Multifamily

IPA Negotiates Sale of 240-Unit Mountain Park Apartments in Phoenix

by Amy Works February 28, 2023

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mountain Park, an apartment community located in the Ahwatukee Foothills Village neighborhood of Phoenix. Sares Regis Multifamily Value-Add Fund III sold the asset to LaSalle Investment Management for an undisclosed price. Built in 1994 on 12.5 acres, Mountain Park features 240 apartments in a mix of one-, two- and three-bedroom layouts with open-concept floor plans, in-unit washers/dryers and a patio or balcony with additional outside storage. Select apartments have wood-burning fireplaces and private stairwell entrances. Community amenities include a clubhouse, fitness center, two pools, a spa and access to Mountain Park Ranch Homeowners Association’s recreational facilities. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 28, 2023

Acquisitions Colorado Multifamily Seniors Housing Western

Bascom Group Acquires 230-Unit Active Adult Community in Lakewood, Colorado

by Amy Works February 28, 2023

LAKEWOOD, COLO. — The Bascom Group, in partnership with Artemis Real Estate Partners, has purchased Avenida Lakewood, an active adult apartment property in Lakewood. Restricted to residents age 55 or older, the community is located at 11001 W. 15th Place. Terms of the transaction were not released. Ryan Maconachy and Courtney Crowder of Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors arranged debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services for the asset. Constructed in 2019, Avenida Lakewood features 230 apartments with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Community amenities include a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness studio, yoga studio, gardening plots, sky lounge, electric vehicle charging stations and a pet park.

February 28, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $53.5M Sale of Luxury Apartment Property in Chicago

by Kristin Harlow February 28, 2023

CHICAGO — Kiser Group has negotiated the sale of a 155-unit luxury apartment property in Chicago’s Andersonville neighborhood for $53.5 million. Named Anderson Point, the property located at 5700 N. Ashland Ave. is the adaptive reuse of the Edgewater Medical Center. The seller, MCZ Edgewater Development LLC, transformed the former hospital into a luxury apartment community. Amenities include indoor parking, in-unit laundry, a fitness center, roof deck, golf simulator, tenant lounges and private workspaces. Lee Kiser, Katie LeGrand and Jacob Price of Kiser brokered the transaction. The buyer, Lake Street Lofts LLC, completed a 1031 exchange.

February 28, 2023

Acquisitions Multifamily Texas

IPA Arranges Sale of 144-Unit Multifamily Property in Dallas

by Taylor Williams February 28, 2023

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Lex, a 144-unit multifamily property located in the Lake Highlands area of Dallas. The Lex was built in 1984 and offers six different floor plans with an average size of 825 square feet. Amenities include a pool and outdoor grilling and dining stations. Taylor Hill, Drew Kile, Joey Tumminello, Michael Ware, Will Balthrope and Cameron Purse of IPA represented the seller, GVA Real Estate Group, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk, also with IPA, arranged acquisition financing on behalf of the buyer, Los Angeles-based investment firm Dunleer.

February 28, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

Cushman & Wakefield Brokers $20M Sale of Senior Living Community in St. Charles, Illinois

by Kristin Harlow February 28, 2023

ST. CHARLES, ILL. — Cushman & Wakefield has brokered the sale of River Glen of St. Charles, located within the former Delnor Hospital, which was built in St. Charles in 1939. Located approximately 35 miles west of Chicago, the senior living community features 106 units of independent living, assisted living and memory care. The original hospital building has been converted into a modern, well-amenitized campus. Bridge Investment Group sold the asset to Citrine Senior Communities, a joint venture between affiliates of Citrine Investment Group and Jaybird Capital, for $20 million. Jaybird Senior Living will take over operations. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer and Jack Griffin arranged the transaction.

February 28, 2023

Loans Multifamily New York Northeast

Largo Capital Arranges $6.7M Acquisition Loan for Multifamily Property in Carlisle, Pennsylvania

by Taylor Williams February 28, 2023

CARLISLE, PA. — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $6.7 million acquisition loan for a 120-unit multifamily property in Carlisle, a western suburb of Harrisburg. The property consists of 15 buildings that house 88 one-bedroom units with an average size of 598 square feet and 32 two-bedroom units with an average size of 828 square feet. Neal Colligan of Largo Capital originated the financing. The borrower and direct lender were not disclosed.

February 28, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $53.5M Sale of Luxury Apartment Property in Chicago

by Kristin Harlow February 28, 2023

February 28, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

Cushman & Wakefield Brokers $20M Sale of Senior Living Community in St. Charles, Illinois

by Kristin Harlow February 28, 2023

February 28, 2023

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

Advenir Oakley Breaks Ground on $78M Build-to-Rent Residential Project in Greer, South Carolina

by John Nelson February 28, 2023

GREER, S.C. — Advenir Oakley Capital LLC has begun site work for LEO Jamestown, a $78 million build-to-rent (BTR) residential community in Greer, part of the Greenville-Spartanburg metropolitan area in Upstate South Carolina. The 296-unit project will span nearly 35 acres at the corner of South Main and Roscoe Drive, about one mile outside of downtown Greer. LEO Jamestown will feature a mix of one-, two- and three-bedroom cottages with nine-to-15-foot ceilings, wood-grain flooring, in-unit washers and dryers, a smart-home technology package, private backyards, on-call maintenance and optional enclosed garage parking. Neighborhood amenities will include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, fitness center, dog park and valet trash. One-bedroom homes will average 882 square feet and rent for approximately $1,800 per month; two-bedroom units will average 912 square feet and rent for $2,100; and three-bedrooms will come in 1,510-square-foot floor plans and rent for $2,600. Advenir Oakley expects to fully deliver the property by December 2024, with first deliveries currently scheduled for this October. The design-build team includes Birmingham-based Nequette Architecture & Design and general contractor Capstone Building Corp. Advenir Living will be the property manager.

February 28, 2023

Development Multifamily Office Southeast Virginia

PRP Completes Office-to-Multifamily Conversion Project in Alexandria, Virginia

by John Nelson February 28, 2023

ALEXANDRIA, VA. — PRP has completed the conversion of an office building at 4900 Seminary Road in Alexandria into a 212-unit apartment tower. The high-rise, dubbed the Sinclaire on Seminary, features apartments averaging 850 square feet in size with ceilings exceeding 10 feet in height. Amenities include ground-level retail space, a dog park, individual storage spaces, indoor parking garage connected by a covered walkway and outdoor lounge areas with firepits, a bocce ball court and outdoor recreational opportunities. Kettler is the property manager of Sinclaire on Seminary. Monthly rental rates range from $1,770 to $3,500, according to the property website.

February 28, 2023

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