Multifamily

Institutional Property Advisors Arranges Sale of 277-Unit Active Adult Community Near Salt Lake City

by Amy Works August 25, 2022

DRAPER, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Ivy at Draper, a 277-unit active adult community. Located in the Salt Lake City suburb of Draper, the community features freeway access, with connectivity to interstates 15, 215 and 80 and immediate access to Bangerter Highway, a main thoroughfare throughout the Wasatch Front. The buyer, seller and price were not disclosed. “Draper’s prestigious location at the Point of the Mountain, in the south end of Salt Lake Valley and north end of Utah Valley, allows for easy connectivity to all areas in Salt Lake and Utah counties,” says Danny Shin, IPA senior managing director of investments. Shin and Brock Zylstra, IPA senior vice president of investments, represented the seller. “Being a top leader in the state’s economy as part of the Silicon Slopes tech corridor, and with over 1,000 businesses in various industries operating in our city, multifamily assets are highly coveted and garner significant attention from interested buyers,” says Zylstra. “The Ivy at Draper was a prime example of this, especially given its purpose to provide a resource-driven lifestyle to residents. With strong neighboring demographics, including a five-mile radius population of …

August 25, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $9M Sale of Two Brooklyn Apartment Buildings

by Taylor Williams August 25, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $9 million sale of two contiguous apartment buildings in Brooklyn’s Williamsburg neighborhood. The four-story buildings were originally constructed in 1900 and total 16 units. Mike Kerwin and Shaun Rose of Rosewood Realty represented the buyer, New York City-based Peak Capital Advisors, in the off-market transaction. Sarah Sawyer of Compass represented the seller, an undisclosed family office.

August 25, 2022

Conference Coverage Features Multifamily Seniors Housing

InterFace Panel: Labor Issues Hurt Margins, Investor Confidence in Seniors Housing

by Taylor Williams August 25, 2022

The labor shortage that continues to plague the seniors housing industry is taking a toll on the capital markets side of the business as owner-operators find themselves underwriting sharper costs that are ultimately causing profit margins to shrink and spooking some potential investors. The origin of the dearth of qualified and committed staffers at all levels of seniors housing can largely be attributed to the pandemic. But other macro-level factors — low overall unemployment, stiff competition with hospitality and healthcare users, elevated demand for flexible work routines — are amplifying the problem, even as COVID retreats into the background of everyday life. According to data obtained by the St. Louis Federal Reserve, since January 2020, some 400,000 nursing home and assisted living employees have left the profession. In addition, a 2021 study by the American Healthcare Association and National Center for Assisted Living revealed that across approximately 14,000 surveyed properties, 99 percent of nursing homes and 96 percent of assisted living facilities reported staffing shortages of varying degrees. Higher labor costs put pressure on operating costs, which are further strained amid 40-year inflationary highs and the rising costs of capital that said inflation has subsequently prompted. For many owners and …

August 25, 2022

Acquisitions Multifamily Washington Western

Security Properties Divests of Insignia Apartments in Bremerton, Washington for $48.5M

by Amy Works August 24, 2022

BREMERTON, WASH. — Security Properties has completed the disposition of Insignia Apartments, a multifamily property at 1060 Insignia Loop in Bremerton. An undisclosed buyer acquired the community for $48.5 million. Built 2017, Insignia Apartments features 162 one- and two-bedroom apartments spread across 12 buildings on 6.2 acres. Community amenities include a fitness center, rec room, playground and dog park. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest-based multifamily team represented the seller in the transaction.

August 24, 2022

Colorado Loans Multifamily Western

Mesa West Capital Provides $139.9M Loan for Acquisition, Repositioning of Terracina Apartments Near Denver

by Amy Works August 24, 2022

BROOMFIELD, COLO. — Mesa West Capital has provided Sares Regis Group with $139.9 million in first mortgage debt for its acquisition and repositioning of Terracina Apartments, located at 13620 Via Varra Road in Broomfield. Built in 2010, the 16.5-acre community features 386 apartments in a mix of one- and two-bedroom apartments spread across four four-story residential buildings. On-site amenities include a pool and hot tub, clubhouse, fitness center, coworking lounge, dog park, pet wash, fire pit and grilling area, and outdoor games area. At the time of sale, the property was 95.1 percent leased. Brian Torp of Jones Lang LaSalle arranged the financing. A portion of the loan proceeds will help fund the borrower’s capital improvement plan that will feature upgrades to unit interiors, as well as the renovation of the community’s common areas. The floating-rate loan features a five-year term.

August 24, 2022

Acquisitions Multifamily Utah Western

IPA Brokers Sale of 223-Unit North Union Multifamily Property in Midvale, Utah

by Amy Works August 24, 2022

MIDVALE, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of North Union, a multifamily community in Midvale. Rockworth Cos. sold the asset to Keller Investments for an undisclosed price. Built in 2022, North Union features 223 apartments, common areas with full kitchens, dining rooms, workstations and a game room. Outdoor amenities include an outdoor rooftop deck with firepits, barbecue grilling stations and outdoor lounging seating; a fitness center with a yoga studio; a pool and hot tub area; and a bocce ball court. Additionally, the community features a pet spa and dog wash; secure parking and storage; a ski and bike repair center; and 7,455 square feet of main-floor retail space. Danny Shin and Brock Zylstra represented the seller in the transaction. Anita Paryani-Rice of IPA Capital Markets arranged the financing for the buyer. A debt fund provided the capital, which features a 73 percent loan-to-cost ratio. The nonrecourse loan has a term of three years with extensions that offer the borrower flexibility on exit.

August 24, 2022

Development Multifamily Texas

Presidium Completes 370-Unit Multifamily Project in San Antonio

by Taylor Williams August 24, 2022

SAN ANTONIO — Texas-based developer Presidium has completed Presidium Chase Hill, a 370-unit multifamily project located near La Cantera Resort on the north side of San Antonio. Designed by REES Associates, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, walk-in closets and smart technology features. Amenities include a pool with a lounge and outdoor kitchen, a two-story fitness center with a yoga studio, clubhouse with a leasing office, multiple Wi-Fi lounges, dog park with a grooming station, media room and a rooftop terrace. Rents start at approximately $1,400 per month for a one-bedroom unit.

August 24, 2022

Development Multifamily Texas

RangeWater Underway on 350-Unit Multifamily Development in Metro Austin

by Taylor Williams August 24, 2022

MANOR, TEXAS — Atlanta-based developer RangeWater Real Estate is underway on construction of The Darby, a multifamily development in the northeastern Austin suburb of Manor that will consist of 326 apartments and 24 townhomes. Apartments will feature one-, two- and three-bedroom floor plans ranging in size from 757 to 1,400 square feet, and townhomes will come in three-bedroom formats with garages and private yards. The communal amenity package comprises a pool, fitness center, dog park and outdoor grilling and dining areas. Construction is scheduled to be complete in fall 2023.

August 24, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 344-Unit Pecan Springs Apartments in Northwest San Antonio

by Taylor Williams August 24, 2022

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Pecan Springs, a 344-unit apartment community in northwest San Antonio. Built on 16 acres in 2013, Pecan Springs features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, resident lounge, dog park, outdoor grilling stations and package lockers. Will Balthrope and Drew Garza of IPA represented the seller, Tampa-based American Landmark, and procured the buyer, Alabama-based StoneRiver Co., in the transaction. At the time of sale, Pecan Springs had an average occupancy rate of 96 percent on a trailing 12-month basis.

August 24, 2022

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 264-Unit Capitol View Apartment Homes in Hartford

by Taylor Williams August 24, 2022

HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Capitol View Apartment Homes, a 264-unit multifamily complex in downtown Hartford. Built in 1955 and renovated between 2002 and 2013, the 10-story building houses units with an average size of 542 square feet and offers amenities such as a lounge, fitness center and concierge service. Victor Nolletti, Wes Klockner and Eric Pentore of IPA represented the seller, an entity doing business as MATP LLC, in the transaction. The trio also procured the buyer, EOM Equity LLC.

August 24, 2022

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