SLIPPERY ROCK, PA. — MultiVersity Housing Partners (MVHP) has sold University Village at Slippery Rock, a student housing community located north of Pittsburgh. The community offers two- and four-bedroom fully furnished units alongside additional shared amenities including a fitness center, volleyball and basketball courts, fire pits and a dog park. The buyer was undisclosed. MVHP acquired the asset in August 2010 and implemented $3.5 million in capital expenditures over the course of the 12-year holding period, including renovations to units, the addition of a resort-style pool and enhancements to the clubhouse and other amenity spaces.
MADISON, WIS. — Northland has purchased Preserve West, a 318-unit apartment community in Madison. The purchase price and seller were undisclosed. The garden-style property was formerly named ReNew 78 West. The community features 17 buildings across roughly 20 acres. Amenities include a clubhouse, fitness center, coworking space and communal kitchen. Northland owns and operates a multifamily portfolio that includes more than 26,000 units across the U.S.
COLUMBIA HEIGHTS, MINN. — Colliers Mortgage has provided an $11.2 million HUD 221(d)(4) loan for the construction of 42nd & Central in Columbia Heights, a northern suburb of Minneapolis. The project will consist of 62 affordable housing units, all of which will be restricted to residents who earn 60 percent or less of the area median income. Amenities will include a clubroom, fitness room, playground, bike station, dog run, storage lockers and package room. The loan features a 40-year term. Reuter Walton Development was the borrower.
NEW YORK CITY — GAIA Real Estate has acquired a 28-unit multifamily building at 106 Norfolk St. on Manhattan’s Lower East Side for $14 million. The majority of the units at the fully occupied property, which features one- and two-bedroom floor plans, are rented at market rates. The building also houses two retail spaces that are occupied by food and beverage concepts. Bob Knackal of JLL represented the undisclosed seller in the transaction.
Inflation is here. Is the Memphis multifamily market built to withstand it? Coming off an unprecedented year of sales volume in 2021, Memphis multifamily assets continue to be in high demand despite rising interest rates. While year-over-year sales volume might be down, the average market sale price per unit increased by 10 percent to $90,700 over the same period, as of second-quarter 2022. While overall market rent per unit growth is off double-digit highs from 2021, it is still up a sturdy 8 percent year-over-year. Strong occupancy levels, low concession rates and limited on-market supply is keeping pricing buoyant, leading to steady cap rates in the face of rising debt cost — at least for now. Capital investment and renovation to existing multifamily properties contributed greatly to both rent growth and sales volume in 2021. Memphis is a very appealing option for investors seeking value, as over 50 percent of all transactions in 2021 fell within the $40,000 to $80,000 per unit range, which is much more competitive than many primary markets. With over two-thirds of existing inventory built before 2000, the vintage of current inventory provides ample opportunities to reposition assets. Local government entities have actively played a role …
SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk Grove and Whitney Ranch at 711 University Ave. in Rocklin. The seniors housing properties includes Corsair Park Senior at 6920 Watt Ave. in North Highlands and Hurley Creek Senior at 4275 El Centro Road in Sacramento. Constructed between 2008 and 2017, the properties were built utilizing low-income housing tax credits through the California Tax Credit Allocation Committee and with bond financing via multiple agencies. Additionally, the assets benefit from the state of California’s Welfare Tax Exemption. Each community features a leasing center, central clubhouse, business center, fitness center, pool, laundry facilities, carports and garages. Avanath plans to implement sustainable and social-service measures at the properties, including energy-saving updates and resident impact programming. With this acquisition, Avanath now holds 12 total properties and manages 1,854 total units in the …
BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Tyner Ranch Apartments, a multifamily property in Bakersfield. Hardt Investments sold the property to a Modesto-based private investment group for nearly $31 million. Built in 2006-2007, Tyner Ranch features 168 apartments in two- and three-bedroom floor plans ranging in size from 788 square feet to 1,193 square feet. The apartments offer fully equipped kitchens, attached garages and private backyards with patios. Community amenities include picnic areas with grilling stations. Mark Bonas of TMG represented the seller in the deal.
BOISE, IDAHO — Blueprint Healthcare Real Estate Advisors has arranged the sale of Regency Columbia Village, a 60-unit seniors housing community in Southeast Boise. Regency Columbia Village consists of four pods with 15 units each. The type of care was not disclosed. The Cottages acquired the property from an undisclosed seller for an undisclosed price.
SEABROOK, TEXAS — Southern California-based investment firm Brixton Capital has acquired Regatta Bay, a 240-unit apartment community located about 30 miles southeast of Houston in Seabrook. Built in 2003, the property consists of 15 two- and three-story residential buildings and a pool, fitness center, dog park and tenant lounge. The seller was not disclosed. Brixton plans to upgrade the unit interiors, including new appliances, flooring, countertops and cabinetry, as well as updated lighting and plumbing fixtures.
EAGLE PASS, TEXAS — Northmarq has arranged the sale of Holly Apartments, a 136-unit multifamily property in Eagle Pass, located near the Texas-Mexico border in Maverick County. Built in 1975 and renovated in 1996, the property offers a pool, outdoor grilling and picnic areas, playground and a basketball court. Zar Haro, Moses Siller, Phil Grafe and Bryan VanCura of Northmarq represented the undisclosed buyer in the deal. Cheryl Higley, also with Northmarq, arranged a nonrecourse, fixed-rate acquisition loan with a 10-year term and a 30-year amortization schedule.