Multifamily

JLL Arranges $43.2M Loan for Varenita of Westlake Seniors Housing Property in Thousand Oaks, California

by Amy Works September 27, 2023

THOUSAND OAKS, CALIF. — JLL Capital Markets has arranged $43.2 million in financing for Varenita of Westlake, an 86-unit assisted living and memory care community in Thousand Oaks, approximately 40 miles west of Los Angeles. JLL represented the borrower, Westlake Senior Living Center LLC, to secure the five-year loan from a regional bank. The Class A community consists of 58 assisted living units and 28 memory care units across three stories with surface and underground parking. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. Varenita of Westlake is located within walking distance of some of the nation’s largest retailers and less than four miles from The Oaks, an open-air and enclosed shopping center. Alanna Ellis and Ace Sudah led the JLL team.

September 27, 2023

Acquisitions Affordable Housing Multifamily New Mexico Western

CPP Acquires Two Affordable Housing Communities in Albuquerque for $22.8M

by Amy Works September 27, 2023

ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has purchased Mountain View II and III, two affordable multifamily properties in Albuquerque, for $22.8 million. CPP plans to renovate the properties, which share a contiguous block, and operate the assets as one development. The seller was not disclosed. Built in 1967 and 1968 respectively, Mountain View II and III are located at 1515 and 1333 Columbia Drive SE, approximately four miles from downtown Albuquerque. In total, Mountain View Apartments offers 241 studio, one-, two- and three-bedroom layouts spread across multiple two-story, garden-style buildings and townhouses. Community amenities include central laundry facilities, off-street parking, a picnic area, playground and on-site management. CPP’s total development investment is approximately $65.8 million, which includes the purchase price and estimated per-unit renovation cost of $95,078. Along with extensive work to repair a burnt building, the total site renovation will bring modernization, ADC compliancy, energy efficiency and improved security to the community. Renovations are scheduled for completion in December 2024. Project partners include New Mexico Mortgage Finance Authority; KeyBank, which secured construction and debt financing through Freddie Mac; and R4, which will provide equity financing.

September 27, 2023

Acquisitions Multifamily North Carolina Southeast

Capstone Brokers $13.5M Sale of Cottage Gardens Apartment Community in Greensboro, North Carolina

by Hayden Spiess September 27, 2023

GREENSBORO, N.C. — Capstone Cos. has brokered the $13.5 million sale of Cottage Gardens, an apartment community located in Greensboro. Built in 1960, the property totals 176 units. Ron Corrao, Eric Liebich, Josh Greenwald, Scott Fuller, Matt Weinstein and Dane Lozier of Capstone represented the undisclosed seller in the transaction. VanRock Real Estate was the buyer.

September 27, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $2.2M Sale of Apartment Building in Chicago’s Old Town Neighborhood

by Kristin Harlow September 27, 2023

CHICAGO — Interra Realty has arranged the sale of a seven-unit apartment building in Chicago’s Old Town neighborhood for $2.2 million. The property, located at 1338 N. LaSalle St., was originally built in the 1880s and recently rehabilitated. Harrison Pinkus of Interra represented the undisclosed seller. Joe Smazal of Interra represented the private buyer, who assumed the debt from the seller.

September 27, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $2.5M Sale of Northern New Jersey Apartment Building

by Taylor Williams September 27, 2023

PASSAIC, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.5 million sale of a 23-unit apartment building located at 60 Dayton St. in the Northern New Jersey community of Passaic. According to LoopNet Inc., the building, which houses a restaurant on the ground floor, rises three stories and was constructed in 1975. Julie Gralla of Kislak represented the seller, an entity doing business as Hobart Dayton Proud Passaic LLC, in the transaction. Gralla also procured the buyer, Bonim Realty LLC.

September 27, 2023

Acquisitions Multifamily Texas

S2 Capital Acquires 126-Unit Apartment Complex in Mesquite, Texas

by Taylor Williams September 26, 2023

MESQUITE, TEXAS — Locally based investment firm S2 Capital has acquired Falltree, a 126-unit apartment complex located in the eastern Dallas suburb of Mesquite. Falltree offers studio, one- and- two-bedroom apartments and amenities such as a pool, business center, resident clubhouse and outdoor grilling and dining stations. Danny Baker and William Hubbard of CBRE represented the undisclosed seller in the transaction. Harry Krieger, also with CBRE, arranged acquisition financing through an undisclosed lender on behalf of S2 Capital, which plans to implement a value-add program.

September 26, 2023

Development Multifamily Northeast Pennsylvania

Gotham, Brandywine Welcome First Residents to 326-Unit Avira Apartments in Philadelphia

by Taylor Williams September 26, 2023

PHILADELPHIA — A partnership between New York City-based developer The Gotham Organization and locally based REIT Brandywine Realty Trust have begun welcoming the first residents to Avira, a 326-unit multifamily project in Philadelphia. Residences were constructed atop the 570,000-square-foot mixed-use building at 3025 JFK Blvd. within Brandywine’s Schuylkill Yards development. Units come in studio, one-, two- and three-bedroom floor plans and are housed within the building’s top 18 floors. The property also features 29,000 square feet of indoor and outdoor amenity space, 9,000 square feet of retail space, 200,000 square feet of office and life sciences space, 120 structured parking spaces and a 7,500-square-foot park. Rents start at $2,025 per month for a studio apartment.

September 26, 2023

California Development Multifamily Seniors Housing Western

Confluent, MorningStar Plan 233-Unit Seniors Housing Project in Tustin, California

by Amy Works September 26, 2023

TUSTIN, CALIF. — Confluent Senior Living and MorningStar Senior Living have entered into an Exclusive Negotiating Agreement (ENA) with the City of Tustin to lead the development of MorningStar at Tustin Legacy. Located in Orange County, the 283,000-square-foot community will feature 145 independent living, 60 assisted living and 28 memory care units. The main buildings will be between four and five stories high surrounded by 29 single-story independent living cottages. The site, formerly the Marine Corps Air Station (MCAS) Tustin, is located within the 1,600-acre Tustin Legacy community. The location provides direct access to the next phase of Tustin Legacy Park, which will ultimately connect all sections of Tustin Legacy. The developers plan to break ground in the first half of 2025 through a public-private partnership with the city. HPI Architecture designed the project. During the initial nine-month ENA period, the city, Confluent and MorningStar will negotiate a Disposition and Development Agreement (DDA) that will provide the price and terms of the transaction with the city. Confluent and MorningStar will pursue approval of entitlements for the project during the same ENA period.

September 26, 2023

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $3M Sale of Multifamily Property in The Bronx

by Taylor Williams September 26, 2023

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $3 million sale of a 31-unit multifamily property located in the Morrisania area of The Bronx. The property at 988-992 Boston Road consists of two contiguous, five-story buildings that were originally constructed in 1910. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the seller, Brooklyn-based HK Organization, in the transaction and procured an undisclosed private investor as the buyer. The sale also included an adjoining, undeveloped lot.

September 26, 2023

Development Illinois Midwest Multifamily Seniors Housing

McShane Completes 131-Unit Assisted Living Community in West Dundee, Illinois

by Kristin Harlow September 26, 2023

WEST DUNDEE, ILL. — McShane Construction has completed The Woodlands at Canterfield, a 131-unit senior living community in West Dundee, about 41 miles northwest of Chicago. Built for Westbrook at Canterfield LLC, the development features 91 assisted living units and 40 memory care beds. Units are offered in studio, one- and two-bedroom configurations. The assisted living wing also features a guest suite for visitors. There are 16,000 square feet of amenity spaces, including a fitness center, two spas, a salon, theater, pub, clubrooms, onsite restaurants, patios, a bocce ball court and putting green. AG Architecture was the architect, and RDG Planning and Design was the interior designer. NAVIGATE Building Solutions served as the owner’s representative.

September 26, 2023

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