Multifamily

QR Capital Sells 244-Bed Student Housing Community Near Clemson University

by John Nelson June 10, 2022

PENDLETON, S.C. — QR Capital, a multifamily and student housing owner-operator based in Atlanta, has sold The Villages at Town Creek, a 244-bed student housing community located near Clemson University in Pendleton. Built in 2010, the property offers 61 townhome-style units in three-, four- and five-bedroom configurations. Shared amenities include a resort-style swimming pool, study lounge, coffee bar, fire pit, hammock garden, sand volleyball court and a car wash station. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, David Lansbury and Erika Maston of CBRE arranged the sale on behalf of QR Capital. The buyer and sales price were not disclosed.

June 10, 2022

Acquisitions Colorado Multifamily Western

Trion Properties Buys Terra Village Apartments in Edgewater, Colorado for $110M

by Amy Works June 10, 2022

EDGEWATER, COLO. — California-based Trion Properties has acquired Terra Village Apartments in the Denver suburb of Edgewater for $110 million, or $273,631 per unit. The seller was not disclosed. Located at 6201 26th Ave., Terra Village features 402 apartments. Trion Properties plans to upgrade the property and units with new kitchen cabinets, stainless steel appliances, tile backsplashes, updated bathrooms and washers/dryers in each unit. Elliott Polanchyck, Will McCauley, Phil Dankner, Kevin Higgins and Marc Lippitt of Unique Properties/TCN Worldwide and the Unique Apartment Group handled the transaction.

June 10, 2022

Development Michigan Midwest Multifamily

SK Investments Group Unveils Plans to Build 1,200-Unit Apartment Project in Pontiac, Michigan

by Kristin Harlow June 10, 2022

PONTIAC, MICH. — SK Investments Group has unveiled plans to build The Shores at Crystal Lake, a 34-acre development with more than 1,200 apartment units in Pontiac, a northern suburb of Detroit. Plans also call for a mix of retail, dining, recreational and entertainment space. The project team includes architect Kreiger-Klatt and civil engineer and surveying firm Spalding DeDecker. Tim O’Brien, a Pontiac native and former principal of local development company O’Brien Group, will serve as strategic advisor. The site plan final approval is anticipated for this fall, with construction expected to begin in mid-to-late 2023. SK Investments Group is a South Florida-based developer.

June 10, 2022

Acquisitions Illinois Midwest Multifamily

MZ Capital Partners Sells Apartment Community in Naperville, Illinois for $24M

by Kristin Harlow June 10, 2022

NAPERVILLE, ILL. — MZ Capital Partners has sold Vantage Naperville Apartments in suburban Chicago for $24 million. The 112-unit apartment community, located at 1350 E. Ogden Ave., was fully leased at the time of sale. The newly completed property features studios and one-bedroom units with private work-from-home suites. JLL brokered the sale. An affiliate of 601W Cos. was the buyer.

June 10, 2022

Indiana Loans Midwest Multifamily

Berkadia Provides $15.2M Acquisition Loan for Apartment Complex in Jeffersonville, Indiana

by Kristin Harlow June 10, 2022

JEFFERSONVILLE, IND. — Berkadia has provided a $15.2 million Freddie Mac loan for the acquisition of Beech Grove Apartments in Jeffersonville near Louisville. Built in 1972, the apartment complex features 182 units. Amenities include a fitness center, dog park and pool. John Schorgl of Berkadia Kansas City secured the loan on behalf of the borrower, California-based Revitate Cherry Tree. The 10-year loan features five years of interest-only payments.

June 10, 2022

Loans Multifamily Texas

Natixis Provides $50.7M Acquisition Loan for Metro Houston Apartment Community

by Taylor Williams June 10, 2022

FRIENDSWOOD, TEXAS — French lending institution Natixis has provided a $50.7 million acquisition loan for The Grayson at Baybrook, a 322-unit apartment community located in the southern Houston suburb of Friendswood. The property features one- and two-bedroom units and amenities such as a pool, fitness center, resident clubhouse and a sand volleyball court. Tucker Knight and Carl Rasmussen of Berkadia placed the loan on behalf of the borrower, SRJ Real Estate Investments, which will use a portion of the proceeds to fund capital improvements.

June 10, 2022

Acquisitions Multifamily Student Housing Texas

TMG Negotiates Sale of 374-Bed Heritage Quarters Student Housing Community Near Baylor University

by Taylor Williams June 10, 2022

WACO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Heritage Quarters, a 374-bed student housing community located about 1.5 miles from Baylor University’s campus in Waco. Built in 2008, the mid-rise property sits on 2.7 acres and totals 106 units. The amenity package comprises a pool, 24-hour fitness center, billiards room, business center and a conference room. Danny Wieland of TMG represented the undisclosed seller in the transaction. Paul Yazbeck, also with TMG, represented the buyer.

June 10, 2022

Acquisitions Multifamily Texas

Hamilton Zanze Buys 200-Unit Park at Waterford Harbor Apartments in Kemah, Texas

by Taylor Williams June 10, 2022

KEMAH, TEXAS — San Francisco-based investment firm Hamilton Zanze has purchased Park at Waterford Harbor, a 200-unit apartment complex in Kemah, located southeast of Houston. The property was built in 1996 and was 96.5 percent occupied at the time of sale. Units average 972 square feet across seven different floor plans and are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, dog park and a putting green. Hamilton Zanze plans to make additional capital improvements to select units, as well as building exteriors and amenity spaces, and to transfer management of the property to Denver-based Mission Rock Residential.

June 10, 2022

Acquisitions Multifamily New York Northeast

MC Real Estate, Tokyo Trust Acquire 416-Unit Apartment Community in Elmsford, New York

by Taylor Williams June 10, 2022

ELMSFORD, N.Y. — MC Real Estate Partners, an owner-operator of East Coast office and multifamily properties, and Tokyo Trust Capital have acquired The View on Nob Hill, a 416-unit apartment community located in the Westchester County city of Elmsford. The property sits on 24 acres and was 97 percent leased at the time of sale. Twenty percent of the units are reserved for households earning 60 percent or less of the area median income. Residences feature one-, two- and three-bedroom floor plans. The seller and sales price were not disclosed.

June 10, 2022

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $40M in Financing for MorningStar of Kirkland Seniors Housing Community in Washington

by Amy Works June 9, 2022

KIRKLAND, WASH. — CBRE has arranged $40 million in financing for MorningStar of Kirkland, a 152-unit independent living community in Kirkland, a suburb of Seattle. The community, located on 3.6 acres, opened in February half a mile from the Evergreen Health Medical Center Kirkland, a 318-bed general hospital that provides residents with convenient access to healthcare. Also nearby is Totem Lake East, a regional shopping center that includes a Whole Foods, Trader Joe’s, movie theater and a variety of restaurants and retail outlets. The community is the first new, high-quality independent living asset built in the last 13 years in the high-barrier, affluent Kirkland submarket, according to CBRE. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. The use of the funds was not disclosed. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the financing. The nonrecourse, floating-rate loan features full-term interest-only payments. A national bank provided the funds.

June 9, 2022

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