Multifamily

ShainRealty Capital Acquires 256-Unit Multifamily Property in Mesquite, Texas

by Taylor Williams September 7, 2023

MESQUITE, TEXAS — Los Angeles-based investment firm ShainRealty Capital has acquired Landmark at Courtyard Villas, a 256-unit multifamily property located in the eastern Dallas suburb of Mesquite. The apartment complex was built in 1999 and has an average unit size of 905 square feet. Wes Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap brokered the sale of the property. ShainRealty Capital plans to invest about $3 million in capital improvements and rebrand the property as Infinity at Sunnyvale. The seller was a private investor.

September 7, 2023

Acquisitions Multifamily Texas

Knightvest Capital Sells 216-Unit Apartment Complex in Euless, Texas

by Taylor Williams September 7, 2023

EULESS, TEXAS — Dallas-based Knightvest Capital has sold Reagan at Bear Creek, a 216-unit apartment complex located in the eastern Dallas suburb of Euless that was built in 1998. According to Apartments.com, Reagan at Bear Creek offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a resident clubhouse. Knightvest Capital originally acquired the property in September 2017 and implemented a value-add program. The buyer was not disclosed.

September 7, 2023

Affordable Housing Loans Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Provides $35.6M Agency Loan for Refinancing of Brooklyn Affordable Housing Portfolio

by Taylor Williams September 7, 2023

NEW YORK CITY — Walker & Dunlop has provided a $35.6 million Fannie Mae loan for the refinancing of a portfolio of eight affordable housing buildings totaling 251 units in Brooklyn’s Williamsburg neighborhood. Frank Cassidy and John Gilmore of Walker & Dunlop worked alongside New York City Housing Preservation & Development and the New York City Housing Authority to secure the financing, which was structured with a fixed interest rate, 35-year amortization schedule and five years of interest-only payments. The borrower, Grower Housing Development Fund Corp., will use $8 million of the proceeds to fund capital improvements and preserve the portfolio’s affordability status.

September 7, 2023

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $13.5M Sale of Manhattan Multifamily Building

by Taylor Williams September 7, 2023

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $13.5 million sale of a 21-unit multifamily building located at 14 Bedford St. in Manhattan’s West Village. The six-story building was originally constructed in 1900 and includes two ground-floor commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty Group represented the seller, private investor Michael Laub, in the transaction. The trio also procured the buyer, Wharton Properties.

September 7, 2023

Colorado Development Loans Multifamily Western

Kairoi Residential Obtains Joint Venture Equity, Debt Financing for 419-Unit Multifamily Project in Aurora, Colorado

by Amy Works September 7, 2023

AURORA, COLO. — Kairoi Residential has received joint venture equity placement and a 55 percent loan-to-cost construction loan for Kairoi Metro Center, an apartment community in Aurora. Leon McBroom, Travis Anderson and Kevin Barron of JLL Capital Markets Advisory advised on the joint venture equity placement and secured the six-year, floating-rate loan through a two-bank syndication for the borrower. Upon completion in early 2026, Kairoi Metro Center will feature 419 one-, two- and three-bedroom units with an average size of 831 square feet. The project will also feature two small urban parks as part of the site plan and is adjacent to a 1.4-acre city park.

September 7, 2023

California Development Multifamily Student Housing Western

UC Merced, Merced College Plan 488-Bed Student Housing Development

by Amy Works September 7, 2023

MERCED, CALIF. — The University of California Merced (UC Merced) and Merced College have announced plans to jointly develop a 488-bed student housing project for community college and transfer students. The California Legislature gave final approval for the $100 million mechanism that will fund the project. The Promise Housing facility will offer rooms on the UC Merced campus for income-qualified community college students that have met the academic requirements of the university’s Merced Promise agreement. The Merced Promise program was created to encourage the most promising and in-need student populations in California’s Central Valley to transform their lives through the pursuit of higher education. “This joint affordable housing project will be a game-changer for our historically underserved region, removing barriers for our students seeking to transfer to UC Merced and providing them with an opportunity to complete their transfer degree at Merced College while fully engaging in campus life at UC Merced,” says Chris Vitelli, president of Merced College. A timeline for the development was not announced.

September 7, 2023

Loans Multifamily Oregon Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $15.2M Refinancing for Waterhouse Ridge Memory Care in Beaverton, Oregon

by Amy Works September 7, 2023

BEAVERTON, ORE. — Walker & Dunlop has arranged a $15.2 million loan for the refinancing of Waterhouse Ridge Memory Care in Beaverton, just west of Portland. Located at 1115 NW 158th Ave., Waterhouse Ridge features 68 memory care beds. Onelife Senior Living developed, owns and operates the facility, which is currently 88 percent occupied. Kevin Giusti and Daniel Barone of Walker & Dunlop led the origination team that placed the loan through one of its lending partners. Loan proceeds were utilized to refinance existing debt and provide cash to the borrower. The loan will be seasoned for two years before a planned refinancing under the U.S. Department of Housing and Urban Development’s 232 Program.

September 7, 2023

Conference Coverage Features Georgia Multifamily Seniors Housing Southeast

InterFace Panel: Seniors Housing Developers Must Get Creative in Sourcing Financing, Changing Up Product Mix

by Kristin Harlow September 7, 2023

ATLANTA — Charlie Jennings, chief development officer with Vero Beach, Fla.-based Harbor Retirement Associates, said he would challenge the “Stay alive until ‘25” mantra that some real estate professionals are touting amid today’s economic uncertainty. The phrase is a play on the late billionaire investor Sam Zell’s remarks amid the downturn in 1991 when he coined the mantra “Stay alive until ’95.” “I do not agree with that at all; that insinuates that we’re just going to sit on our hands as an industry and wait for somebody else to turn the lights back on,” said Jennings. “Our industry will continue to grow, push forward and be innovative, and build relationships outside the normal REIT and private equity model that we’ve all grown accustomed to.” Jennings’ remarks came during the development outlook panel at the 10th annual InterFace Seniors Housing Southeast, a conference hosted by France Media’s InterFace Conference Group and Seniors Housing Business on Wednesday, Aug. 16 at the Westin Buckhead in Atlanta. Todd Hudgins, senior vice president of senior living for Madison, Wisconsin-based ERDMAN, moderated the panel. Jennings went on to say that while it is tough to get a deal done right now, eventually it will get …

September 7, 2023

Development Multifamily Texas

Howard Hughes Corp. Breaks Ground on 268-Unit Multifamily Project in The Woodlands, Texas

by Taylor Williams September 6, 2023

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHH) has broken ground on 1 Riva Row, a 268-unit multifamily project that will be located about 30 miles north of Houston in The Woodlands. The development will feature a 13-story tower and four-story residential living building with two-story townhomes on the ground level, as well as traditional studio, one-, two- and three-bedroom floor plans. Amenities will include a pool with cabanas, outdoor grilling and dining areas, a 24/7 fitness center, sports lounge and a rooftop terrace. Residents will also have access to roughly two miles of walking and jogging trails along The Woodlands Waterway. Completion is slated for late 2025.

September 6, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 34-Unit Multifamily Portfolio in San Angelo, Texas

by Taylor Williams September 6, 2023

SAN ANGELO, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of two multifamily properties — Capri Apartments and Bryant Place — in the West Texas city of San Angelo. According to LoopNet Inc., Capri Place totals 24 units and was built in 1968, while Bryant Place consists of 10 units and was constructed in 1974. William Stover Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Additional terms of sale were not disclosed.

September 6, 2023

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