Multifamily

CONAM Group Acquires 270-Unit Arise Craig Ranch Apartments in McKinney, Texas

by Taylor Williams October 10, 2023

MCKINNEY, TEXAS — The CONAM Group, a California-based investment firm, has acquired Arise Craig Ranch, a 270-unit apartment community located within the Craig Ranch master-planned development in the northern Dallas suburb of McKinney. Completed in 2018, Arise Craig Ranch offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops and tile backsplashes. Amenities include a pool, resident lounge, billiards room, courtyards, fitness center, movie theater, dog park and a business center. The seller and sales price were not disclosed.

October 10, 2023

Development Multifamily Seniors Housing Texas

Caldwell Communities Opens 250-Unit Active Adult Complex in Cypress, Texas

by Taylor Williams October 10, 2023

CYPRESS, TEXAS — Caldwell Communities has opened Cadence Creek at Towne Lake, a 250-unit active adult complex in Cypress, a northwestern suburb of Houston. The community features one- and two-bedroom apartments that range in size from 760 to 1,230 square feet and cottages that range in size from 900 to 1,200 square feet. Amenities include a pool, fitness center, library, theater room, arts and crafts room, gaming area and a dog park. Rents start at $1,500 per month for a one-bedroom unit.

October 10, 2023

Acquisitions Georgia Multifamily Southeast

Vista, Batson-Cook Sell 300-Unit Sweetwater Vista Apartments in Douglasville, Georgia

by John Nelson October 10, 2023

DOUGLASVILLE, GA. — Vista Residential Partners and Batson-Cook Development Co. have sold Sweetwater Vista Apartments, a 300-unit garden-style property located along Riverside Parkway in Douglasville, about 15 miles west of Atlanta. The buyer and sales price were not disclosed. Vista and Batson-Cook developed the property in 2021 using debt financing from Synovus Bank and joint venture equity. Situated near the 2,500-acre Sweetwater Creek State Park, Sweetwater Vista features a clubhouse, resort-style pool, dog park and open green spaces. The property features one-, two- and three-bedroom units ranging from 804 to 1,268 square feet, according to Apartments.com.

October 10, 2023

Florida Loans Multifamily Southeast

Berkadia Arranges $31.5M Refinancing for Apartment Community in Miami

by John Nelson October 10, 2023

MIAMI — Berkadia has arranged a $31.5 million loan for the refinancing of No. 17 Residences Allapattah, a 192-unit apartment community located at 1569 N.W. 17th Ave. in Miami’s Allapattah neighborhood. The borrower, Neology Life Development Group, delivered the property in April 2021. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s South Florida office arranged the 10-year, Fannie Mae loan, which features five years of interest-only payments. No. 17 Residences Allapattah features one-, two- and three-bedroom apartments ranging from 600 square feet to 1,125 square feet, as well as an urban park, lobby lounge with coworking and social spaces, pool, fitness center and rooftop amenities.

October 10, 2023

Connecticut Loans Multifamily Northeast

Greystone Provides $15M HUD-Insured Loan for Refinancing of Multifamily Property in Stamford, Connecticut

by Taylor Williams October 10, 2023

STAMFORD, CONN. — Greystone has provided a $15 million HUD-insured loan for the refinancing of a 94-unit multifamily property in Stamford, located in southern coastal Connecticut. The property at 100 Prospect St. was originally built as an office complex between 1977 and 1981 and converted to residential use in 2008. Amenities include a fitness center and a rooftop terrace. Lori DiMartino of Greystone originated the fixed-rate financing, which retires an existing bridge loan that was used to acquire the property. The borrower was not disclosed.

October 10, 2023

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 110-Unit Apartment Complex in Manchester, Connecticut

by Taylor Williams October 10, 2023

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Apex One91, a 110-unit apartment complex in Manchester, located just east of Hartford. Built in 1991, the seven-building complex offers studio, one- and two-bedroom units and amenities such as a pool, clubhouse, fitness center and laundry facilities. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller, Paredim Communities, in the transaction and procured the buyer, Cue Residential.

October 10, 2023

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Pennrose to Develop 93-Unit Affordable Housing Project in Wareham, Massachusetts

by Taylor Williams October 10, 2023

WAREHAM, MASS. — Pennrose will develop a 93-unit affordable housing project in Wareham, located in southern Massachusetts near the base of Cape Cod. The development will consist of a 49-unit complex with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors aged 62 and older. Units will come in one-, two- and three-bedroom apartments and will be reserved for renters earning between 30 and 100 percent of the area median income. Completion is slated for summer 2024.

October 10, 2023

Acquisitions Arizona Multifamily Western

Brixton Capital Buys 300-Unit Alta Warehouse District Apartments in Phoenix

by Amy Works October 10, 2023

PHOENIX — Brixton Capital has acquired Alta Warehouse District, a Class A apartment property in downtown Phoenix’s Warehouse District. Atlanta-based Wood Partners sold the asset for $82 million. Built in 2023, Alta Warehouse District features 300 one-, two- and three-bedroom units spread across three four-story, elevator-served residential buildings. Onsite amenities include a ground-floor bodega, resort-style pool with designated grill areas, a fitness center, yoga studio, off-leash dog park, entertainment-style clubhouse and a speakeasy lounge with a music room. Additional amenities include a rooftop sky deck, complimentary cold-brew coffee, a cybercafé, conference space and private work-from-home offices. Brixton will rebrand the property, which is located at 402 W. Lincoln St., and complete minor capital improvements. Scottsdale-based Mark-Taylor Residential will manage the asset. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented Wood Partners in the transaction. Additionally, Mark McGovern, Scott Peterson, Colby Matzke and Brian Cruz of CBRE Capital Markets’ Debt and Structured Finance secured a $47.2 million, fixed-rate loan on behalf of Brixton Capital.

October 10, 2023

Acquisitions California Loans Multifamily Western

Dwight Mortgage Trust Provides $60M Loan for Multifamily Portfolio in California’s Central Valley

by Amy Works October 10, 2023

MODESTO AND STOCKTON, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has closed two acquisition bridge loans totaling $60 million for a portfolio of four apartment complexes in Modesto and Stockton. Totaling 347 units spread across 57 buildings on more than 16 acres, the portfolio includes Robinhood Manor, Tully Manor, Standiford Court and Villa de la Paix. Common area amenities include a courtyard garden, outdoor lounge and pool. Proceeds from the bridge loans will provide acquisition funding for the borrower, Tesseract Capital Group, along with substantial capital expenditure funding for both interior and exterior improvements. Following the renovations, the communities will also feature fitness centers and additional lounge areas.

October 10, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $12M Sale of Apartment Building in Los Angeles’ Silver Lake

by Amy Works October 10, 2023

LOS ANGELES — THG Multifamily, a Marcus & Millichap brokerage team, has arranged the sale of 1185 Myra Avenue, an apartment building located in the Silver Lake neighborhood of Los Angeles. A private owner sold the asset to an undisclosed buyer for $12 million. The seller significantly renovated the 21-unit property, which was built in 1964. Kevin Green and Joseph Grabiec of THG Multifamily represented the seller and procured the buyer in the deal.

October 10, 2023

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