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Multifamily

Affordable HousingDevelopmentIllinoisMidwestMultifamily

Evergreen Real Estate, Imagine Group Break Ground on $43M Affordable Housing Project in Chicago

by Kristin Harlow

CHICAGO — A joint venture between Evergreen Real Estate Group and Imagine Group has broken ground on Auburn Gresham Apartments, a $43 million affordable housing project in Chicago. Plans call for 58 units across two buildings. The project represents the first of more than 10 major construction projects to move forward through the city’s INVEST South/West initiative. This urban revitalization strategy being implemented by Mayor Lori Lightfoot is guiding $1.4 billion in public and private investment within 10 West and South Side community areas. Designed by Nia Architects and Ross Barney Architects, Auburn Gresham Apartments will include a three-story building at 838 W. 79th St. that will feature 28 units, 28 parking spaces and 5,200 square feet of retail space to be occupied by West African food purveyor AYO Foods. A five-story building at 757 W. 79th St. will feature 30 units, 14 parking spaces and 3,300 square feet of commercial space occupied by KLEO Community Center and The Park Supper Club. All the units will be priced at affordable levels, with monthly rates ranging from approximately $925 to $1,250. The Department of Planning and Development and the Chicago Department of Housing are supporting the project with $18 million in …

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IndianaLoansMidwestMultifamily

Colliers Mortgage Secures $9.9M Acquisition Loan for Multifamily Property in Evansville, Indiana

by Kristin Harlow

EVANSVILLE, IND. — Colliers Mortgage has secured a $9.9 million Fannie Mae loan for the acquisition of City Pointe Apartments and Townhomes in Evansville, a city in southern Indiana. Constructed in 1999, the property features 112 units spread across 23 buildings. The 10-year loan was arranged through a partnership with Old Capital Lending. The borrower was an entity doing business as CPE202 LLC.

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LoansMidwestMultifamilyNorthmarqOhio

Northmarq Arranges $6.3M Loan for Refinancing of Apartment Complex in Miamisburg, Ohio

by Kristin Harlow

MIAMISBURG, OHIO — Northmarq has arranged a $6.3 million loan for the refinancing of Miamisburg Estates in suburban Dayton. The apartment complex consists of 142 units across 13 buildings. Amenities include a media center, laundry facilities and trash pickup. Noah Juran of Northmarq arranged the seven-year loan, which features a 30-year amortization schedule. An agency lender provided the loan. The undisclosed borrower purchased the property in two phases in 2019 and 2021.

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AcquisitionsMultifamilyTexas

Cottonwood Group, Texsun Holdings Buy 480-Unit Multifamily Portfolio in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A partnership between two private equity firms, Los Angeles-based Cottonwood Group and Dallas-based Texsun Holdings, has purchased a two-property multifamily portfolio totaling 480 units in Fort Worth. The properties, Woodstone and Bridge Hollow, both offer one- and two-bedroom units. The new ownership plans to implement a $5 million capital improvement plan across both assets. The seller and sales price were not disclosed.

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Life-at-Grand-Oaks-Houston
Affordable HousingDevelopmentMultifamilyTexas

Olive Tree Plans $25M Renovation of Houston Affordable Housing Community

by Taylor Williams

HOUSTON — New York City-based investment firm Olive Tree Holdings will undertake a $25 million renovation of The Life at Grand Oaks, a 556-unit affordable housing community in Houston. Built in 1982, the property offers one- and two-bedroom units that are reserved for households earning 60 percent or less of the area median income. Units will be outfitted with new flooring, countertops and fixtures, and the property’s HVAC systems will be upgraded. Olive Tree also plans to refresh the amenity spaces, which include a pool, playground, clubhouse and a computer room. Completion is slated for mid-2023.

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AcquisitionsMultifamilyNew YorkNortheast

Meadow Partners Buys Multifamily Property in Manhattan’s East Village for $58M

by Taylor Williams

NEW YORK CITY — Meadow Partners, an investment firm with offices in New York and London, has purchased an 89-unit multifamily property in Manhattan’s East Village for $58 million. The adjacent buildings at 305 E. 11th St. and 310 E. 12th St. were originally constructed in 1940 and are connected by an 11,000-square-foot courtyard. Units come in studio, one- and two-bedroom floor plans. An affiliate of Cerberus Capital Management provided debt financing to support the acquisition.

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LoansMultifamilyNew YorkNortheastSeniors Housing

Dwight Capital Provides $27M Acquisition Loan for Western New York Seniors Housing Portfolio

by Taylor Williams

JAMESTOWN AND FREWSBURG, N.Y. — Dwight Mortgage Trust has provided a $27 million bridge loan for the acquisition of a portfolio of four seniors housing properties totaling 293 beds in Western New York. The facilities are located in Jamestown and Frewsburg and offer memory care and assisted living services. Dwight’s Josh Levin originated the financing on behalf of the borrower, Culture Care Senior Living.

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AcquisitionsFloridaSeniors HousingSoutheast

SRS Brokers $46.7M Sale of Skilled Nursing Facility in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — SRS Real Estate Partners has brokered the sale of a single-tenant, 75-bed skilled nursing facility located at 13960 Plantation Road in Fort Myers. An entity doing business as Plantation Medical Center SNU LLC sold the property to a private 1031 investment firm based in New York City for $46.7 million. Patrick Nutt and William Wamble of SRS’ National Net Lease Group represented the seller in the off-market transaction, and Jason Maier of Stan Johnson Co. represented the buyer. Built in 2018, the 57,650-square-foot property is situated adjacent to the Gulf Coast Medical Center and is occupied by Lee Memorial Health System’s Gulf Coast Medical Center Skilled Nursing Unit. Lee Memorial Health System has 16 years remaining on its lease term with options to extend, according to SRS.

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AcquisitionsKansasMidwestMultifamilyNorthmarq

Northmarq Arranges $46.6M Sale of Multifamily Portfolio in Lawrence, Kansas

by Kristin Harlow

LAWRENCE, KAN. — Northmarq has arranged the sale of a two-property multifamily portfolio in Lawrence for $46.6 million. The properties, Aberdeen and Alvadora, total 404 units. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, a partnership between CAPREIT and Dome Equities. David Link of Northmarq arranged acquisition financing on behalf of the buyer, Griffis/Blessing Inc.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $2.2M Sale of Two-Building Multifamily Portfolio in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $2.2 million sale of a two-building multifamily portfolio in Chicago’s Pilsen neighborhood. The properties include a six-unit building at 1924 S. Loomis St. and a seven-unit building at 2214 W. 18th Place. The average price per unit was $171,538. Jeremy Morton of Interra represented the seller, a private local owner that purchased the properties more than 20 years ago. The buildings sold to two separate private buyers. The buyer of 2214 W. 18th Place plans to modernize the units and add in-unit laundry. The building was last renovated in 2003. The buyer of 1924 S. Loomis St. plans to install in-unit laundry. The property was last renovated in 1998.

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