ROCHESTER, N.Y. — Locally based commercial finance and advisory firm Largo Capital has arranged the sale of a 53-unit multifamily property in the upstate New York city of Rochester. The sales price was $9.7 million. The property offers two-bedroom townhomes and was fully occupied at the time of sale. Kevin Coscia of Largo Capital brokered the deal. The buyer and seller were not disclosed.
HOMEWOOD, ILL. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Freedom Village, a 198-unit affordable seniors housing community in Homewood, a southern suburb of Chicago. The purchase price and seller were undisclosed. Originally built in 1998 with tax credits from the Illinois Housing Development Authority, the property rises three stories. All of the units are reserved for residents who earn up to 60 percent of the area median income. As of November 2022, the community was 98.5 percent leased. Amenities include a community kitchen, outdoor patio, fitness center, game room, library and laundry facilities.
IRVING AND GRAPEVINE, TEXAS — New York City-based Dwight Capital has provided three loans totaling $155 million for the refinancing of a portfolio of three multifamily properties totaling 1,081 units in the Dallas-Fort Worth (DFW) metroplex. The borrower was Texas-based Paramount Investment Corp. Resort at 925 Main totals 251 units and is located in Grapevine, which is situated on the periphery of Dallas-Fort Worth International Airport. The property comprises two three-story buildings and one four-story building on a five-acre site. Units come in one- and two-bedroom floor plans, and amenities include a pool, business center, clubhouse, fitness center, dog park and outdoor grilling and dining areas. The other two properties — Jefferson Ridge and Resort at Jefferson Park — total 830 units and are located in the central metroplex city of Irving. The sites of these communities, which are situated along either side of Thomas Jefferson Park, span a combined 34 acres. Both properties offer one- and two-bedroom units, as well as pools, clubhouses and fitness centers. Specific terms of the loans, which were originated through HUD’s 223(f) program, were not disclosed. Each of the properties is in the process of achieving National Green Building Standard (NGBS) certification status, which …
TACOMA, WASH. — Merrill Gardens Senior Living has opened Merrill Gardens at Wright Park in the historic Stadium District in Tacoma. Merrill Gardens co-developed the property with Rush Development. The community features 115 independent living and assisted living apartments in studio, one- and two-bedroom layouts, as well as 18 memory care units. The main floor of the community features 2,600 square feet of retail space that includes an on-site urgent care clinic. Merrill Gardens will manage the senior living community and Rush will manage the retail space. The community mixes urban living and access to green space along with unobstructed views of Commencement Bay, Mt. Rainier, The Cascades and The Olympics.
SCOTTSDALE, ARIZ. — 29th Street Capital (29SC) has purchased Dwell Apartment Homes, a multifamily community in Scottsdale, from Denver-based Avanti Residential for $41.6 million. This transaction marks the company’s 20th multifamily acquisition in the metro Phoenix market. Developed in 1963/1975, Dwell features 193 apartments in a mix of studio, one- and two-bedroom apartments, three swimming pools, a fitness center, business center, dog park and an outdoor grilling and picnic area. 29SC plans to renovate both interior units and exterior amenities. Renovations include converting the garden to an outdoor game area and dog park, upgrading the gym and pool areas and enhancing apartment interiors. Unit upgrades will include adding smart home technology packages, while upgrading kitchen appliances, countertops, backsplashes, cabinet faces, hardware, flooring, baseboards, bathroom mirror frames, ceiling fans and lighting packages. Haven Residential, the 29SC-owned property management company, will oversee management and leasing. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, while 29SC was self-represented in the deal.
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.
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 …
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.
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.
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.