Multifamily

FaverGray, Chance Partners Break Ground on 288-Unit Apartment Community in Wildwood, Florida

by John Nelson December 2, 2022

WILDWOOD, FLA. — FaverGray and development partner Chance Partners have broken ground on The Juliette at Wildwood, a 288-unit multifamily development in Wildwood, approximately 50 miles northwest of Orlando. The project marks the second joint venture between the two companies. Situated on a 21.9-acre site, the community will feature amenities including a pool, clubhouse with a fitness room and coworking area, a dog park and dog spa and bocce ball court. Delivery is scheduled for the fourth quarter of 2024.

December 2, 2022

Acquisitions Multifamily Texas

Newmark Arranges Sale of 156-Unit Radius on Grove Apartments in Austin

by Taylor Williams December 2, 2022

AUSTIN, TEXAS — Newmark has arranged the sale of Radius on Grove, a 156-unit apartment complex in Austin’s East Riverside neighborhood. The property offers one- and two-bedroom units and amenities such as a pool, clubhouse, business center, fitness center, pet play area and outdoor grilling and dining stations. Patton Jones and Andrew Dickson of Newmark represented the seller, Houston-based investment firm Hilltop Residential, in the transaction. The buyer, Los Angeles-based Square House Capital, plans to implement a value-add program. Radius on Grove was 98 percent occupied at the time of sale.

December 2, 2022

Acquisitions Connecticut Multifamily Northeast Seniors Housing

Blueprint Brokers Sale of 380-Bed Skilled Nursing Portfolio in Metro Hartford

by Taylor Williams December 2, 2022

HARTFORD, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of three skilled nursing facilities in Connecticut. Totaling 380 beds, the properties are all located in the northeastern suburbs of Hartford. A joint venture owner sold the assets to a regional buyer for an undisclosed price, with both parties requesting anonymity. The new ownership plans to focus on operational efficiencies, including staffing, and to invest in capital projects at the facilities.

December 2, 2022

Acquisitions Multifamily Washington Western

Kidder Mathews Brokers $23.5M Sale of Highland Green Apartments in Kent, Washington

by Amy Works December 2, 2022

KENT, WASH. — Kidder Mathews has arranged the sale of Highland Green Apartments, a garden-style multifamily complex located at 10105 SE 236th St. in Kent. A California-based company acquired the asset from a private family for $23.5 million, or nearly $245,000 per unit. Dylan Simon, Brandon Lawler and Jerrid Anderson of Kidder Mathews’ Simon and Anderson team represented the seller in the deal. Kidder Mathews also sourced the buyer and was the only brokerage firm involved in the transaction. Built in 1991, Highland Green features 96 apartments.

December 2, 2022

Illinois Loans Midwest Multifamily Seniors Housing

Cambridge Provides $18.1M HUD-Insured Loan for Refinancing of Illinois Skilled Nursing Facility

by Kristin Harlow December 2, 2022

WESTMONT, ILL. — Cambridge Realty Capital Cos. has provided an $18.1 million HUD Lean loan for the refinancing of Bria of Westmont, a 215-bed skilled nursing facility in the Chicago suburb of Westmont. Bria of Westmont provides a range of skilled services and programs, including short-term rehabilitation, long-term care, orthopedic rehabilitation, cardio-pulmonary rehabilitation, onsite hemodialysis, wound care, cardiac care, ventilator therapy, aquatic therapy and behavioral healthcare. Andrew Erkes of Cambridge originated the 35-year loan, which features a 35-year amortization schedule. The borrower was an Illinois-based limited liability company.

December 2, 2022

Development Multifamily Texas

StreetLights Residential Completes 343-Unit Multifamily Project in Arlington

by Taylor Williams December 1, 2022

ARLINGTON, TEXAS — Locally based developer StreetLights Residential has completed The Louise, a 343-unit multifamily project in Arlington that represents Phase II of a larger project within the 2,000-acre Viridian mixed-use development. Units come in studio, one-, two- and three-bedroom floor plans and range in size from 588 to 1,674 square feet. The development also features 32 townhomes with an average size of 1,902 square feet. Amenities include a pool, outdoor lounge, clubroom, fitness center, golf simulator, library, art studio, conference room and a pet park. Information on starting rents was not disclosed. Phase I of the development, The Jackson, totals 340 units and was completed last year.

December 1, 2022

California Development Multifamily Student Housing Western

Landmark Properties Plans Multifamily High-Rise Near University of California, Berkeley

by Amy Works December 1, 2022

BERKELEY, CALIF. — Landmark Properties has announced plans to develop a multifamily community near the University of California, Berkeley. The development will be located at 2190 Shattuck Ave. within Berkeley’s restaurant district, and is set to serve students attending the university, as well as faculty and staff. The project will offer units in studio to five-bedroom configurations, with 10 percent of available units designated as affordable housing. Each unit will be fully furnished, and most will offer bed-to-bath parity. Shared amenities are set to include a 7,000-square-foot rooftop deck, dog park, hot tub, fitness center, computer lab and study lounges. The project will also include 7,500 square feet of ground floor retail space and is set for completion in fall 2026. “Landmark is excited to work with the City of Berkeley on the entitlements for our third project in the Berkeley market,” says President and CEO Wes Rogers. “Landmark continues to see a need for well-located, purpose-built, university-focused housing in Berkeley and we look forward to delivering this project as a complement to our two operational apartment communities serving the Berkeley market.”

December 1, 2022

Acquisitions Colorado Multifamily Student Housing Western

Berkadia Negotiates $24.5M Sale of University Lofts Student Housing Property in Denver

by Amy Works December 1, 2022

DENVER — Berkadia has negotiated the sale of University Lofts, a mixed-use student housing community in Denver. Amplify Development Co. sold the property to an undisclosed buyer for $24.5 million. Located at 2372 E. Evans Ave., University Lofts features 36 units totaling 98 beds in a mix of studio, two- and four-bedroom layouts. Community amenities include a newly renovated student lobby, heated underground parking and street-level retail. Kevin Larimer, Brandon Buell, Nick Steele, Tyler King and Nate Moyer of Berkadia represented the seller in the transaction.

December 1, 2022

Development Multifamily Washington Western

Legacy Partners Breaks Ground on 288-Unit Copal Multifamily Property in Bellevue, Washington

by Amy Works December 1, 2022

BELLEVUE, WASH. — Legacy Partners has broken ground on Copal, an apartment community in Bellevue’s Bel-Red submarket. Located at 1525 132nd Ave., the mid-rise, transit-oriented residential property was formerly known as Bellevue Station. The eight-story property will offer 288 apartments, including 230 market-rate units and 58 below-market Multifamily Tax Exemption units. Community amenities will include a gym with a separate yoga zone, coffee bar, rooftop clubroom with terrace and an indoor/outdoor/games room. The lobby will offer coworking space with separate breakout work booth for residents. Additionally, the asset will feature 10,000 square feet of ground-floor retail space. Completion is slated for second-quarter 2025.

December 1, 2022

Acquisitions Illinois Midwest Multifamily

Monarch Realty Partners Brokers Three Multifamily Sales Totaling $3.9M in Chicago

by Kristin Harlow December 1, 2022

CHICAGO — Monarch Realty Partners has brokered the sales of three multifamily properties totaling 88 units on Chicago’s South Side for $3.9 million. The buildings are located at 8003 S. Ingleside Ave., 7503 S. Yates Blvd. and 7900 S. Essex Ave. Robert Berman and Rudy Hancock of Monarch brokered the transaction on behalf of the separate sellers. Buyer and seller information was not provided.

December 1, 2022

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