Multifamily

JLL Brokers $70.6M Sale of Grand Reserve Apartments in Central Florida

by John Nelson August 9, 2022

OCALA, FLA. — JLL has brokered the $70.6 million sale of Grand Reserve Apartment Homes, a 263-unit value-add multifamily community located at 3001 SW 24th Ave. in Ocala. Ken Delvillar led the JLL team that represented the seller, ApexOne Investment Partners, in the transaction. Melissa Marcolini Quinn and Lee Weaver led the JLL Capital Markets team arranging debt and equity financing totaling $65 million for the buyer, JT Capital. The debt provider was an unnamed life insurance company, and the equity source was an undisclosed institutional investor. Built in 2003, Grand Reserve features one-, two- and three-bedroom units with an average size of 1,072 square feet. Renovated units feature walk-in closets, full-sized washers and dryers, breakfast bars, granite countertops, screened patios/balconies and stainless steel appliances. Community amenities include a resort-inspired pool and sundeck, a screened poolside gazebo with a TV lounge, firepit, 24-hour fitness center, business center, children’s playground and direct access garages.

August 9, 2022

Acquisitions Arizona Multifamily Western

Avanti Residential, KKR Sell Two-Property Multifamily Portfolio in Tempe, Arizona for $111.7M

by Amy Works August 9, 2022

TEMPE, ARIZ. — A joint venture between Avanti Residential and KKR Real Estate has completed the disposition of a two-property multifamily portfolio in Tempe. Denver-based Jason McCool acquired the assets for $111.7 million. The 369-unit portfolio includes Omnia on 8th, a 188-unit property, and Omnia McClintock, a 181-unit property. The communities were constructed between 1971 and 1984 and feature a mix of studio, one- and two-bedroom units. Brad Goff, Brett Polachek and Chris Canter of Newmark represented the seller in the transaction.

August 9, 2022

Acquisitions Arizona Loans Multifamily Western

Northmarq Brokers $63.1M Sale of The Residences of Central Phoenix Multifamily Property

by Amy Works August 9, 2022

PHOENIX — Northmarq has brokered the sale of The Residences of Central Phoenix, a 265-unit, garden-style community located at 2020 W. Glendale Ave. in Phoenix. Scottsdale-based Renue Properties sold the property to Newport Beach, Calif.-based InTrust Property Partners for $63.1 million. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Joe Giordani of Northmarq’s Newport Beach debt/equity team arranged financing for the acquisition with a $50.8 million bridge loan. Built in 1973, The Residences of Central Phoenix includes 27 two-story buildings with one-, two- and three-bedroom units ranging in size from 650 square feet to 1,150 square feet. Situated on 13 acres, the 242,825-square-foot community features a clubhouse, pool, hot tub, on-site laundry facilities, basketball court and children’s playground. At the time of sale, the property was 98 percent leased. Renue Properties recently invested $1.7 million into deferred maintenance and property enhancements at the property, including HVAC units, new roofs, windows, electrical panels and exterior paint.

August 9, 2022

California Development Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges Equity, Construction Debt for $70M Seniors Housing Project in Folsom, California

by Amy Works August 9, 2022

FOLSOM, CALIF. — Cushman & Wakefield has arranged $70 million in a joint venture equity and construction financing for Avenida Folsom, a seniors housing property in the Sacramento suburb of Folsom. Avenida Partners is leading the development of the active adult community. Blue Mountain Enterprises provided general partner equity and Argosy Real Estate Partners provided limited partner equity. Comerica Bank provided the construction loan. The property will rise four stories and feature 154 units in an affluent neighborhood in Folsom. The site is adjacent to The Palladio, an open-air lifestyle shopping and entertainment center featuring national retailers such as Nordstrom, Sephora, Barnes & Noble, movie theaters and a Whole Foods Market. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Tim Hosmer represented the borrower in the transaction.

August 9, 2022

Acquisitions Kentucky Multifamily Southeast

Rosewood Realty Negotiates $24M Sale of Apartment Community in Lexington, Kentucky

by John Nelson August 9, 2022

LEXINGTON, KY. — Rosewood Realty Group has negotiated the $24 million sale of Saddlebrook at Tates Creek, a 181-unit apartment complex located at 3543 Tates Creek Road in Lexington. Jay Weiner of Rosewood Realty represented the both the seller, Birmingham, Ala.-based Engel Realty Co., and the buyer, Wicker Park Capital Management, a real estate investment firm with offices in Savannah, Birmingham and Atlanta. Built in 1974, the market-rate apartment community features a clubhouse and a fitness center. Wicker Park plans to update both interior units and amenities during its ownership period, according to Weiner.

August 9, 2022

Acquisitions California Multifamily Student Housing Western

Champion Real Estate Acquires Two Former Fraternity Houses Near USC for $16.7M

by Amy Works August 9, 2022

LOS ANGELES — Champion Real Estate Co. has acquired two former fraternity houses located at 624 W 28th St. and 2715 Portland St. near the University of Southern California (USC) campus in Los Angeles for $16.7 million. Two subsidiaries of Champion — Victory on 28th LLC and Victory House Portland LLC — will rebrand and renovate the properties into student housing communities. The two properties will offer fully furnished units and shared amenities including oversized lounges, rooftop decks and private study spaces. Michael Fukushima and Stephen Watson of Total Realty Group represented the buyer and undisclosed sellers in the transactions. A timeline for the redevelopments were not announced.

August 9, 2022

Loans Multifamily Northmarq Texas

Northmarq Arranges Acquisition Financing for 1,134-Unit Multifamily Portfolio in Houston

by Taylor Williams August 9, 2022

HOUSTON — Northmarq has arranged an undisclosed amount of acquisition financing for a portfolio of three multifamily assets totaling 1,134 units that are located throughout the metro Houston area. Sedona Square is a 250-unit property that was built in phases in the early 1980s and offers one-, two and three-bedroom apartments. Verano was constructed in 1980 and totals 312 units in one- and two-bedroom formats. Rock Creek at Hollow Tree, also constructed in 1980, comprises 572 residences in one-, two- and three-bedroom floor plans. James Currell, Joel Heikenfel and Emily Balazi of Northmarq arranged the debt through an undisclosed bridge/mezzanine lender on behalf of the borrower, Dallas-based WindMass Capital.

August 9, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 288-Unit Vantage at O’Connor Apartments in San Antonio

by Taylor Williams August 9, 2022

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vantage at O’Connor, a 288-unit apartment community in northeast San Antonio. The property was built in 2020. According to Apartments.com, Vantage at O’Connor offers one-, two- and three-bedroom units ranging in size from 605 to 1,150 square feet and amenities such as a pool, fitness center, media lounge, two pet parks and package concierge services. Will Balthrope and Drew Garza of IPA represented the seller, Vantage Communities, and procured the undisclosed buyer in the transaction.

August 9, 2022

Acquisitions Multifamily Texas

HLC Equity Sells 192-Unit Toscana Apartments in Carrollton, Texas

by Taylor Williams August 9, 2022

CARROLLTON, TEXAS — HLC Equity has sold Toscana Apartments, a 192-unit multifamily property in the northern Dallas suburb of Carrollton. The complex was originally built in 1986 and offers a pool, clubhouse, fitness center, pet play area and outdoor grilling and dining stations. HLC Equity acquired the property in 2017 for $13.2 million and implemented a value-add program that upgraded unit interiors and common areas. California-based Archway Equities purchased the asset for an undisclosed price. David Austin and Rob Key of JLL brokered the deal. Toscana Apartments was 99 percent occupied at the time of sale.

August 9, 2022

Acquisitions Multifamily Seniors Housing Texas

Ensign Group Acquires 138-Bed Skilled Nursing Facility in McKinney, Texas

by Taylor Williams August 9, 2022

MCKINNEY, TEXAS — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of Park Manor of McKinney, a 138-bed skilled nursing facility in metro Dallas. Standard Bearer Healthcare REIT Inc., Ensign’s captive real estate company, will own the real estate. This acquisition brings Ensign’s portfolio to 259 healthcare operations, 26 of which also include senior living operations, across 13 states. Ensign subsidiaries, including Standard Bearer, now own 106 real estate assets. The seller was not disclosed.

August 9, 2022

Newer Posts

Older Posts