LA JOLLA, CALIF. — Belmont Village Senior Living has opened Belmont Village Senior Living La Jolla. The property rises 17 stories along the Pacific Coast just north of San Diego, featuring 180 units of independent living, assisted living and memory care. It is Belmont’s 15th community in California and 33rd overall. Partners on the project include Greystar, UC San Diego Center for Healthy Aging and the Stein Institute for Research on Aging. James Arp is the executive director.
MINNEAPOLIS — Lupe Development has broken ground on a 200-unit seniors housing campus in the Bryn Mawr neighborhood of Minneapolis named Wirth on the Woods. The project will consist of 100 affordable units within a six-story building named The Theodore as well as 100 market-rate units in a separate six-story building named The Eloise. Residents of the buildings will share amenities, including an outdoor courtyard, garden and walking trails. Ecumen will serve as manager. Completion is slated for late summer 2023. The project received funding from the Raymond James Tax Credit Fund and Raymond James Housing Opportunities Fund, the City of Minneapolis, Hennepin County, the Metropolitan Council, the Minnesota Housing Finance Agency, Great Southern Bank and Minneapolis Public Schools.
ARLINGTON HEIGHTS, ILL. — Housing Trust Group (HTG) has begun construction of Crescent Place, a new $18.2 million affordable housing community in the Chicago suburb of Arlington Heights. The project is a joint venture between HTG and nonprofit developer Turnstone Development Corp. Located on a 2.3-acre lot at 310 W. Rand Road, Crescent Place will be comprised of 40 one- and two-bedroom units and will include amenities such as a resident garden, outdoor patio, community room, library, computer cafe, fitness room, tenant storage compartments, bicycle storage and 80 outdoor parking spaces. Units will be reserved for residents who earn up to 60 percent of the area median income. Eight units will be reserved for persons with disabilities to live independently. Construction is slated for completion in spring 2023. Monthly rents will range from $524 to $1,258.
CHICAGO — Interra Realty has brokered the sale of a multifamily portfolio in Chicago for $2.9 million. The property is comprised of 15 units across two buildings, one located at 3856 W. Diversity Ave. and the other at 2544 N. Harding Ave. The multifamily portfolio includes one studio, two one-bedroom, nine two-bedroom and three three-bedroom units. Brad Feldman and Jeremy Morton of Interra represented the seller, who extensively renovated the buildings. Feldman and Morton also represented the private, out-of-state buyer, who intends to bring rents in line with the market as units turn over.
By John D. Hutchinson, vice chairman, global head of origination, Trez Capital The COVID-19 pandemic brought mass migration to the Sun Belt states, and by far, the most sought-after location of the pandemic migration boom was Texas. Multifamily investment demand remains strong due a higher quality of living, affordability and job growth. People are leaving high-tax, high-regulation states and moving to states like Texas with lower taxes and more favorable business climates. Austin, specifically, has outshone the top cities in the “Texas Triangle” with its large influx of both people and jobs. Austin’s exponential population growth, attractive cultural qualities and high-income jobs have created demand for and premium prices on real estate. Although the U.S. economy has seen changes in the last couple of months, such as inflation and interest rate hikes, the city still affords a great opportunity for multifamily investors. According to data from CoStar Group, Austin has doubled its construction starts over the past year and is expected to add 15,827 new units in 2022. In fact, there was a record 25 percent rent growth and strong occupancy at the end of 2021. A Growing Market In 2021, the Austin area’s net population growth was about 16 …
NEW YORK CITY — CBRE has brokered the $415 million sale of 160 Riverside Boulevard, a 455-unit multifamily building on Manhattan’s Upper East Side. The building sits between West 67th and West 68th streets and overlooks the Hudson River. According to Apartments.com, the property offers studio, one-, two- and three-bedroom units that range in size from 498 to 1,797 square feet and amenities such as a fitness center, clubhouse, package handling system and a playground. Darcy Stacom led a CBRE team that represented the seller, Equity Residential, in the transaction. The buyer was locally based investment firm A&E Real Estate. Square Mile Capital Management provided $285.8 million in acquisition financing for the deal.
CARROLLTON, TEXAS — Canadian investment firm Western Wealth Capital has purchased Embry Apartment Homes, a 151-unit multifamily property located in the northern Dallas suburb of Carrollton. The property was built in 1985 and expanded in 1995. According to Apartments.com, the one- and two-bedroom units range in size from 713 to 1,200 square feet, and amenities include a pool, fitness center, clubhouse, outdoor grilling stations, business center and a pet play area. The new ownership plans to implement a value-add program.
IRVING, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of a portfolio of five multifamily properties totaling 129 units in Irving. The properties — Nursery Apartments, Irvington Place, Arbor Vista, Sunnylane and Oakland — were all built between 1950 and 1961 and had a collective occupancy rate of 98 percent at the time of sale. Yonnic Land of TMG represented the seller in the transaction, and Greg Miller of TMG represented the buyer. Both parties requested anonymity.
DAVENPORT, FLA. — Vienna, Va.-based Middleburg Communities and private equity partner Stockbridge have acquired Indigo Champions Ridge, a 300-unit luxury apartment community located at 1005 Champions Ridge Drive in Davenport, which is about midway between Orlando and Tampa. Brett Moss, Tyler Swidler, Cole Whitaker and Matt Mitchell of Berkadia’s Orlando and Tampa offices represented the Georgia-based sellers, Red Clay Development Partners and Atlantic Residential, in the $100.5 million transaction. Middleburg will take over management, operations and leasing responsibilities at Indigo Champions Ridge, which was completed earlier this year and features resort-style amenities, a modern clubhouse and high-end finishes. Adam Bieber of Bellwether Enterprise structured the joint venture between Middleburg and Stockbridge, as well as an undisclosed amount of acquisition financing through Synovus Bank.
SAN MARCOS, TEXAS — New York City-based Lument has provided a bridge loan of an undisclosed amount for the acquisition of The Nest, a 104-unit apartment complex in San Marcos. Built on five acres in 1975, the community consists of 23 buildings with 10 one-bedroom units, 92 two-bedroom residences, one three-bedroom apartment and one four-bedroom unit. Amenities include a pool, basketball court, turf soccer field and a dog park. John Sloot and Colin Cross of Lument originated the three-year, floating-rate loan on behalf of the undisclosed borrower, which plans to renovate the property. John Brickson of McKinney Realty Capital arranged the debt.
