Multifamily

Rosewood Realty Arranges Sale of 492-Unit Multifamily Portfolio in San Antonio

by Taylor Williams March 20, 2023

SAN ANTONIO — New York City-based brokerage firm Rosewood Realty Group has arranged the sale of a portfolio of two multifamily properties totaling 43 buildings and 492 units in San Antonio. Built in 1983, Terrain at Medical Center features 16 three-story buildings that house 224 units. Constructed in 1980, Latitude consists of 27 two-story buildings that have 268 units. Mike Kerwin and Scott Bernstein of Rosewood Realty represented the seller, Houston-based investment firm Nitya Capital, in the transaction. Austin Marshak, also with Rosewood, represented the buyer, Nord Group.

March 20, 2023

Development District of Columbia Multifamily Southeast

Jefferson Apartment Group, Fortis Top Out 12-Story Multifamily Development in D.C.

by John Nelson March 20, 2023

WASHINGTON, D.C. — A joint venture between Jefferson Apartment Group and The Fortis Co. has topped out J Coopers Row, a 12-story multifamily project located at 1319 S. Capitol St. SW in Washington, D.C. Upon completion, the development will comprise 312 apartments in one-, two- and three-bedroom layouts. Ranging in size from 474 to 1,260 square feet, the units will feature stainless steel appliances, nine-foot ceilings, plank flooring and in-unit washers and dryers. Amenities at the community will include a rooftop swimming pool, gaming area, fitness center, yoga studio, coworking space, a maker’s studio, dog run, pet spa and 24-hour concierge service. The development is situated one block from the Navy Yard-Nationals Stadium Metro Station and will offer views of the Potomac River. Jefferson Apartment Group and Fortis plan to deliver J Coopers Row in the fourth quarter.

March 20, 2023

Build-to-Rent Development Florida Loans Multifamily Single-Family Rental Southeast

EDEN Living Receives $22M Construction Loan for Build-to-Rent Multifamily Project in Wildwood, Florida

by John Nelson March 20, 2023

WILDWOOD, FLA. — EDEN Living has received $22 million in construction financing for a build-to-rent residential development in Wildwood. Max La Cava and Kenny Cutler of JLL secured the non-recourse loan through City National Bank. Located at 2072 County Road 501, the project is near the master-planned community The Villages. EDEN Living began construction in June of last year, with delivery expected in the first quarter of 2024. Upon completion, the community will feature 130 units in a mix of 799-square-foot, one-bedroom and 1,268-square-foot, two-bedroom layouts. Amenities will include a clubhouse, fitness center, barbecue area, pickleball courts and a park with walkways and seating areas.

March 20, 2023

Acquisitions Development Maryland Multifamily Southeast

Greysteel Arranges Sale of Apartments at Park in Baltimore, Buyer Plans Expansion

by John Nelson March 20, 2023

BALTIMORE — Greysteel has arranged the sale of Apartments at Park, an 11-unit apartment building in Baltimore’s Midtown district. The undisclosed buyer plans to complete approved plans for the addition of a five-story multifamily building at the site, located at 814 Park Ave., as well as make renovations to existing apartments. Aaron Inman, Kyle Tangney and Herb Schwat of Greysteel brokered the sale on behalf of the undisclosed seller.

March 20, 2023

Loans Multifamily North Carolina Southeast

Northmarq Secures $20.8M Refinancing for Residences at Diamond Ridge in Winston-Salem, North Carolina

by John Nelson March 20, 2023

WINSTON-SALEM, N.C. — Northmarq has arranged $20.8 million for the refinancing of The Residences at Diamond Ridge, a 335-unit apartment community located in Winston-Salem. Built in 1959 and 1969 and renovated in 1987, the community comprises 14 three-story buildings with apartments in one-, two- and three-bedroom layouts. Jeffrey Ketron of Northmarq secured the fixed-rate Fannie Mae loan, which carries a five-year term and three years of interest-only payments. Northmarq’s Fannie Mae DUS team assisted in arranging the financing for the property.

March 20, 2023

Acquisitions California Multifamily Seniors Housing Western

Mogharebi Group Brokers $28.5M Sale of Wildomar Senior Community in California

by Jeff Shaw March 20, 2023

WILDOMAR, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Wildomar Senior, a 284-unit seniors housing community in Wildomar, a city in Southern California’s Inland Empire. TMG represented the seller, Craig Thralls, who developed the property in 2000. The buyer was a Los Angeles-based private investment group. The fully occupied property features 176 independent living apartments and 108 assisted living units.

March 20, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $23.1M Sale of Dove Ridge Apartments in Riverside, California

by Jeff Shaw March 20, 2023

RIVERSIDE, CALIF. — CBRE has arranged the $23.1 million sale of Dove Ridge Apartments in Riverside. The 96-unit community is located at 6556 Arlington Ave. near the Riverside Airport. This is the first time the asset has sold since it was developed in 1987. CBRE’s Blake Torgerson and Eric Chen represented the buyer, a local private investor. The sellers were also local private owners and the original developers of the property.

March 20, 2023

Acquisitions Midwest Minnesota Multifamily Nebraska

Centerspace Sells Nine Multifamily Communities in Minnesota, Nebraska for $144.3M

by Kristin Harlow March 20, 2023

MINNESOTA AND NEBRASKA — Centerspace has sold nine multifamily communities in Minnesota and Nebraska for $144.3 million. The transaction included four properties in St. Cloud, Minn., totaling 692 units; two communities in the Omaha-Lincoln market comprising 498 units; and three properties in the Twin Cities market totaling 377 units. Proceeds from the sale will be used to pay down outstanding debt. CBRE served as the broker for the Minnesota assets, while MMG Real Estate Advisors was the broker for the Nebraska assets.

March 20, 2023

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 518-Unit Multifamily Portfolio in Middletown, Connecticut

by Taylor Williams March 20, 2023

MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a portfolio of two multifamily properties totaling 518 units in Middletown, located roughly midway between Hartford and New Haven. The 238-unit Middletown Ridge was built in 1988 on 12 acres. Units have an average size of 1,066 square feet, and amenities include a clubhouse, pool, racquetball court and onsite laundry facilities. The 280-unit Middletown Brooke was constructed in 1988 and features a pool, fitness center and a picnic area. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, San Francisco-based investment firm Hamilton Zanze, in the transaction. The trio also procured the buyer, Boston-based Jones Street Investment Partners.

March 20, 2023

Loans Multifamily New Jersey Northeast

JLL Arranges $58M Loan for Refinancing of Jersey City Apartment Building

by Taylor Williams March 20, 2023

JERSEY CITY, N.J. — JLL has arranged a $58 million loan for the refinancing of 3 Journal Square, a 240-unit apartment building in Jersey City. Built in 2017, the midrise building houses one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops and custom cabinetry. Amenities include a fitness center with a yoga studio, resident lounge with a game room and a rooftop terrace. Thomas Didio, Thomas Didio Jr., Gerard Quinn and John Cumming of JLL arranged the seven-year, fixed-rate loan through an undisclosed life insurance company. The borrower was also not disclosed.

March 20, 2023

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