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Multifamily

Courtyard-Emerald-Heights-Redmond-WA
DevelopmentMultifamilySeniors HousingWashingtonWestern

Emerald Communities Starts Expansion Project at Emerald Heights CCRC in Redmond, Washington

by Amy Works

REDMOND, WASH. — Emerald Communities has started construction of an expansion project at Emerald Heights, a continuing care retirement community (CCRC) in the Seattle suburb of Redmond. The new building, named Courtyard, will rise three stories and feature 42 independent living units ranging in size from 826 square feet to 1,726 square feet. Dean Kelly of the architecture firm Rice Fergus Miller, who worked on Emerald Heights’ previous expansion in 2014, led the design of the new building. The Courtyard will total 70,638 square feet plus a 35,703-square-foot underground parking structure. GLY Construction is building the expansion, which is scheduled for completion in late 2023.

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AcquisitionsColoradoMultifamilyWestern

Berkadia Brokers $21.2M Sale of Multifamily Property in Denver

by Amy Works

DENVER — Berkadia has arranged the sale of 757 Grant, an apartment building in Denver. Colorado-based LCP Development sold the asset to California-based Cohen Rojas Capital Partners for $21.2 million. Nick Steele, John Laratta, Tyler King and Nat Moyer of Berkadia Denver represented the seller in the deal. Located at 757 Grant St., the property features 68 studio floor plans with in-unit washers/dryers and walk-in closets. Community amenities include a fitness center and rooftop terrace.

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Harmony-Hills-Lehi-UT
AcquisitionsMultifamilySeniors HousingUtahWestern

SLIB Negotiates Sale of 62-Unit Harmony Hills Seniors Housing Project in Lehi, Utah

by Amy Works

LEHI, UTAH — Senior Living Investment Brokerage (SLIB) has arranged the sale of Harmony Hills, a 62-unit assisted living facility in Lehi, located on the north bank of Utah Lake between Salt Lake City and Provo. The community was built in 2016, totaling approximately 46,000 square feet on 1.5 acres of land. The property was vacant at the time of sale. The seller was a Utah-based developer looking to exit the industry. The buyer is a Utah-based skilled nursing and short-term rehab owner-operator expanding its portfolio into assisted living. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

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AcquisitionsMultifamilyTexas

Marcus & Millichap Brokers $58.9M Sale of Three Metroplex Multifamily Properties

by Taylor Williams

LANCASTER, DALLAS AND FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of three multifamily properties totaling 411 units that are located throughout the Dallas-Fort Worth (DFW) metroplex for a combined price of $58.9 million. The properties include The Meadows, a 120-unit asset in the southern Dallas suburb of Lancaster that was built in 1981; Newport Landing, a 185-unit property in the Lake Highlands area of Dallas that was constructed in 1971; and Monterrey, a 106-unit complex in Fort Worth that was completed in 1969. Al Silva and Ford Braly of Marcus & Millichap represented the buyers and sellers, all of which requested anonymity, in the three separate transactions.

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AcquisitionsMultifamilyTexas

TMG Negotiates Sale of 60-Unit Multifamily Property in Houston

by Taylor Williams

HOUSTON — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Glenwood Apartment Homes, a 60-unit multifamily property in Houston. Built in 1981, the property features one- and two-bedroom units with an average size of 971 square feet that are furnished with granite countertops, walk-in closets and washer/dryer connections. Communal amenities include a pool and onsite laundry facilities. Bryce Smith of TMG represented the buyer and seller, both of which requested anonymity, in the transaction.

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LoansMidwestMultifamilyNorthmarqOhio

Northmarq Arranges $2.6M Acquisition Loan for Multifamily Property in Trenton, Ohio

by Kristin Harlow

TRENTON, OHIO — Northmarq has arranged a $2.6 million loan for the acquisition of Trenton Avenue Apartments in Trenton, a suburb of Cincinnati. The 52-unit multifamily property comprises multiple buildings. Chase Dawson of Northmarq arranged the fixed-rate loan, which features an 80 percent loan-to-value ratio, a five-year term and a 25-year amortization schedule. A regional bank provided the loan to the undisclosed borrower.

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Affordable HousingDevelopmentMultifamilyTexas

Industry ATX Breaks Ground on 23-Unit Affordable Housing Project in Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based developer Industry ATX has broken ground on Industry SOMA, a 23-unit affordable housing project in Austin’s South Menchaca neighborhood. The townhome-style residences will be reserved for households earning 80 percent or less of the area median income. Mark Odom Studio designed the project, which is slated for a fall 2025 completion.

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5-Oaks-Houston
AcquisitionsMultifamilyTexas

Berkadia Arranges Sale of 228-Unit Apartment Complex in North Houston

by Taylor Williams

HOUSTON — Berkadia has arranged the sale of 5 Oaks, a 228-unit apartment complex in North Houston. The property offers one- and two-bedroom units that range in size from 464 to 1,043 square feet and feature in-unit washers and dryers and private balconies/patios. Amenities include a clubroom with social areas, pool with a sundeck and cabanas, resident kitchen with a coffee bar, dog park, fitness center, business center and package lockers. Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Los Angeles-based Haven Realty Capital, in the transaction. Johnny King of Berkadia originated acquisition financing on behalf of the buyer, New York-based Lone Star Capital.

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AcquisitionsMultifamilySouth CarolinaSoutheast

IMG Purchases Millennium Apartments in Greenville for $64.4M

by John Nelson

GREENVILLE, S.C. — Investors Management Group Inc. (IMG) has purchased Millennium Apartments, a 305-unit multifamily community in Greenville, for $64.4 million, or $211,000 per unit. The seller was not disclosed. Andrea Howard of Northmarq brokered the transaction. Additionally, Northmarq provided a non-recourse, fixed-rate Freddie Mac loan that carries a seven-year term and a four-year interest-only period. In addition to the debt financing, IMG raised $35 million in equity from over 200 investor clients across 20 states to finance the acquisition. Built in 2008, Millennium features one-, two- and three-bedroom units. IMG plans to invest $2.5 million in capital improvements at the property.

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LoansLumentMultifamilyTexas

Lument Provides $34.7M Fannie Mae Acquisition Loan for Metro Dallas Multifamily Property

by Taylor Williams

DUNCANVILLE, TEXAS — Lument has provided a $34.7 million Fannie Mae acquisition loan for Wexford Townhomes, a 122-unit multifamily property in Duncanville, a southern suburb of Dallas. The 17-building property was built on nine acres in 1984 and renovated in 2016. Michael Curland of Lument originated the 10-year loan, which carries a fixed interest rate, 30-year amortization schedule and five years of interest-only payments, through Fannie Mae’s Green Rewards program on behalf of the undisclosed borrower.

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