Multifamily

IPA Negotiates Sale of Two Adjoining Multifamily Properties Totaling 524 Units in Irving

by Taylor Williams July 26, 2022

IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of two adjoining multifamily properties in Irving totaling 524 units. Built in 1972and 1974, respectively, Rustic Ridge and Asher Park offer amenities such as a pools with a picnic areas, pergolas and dog parks, as well as package handling centers. IPA’s Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, Asher Hall and Will Balthrope represented the undisclosed, Texas-based seller in the transaction. The team also procured the buyer, Touro Co. Brian Eisendrath and Cameron Chalfant, also with IPA, arranged an undisclosed amount of acquisition financing for the deal.

July 26, 2022

Build-to-Rent Development Multifamily Single-Family Rental Texas

RangeWater Underway on Development of 120 Build-to-Rent Homes, 325 Apartment Units in Fort Worth

by Taylor Williams July 26, 2022

FORT WORTH, TEXAS — Atlanta-based developer RangeWater Real Estate is underway on construction of 120 build-to-rent (BTR) homes and 325 apartment units in Fort Worth. Both complexes will be situated on a 23-acre site in the city’s Beechwood neighborhood. The townhome-style units of Palo, the BTR community, will come in three-bedroom formats and will include private patios. Palo will also have its own pool. Ellianna’s rental apartments will feature one-, two- and three-bedroom floor plans, and residents will have access to a separate pool, a fitness center, clubhouse, outdoor kitchen and a dog park. Construction began in June, and the first units are expected to be complete in the third quarter of 2023.

July 26, 2022

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 400-Unit Westchase Forest Apartments in Houston

by Taylor Williams July 26, 2022

HOUSTON — Berkadia has brokered the sale of Westchase Forest, a 400-unit apartment community located at 11355 Richmond Ave. in Houston. Westchase Forest offers one-, two- and three-bedroom apartments ranging in size from 570 to 1,242 square feet. Units feature stainless steel appliances, breakfast bars, private patios and in-unit washer and dryers. Communal amenities include a business center, clubhouse, internet café, media room, picnic area with a barbecue pavilion, two pools and a fitness center. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Southern California-based investment firm Nimes Real Estate, in the deal. The buyer was not disclosed.

July 26, 2022

Acquisitions Build-to-Rent Multifamily Single-Family Rental Texas

Partnership Buys Two Residential Properties Totaling 371 Units Near Corpus Christi

by Taylor Williams July 26, 2022

ARANSAS PASS AND ROCKPORT, TEXAS — Dallas-based RREAF Holdings and its two Florida-based equity partners, DLP Capital and Miami-based 3650 REIT, have purchased two residential properties totaling 371 units that are located on the outskirts of Corpus Christi. Windy Shores is a 155-unit build-to-rent community in Aransas Pass that was constructed in 2004, and Pearl Point is a 216-unit, garden-style apartment complex in Rockport that was completed in 2020. Nathan Stone and Guy Griffith of Berkadia provided an undisclosed amount of Freddie Mac acquisition financing to the partnership, which plans to renovate unit interiors and common areas at both properties.

July 26, 2022

Acquisitions Multifamily New Jersey Northeast

Claremont Development Sells Northern New Jersey Apartment Community for $130M

by Taylor Williams July 26, 2022

PARK RIDGE, N.J. — Locally based firm Claremont Development has sold The James, a 240-unit apartment community located at 87 Madison Ave. in the Northern New Jersey community of Park Ridge. The sales price was $130 million. Named after area native and actor James Gandolfini, the five-story property offers studio, one- and two-bedroom units, including 20 residences that are reserved as affordable housing. The James also includes 17,600 square feet of retail space and amenities such as a pool, fitness center, coffee bar, coworking spaces and multiple entertainment lounges. Brian Whitmer, Niko Nicolaou and Ryan Dowd of Cushman & Wakefield represented Claremont Development in the transaction. The buyer was not disclosed.

July 26, 2022

Loans Michigan Midwest Multifamily Ohio Seniors Housing Wisconsin

Lument Provides $87M in HUD-Insured Loans for Refinancing of Midwest Skilled Nursing Portfolio

by Kristin Harlow July 26, 2022

OHIO, MICHIGAN AND WISCONSIN — Lument has provided $87 million in HUD 232/223(f) loans for the refinancing of a portfolio of nine skilled nursing facilities located in Ohio, Michigan and Wisconsin. The properties total 691 beds. The operator, Atrium Centers Inc., provides short-term, post-acute rehabilitation and long-term nursing care. Each of the nine loans features a fixed interest rate. HUD 232/223(f) loans allow for the purchase or refinancing of nursing homes and assisted living facilities.

July 26, 2022

Development Multifamily New York Northeast Seniors Housing

Sunrise Senior Living Opens 130-Unit Community on Staten Island

by Taylor Williams July 26, 2022

NEW YORK CITY — Sunrise Senior Living has opened Sunrise of New Dorp, its second seniors housing community on Staten Island. The 85,000-square-foot, four-story property features 130 units of assisted living and memory care and proximity to the Staten Island Expressway and some of the borough’s various shops, restaurants and beaches. Moseley Architects designed the project. Other partners included KBE Building Corp. and PWC Cos.

July 26, 2022

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $7M in Bridge Financing for Assisted Living Community in Wellsville, New York

by Taylor Williams July 26, 2022

WELLSVILLE, N.Y. — Greystone has provided a $7 million bridge loan for the refinancing of a 137-bed assisted living facility in Wellsville, located in the southwestern part of the Empire State. The financing retires the acquisition debt of the borrower, Willow Ridge Senior Living LLC, which acquired the facility in August 2021. Formerly known as Manor Hills, the property also includes 22 memory care beds in a separate wing. Greystone intends to pursue HUD-insured financing as a long-term permanent exit of the bridge financing. The nonrecourse, interest-only bridge loan includes an initial 24-month term with two six-month extensions.

July 26, 2022

Acquisitions Arizona Loans Multifamily Western

Mesa West Capital Provides $108M Acquisition Loan for Skywater at Town Lake Apartments in Tempe, Arizona

by Amy Works July 26, 2022

TEMPE, ARIZ. — Mesa West Capital has provided KB Investment & Development Co. with $108 million in first mortgage debt for its acquisition of an apartment community in Tempe. The five-year, floating-rate loan is for Skywater at Town Lake, located at 601 W. Rio Salado Parkway. Built in 2015, the five-acre property offers 328 apartments in a mix of studio, one-, two- and three-bedroom floor plans spread across five four-story, elevator-served buildings. Community amenities include a sundeck; swimming pool; top-floor resident clubhouse with a full kitchen, pool tables and wrap-around balcony; outdoor kitchen and entertainment space with firepits and games; two-story fitness center with a yoga studio and Peloton bikes; electric vehicle charging stations; bike/paddle board/kayak storage room; underground parking structure; and onsite coffee shop. At the time of closing, the property was 96.6 percent leased. Rocco Mandala of CBRE arranged the financing.

July 26, 2022

California Development Multifamily Western

Manhattan West, Local Development Plan Two Multifamily Properties in Los Angeles’ Echo Park

by Amy Works July 26, 2022

LOS ANGELES — Manhattan West Real Estate, a division of Manhattan West, and its joint venture partner Local Development plan to develop two multifamily properties totaling 102 units in Los Angeles’ Echo Park neighborhood. The partnership is currently pursuing development entitlements with the City of Los Angeles via its Transit Oriented Communities Affordable Housing Incentive Program for 801-809 N. Alvarado St. and 900-908 N. Alvarado St., which are situated one block apart from each other. Earlier this month, the joint venture acquired 900 Alvarado, which totals 15,000 square feet of land, for $4 million. In December 2021, it purchased 801 Alvarado, a 12,678-square-foot site, for $4.2 million. The existing vacant structures on the sites are scheduled for demolition in early September. Once entitlements are finalized, construction on both projects is slated to begin in late 2023, with completion targeted for approximately two years later. The properties will offer one-, two- and three-bedroom units with balconies in most units and a rooftop deck, among other amenities. The property at 900 Alvarado will feature 47 apartments over a fitness center and two-level, 48-car, subterranean parking garage. The 801 Alvarado property will offer 55 units over a two-level, 40-car, subterranean parking garage. Warren …

July 26, 2022

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