Multifamily

American Capital Group, Artemis Real Estate Partners Divest of Uplund Apartments in Kirkland, Washington for $242M

by Amy Works July 11, 2022

KIRKLAND, WASH. — American Capital Group (ACG) and Artemis Real Estate Partners have completed the disposition of Uplund, a multifamily community located at 11723 NE 117th Court in Kirkland. An undisclosed buyer acquired the asset for $242 million. Built in 2021 on 7.4 acres, Uplund features two six-story buildings offering 409 apartments in a mix of studio, one-, two- and three-bedroom floorplans with an average unit size of 789 square feet. Ten percent of the apartments are designated as affordable units. The property features an onsite hiking trail, two private terrace courtyards, a 24-hour fitness center, car wash station, dog wash station, bike storage and repair station, smart parcel lockers with refrigeration for grocery delivery, coworking spaces and multiple resident lounges. ACG completed the property after taking over the development from the previous owner mid-construction during the pandemic. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the sellers in the deal.

July 11, 2022

Acquisitions Multifamily Texas

Three Pillars Capital Acquires 544-Unit Del Mar Apartments in Houston

by Taylor Williams July 8, 2022

HOUSTON — Locally based private equity firm Three Pillars Capital Group has acquired Del Mar Apartments, a 544-unit multifamily community in Houston’s Edgebrook neighborhood. Built in 1972, the property offers one-, two- and three-bedroom units that are furnished with built-in bookshelves, passthrough kitchen bars and individual washers and dryers. Amenities include three pools and a fitness center. Jim Hurd of Houston Income Properties represented Three Pillars Capital, which plans to implement a capital improvement program, in the deal. Houston-based First Choice Management sold the property for an undisclosed price.

July 8, 2022

Acquisitions Multifamily Texas

Frankforter Group Buys 319-Unit Apartment Community at Texas Medical Center in Houston

by Taylor Williams July 8, 2022

HOUSTON — The Frankforter Group has purchased The Regard at Medical Center, a 319-unit apartment community located within Texas Medical Center in Houston that was built in 2013. Units come in studio, one- and two-bedroom floor plans and range in size from 638 to 1,418 square feet. The amenity package comprises a pool, fitness center, business center, clubhouse, conference room, courtyards wit fire pits, outdoor grilling stations and a dog park. Frankforter Group will implement a value-add program. The seller and sales price were not disclosed.

July 8, 2022

Acquisitions Multifamily Nevada Western

Epic Investments Sells Las Brisas de Cheyenne Apartments in Las Vegas for $40M

by Amy Works July 8, 2022

LAS VEGAS — Epic Investments has completed the sale of Las Brisas de Cheyenne, an apartment property located at 3985 E. Cheyenne Ave. in Las Vegas. Tides Equities acquired the asset for $40 million, or $227,272 per unit. Located in Las Vegas’ Sunrise Manor submarket, Las Brisas de Cheyenne features 176 apartments on nine acres. Built in 1999 and renovated in 2020, the two-story, garden-style apartment community offers one-, two- and three-bedroom floor plans with an average unit size of 720 square feet. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young represented the seller in the deal.

July 8, 2022

Acquisitions Multifamily Texas

GREA Negotiates Sale of 192-Unit Multifamily Property in Grand Prairie, Texas

by Taylor Williams July 8, 2022

GRAND PRAIRIE, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Vista Terraza, a 192-unit multifamily property located in the central metroplex city of Grand Prairie. According to Apartments.com, the property offers one-, two and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. A locally based seller sold the asset to a New Jersey-based investor, with both parties requesting anonymity. Mark Allen, Zac Thomas and Byron Griffith of GREA brokered the deal.

July 8, 2022

Illinois Loans Midwest Multifamily

American Street Capital Arranges $3.9M Loan for Refinancing of Chicago Apartment Building

by Kristin Harlow July 8, 2022

CHICAGO — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 32-unit apartment building in Chicago’s Logan Square neighborhood. The majority of the units at the property, built in 1926, are one-bedroom layouts. The building was fully leased at the time of the loan closing. Igor Zhizhin of ASC arranged the 20-year loan, which features a 10-year fixed rate, 10-year floating rate and a 30-year amortization schedule. An agency lender provided the loan for the borrower, a seasoned owner-operator.

July 8, 2022

Acquisitions Multifamily New Jersey Northeast

Cushman & Wakefield Brokers $51.7M Sale of Multifamily Property in Fort Lee, New Jersey

by Taylor Williams July 8, 2022

FORT LEE, N.J. — Cushman & Wakefield has brokered the $51.7 million sale of The Sterling, a 128-unit multifamily property located in the Northern New Jersey community of Fort Lee. The community’s unit mix consists of 14 studios, 56 one-bedroom apartments, 56 two-bedroom residences and two four-bedroom units. Communal amenities include an updated lobby, pool and laundry facilities. Niko Nicolaou, Brian Whitmer, Ryan Dowd and Will Gerlin of Cushman & Wakefield represented the undisclosed seller and procured the buyer, Blue Diamond Equities, in the transaction.

July 8, 2022

Development Multifamily New York Northeast

Crisafulli Associates Breaks Ground on 114-Unit Multifamily Project in Colonie, New York

by Taylor Williams July 8, 2022

COLONIE, N.Y. — Locally based developer Crisafulli Associates has broken ground on The Montage, a 114-unit multifamily project located in the upstate New York community of Colonie. The Montage will offer studio, one- and two-bedroom units that will be reserved for renters age 55 and older. Residences will feature stainless steel appliances, quartz countertops, individual washers and dryers and covered porches or balconies. Amenities will include a pool, fitness center, outdoor grilling stations, a billiards lounge, private dining room, walking trails and a dog park. Albany-based Capital Bank provided $22 million in construction financing for the project, which is slated for a fall 2023 completion.

July 8, 2022

Development Florida Loans Multifamily Southeast

Berkadia Arranges $100M Construction Loan for Gardens Residence Apartments in North Miami, Florida

by John Nelson July 8, 2022

NORTH MIAMI, FLA. — Berkadia has arranged a $100 million construction loan for the development of The Gardens Residence, a 358-unit midrise apartment community located at 1155 N.E. 126th St. in North Miami. Churchill Real Estate provided the two-year, floating-rate loan to the borrower, Omega Real Estate Management. Charles Foschini, Christopher Apone and Robert Ludice of Berkadia’s Miami office arranged the financing, which includes two one-year extension options and is interest-only for the full loan term, including extensions. In addition to the financing, the North Miami CRA is providing $15 million in subsidies. The Gardens Residence is part of Omega’s plan to transform a seven-acre assemblage into a mixed-use community named The Gardens District that will include offices, shops and restaurants. The nine-story apartment community will feature studio, one-, two- and three-bedroom apartments ranging from 511 square feet to 1,270 square feet. Amenities will include a ground-floor café with outdoor terrace seating, rooftop pool with rentable poolside cabanas, gym, yoga studio, bike lockers and workshop stations and structured parking with 528 stalls. Ten percent of units will be reserved for families earning at or below 80 percent of area median income.

July 8, 2022

Development Florida Loans Multifamily Southeast

Bank OZK, JVP Provide $97.2M Construction Financing for Fort Lauderdale Apartment Tower

by John Nelson July 7, 2022

FORT LAUDERDALE, FLA. — Bank OZK and JVP Management have provided $97.2 million in construction financing for the development of One River, a 34-story apartment tower located at 629 SE 5th Ave. in Fort Lauderdale. Keith Kurland of Walker & Dunlop arranged the financing, which comprises a senior loan from Bank OZK and a mezzanine loan from JVP Management, on behalf of the developers, OKO Group and Cain International. The co-developers have also recently topped off 830 Brickell, a 55-story office tower in Miami. Designed by Adrian Smith + Gordon Gill Architecture and architect of record Dorsky + Yue International, One River will feature 251 high-end apartments and 2,600 square feet of ground-level retail space. Amenities will include a resort-style rooftop pool deck; fitness center with yoga, spinning and Pilates rooms; spa with sauna and steam facilities; outdoor fitness deck and barbecue terrace; lounges for gaming and coworking; package room; bike storage; and a dog spa. OKO and Cain plan to begin vertical construction this summer and deliver the property in September 2024.

July 7, 2022

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