Multifamily

Sterling Real Estate Begins Presidio Palms Hotel-to-Apartment Conversion Project in Tucson, Arizona

by Amy Works January 27, 2023

TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has started construction of Presidio Palms Apartments, a hotel-to-apartment conversion project located at 475 N. Granada Ave. in downtown Tucson. The project’s first units are slated for delivery by summer 2023. Sterling has been working on the project since January 2021 to change the zoning to allow residential use. The 10-acre property has been entitled and permitted to convert the underperforming and functionally obsolete hotel to a 212-unit apartment complex and allow for development of an additional 154 units. Presidio Palms will offer a modern, market-rate, low-cost rent option in the downtown Tucson submarket. The community’s studio and one-bedroom units will offer new plumbing, electrical, HVAC units, outdoor patios, finished cabinets, quartz countertops, stainless steel appliances, flooring, washers/dryers and modern fixtures. Onsite amenities will include a full-service coffee bar with café seating, residential lounge, private business center, arcade nook, gym and yoga studio, resort-style pool, sand volleyball court, outdoor kitchen area and dog park.

January 27, 2023

Acquisitions Multifamily Southeast Virginia

Blackfin Purchases Riverlands Apartments in Newport News, Virginia for $44.2M

by John Nelson January 26, 2023

NEWPORT NEWS, VA. — Blackfin Real Estate Investors LLC has purchased Riverlands Apartments, a 404-unit multifamily community located in the Hampton Roads town of Newport News, for $44.2 million. Hank Hankins, Charles Wentworth, Victoria Pickett and Garrison Gore of Colliers represented the seller, an undisclosed developer that has owned the property since it was delivered in 1989. Riverlands features one-, two- and three-bedroom apartments, as well as a pool and fitness center. The property is adjacent to Westover Station, a 108-unit property that Blackfin acquired in November 2020. Overall Blackfin has acquired nine communities in the Hampton Roads region.

January 26, 2023

Acquisitions Florida Multifamily Southeast

Northmarq Arranges Sale of 260-Unit Boulevard Apartments in Tampa Bay Area

by John Nelson January 26, 2023

LARGO, FLA. — Northmarq has arranged the sale of The Boulevard, a 260-unit apartment community located at 2098 Seminole Blvd. in the Tampa Bay city of Largo. The Connor Group purchased the community from Atlanta-based RangeWater Real Estate for an undisclosed price. Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq’s Tampa office brokered the transaction. Built in 2016, The Boulevard features one-, two- and three-bedroom apartments averaging 1,106 square feet in size. Amenities include a resort-style pool with a sun deck, outdoor fireplace, outdoor bar with grills, screened-in gazebo with billiards, TV, wet bar and a fireplace. The property’s clubhouse features an indoor SwimSpa resistance pool, 24/7 Luxor One package room, coffee bar, business center, theater and a fitness center that offers on-demand classes.

January 26, 2023

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Provides $6.8M Loan for Refinancing of Apartment Community in Buffalo, Minnesota

by Kristin Harlow January 26, 2023

BUFFALO, MINN. — Northmarq has provided a $6.8 million Fannie Mae loan for the refinancing of Evergreen Square Apartments in Buffalo, about 40 miles northwest of Minneapolis. The 78-unit apartment community, built in 1990, is located at 911 6th Ave. The three-story property features amenities such as laundry facilities and a playground. Mike Padilla of Northmarq originated the seven-year loan, which features a fixed interest rate and a 35-year amortization schedule.

January 26, 2023

Development Multifamily Seniors Housing Texas

Journey Capital Completes 107-Unit Seniors Housing Project in Aledo, Texas

by Taylor Williams January 26, 2023

ALEDO, TEXAS — Dallas-based development and investment firm Journey Capital has completed Harvest at Aledo, a 107-unit seniors housing project located about 20 miles west of Fort Worth. The property consists of 87 assisted living and memory care units and 20 independent living residences. In addition, Harvest at Aledo offers an all-day bistro, personalized care plans, leisure activities and restaurant-style dining options. Journey Capital has tapped Civitas Senior Living to operate the community.

January 26, 2023

Development Multifamily Oregon Student Housing Western

CRG Plans 12-Story Chapter at Eugene Student Housing Property Near University of Oregon

by Amy Works January 26, 2023

EUGENE, ORE. — CRG and its partner Kenter Capital have secured the land and construction financing for Chapter at Eugene, a 12-story, 119-unit student housing community adjacent to the University of Oregon campus in Eugene. Construction is slated to begin later this month, with delivery scheduled for 2024 to coincide with the start of the 2024-25 academic year. Located at 754 E. 13th Ave., the 302-bed Chapter at Eugene will offer a mix of studio, two-, three-, four- and five-bedroom apartments, with preleasing scheduled to begin in early fall 2023. The furnished residences will feature wood-style flooring, kitchens with quartz countertops and stainless steel appliances, living rooms with smart TVs, and in-unit laundry. Community amenities will include a 5,000-square-foot rooftop recreation deck with a dog run, dining areas and fire pits with seating, and a 12th-floor resident lounge with a demonstration kitchen and study rooms, as well as a fitness center, yoga room, study areas, resident storage and bicycle parking on the ground floor. Byline Bank provided construction financing, Seattle-based Jackson Main Architecture served as architect and Springfield, Ore.-based John Hyland Construction is serving as general contractor.

January 26, 2023

Acquisitions California Multifamily Western

Fairfield Carmenita Sells Alivia Apartments in Whittier, California for $49.6M

by Amy Works January 26, 2023

WHITTIER, CALIF. — Fairfield Carmenita LP has completed the disposition of Alivia Apartments, a multifamily community in Whittier, to NexGen Properties Group for $49.6 million, or $387,695 per unit. Completed in 2022, Alivia Apartments features seven residential buildings comprising 68 one-bed/one-bath units and 60 two-bed/two-bath units. All units offer stainless steel appliances, washers/dryers, kitchen islands with storage, and wood-style plank flooring. Community amenities include a resort-style pool and spa, fitness center, social lounge, dog park and outdoor fire lounge. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Michael Derk of Marcus & Millichap Capital Corp. arranged a 10-year, $19.1 million, non-recourse loan for the buyer.

January 26, 2023

Acquisitions Multifamily Seniors Housing Utah Western

1031 Crowdfunding Buys 178-Unit Seniors Housing Portfolio in Utah

by Amy Works January 26, 2023

ST. GEORGE AND LINDON, UTAH — 1031 Crowdfunding has acquired its first two seniors housing communities in Utah. Totaling 178 units of assisted living and memory care, the communities are in the Provo suburb of Lindon and St. George, which is located approximately 130 miles northeast of Las Vegas. Both properties total 156,473 square feet across 5.85 acres, offer seven-year leases, and are within a four-mile radius of local hospitals. “As 1031 Crowdfunding continues to grow, we plan to move into other regions of the country,” says Edward Fernandez, president and CEO of 1031 Crowdfunding. “Seniors housing facilities are needed throughout the country as the baby boomers continue to age, so we continue to look for opportunities to grow our real estate portfolio in targeted markets where we see seniors housing growth potential. The Utah market is attractive to us because the state offers an ideal environment for businesses, lower taxes and a mix of diverse and varied industries that draw people who want to live and work in the state.” The facilities, Spring Gardens St. George and Spring Gardens Lindon, were built in 2011 and 2016. Avista Senior Living is the operator.

January 26, 2023

Acquisitions Development Multifamily Office Texas

Partnership Buys 314,514 SF Office Building in Downtown Fort Worth, Plans Multifamily Redevelopment

by Taylor Williams January 25, 2023

FORT WORTH, TEXAS — A partnership between two Chicago-based investment firms, 3L Real Estate and Syndicated Equities, has purchased The Oncor, a 314,514-square-foot office building in downtown Fort Worth. The new ownership plans to convert the building into a 330-unit multifamily community with Class A amenities, including a pool, fitness center, rooftop deck and a business center. The seller and sales price were not disclosed. A construction timeline was also not released.

January 25, 2023

Affordable Housing Development Multifamily Texas

NHP Foundation to Develop 149-Unit Affordable Housing Project in Houston

by Taylor Williams January 25, 2023

HOUSTON — The NHP Foundation, a nonprofit real estate corporation based in New York City, has finalized a ground lease with Magnificat Houses Inc. to develop a 149-unit affordable housing project in Houston’s Midtown neighborhood. The property at 3300 Caroline St. will be known as RoseMary’s Place and will be reserved for those currently experiencing homelessness. Life skills training, budgeting, anger management coping skill and interpersonal relationship skills will be among the third-party social services provided at RoseMary’s Place. The City of Houston Housing & Community Development Department provided $18.6 million in financing for the project.

January 25, 2023

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