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Multifamily

Evermont-Los-Angeles-CA
Affordable HousingCaliforniaDevelopmentMixed-UseMultifamilyRetailSeniors HousingWestern

Development Team Starts Construction of Evermont Mixed-Use Project in Los Angeles

by Amy Works

LOS ANGELES — A co-development team consisting of BRIDGE Housing, the Coalition for Responsible Community Development (CRCD) and Primestor Development have started construction of Evermont, a mixed-use project on the former site of the 1992 Los Angeles riots. The new mixed-use development will deliver 180 affordable housing units for seniors and families, retail stores, a transit plaza and a Metro public transportation system training facility. Construction at Evermont is scheduled for completion in 2024. The residential component, led by BRIDGE Housing and CRCD, consists of Vista@Evermont, which will offer 62 permanent supportive housing apartments for seniors who have experienced chronic homelessness, and Luminus@Evermont, which will feature 118 affordable homes for families with low incomes, including 60 permanent supportive housing units. Located along the Vermont Corridor, the site is home to the second busiest transit stop in the entire Metro system. Additional key features of the development include a new, landscaped public transit plaza located on Vermont Avenue, plus improved pedestrian and cycling connections to other community facilities. The future LEED-certified facilities will be connected by a 22,000-square-foot plaza with a five-story parking structure to serve both commercial and residential tenants. Financial partners include JPMorgan Chase Bank, Los Angeles County Development …

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Andara-Senior-Living-Scottsdale-AZ
AcquisitionsArizonaMultifamilySeniors HousingWestern

CBRE Negotiates Sale of 170-Unit Andara Senior Living in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — CBRE National Senior Housing has arranged the sale of and acquisition financing for Andara Senior Living, a 170-unit luxury seniors housing community in Scottsdale. Built in 2010, the community is located in an affluent pocket of Scottsdale and nestled in the foothills of the McDowell Mountains. The campus features two three-story residential wings interconnected by a covered walkway. The community offers independent living and assisted living services. Reliant Group sold the property to a joint venture between Colonial Oaks Senior Living and Fortress Investment Group. Although the price wasn’t disclosed, CBRE provided a $37 million fixed-rate Freddie Mac acquisition loan in connection with the sale. This transaction represents CBRE’s third financing of the community after previously arranging acquisition financing on behalf of the seller in 2012 and an agency refinancing in 2018. The CBRE investment sales team consisting of John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented the seller, while the CBRE debt and structured finance team consisting of Aron Will, Austin Sacco and Adam Mincberg arranged the financing.

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AcquisitionsMultifamilySeniors HousingTexas

Grandbridge Brokers Sale of Three Seniors Housing Properties Totaling 664 Units in Texas

by Taylor Williams

ABILENE, AMARILLO AND TYLER, TEXAS — Grandbridge Real Estate Capital has brokered the sale of three seniors housing properties totaling 664 units in Texas. The properties include Wesley Court in Abilene, The Craig in Amarillo and Meadow Lake in Tyler. The facilities offer a full continuum of services, including independent living, assisted living, memory care and skilled nursing. The properties were 90 percent occupied at the time of sale. Lifespace Communities acquired the properties from RSF Partners, Evergreen Senior Living Properties and ER Senior Management. The sales price was not disclosed. David Kliewer, Jay Jordan and David Rothschild of Grandbridge brokered the deal.

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Bend-at-Oak-Forest-Houston
AcquisitionsMultifamilyTexas

Excelsa Properties Sells 392-Unit Bend at Oak Forest Apartments in Houston

by Taylor Williams

HOUSTON — Excelsa Properties, the real estate investment arm of global asset management firm Excelsa Holding, has sold Bend at Oak Forest, a 392-unit apartment community in Houston. The property offers one-, two- and three-bedroom units and amenities such as a pool, business center, fitness center and a coffee bar. Excelsa originally acquired the garden-style property in summer 2019 in partnership with GoldCor Capital Partners and implemented a value-add program. Specifically, the partnership upgraded roofing, landscaping and parking areas and refurbished 57 units with new floors, cabinets and countertops. The buyer and sales price were not disclosed.

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Vineyard-Trace-Apartments-Houston
AcquisitionsMultifamilyTexas

Colliers Arranges Sale of 238-Unit Vineyard Trace Apartments in Houston

by Taylor Williams

HOUSTON — Colliers has arranged the sale of Vineyard Trace Apartments, a 238-unit multifamily complex in Houston’s Willowbrook submarket. The garden-style property sits on 8.4 acres and features one-, two- and three-bedroom units. Amenities include two pools, a playground, clubhouse, sports court, outdoor grilling stations and onsite laundry facilities. Bob Heard, Chip Nash and Jaleel Adatia of Colliers represented the seller, Windmill Investments LLC, in the transaction. The buyer and sales price were not disclosed.

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DevelopmentMultifamilySoutheastTennessee

Doster Construction Completes Novel Edgehill Apartments in Nashville

by John Nelson

NASHVILLE, TENN. — Doster Construction Co. has completed Novel Edgehill, a five-story mixed-use apartment community situated just south of Nashville’s Gulch district. Charlotte-based Crescent Communities and locally based Pearl Street Partners co-developed the 270-unit community, which features a five-level parking garage and rooftop pool. KTGY Architecture designed Novel Edgehill with studio, one- and two-bedroom floor plans. The asset also features ground-floor retail space leased to Land of a Thousand Hills Coffee, The Mercantile, Bodyrok gym and Roc and Roe Style Bar. Doster Construction broke ground on the project in 2020. According to the property website, rental rates range from $1,905 to $3,500 per month.

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AcquisitionsGeorgiaMultifamilySoutheast

Trion Purchases Two Apartment Communities in Savannah for $57.7M

by John Nelson

SAVANNAH, GA. — Trion Properties, a multifamily investor based in West Hollywood, Calif., has purchased two apartment communities in Savannah’s Southside submarket for $57.7 million. The 297-unit portfolio includes Osprey on the Bluffs and Heron on the Bluffs, which are situated one mile apart. Taylor Bird, Nelson Abels, Laura Aylor and Harrison Cheeley of Cushman & Wakefield brokered the transaction. Acquisition financing included debt arranged by Continental Partners through Capital One and preferred equity provided by Walker & Dunlop. The assets were 97 percent occupied at the time of sale and were both constructed in 1986. The previous ownership invested nearly $4.8 million in renovations across both properties, according to Trion. The company plans to invest in landscaping, parking lot renovations, pool deck redesigning, signage upgrades, new barbecue areas and a dog park.

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Andara-Senior-Living-Scottsdale-AZ
AcquisitionsArizonaMultifamilySeniors HousingWestern

CBRE Negotiates Sale of 170-Unit Andara Senior Living in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — CBRE National Senior Housing has arranged the sale of and acquisition financing for Andara Senior Living, a 170-unit luxury seniors housing community in Scottsdale. Built in 2010, the community is located in an affluent pocket of Scottsdale and nestled in the foothills of the McDowell Mountains. The campus features two three-story residential wings interconnected by a covered walkway. The community offers independent living and assisted living services. Reliant Group sold the property to a joint venture between Colonial Oaks Senior Living and Fortress Investment Group. Although the price wasn’t disclosed, CBRE provided a $37 million fixed-rate Freddie Mac acquisition loan in connection with the sale. This transaction represents CBRE’s third financing of the community after previously arranging acquisition financing on behalf of the seller in 2012 and an agency refinancing in 2018. The CBRE investment sales team consisting of John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented the seller, while the CBRE debt and structured finance team consisting of Aron Will, Austin Sacco and Adam Mincberg arranged the financing.

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Evermont-Los-Angeles-CA
Affordable HousingCaliforniaDevelopmentMixed-UseMultifamilySeniors HousingWestern

Development Team Starts Construction of Evermont Mixed-Use Project in Los Angeles

by Amy Works

LOS ANGELES — A co-development team consisting of BRIDGE Housing, the Coalition for Responsible Community Development (CRCD) and Primestor Development have started construction of Evermont, a mixed-use project on the former site of the 1992 Los Angeles riots. The new mixed-use development will deliver 180 affordable housing units for seniors and families, retail stores, a transit plaza and a Metro public transportation system training facility. Construction at Evermont is scheduled for completion in 2024. The residential component, led by BRIDGE Housing and CRCD, consists of Vista@Evermont, which will offer 62 permanent supportive housing apartments for seniors who have experienced chronic homelessness, and Luminus@Evermont, which will feature 118 affordable homes for families with low incomes, including 60 permanent supportive housing units. Located along the Vermont Corridor, the site is home to the second busiest transit stop in the entire Metro system. Additional key features of the development include a new, landscaped public transit plaza located on Vermont Avenue, plus improved pedestrian and cycling connections to other community facilities. The future LEED-certified facilities will be connected by a 22,000-square-foot plaza with a five-story parking structure to serve both commercial and residential tenants. Financial partners include JPMorgan Chase Bank, Los Angeles County Development …

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Affordable HousingCaliforniaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailTop StoriesWestern

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw

WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …

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