Multifamily

Northmarq Arranges $55.5M Sale of 246-Unit Apartment Portfolio in Los Angeles

by Amy Works January 5, 2023

LOS ANGELES — Northmarq has negotiated the sale of a three-community multifamily portfolio in the Los Angeles neighborhoods of Granada Hills and Northridge. Upside Investments sold the portfolio to LAApartment.biz, a private investor, for $55.5 million. The portfolio includes: Villa Verde Apartments, a 90-unit asset located at 10339 Zelzah Ave. in Northridge. The community features laundry facilities, a fitness center and pool. Zelzah Avenue Apartments, an 88-unit property at 10331 Zelzah Ave. in Northridge. Onsite amenities include laundry facilities, a fitness center, pool and grill. Northridge Pointe, a three-story, 68-unit community located at 8511 Balboa Blvd. in the Northridge/Granada Hills submarket. Community amenities include laundry facilities, an elevator, a fitness center and picnic areas. Vince Norris, Jim Fisher, Mike Smith, Mike Hanassab, Elliot Hassan and Steven Goldstein of Northmarq’s Los Angeles investment sales team represented the seller and buyer in the transaction.

January 5, 2023

Acquisitions Multifamily Washington Western

Sage Homes Northwest Buys Three Multifamily Properties in Lakewood, Washington

by Amy Works January 5, 2023

LAKEWOOD, WASH. — Sage Homes Northwest has acquired a three-community multifamily portfolio from a private local owner for $20.4 million in an off-market transaction. The portfolio includes: Garden Park Apartments, a 49-unit property at 12802-12878 Lincoln Ave. SW Colonial Court Apartments, a 41-unit asset at 9120 Lawndale Ave., 9104 Newgrove Ave. SW and 9119 Kenwood Ave. SW Evergreen Court Apartments, a 40-unit community at 12805-12809 47th Ave. SW The buyer plans to perform value-add upgrades to the properties, which were built in the 1960s and 1970s, to bring the assets up to market-rate value. Brandon Lawler, Jerrid Anderson and Dylan Simon of Kidder Mathews’ Simon and Anderson team represented the buyer in the transaction.

January 5, 2023

Acquisitions Arbor Realty Trust Build-to-Rent Content Partner Features Midwest Multifamily Northeast Single-Family Rental Southeast Texas Western

Investors Drawn to Single-Family Rentals During Tough Economic Times

by Sarah Daniels January 5, 2023

By John Tarantino, Arbor Realty Trust The ongoing expansion of the single-family rental (SFR) market is capturing investors’ interest like never before. Construction starts in the sector topped a record 69,000 units over the past year, while the rate of rent growth remained positive for new leases and accelerated in renewals. That’s according to the third-quarter Single-Family Investment Trends Report Q3 2022, which Arbor Realty Trust recently published in partnership with Chandan Economics. SFR investors want to know what this latest market data reveals about how the sector is weathering economic changes and what it suggests about how their properties are likely to perform in the months ahead. In December, I was privileged to weigh in on these weighty questions as a panelist at Information Management Network’s 10th Annual Single-Family Rental Forum (West) in Scottsdale, Ariz. One of the messages I sought to convey to the audience that day is that single-family rentals have maintained their momentum as well as any corner of the housing market, as our third-quarter report bears out. And while rising interest rates and elevated risk have placed the housing market on shaky ground, SFR is on a secure foundation moving into 2023. With the average age …

January 5, 2023

Affordable Housing Loans Multifamily Texas

Basis Multifamily Finance Provides $7.3M Agency Refinancing of Affordable Housing Property in Nacogdoches, Texas

by Taylor Williams January 4, 2023

NACOGDOCHES, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $7.3 million Freddie Mac loan for the refinancing of Stone Creek Apartments, an affordable housing property located in the East Texas city of Nacogdoches. The property offers one- and two-bedroom floor plans and amenities such as a pool, fitness center and a business center. The sponsor was New Jersey-based Ambo Properties. Stone Creek was 93 percent occupied at the time of the loan closing.

January 4, 2023

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 64-Unit Seniors Housing Property in Metro Dallas

by Taylor Williams January 4, 2023

FRISCO, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Parsons House Frisco, a 64-unit assisted living and memory care community located on the northern outskirts of Dallas. The community spans 53,651 square feet on a 4.1-acre site. A regional owner-operator sold the asset to a family office located in the Western part of the country for an undisclosed price. The buyer plans to use Ridgline Management Co. as the operator. Matthew Alley and Jason Punzel of SLIB brokered the deal.

January 4, 2023

Development Multifamily New York Northeast

Reports: Brookfield, Park Tower Group Open 745-Unit Eagle + West Apartments in Brooklyn

by Taylor Williams January 4, 2023

NEW YORK CITY — Multiple local news outlets including Curbed New York City and New York Yimby have reported that a partnership between Brookfield Properties and Park Tower Group has opened Eagle + West, a 745-unit apartment community in Brooklyn. The latter publication notes that Eagle + West, which was designed by international architecture firm OMA, is located within the Greenpoint Landing development and comprises two towers that rise between 30 and 40 stories. According to the property website, Eagle + West features studio, one-, two- and three-bedroom units and amenities such as indoor and outdoor pools, a fitness center with yoga and spin studios, terrace with grilling stations, a game room, coworking lounge, catering kitchen and a children’s play area. Rents start at approximately $3,500 per month for a studio apartment.

January 4, 2023

Loans Multifamily Washington Western

Cushman & Wakefield, Greystone Arrange $15.7M Refinancing for Multifamily Project in Tacoma, Washington

by Amy Works January 4, 2023

TACOMA, WASH. — Cushman & Wakefield and Greystone have jointly closed a $44 million loan for the for the refinancing of Koz on MLK Way, a newly built apartment community in Tacoma. Dave Karson, Chris Moyer, Paul Roeter, John Spreitzer and Jason Blankfein of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the borrower, an affiliate of Koz Development, in the financing. Greystone provided the Fannie Mae DUS loan. Located on Martin Luther King Junior Way, the six-story property features 161 apartments in a mix of studio, one-, two- and three-bedroom units averaging 395 rentable square feet. On-site amenities include a furnished courtyard space with barbecues and lounge seating; laundry facilities, including in-unit washers/dryers; and private balconies on select units. Additionally, the property features 6,370 square feet of ground-floor retail space.

January 4, 2023

Acquisitions California Multifamily Seniors Housing Western

SLIB Brokers Sale of 144-Unit Seniors Housing Community in Oceanside, California

by Amy Works January 4, 2023

OCEANSIDE, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Merrill Gardens Oceanside. The 144-unit independent living, assisted living and memory care community is located in Oceanside, a coastal city between Los Angeles and San Diego. The community was built in 1999, totaling approximately 96,905 square feet on 4.4 acres of land. The seller was an East Coast-based private equity firm. The buyer is a Southern California-based investment group, with this being their first seniors housing acquisition. The price was not disclosed. Jason Punzel, Brad Goodsell and Brad Clousing of SLIB handled the transaction. “The Oceanside property is an exciting opportunity for the buyer as they enter into the seniors housing space,” says Goodsell. “With some minor tweaks, the property should do very well in a high-barrier-to-entry market.”

January 4, 2023

Acquisitions Connecticut Multifamily Northeast

CBRE Arranges $48.6M Sale of Reserve41 Apartments in Norwalk, Connecticut

by Taylor Williams January 4, 2023

NORWALK, CONN. — CBRE has arranged the $48.6 million sale of Reserve41, a 164-unit apartment community located in the southern coastal Connecticut city of Norwalk. Built in 1959 and renovated between 2018 and 2020, the property offers one-, two- and three-bedroom units. Amenities include a pool, playground and landscaped outdoor spaces. Jeff Dunne, Eric Apfel and Stuart MacKenzie of CBRE represented the seller, a partnership led by Connecticut-based real estate investment firm Belpointe, in the transaction. The trio also procured the buyer, New Jersey-based Yellowstone Property Group.

January 4, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $9.2M Sale of Multifamily Property in Chicago

by Kristin Harlow January 4, 2023

CHICAGO — Kiser Group has arranged the sale of a 52-unit multifamily property in Chicago’s Edgewater neighborhood for $9.2 million. Named Mabel Exchange, the building was originally constructed in 1928 to serve as the corporate headquarters of makeup company Maybelline. The property features 35 studios, 15 one-bedroom units, two two-bedroom units and 20,000 square feet of commercial space. Andy Friedman, Jake Parker and Lee Kiser of Kiser Group represented both the seller and the buyer, Envoi Partners. The buyer plans to add amenities and improve the commercial space. The seller purchased the building in 2019 and upgraded units, replaced plumbing and installed new electric service.

January 4, 2023

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