Multifamily

Skender Completes Redevelopment of Former Central Baptist Home in Maywood, Illinois

by Kristin Harlow September 29, 2022

MAYWOOD, ILL. — Skender has completed the redevelopment of the former Central Baptist Home, which has been listed on the National Register of Historic Places since 2017. Located in Maywood, a suburb of Chicago, the property is now home to a 100-unit assisted living facility for low-income seniors. The original building was constructed in several phases between 1929 and 1965. Skender’s restoration process included refurbishing the wood trim, stucco and brick facades, installing new windows, revamping the first-floor lobby, replacing the roof, restoring the commercial kitchen and dining area, and converting 100 rooms into supportive living units. Amenities now include a beauty salon, wellness clinic, laundry room, general store and recreation area. Celadon Partners was the developer and Gleason Architects was the architect. Financing came from NDC Corporate Equity Fund, KeyBank, US Bank and the Illinois Housing Development Authority.

September 29, 2022

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $10M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow September 29, 2022

CHICAGO — Kiser Group has arranged the $10 million sale of the South Shore Portfolio in Chicago. The 101-unit multifamily portfolio comprises the following properties: 7419 S. Colfax Ave., 6700 S. Chappel Ave. and 2445 E. 72nd St. Noah Birk and Aaron Sklar of Kiser brokered the transaction. New York-based Strahl Capital was the buyer. The sellers were undisclosed.

September 29, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 392-Unit Bend at Oak Forest Apartments in Houston

by Taylor Williams September 29, 2022

HOUSTON — Berkadia has negotiated the sale of Bend at Oak Forest, a 392-unit apartment community in Houston’s Spring Branch neighborhood. Bend at Oak Forest features one-, two- and three-bedroom units ranging in size from 480 to 1,210 square feet. Amenities include a pool, fitness center, outdoor grilling and dining stations, playground, coffee bar and a pet park. A partnership between Houston-based Goldcor Capital Partners and Maryland-based Excelsa sold the property to locally based investment firm Kastle Assets for an undisclosed price. Jeffrey Skipworth, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney of Berkadia brokered the deal.

September 29, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 200-Unit Finley Apartments in Tyler, Texas

by Taylor Williams September 29, 2022

TYLER, TEXAS — Northmarq has arranged the sale of Finley Apartments, a 200-unit multifamily property in Tyler, about 100 miles east of Dallas, that was built in 1977. According to Apartments.com, the property offers one- and two-bedroom units ranging in size from 620 to 1,016 square feet. Amenities include a pool, clubhouse, fitness center, tennis court, package handling service, outdoor grilling and dining areas and onsite laundry facilities. Taylor Snoddy, Philip Wiegand, Eric Stockley and Charles Hubbard of Northmarq represented the undisclosed seller in the transaction. Fritz Waldvogel of Colliers Mortgage originated the 10-year loan on behalf of the buyer.

September 29, 2022

Loans Multifamily New York Northeast Northmarq

Northmarq Arranges $50M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams September 29, 2022

NEW YORK CITY — Northmarq has arranged a $50 million loan for the refinancing of The Lewis Steel Building, an 83-unit apartment building in Brooklyn’s Williamsburg neighborhood. The five-story property, which includes 13,285 square feet of ground-floor commercial space, was originally constructed in the 1930s as a steel factory and converted to residential use in 2015. Robert Ranieri of Northmarq arranged the loan, which carried a five-year term with two years of interest-only payments followed by a 30-year amortization schedule, through an undisclosed regional bank. The borrower was also not disclosed.

September 29, 2022

Acquisitions Multifamily Northeast Rhode Island Seniors Housing

Hawkins Way Capital Acquires 247-Unit Student Housing Community in Providence

by Taylor Williams September 29, 2022

PROVIDENCE, R.I. — Hawkins Way Capital has acquired The Edge at College Hill, a 247-unit student housing community in downtown Providence that serves students at Brown University, the Rhode Island School of Design (RISD) and Johnson & Whales University. The property consists of a 15-story building and a five-story building offering studio, one- and two-bedroom units. Shared amenities include a rooftop clubhouse, fitness center and ground-floor retail space. Following capital improvements, the community will be rebranded as FOUND Study College Hill.

September 29, 2022

Acquisitions Connecticut Multifamily Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of Memory Care Facility in Glastonbury, Connecticut

by Taylor Williams September 29, 2022

GLASTONBURY, CONN. — Cushman & Wakefield has brokered the sale of Buckingham Heights, a 46-unit memory care facility in Glastonbury, a suburb of Hartford. The single-story building was built in 2001 and renovated in 2021. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller, Longview Senior Housing, in the transaction. Seniors housing owner-operator Hamister Group purchased the property for an undisclosed price.

September 29, 2022

Acquisitions California Multifamily Western

Kidder Mathews Brokers $15.9M Sale of Multifamily Building in Los Angeles’ Koreatown

by Amy Works September 28, 2022

LOS ANGELES — Kidder Mathews has arranged the sale of a 54-unit apartment community located at 340 S. Kenmore Ave. in Los Angeles’ Koreatown neighborhood. ROM Residential sold the asset to Landmark Global Management for $15.9 million. Built in 1965, the building features nine studios, 33 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. Robin Ossenbeck of Kidder Mathews represented the seller in the deal.

September 28, 2022

Development Georgia Hospitality Mixed-Use Multifamily Office Southeast

MetLife, Granite Complete Midtown Union Mixed-Use Development in Atlanta

by John Nelson September 28, 2022

ATLANTA — MetLife Investment Management and Granite Properties have delivered Midtown Union, a mixed-use development located at 1331 Spring St. in Midtown Atlanta. The project comprises three buildings: a 26-story office tower, the 26-story Mira at Midtown Union apartment high-rise and the 14-story Kimpton Shane Hotel. The office and multifamily towers opened in July, and the hotel just opened on Sept. 21. The office tower spans 612,000 square feet and will be anchored by Invesco, which plans to occupy 300,000 square feet beginning in early 2023. The Mira comprises 355 studio, one-, two- and three-bedroom apartments, as well as upscale amenities. Kimpton Hotels & Restaurants will operate the hotel, which features 230 rooms, meeting and event space, the Hartley Kitchen and Cocktails restaurant and the Aveline cocktail lounge. MetLife partnered with StreetLights Residential on the apartment tower and AMS Hospitality on the Kimpton Shane Hotel. The design-build team for the overall Midtown Union campus includes architect Cooper Carry and general contractor Brasfield & Gorrie, as well as Studio 11 Design for the hotel design. Brooke Dewey and Adam Viente (office) and Coleman Morris (retail) of JLL are leading leasing efforts at Midtown Union.

September 28, 2022

Alabama Build-to-Rent Development Multifamily Single-Family Rental Southeast

Landmark Breaks Ground on 231-Unit Build-to-Rent Community in Madison, Alabama

by John Nelson September 28, 2022

MADISON, ALA. — Landmark Properties, the student housing development giant based in Athens, Ga., has broken ground on its first build-to-rent community. The property, named The Everstead at Madison, will be located in the Huntsville suburb of Madison and comprise 231 single-family and cottage-style homes. Finishes for the homes will include quartz countertops, stainless steel appliances, large pantries, hardwood-style floors, full-size washers and dryers, ceiling fans, a walk-in closet for the main bedroom and backyards with private patios. Some units will also feature an attached garage. Community amenities will include a resort-style swimming pool, fitness center, playground, fire pit, grilling area and a dog park. TSB Capital Advisors arranged financing on behalf of Landmark, which expects to deliver first homes in 2023 and complete the neighborhood in 2024.

September 28, 2022

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