 square feet. Amenities at the property include an upgraded clubhouse, pool, playground, TV room and fitness center. The acquisition marks the close of the Revitate Cherry Tree Multifamily Fund I LP, which has been utilized to purchase six properties totaling 841 units. According to Revitate Cherry Tree, Tuscany Bay falls into the category of workforce housing that describes communities offering rental prices that correlate with regional income levels, ensuring that working Americans have quality affordable housing available in proximity to their workplace. The community was formerly a LIHTC-regulated property. Revitate Cherry Tree will maintain Tuscany Bay’s relative affordability for residents earning up to 80 percent of the area median income.

May 19, 2023

Development Maryland Mixed-Use Seniors Housing Southeast

Park Avenue Lifestyle to Develop $70M Seniors Housing Project at James Run in Metro Baltimore

by John Nelson May 18, 2023

BEL AIR, MD. — Park Avenue Lifestyle has purchased a site within James Run, a mixed-use development underway in the Baltimore suburb of Bel Air, from master developer JEN Partners, a real estate private equity fund based in New York. The Orlando-based buyer plans to develop a $70 million seniors housing community on the site that will feature independent living, assisted living and memory care units, as well as a fitness center, outdoor courtyards, walking paths and an in-house restaurant and pub. At full build-out, which is anticipated for 2025, James Run will comprise this seniors housing property; 190 age-targeted villas and 80 townhomes; the 304-unit James Run Apartments; more than 57,000 square feet of retail space, including boutique shops, sit-down, fast-casual and quick-service restaurants; 20,000 square feet of office and medical office space; and a 125-room hotel and conference center. The development is approximately 50 percent complete, according to JEN Partners. Committed tenants include Starbucks, Kiddie Academy, Royal Farms gas station and convenience store, two unnamed Italian and steakhouse restaurants and a freestanding wine store. Baltimore-based Craftsmen Cos. is the development manager for James Run, and MacKenzie Commercial Real Estate Services is the project’s leasing brokerage firm.

May 18, 2023

Acquisitions Multifamily Texas

CBRE Brokers Sale of 128-Unit Coronado Villas Apartments in Denton

by Taylor Williams May 18, 2023

DENTON, TEXAS — CBRE has brokered the sale of Coronado Villas, a 128-unit apartment complex in the North Texas city of Denton. The property was originally constructed in 1974 and was 99 percent occupied at the time of sale. Chris Deuillet, William Hubbard, Jaxx Davies and Matthew Pastrano of CBRE represented the seller, N.O.I.S.E. Ventures, in the transaction. Josh Berde, Andrew Woertendyke and Peyton Chur, also with CBRE, arranged acquisition financing on behalf of the buyer, Jordan Multifamily. The sale included a half-acre parcel that can support future development.

May 18, 2023

Georgia Loans Multifamily Southeast

Dwight Capital Provides $45M HUD-Insured Loan for Kinstone Columns Drive Apartments in Marietta, Georgia

by John Nelson May 18, 2023

MARIETTA, GA. — Dwight Capital has provided a HUD 223(f) loan for the refinancing of Kinstone Columns Drive, a 384-unit apartment community along the Chattahoochee River in Marietta, a northern suburb of Atlanta. Brandon Baksh and Karnveer Bal of Dwight Capital originated the loan, which features a 25-basis-point Green Mortgage Insurance Premium (MIP), on behalf of the borrower, Walton Communities. The 30.5-acre community comprises 29 three-story apartment buildings, three townhome buildings, two pool bathhouses and a leasing office/clubhouse. Kinstone Columns Drive’s amenities include a fitness center, business center, playground, tennis court, walking trail, picnic area, sports court and two pools, as well as direct access to Chattahoochee River National Recreation Area’s three miles of walking/hiking trails.

May 18, 2023

Alabama Loans Southeast Student Housing

WFI Receives $37.5M Refinancing for Student Housing Community Near Auburn University

by John Nelson May 18, 2023

AUBURN, ALA. — WFI has received a $37.5 million loan for the refinancing of The Union at Auburn, a 501-bed student housing community serving students attending Auburn University in Alabama. The property is located at 900 W. Glenn Ave. and offers two-, three-, four-, five- and six-bedroom units. Tremont Realty Capital provided the financing through Seven Hills Realty Trust, a mortgage REIT managed by the company. The loan is structured with a 30-month initial term and the option for one 12-month extension. Shared amenities include a “state-of-the-art” clubhouse; two-story fitness center, including space for barre, yoga and TRX; business center; 19 study rooms; resort-style swimming pool with an outdoor jumbotron, kitchen and entertainment area; outdoor terrace; dog park; and a self-service bike shop.

May 18, 2023

Development Massachusetts Multifamily Northeast

US2 Begins Leasing 450-Unit Prospect Union Square Apartments in Somerville, Massachusetts

by Taylor Williams May 18, 2023

SOMERVILLE, MASS. — US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments and Affinius Capital, has begun leasing Prospect Union Square, a 450-unit apartment community located outside of Boston in Somerville. Designed by Howeler + Yoon, Prospect Union Square consists of a midrise building and a 25-story tower, both of which are situated within the USQ mixed-use development. Units come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, game room, outdoor grilling and dining areas and a package locker system. Rents start at $2,460 per month for a studio apartment. Move-ins will begin in July.

May 18, 2023

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