Multifamily

JRK Property Holdings Initiates Newly Closed $1B Multifamily Fund with $168.5M in Acquisitions

by Jeff Shaw January 10, 2023

LEAWOOD, KAN. AND SARASOTA, FLA. – JRK Property Holdings has acquired Residences at Park Place, a 258-unit mid-rise apartment and townhome community in the Kansas City suburb of Leawood, from VanTrust Real Estate. JRK is also under contract to purchase a luxury high-rise community located in downtown Sarasota from a separate seller. The total acquisition price for both properties $168.5 million. Los Angeles-based JRK is acquiring the properties through its newest multifamily value-add fund: the $1 billion JRK Platform V, which targets multifamily investments built after 1990. JRK presently owns and operates $7 billion in multifamily assets through its predecessor funds. Built in phases between 2014 and 2019 by the seller, Residences at Park Place is the residential component of Park Place Village, a mixed-use development offering retail, restaurants and nearly 500,000 square feet of office space. The property comprises three mid-rise apartment buildings offering one-, two- and three-bedroom apartment homes and a separate four-story residential building offering one- and two-bedroom loft units. Community amenities include a saltwater pool with grilling area, media and game rooms, coworking space, two 24-hour fitness facilities and customized concierge services. The property was 98 percent leased at closing. “The dramatic rise in interest rates …

January 10, 2023

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $42M Construction Financing for Affordable Housing Property in La Mesa, California

by Amy Works January 9, 2023

LA MESA, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has provided a $31.9 million construction loan and a $10.9 million bridge loan to USA Properties Fund for the construction of an affordable housing community in La Mesa. Jeremiah Drake and Keven Ruf of KeyBank structured the financing. The property, 8181 Allison Apartments, will feature 147 one- and two-bedroom residences that meet income restriction requirements of 30 percent, 50 percent and 70 percent or less of the area median income. Onsite amenities will include social services to assist in income, employment and stabilization. The property will also include a two-bedroom, non-revenue manager unit. Additional funding included a $25.3 million federal low-income housing tax credit provided by WNC and $7 million in subsidy financing and $20.7 million in permanent financing from the California Housing Financing Agency Mixed Income Program. The City of San Diego provided a cost-free lease of the land for 65 years, valued at $6.6 million.

January 9, 2023

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Brokers Sale of 66-Bed Barrington Place Memory Care in Clinton, Utah

by Amy Works January 9, 2023

CLINTON, UTAH — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Barrington Place, a 66-bed memory care community in Clinton, 30 miles north of Salt Lake City. The facility was built in 2016, totaling approximately 32,862 square feet on 2.9 acres of land. A national owner-operator seeking to sell non-core assets sold the property to a family office based in the West for an undisclosed price. The new owner plans to install Ridgeline Management Co. as the operator. Jason Punzel, Vince Viverito and Brad Goodsell of SLIB handled the transaction. “Barrington Place is a well-constructed, newer, standalone memory care community that fits in well with the new owner’s long-term strategy to expand its seniors housing portfolio,” says Punzel.

January 9, 2023

Acquisitions Florida Multifamily Southeast

IPA Arranges Sale of 300-Unit Canterbury Cove Apartments in Orlando

by John Nelson January 9, 2023

ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Canterbury Cove, a 300-unit multifamily community located in Orlando. Built in 2006, the property comprises 14 buildings with apartments in one-, two- and three-bedroom layouts, with an average unit size of 1,026 square feet. Amenities at the community include a pool, sundecks, an outdoor kitchen and grill, a fitness studio, playground, game room and lounge. Justin Basquill, Luke Wickham and Sean Williams of IPA represented the undisclosed seller, a limited liability company, and procured the buyer, a fund manager.

January 9, 2023

Acquisitions Multifamily Student Housing Texas

TSB Realty Negotiates Sale of 296-Bed Student Housing Community in Austin

by Taylor Williams January 9, 2023

AUSTIN, TEXAS — TSB Realty has negotiated the sale of 21 Rio, a 296-bed student housing community located near the University of Texas at Austin. Built in 2009, the 21-story property features one-, two- and three-bedroom units and 2,680 square feet of ground-floor retail space. Amenities include a 24-hour fitness center, rooftop pool with a sundeck, resident lounge and a convenience store. Nimes Real Estate purchased the property from a joint venture between CA Student Living and Principal Real Estate for an undisclosed price. TSB Capital Advisors also arranged acquisition financing on behalf of the buyer.

January 9, 2023

Affordable Housing Loans Multifamily Texas

Basis Multifamily Finance Provides $12.1M Agency Refinancing of East Texas Affordable Housing Property

by Taylor Williams January 9, 2023

NACOGDOCHES, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $12.1 million Freddie Mac loan for the refinancing of Sunridge Apartments, an affordable housing property located in the East Texas city of Nacogdoches. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, business center and onsite laundry facilities. The sponsor was New Jersey-based Ambo Properties. Sunridge was 93 percent occupied at the time of the loan closing.

January 9, 2023

Acquisitions Multifamily Seniors Housing Texas

Franklin Park Senior Living Sells 112-Unit Assisted Living Facility in Richardson, Texas

by Taylor Williams January 9, 2023

RICHARDSON, TEXAS — Texas-based owner-operator Franklin Park Senior Living has sold Appletree Court, a 112-unit assisted living facility in Richardson, a northeastern suburb of Dallas. The property was built in 1999 and was 90 percent occupied at the time of sale. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented Franklin Park in the transaction. The buyer was a partnership between Winterpast Capital Partners and Marcus Investments. Cushman & Wakefield also arranged acquisition financing through a regional lender for the deal.

January 9, 2023

Acquisitions Development Multifamily New York Northeast

Stav Equities Negotiates $9M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams January 9, 2023

NEW YORK CITY — Locally based brokerage firm Stav Equities has negotiated the $9 million sale of a multifamily development site located at 28 Herbert St. in Brooklyn’s Williamsburg neighborhood. The site is approved for the development of a 15-unit apartment building with ground-floor retail space and nine below-grade parking spots. Jacob Stavsky of Stav Equities brokered the deal in conjunction with Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus Property Advisors. The buyer and seller were not disclosed.

January 9, 2023

Acquisitions Georgia Multifamily Southeast

GREA Arranges Sale of 66-Unit Cielo at Lanier Apartment Community Near Atlanta

by John Nelson January 9, 2023

GAINESVILLE, GA. — Global Real Estate Advisors (GREA) has brokered the $9.1 million sale of Cielo at Lanier Apartments, a multifamily community located at 3656 Browns Bridge Road in Gainesville, roughly 50 miles northeast of Atlanta. Built in 1985, the property features 66 units in one- and two-bedroom layouts. Taylor Brown and John A. Topping Jr. of GREA represented the seller, Zavala Capital, in the transaction. Ryan Haase of Magnitude CRE Capital Advisory acquired the property and plans to continue interior renovations.

January 9, 2023

Loans Midwest Multifamily Wisconsin

Berkadia Provides $29M Acquisition Loan for Multifamily Property in Madison

by Kristin Harlow January 9, 2023

MADISON, WIS. — Berkadia has provided a $29 million Freddie Mac loan for the acquisition of Country Meadows, a 466-unit multifamily property in Madison. Located at 6840 Schroeder Road and built in 1972, the garden-style community features amenities such as a pool, sun deck and two tennis courts. Jason Bond and Joel Kirstein of Berkadia structured the 10-year loan on behalf of the borrower, Illinois-based Bender Cos.

January 9, 2023

Newer Posts

Older Posts