Multifamily

Tegethoff Development Completes $90M Transit-Oriented Apartment Project in St. Louis

by Kristin Harlow November 23, 2022

ST. LOUIS — Tegethoff Development has completed Expo at Forest Park, a $90 million transit-oriented apartment development in St. Louis. The project is adjacent to the Forest Park-DeBaliviere MetroLink Station in the historic Skinker-DeBaliviere neighborhood. Expo at Forest Park includes two buildings with 287 units, along with parking, amenities and 30,000 square feet of retail space. The north building opened in August, while the south building will open in the next few weeks. More than half of the new residents do not own cars, according to Tegethoff. Bi-State Development operates the Metro Transit system that serves eastern Missouri and southwestern Illinois. Bi-State has worked to create a safer, more secure public transit system. Trivers assisted in architecture, planning, urban design and interiors for Expo at Forest Park. Trivers collaborated with associate architect HOK and general contractor Brinkmann Constructors.

November 23, 2022

Acquisitions Build-to-Rent Georgia Multifamily Seniors Housing Single-Family Rental Southeast

Berkadia Arranges $47.8M Sale of Build-to-Rent Active Adult Community in Dallas, Georgia

by John Nelson November 23, 2022

DALLAS, GA. — Berkadia Institutional Solutions has arranged the sale of Hardy Springs, a 149-unit build-to-rent, active adult community located in the northwest Atlanta suburb of Dallas. Charleston-based Blaze Partners purchased the single-family neighborhood, which is age-restricted for households age 55 and up, for $47.8 million. Russ Hardy of Berkadia’s Atlanta office and Brooks Minford and Simona Wilson of Berkadia’s Seniors Housing & Healthcare team represented the seller, Georgia-based Highlands Residential, in the transaction. John Bray, also from Berkadia’s Atlanta office, originated an undisclosed amount of Fannie Mae acquisition financing on behalf of Blaze. Hardy Springs features one- and two-bedroom floor plans with walk-in closets, private garages and private patios or balconies. Community amenities include a clubhouse, fitness center and barbecue area. The property is situated near Wellstar Paulding Hospital, AMC Hiram 14 and Lost Mountain Park.

November 23, 2022

Development Midwest Missouri Multifamily

Holland Construction Services Completes Phase II of Sunnen Station Apartment Complex in Missouri

by Kristin Harlow November 23, 2022

MAPLEWOOD, MO. — Holland Construction Services has completed Phase II of the Sunnen Station apartment complex in Maplewood, a western suburb of St. Louis. Phase II encompasses a four-story, 121-unit building with an attached 61,000-square-foot parking garage with 187 spaces. The Sunnen Family developed the project in conjunction with Cozad Commercial Real Estate. Tim Sandweg was the architect. Phase I of Sunnen Station, which Holland completed in 2017, is fully leased. Monthly rents start at $960 for studios.

November 23, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 386-Unit Tides Waterfront Apartments in Fort Worth

by Taylor Williams November 23, 2022

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Tides Waterfront, a 386-unit apartment community in southwest Fort Worth. Built in 1986, the property consists of 21 three-story residential buildings that were recently renovated, as well as three pools, a fitness center, business center, clubhouse, dog park and a lake. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Tides Equities, in the transaction and procured an undisclosed, out-of-state investment firm as the buyer. The sales price was also not disclosed.

November 23, 2022

Acquisitions Development Multifamily Texas

Kajani Capital Group to Develop 300-Unit Multifamily Project in Metro Houston

by Taylor Williams November 23, 2022

HUMBLE, TEXAS — Locally based development and investment firm Kajani Capital Group has acquired 10.8 acres in the northern Houston suburb of Humble for the development of a 300-unit multifamily project. The community will feature one-, two- and three-bedroom units with an average size of 875 square feet, as well as a clubhouse, fitness center, package lockers and a dog park. Chris Bergmann Jr. of JLL represented Kajani Capital in the off-market land deal. Joan Collum of Collum Commercial represented the seller, Austin-based Stratus Properties. Construction is set to begin in May and to be complete in fall 2024.

November 23, 2022

Acquisitions Multifamily Washington Western

CBRE Negotiates $78.5M Sale of Lakemont Orchard Apartment Community in Issaquah, Washington

by Amy Works November 23, 2022

ISSAQUAH, WASH. — CBRE has arranged the $78.5 million sale of Lakemont Orchard, a multifamily property in Issaquah. An undisclosed buyer acquired the asset from an affiliate of New York Life Insurance Co. Originally built in 1992, Lakemont Orchard features 201 apartments with balconies in a mix of one-, two- and three-bedroom floor plans, with an average unit size of 916 square feet. Onsite amenities include a pool, hot tub, sundeck, newly upgraded gym, TV and billiards lounge, outdoor dining area and basketball/sport court. The seller upgraded the roofs, siding and clubhouse prior to the sale, but all the apartments are eligible for renovation. Situated on more than 20 acres, the gated community is located at 18305 SE Newport Way. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest represented the seller in the deal.

November 23, 2022

Acquisitions Multifamily Texas

Newmark Arranges Sale of 240-Unit Trailside Apartments in Northwest San Antonio

by Taylor Williams November 23, 2022

SAN ANTONIO — Newmark has arranged the sale of Trailside, a 240-unit apartment community in northwest San Antonio. The property offers one- and two-bedroom units that range in size from 662 to 982 square feet and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Jim Young, Matt Michelson and Chase Easley of Newmark represented the undisclosed seller in the transaction. The buyer was a joint venture between private equity real estate firm Cottonwood Group and Dallas-based Texsun Holdings. Trailside was 94 percent occupied at the time of sale.

November 23, 2022

Acquisitions Colorado Multifamily Seniors Housing Western

CA Ventures Sells 267-Unit Seniors Housing Portfolio in Metro Denver to Harrison Street

by Amy Works November 23, 2022

WESTMINSTER AND ENGLEWOOD, COLO. — CA Ventures has sold its Anthology of Westminster and Anthology of Englewood senior living assets to Harrison Street. “Anthology’s Westminster and Englewood assets have leased incredibly well — particularly having opened their doors at the onset of the COVID-19 pandemic in February 2020,” says Justin Dickinson, president of Anthology Senior Living. “The strong financial performance of each asset despite a volatile global macroeconomic environment and never-before-seen headwinds across the industry is a testament to both our investment strategy and the talent of our team.” The Westminster community totals 137 units nine miles northwest of downtown Denver near a prominent retail corridor and residential neighborhoods. The upscale senior living community includes 107 assisted living units and 30 memory care units. The Englewood community totals 130 units seven miles south of downtown Denver and features unobstructed views of the Rocky Mountains and Cherry Hills Country Club. The property comprises 106 assisted living units and 24 memory care units across seven stories.

November 23, 2022

Arizona Loans Multifamily Student Housing Western

Gantry Arranges $8.5M Acquisition Financing for The Zone Apartments Near University of Arizona

by Amy Works November 23, 2022

TUCSON, ARIZ. — Gantry has secured $8.5 million in acquisition financing for The Zone Apartments, a 104-bed student housing community located near the University of Arizona campus in Tucson. Adam Parker and Chad Metzger of Gantry secured the financing through an undisclosed regional bank on behalf of the borrower, a private real estate investor. The loan features a five-year term, fixed rate and two years of interest-only payments. The borrower acquired the property through a reverse 1031 exchange. The Zone is master leased to operator Tripalink and offers four-bedroom units with bed-to-bath parity.

November 23, 2022

Loans Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Arranges $204M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams November 23, 2022

NEW YORK CITY — Walker & Dunlop has arranged a $204 million loan for the refinancing of The Axel, a 29-story apartment building in Brooklyn. Designed by Morris Adjmi Architects, The Axel features 284 units in studio, one-, two- and three-bedroom units. Amenities include a pool with a sundeck, fitness center with yoga and Pilates studios, a golf simulator, dining and entertainment terrace, conference rooms, game lounge and an executive meeting room. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian of Walker & Dunlop arranged the loan through MF1 Capital on behalf of the sponsor, Hope Street Capital.

November 23, 2022

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