Multifamily

Cushman & Wakefield Secures $77.5M Sale of Broadstone Ingleside Apartments in Metro Charleston

by John Nelson February 15, 2023

LADSON, S.C. — Cushman & Wakefield has secured the $77.5 million sale of Broadstone Ingleside, a 336-unit apartment community located in the Charleston suburb of Ladson. A joint venture between Abacus Capital and Westbrook Partners purchased the property, which was delivered in 2021. John Phoenix, Louis Smart and Austin Green of Cushman & Wakefield represented the undisclosed seller in the transaction. Broadstone Ingleside features one-, two- and three-bedroom apartments, as well as a resort-style swimming pool, coworking spaces, dog park, hammock lawn, outdoor kitchen and firepit, walking trail, 24/7 package room, bocce ball court and an outdoor fitness area, according to Apartments.com.

February 15, 2023

Market Reports Multifamily Nevada Western Western Market Reports

Las Vegas’ Underlying Multifamily Fundamentals Remain Strong Despite Moderating Growth

by Jeff Shaw February 15, 2023

By Jared Glover, Director of Investment Sales, Berkadia The Las Vegas multifamily market started to feel the effects of higher interest rates alongside persistent inflation as the third quarter ended. Thankfully, properties still experienced trade-outs and overall in-place rent growth, though year-over-year growth began to moderate, coming in near 8 percent. Loss to lease capture remains, although at a slower pace than prior quarters, with average market rent at $1,515. The third quarter also saw a 3 percent decrease in occupancy, setting at 93.6 percent, after experiencing record occupancy throughout 2021. On the transaction front, we have seen a dramatic shift in cap rates. This is a direct result of the Fed’s tightening. Within a six-month span, cap rates widened upwards of 150 basis points — from low to mid-3s to 5 and trending up, depending on product type. The homogenous nature of national cap rates in 2021, with most markets trading in the 3.5 range, seems to have shifted back to historical norms as the primary/coastal markets once again demanded a premium versus secondary or tertiary markes. Both Monterra and the Boulevard traded north of a 5 cap on in-place numbers, speaking to these latest cap rate trends. Just four months ago, a …

February 15, 2023

Acquisitions Development Loans Multifamily Southeast Tennessee

JLL Secures $106M Sale of Abberly Riverwalk Apartments in Nashville

by John Nelson February 14, 2023

NASHVILLE, TENN. — JLL has secured the $106 million sale of Abberly Riverwalk, a 304-unit, three-story apartment community in Nashville that is nearing completion. Matthew Lawton, Brian Dawson and Nick Brown of JLL represented the buyer, HHHunt, in the transaction. Travis Anderson and Warren Johnson of JLL arranged a $62 million, floating-rate acquisition loan on behalf of the buyer. The seller was not disclosed, but Wood Partners previously announced its groundbreaking of the property under a different name, Alta Riverwalk. Set for a July completion, Abberly Riverwalk will feature studio, one- and two-bedroom offerings with an average size of 799 square feet. Community amenities will include a sundeck courtyard, outdoor firepit, coworking space, outdoor kitchen and grills, golf simulator, putting green, pet spa and a 24/7 fitness club. The community is situated off U.S. Highway 12 along the Cumberland River and features an entrance to The Greenway, a 200-mile interconnected trail throughout the metro Nashville area.

February 14, 2023

Development Florida Loans Southeast Student Housing

Charles Street, ACRES Receive $63M Construction Financing for Student Housing Project Near Florida State University

by John Nelson February 14, 2023

TALLAHASSEE, FLA. — A joint venture between Charles Street Development and ACRES Realty Funding has received $63 million in construction financing for Renegade Apartments, a 153-unit student housing development in Tallahassee. The community will be located blocks from Florida State University’s campus at 501 Chapel Drive. Bayview Asset Management originated the financing, funding the debt stack through its wholly owned subsidiaries Bayview PACE and Oceanview Life and Annuity Co. The project’s design-build team includes Humphreys & Partners, HPA Design Group and Ruscilli Construction Co. Renegade Apartments is scheduled for completion in 2024 and will be leased and managed by Asset Living.

February 14, 2023

Acquisitions Multifamily Southeast Virginia

Berkadia Brokers Sale of 120-Unit Laurel Pines Apartments in Richmond

by John Nelson February 14, 2023

RICHMOND, VA. — Berkadia has brokered the sale of Laurel Pines Apartments, a 120-unit, garden-style multifamily property located at 4123 E. Wood Harbor Court in Richmond. Drew White, Carter Wood and Cole Carns of Berkadia represented the seller, Colorado-based Four Mile Capital, in the transaction. The buyer, Colorado-based Highlands Vista Group, purchased the property for an undisclosed price. Matt Schildwachter of Berkadia’s Denver office arranged a 10-year, fixed-rate, Freddie Mac loan on behalf of Highlands Vista. Laurel Pines features one-, two- and three-bedroom floor plans with private patios or balconies. Community amenities include a swimming pool, clubhouse, fitness center, laundry facilities and a playground.

February 14, 2023

Development Indiana Midwest Multifamily

Scannell Properties, Pittman Investors Begin Phase I of Pittman Farms Project in Zionsville, Indiana

by Kristin Harlow February 14, 2023

ZIONSVILLE, IND. — Scannell Properties and Pittman Investors are beginning Phase I development of a project situated on the Pittman Farms site in Zionsville, a northern suburb of Indianapolis. The project site’s red barn has long served as an unofficial entry into Zionsville at US-421 and Sycamore Street. The first phase of construction includes land preparation and infrastructure for the entire development, as well as a three-building, 400-unit apartment complex. Amenities will include a golf simulator, saltwater pool, fitness lab, work-from-home space, pet spa, dog park and an outdoor pavilion reminiscent of the Pittman Farms barn. Phase I is expected to open in the second quarter of 2025. The design team includes Indianapolis-based Delv architects, American Structurepoint, Lynch Harrison Brumleve, Circle Design Group, Context Design, Infinysis and BKV. Indianapolis-based Shiel Sexton Co. will serve as construction manager. Project lenders include Merchants Capital, through its parent company Merchants Bank of Indiana, as well as Lake City Bank and the National Bank of Indianapolis.

February 14, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $2.2M Sale of Multifamily Portfolio in St. Paul

by Kristin Harlow February 14, 2023

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a multifamily portfolio in St. Paul for $2.2 million. The portfolio consists of twin 10-unit properties, both of which rise two stories and were constructed in 1949. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap represented the seller and procured the buyer, neither of which were disclosed.

February 14, 2023

Loans Multifamily Washington Western

Dwight Capital Provides $32.8M HUD Refinancing for Pimlico Apartments in Pullman, Washington

by Amy Works February 14, 2023

PULLMAN, WASH. — Dwight Capital has closed a $32.8 million HUD refinancing for Pimlico Apartments, a multifamily property in Pullman. Situated on 17 acres, the community consists of 30 three-story buildings offering a total of 361 apartments, an onsite management office and parking. The community was completed in two phases, with Phase I delivered in 2014 and Phase II in 2016. Keith Hoffman and Jack Tawil of Dwight Capital originated the transaction for the borrower, Corporate Pointe Developers. The loan benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points because Pimlico Apartments is Energy Star certified.

February 14, 2023

Acquisitions Arizona Multifamily Western

IPA Brokers $26.5M Sale of Eden Apartments in Tempe, Arizona

by Amy Works February 14, 2023

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Eden Apartments, a multifamily community in Tempe. Living Well Homes sold the asset to Rise48 Equity for $26.5 million, or $236,607 per unit. Built in 1980, Eden Apartments features 112 apartments spread across eight two-story buildings. Each residence features an in-unit washer/dryer connection and a private balcony or patio. Community amenities include a swimming pool, fitness center, laundry facility, picnic area and courtyard. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction. The IPA Capital Markets team led by Brian Eisendrath and Cameron Chalfant arranged acquisition financing for the buyer.

February 14, 2023

Acquisitions Multifamily Texas

NAS Investment Solutions Buys 160-Unit Willowpark Apartments in Lawton, Oklahoma

by Taylor Williams February 14, 2023

LAWTON, OKLA. — NAS Investment Solutions, a Los Angeles-based investment firm, has purchased Willowpark Apartments, a 160-unit multifamily complex located on the southwestern outskirts of Oklahoma City. According to Apartments.com, Willowpark Apartments was built in 1985 and offers amenities such as a pool, fitness center and onsite laundry facilities. The property consists of 10 two-story buildings on a 6.4 acre site. Units have an average size of 603 square feet. The seller and sales price were not disclosed.

February 14, 2023

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