Multifamily

Jacobson Co. Acquires 618-Bed Student Housing Property in Gainesville, Florida

by John Nelson October 21, 2022

GAINESVILLE, FLA. — The Jacobson Co. has completed the acquisition of Liv+ Gainesville, a 618-bed student housing community located near the University of Florida in Gainesville. The 235-unit, four-story property features one-, two-, three-, four-, five- and six-bedroom layouts and amenities such as covered parking, a fitness center, pool, dog park and pet spa, 24-hour market, resident lounge and study lounges. Located at 1900 S.W. 13th St., the property is walkable to the university. The seller and sales price were not disclosed.

October 21, 2022

Acquisitions Multifamily Texas

Odyssey Properties Buys Three Metro Dallas Multifamily Communities Totaling 578 Units

by Taylor Williams October 21, 2022

ARLINGTON AND GRAND PRAIRIE, TEXAS — Los Angeles-based investment firm Odyssey Properties Group has purchased three metro Dallas multifamily properties totaling 578 units. Huntington Meadows and The Dalton are located adjacent to one another in Arlington, were built in 1984 and respectively total 250 and 68 units in one- and two-bedroom formats. Combined amenities include a fitness center, three pools, outdoor grilling and dining areas, a tennis court, pet park and a business center. The Belmont in Grand Prairie totals 260 units, also with one- and two-bedroom floor plans, and was built in 1983. The new ownership plans to implement a value-add program across all three properties.

October 21, 2022

Development Multifamily Texas

StreetLights Residential Breaks Ground on 276-Unit Multifamily Project in Austin

by Taylor Williams October 21, 2022

AUSTIN, TEXAS — Dallas-based developer StreetLights Residential has broken ground on The Maris, a 276-unit multifamily project in Austin’s Lakeline neighborhood that represents Phase IV of the Presidio development. Phase I, The Michael, and Phase II, The Elizabeth, were completed in 2016 and 2019, respectively. Phase III, The Asher, is scheduled to open before the end of the year. The Maris will feature studio, one-, two- and three-bedroom floor plans ranging in size from 517 to 1,684 square feet. Amenities will include a pool, fitness center, coworking spaces and a game room. SLR Construction is the general contractor for The Maris.

October 21, 2022

Acquisitions Multifamily Texas

Magma Equities Acquires 240-Unit Apartment Complex in Roanoke, Texas

by Taylor Williams October 21, 2022

ROANOKE, TEXAS — Southern California-based investment firm Magma Equities has acquired Lost Spurs Ranch, a 240-unit apartment complex located north of Fort Worth in Roanoke. Built in 2001, the property comprises 12 three-story buildings that house one-, two- and three-bedroom units on a 13.5-acre site. The amenity package comprises a pool, fitness center, basketball court, playground and a media room. Magma Equities, which acquired the asset in a joint venture with Walker & Dunlop Investment Partners as part of a larger off-market portfolio deal, plans to upgrade the unit interiors and building exteriors. Moody National Cos. sold the property for an unspecified price. Lost Spurs Ranch, which was acquired in conjunction with the 580-unit Village at Bellaire in Houston, was 99 percent occupied at the time of sale.

October 21, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $18.3M Sale of Apartment Complex in Vineland, New Jersey

by Taylor Williams October 21, 2022

VINELAND, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $18.3 million sale of Spring Gardens, a 130-unit apartment complex located in the Northern New Jersey community of Vineland. The property was built on 13.4 acres in 1974 and houses 64 one-bedroom units and 66 two-bedroom residences across 16 buildings. Joni Sweetwood of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

October 21, 2022

Loans Midwest Minnesota Multifamily

Associated Bank Provides $30M Loan for Construction of Luxury Apartment Complex in Chaska, Minnesota

by Kristin Harlow October 21, 2022

CHASKA, MINN. — Associated Bank has provided a $30 million loan for the construction of The Gallery of Chaska in suburban Twin Cities. The four-story luxury apartment complex will feature 175 units at 3200 Clover Ridge Drive. Amenities will include a courtyard and pool. Units will feature condo-style finishes, and residents will have access to an underground parking garage with 182 parking spaces. Completion is slated for February 2024. Randy Stille of Associated Bank managed the loan and closing on behalf of the borrower, Chase Real Estate.

October 21, 2022

Affordable Housing Loans Michigan Midwest Multifamily

Greystone Provides $10.8M HUD-Insured Loan for Refinancing of Michigan Affordable Housing Community

by Kristin Harlow October 21, 2022

SAGINAW TOWNSHIP, MICH. — Greystone has provided a $10.8 million HUD 223(f) loan for the refinancing of Lakeside Village Apartments in Saginaw Township within central Michigan. The 200-unit affordable housing community was constructed in 1980. Lisa Fischman of Greystone originated the 35-year loan, which features a fixed interest rate and a 35-year amortization schedule. The Altman Cos. was the borrower. The property qualifies for a lower annual mortgage insurance premium (MIP) of 0.25 percent because it is rent-restricted. In addition to the refinancing, loan proceeds will enable the borrower to continue with ongoing property improvements, according to Greystone.

October 21, 2022

Acquisitions Indiana Midwest Multifamily Seniors Housing

Blueprint Negotiates Sale of 148-Unit Senior Living Community in Indianapolis

by Kristin Harlow October 21, 2022

INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Discovery Commons at College Park, a 148-unit independent living community in Indianapolis. A publicly traded REIT sold the asset to Elevation Financial Group, which plans to convert the community to active adult living. The sales price was not disclosed.

October 21, 2022

California Development Loans Mixed-Use Multifamily Retail Western

JLL Arranges $69M Construction Loan for Centro Callan Mixed-Use Development in San Leandro, California

by Amy Works October 21, 2022

SAN LEANDRO, CALIF. — JLL Capital Markets has arranged $69 million in construction financing for Centro Callan, a mixed-use apartment complex in San Leandro. The borrowers are The Martin Group, Sansome Pacific Properties and STARS REI. Brandon Roth, Spencer Bergthold and Elijah Lax of JLL Capital Markets secured the floating-rate construction loan through Principal Real Estate. The five-story Centro Callan will feature 196 apartments in a mix of studio, one-, two- and three-bedroom layouts with quartz countertops, backsplashes, stainless steel appliances, full-size washers/dryers, wide-plank flooring, kitchen islands, smart access control and oversized patios and balconies in select units. Community amenities include 31,000 square feet of ground-floor retail space anchored by Sprouts Farmers Market, 20,000 square feet of open space, a dog wash station, chef’s entertaining kitchen, clubroom with televisions, indoor phone booths and conference rooms, outdoor work pods, outdoor barbecues and televisions, an outdoor game area and a secret garden.

October 21, 2022

Acquisitions Multifamily Oregon Western

SR Watt Co. Buys Two-Property Multifamily Portfolio in Suburban Portland for $60M

by Amy Works October 21, 2022

SHERWOOD AND BEAVERTON, ORE. — SR Watt Co. has acquired a two-property apartment portfolio, including Cannery Row at 22550 SW Highland Drive in Sherwood and Westline at 4545 SW Angel Ave. in Beaverton. Madison Park Financial Group sold the assets for $60 million. Built in 2013, Cannery Row features 101 apartments in a mix of studio, one-, two- and three-bedroom layouts with an average unit size of 840 square feet. Community amenities include a resident lounge, fitness center, community patios and pet grooming station. Constructed in 2017, Westline offers 87 studio, one- and two-bedroom units, with an average size of 737 square feet. Onsite amenities include 2,280 square feet of retail space, pet/bike wash station, fitness center and a rooftop deck with barbecue grills, fire pit and views of Mt. Hood. SR Watt Co. was self-represented, while Ira Virden, Carrie Kahn and Frank Solorzano of the JLL Capital Markets Investment Sales Advisory team represented the seller in the transaction.

October 21, 2022

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