Multifamily

Cushman & Wakefield Arranges $91.9M Construction Loan for Bellevue Station Apartment Project in Washington

by Amy Works August 2, 2022

BELLEVUE, WASH. — Cushman & Wakefield has arranged $91.9 million in construction financing for Legacy Partners and New York Life Real Estate Investors for the development of Bellevue Station, a transit-oriented multifamily property in Bellevue. Located at 1525 132nd Ave. NE in Bellevue’s Bel-Red submarket, Bellevue Station will feature 288 apartments, including 230 market-rate units and 58 below-market Multifamily Tax Exemption units. Community amenities will include a gym with a separate yoga zone, coffee bar, rooftop club room with terrace and an indoor/outdoor/games room. Additionally, the lobby will offer co-working space with open booths for residents. Upon completion in first-quarter 2025, Bellevue Station will sit along the newly expanded East Link light rail station. Dave Karson, Chris Moyer and Keith Padien of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in the financing, which JPMorgan Chase provided. The team also arranged the joint-venture equity for the development of the project earlier this year on behalf of Legacy Partners.

August 2, 2022

Acquisitions Arizona Multifamily Western

Goodegg Investments, Break of Day Capital Acquire 248-Unit Mission Antigua Apartments in Tucson, Arizona

by Amy Works August 2, 2022

TUCSON, ARIZ. — San Francisco-based Goodegg Investments and Manhattan Beach, Calif.-based Break of Day Capital have jointly acquired Mission Antigua, a 248-unit apartment community located in the Midvale Park area of Tucson, for an undisclosed price. Julie Lam and Annie Dickerson of Goodegg Investments and Gary Lipsky at Break of Day Capital led the acquisition teams. This is the eighth asset in Arizona for Break of Day Capital and the first for Goodegg Investments. Completed in 1989, Mission Antigua comprises 248 one-, two- and three- bedroom units and includes amenities such as a swimming pool, picnic area, fitness center and clubhouse. Individual unit amenities include fireplaces, ceiling fans, walk-in closets and balconies and patios. Select units include vaulted ceilings and in-unit washers and dryers. Approximately 70 percent of the units have been renovated, and Goodegg Investments and Break of Day Capital plan to renovate the remaining units.

August 2, 2022

Acquisitions Multifamily Northeast Pennsylvania

JLL Brokers Sale of Two Philadelphia Apartment Complexes Totaling 213 Units

by Taylor Williams August 2, 2022

PHIILADELPHIA — JLL has brokered the sale of two apartment complexes totaling 213 units in Philadelphia. The Broderick is a 69-unit property in the Society Hill area that houses one- and two-bedroom units with an average size of 854 square feet and 5,240 square feet of ground-floor retail space. The Republic is a 144-unit complex in the Rittenhouse neighborhood with studio, one- and two-bedroom residences averaging 695 square feet. The Republic also houses 5,267 square feet of retail space. Mark Thomson, Carl Fiebig, Francis Coyne and Tyler Margraf of JLL represented the seller, a partnership between Barings Real Estate and MRP Realty, in the two separate transactions. Sentinel Real Estate Corp. acquired the assets for undisclosed prices.

August 2, 2022

Features Multifamily

The Cost of Creature Comforts: What Multifamily Amenities Are Renters Most Willing to Pay For?

by Taylor Williams August 2, 2022

By Sarah Yaussi, vice president of business strategy, National Multifamily Housing Council What do renters want now? You might think that the latest and greatest tech upgrades would be at the top of their wish lists, or that fancy fixtures and finishes would be a powerful differentiator when choosing among their rental options. In reality, however, the most valued apartment features and community amenities for the 250,000 or so renters surveyed in the 2022 NMHC/Grace Hill Renter Preferences Survey Report were, in large part, far simpler. Those amenities and services that allowed them to simplify their to-do lists and take care of their families and their own health clocked in at the top of our list. About the Survey NMHC/Grace Hill survey respondents were asked about their levels of interest in a battery of apartment features and community amenities. Features are those design aspects contained within the unit or home itself. Amenities, on the other hand, are shared by residents of the community and most often refer to a rental community’s common areas. If respondents expressed interest, they were then asked how much more they would be willing to pay per month for an identical rental home that had that …

August 2, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 216-Unit Apartment Complex in Rockport, Texas

by Taylor Williams August 1, 2022

ROCKPORT, TEXAS — Marcus & Millichap has arranged the sale of Pearl Point, a 216-unit apartment complex in the southern coastal city of Rockport. Units at Pearl Point feature an average size of 906 square feet and are equipped with patios/balconies, walk-in closets and full-size washers and dryers. Amenities include a pool, open green space and a dog park. Kent Myers and Nico Bianchi of Marcus & Millichap represented the seller, a partnership between Rockport-based Uhr Real Estate Inc. and Iowa-based Frew Development Group, in the transaction. The duo also procured the buyer, Dallas-based RREAF Holdings.

August 1, 2022

Acquisitions Affordable Housing Multifamily Texas

Fairstead Acquires 105-Unit Historic Aurora Apartments in San Antonio

by Taylor Williams August 1, 2022

SAN ANTONIO — Fairstead, an investment firm with three offices along the East Coast, has acquired Aurora Apartments, a 105-unit historic multifamily complex in San Antonio’s Tobin Hill neighborhood. The 11-story, 92-year-old building currently provides housing for low-income senior citizens. Fairstead plans to invest $15 million to rehabilitate Aurora Apartments and preserve the property’s affordability status. Renovations will include upgrades of pieces of building infrastructure such as the emergency generator, electrical panels and main switchgear, as well as the installation of a new sprinkler system, elevators and roofing. The units’ kitchens, bathrooms, HVAC units and appliances will also be upgraded. Construction is expected to begin this summer.

August 1, 2022

Acquisitions Arizona Multifamily Western

Thompson Thrift Residential Sells The Wyatt Multifamily Community in Gilbert, Arizona for $91M

by Amy Works August 1, 2022

GILBERT, ARIZ. — Thompson Thrift Residential has completed the disposition of The Wyatt, an apartment property in Gilbert. Decron Properties acquired the asset for $91 million, or $421,296 per unit. Completed in 2022, The Wyatt features 216 apartments with nine-foot ceilings, full-size washers/dryers and a 980-square-foot average unit size. Community amenities include a swimming pool and spa; pavilion with social seating and recessed fireplace; resident clubhouse; community courtyard; playground; covered parking; and detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 1, 2022

Acquisitions California Mixed-Use Multifamily Retail Western

Marcus & Millichap Brokers $14.2M Sale of Royal Palms Mixed-Use Building in Glendora, California

by Amy Works August 1, 2022

GLENDORA, CALIF. — Marcus & Millichap has arranged the sale of Royal Palms Apartments & Professional Building, a mixed-use property located at 618-620 W. Route 66 in Glendora. A limited liability company sold the asset to an undisclosed buyer for $14.2 million. Totaling 43,292 square feet, Royal Palms Apartments & Professional Building features 28 commercial suites and 48 apartments with studio and one-bedroom floor plans. The building was built in 1962. Douglas McCauley and David Covarrubias of Marcus & Millichap’s Inland Empire office represented the seller in the transaction.

August 1, 2022

Kansas Loans Midwest Multifamily

Northmarq Provides $26.9M Loan for Refinancing of Apartment Complex in Topeka, Kansas

by Kristin Harlow August 1, 2022

TOPEKA, KAN. — Northmarq has provided a $26.9 million Fannie Mae loan for the refinancing of The Overlook Apartments in Topeka. Built in 2002, the 318-unit apartment complex features one-, two- and three-bedroom floor plans. Amenities include an outdoor pool, hot tub, fitness center and clubhouse. Dan Trebil of Northmarq secured the fixed-rate loan. The borrower was undisclosed.

August 1, 2022

Affordable Housing Indiana Loans Midwest Multifamily Seniors Housing

Merchants Capital Provides $13M for Rehabilitation of Affordable Seniors Housing Property in Gary, Indiana

by Kristin Harlow August 1, 2022

GARY, IND. — Merchants Capital has provided more than $13 million in financing for the rehabilitation of the Carolyn Mosby Apartments in Gary. A joint venture between Gorman & Co. and the Gary Housing Authority (GHA) was the borrower. GHA built the property in the late 1960s as a public housing development. The eight-story building comprises 142 units that are reserved for seniors or disabled residents earning 30 to 60 percent of the area median income. The financing will preserve the affordability of the property for its residents. The project received an allocation of $13 million in tax-exempt bonds from the Indiana Housing & Community Development Authority, enabling GHA to partner with Gorman to convert the property from public housing to a long-term Section 8 Housing Assistance Payments contract. Merchants Capital facilitated the bond purchase in the form of a $13 million construction loan from Merchants Bank of Indiana. Following construction completion, the loan will convert to a $5.2 million permanent loan pursuant to a Freddie Mac tax-exempt loan forward commitment, to be serviced by Merchants Capital. The project also received equity investments totaling roughly $9.7 million in return for federal low-income housing tax credits and federal historic rehabilitation tax …

August 1, 2022

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