Multifamily

Newmark Brokers Sale of 309-Unit Alamo Park Apartments in San Antonio

by Taylor Williams June 6, 2022

SAN ANTONIO — Newmark has brokered the sale of Alamo Park, a 309-unit apartment community in northeast San Antonio. The property features one- and two-bedroom units with an average size of 658 square feet. Amenities include a pool, fitness center, volleyball court and outdoor grilling and dining areas. Jim Young, Matt Michelson and Chase Easley of Newmark represented the seller, Austin-based Achieve Investment Group, in the transaction. New York-based River Rock Capital purchased the asset for an undisclosed price and plans to implement a value-add program. Alamo Park was 94 percent occupied at the time of sale.

June 6, 2022

Acquisitions Multifamily Texas

Vista Investment Group Acquires 122-Unit Multifamily Property in Austin

by Taylor Williams June 6, 2022

AUSTIN, TEXAS — Southern California-based Vista Investment Group has acquired SoCo Apartments, a 122-unit multifamily property in Austin. Built in 2004, the property offers one, two- and three-bedroom units that are housed across 16 two-story buildings. Amenities include a pool, clubhouse, fitness center, coffee bar and picnic and grilling areas. The new ownership plans to invest in capital improvements to unit interiors, building exteriors and amenity spaces. Will Balthrope, Jordan Featherston and Kent Myers of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction.

June 6, 2022

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Greystone Provides $74.3M in Agency Financing for Newark Affordable Housing Portfolio

by Taylor Williams June 6, 2022

NEWARK, N.J. — Greystone has provided $74.3 million in Fannie Mae financing for a portfolio of 17 affordable housing properties totaling 574 units in Newark. The financing comprises five separate loans, all of which carry 10-year terms and 30-year amortization schedules. The properties range in size from nine to 108 units. Some of the assets are reserved for renters earning 60 percent or less of the area median income (AMI), while others feature an income restriction threshold of 80 percent of AMI. Hope Curtis of Greystone originated the financing. The borrower(s) were not disclosed.

June 6, 2022

California Loans Multifamily Western

Dwight Capital Provides $53.4M HUD Financing for Two Multifamily Properties in Modesto, California

by Amy Works June 6, 2022

MODESTO, CALIF. — Dwight Capital has provided a total of $53.3 million in HUD-insured loans for two apartment communities in Modesto. Josh Sasouness of Dwight Capital originated the loans for the borrower, Tesseract Capital Group. The firm closed a $30.9 million in HUD 223(f) refinancing for Summerview Apartments, a 136-unit multifamily property in Modesto. The property consists of 19 two-story residential buildings and a leasing/management office situated approximately five acres. Renovated in 2020, the community features a barbecue/picnic area, fitness center, pool and spa. Dwight Capital also provided a $22.4 million HUD 223(f) loan for The Marc at 1600, a 100-unit garden-style apartment property in Modesto. Renovated in 2020, The Marc at 1600 features 17 two-story residential buildings situated on approximately 4.3 acres. Community amenities include a pool, fitness room and gated parking. The HUD loans benefitted from Green Mortgage Insurance Premium Reductions because both properties are National Green Building Standard certified.

June 6, 2022

Acquisitions Florida Multifamily Southeast Top Stories

Snell Properties Acquires Citi Tower Apartment Building in Downtown Orlando for $106M

by Taylor Williams June 6, 2022

ORLANDO, FLA. — Snell Properties, an investment firm based in the Washington, D.C. area, has acquired Citi Tower, a 233-unit apartment building in downtown Orlando’s South Eola district, for $106 million. The price equates to roughly $455,000 per unit. Built in 2017, the 25-story building contains studio, one-, two- and three-bedroom units, all of which have private balconies. Apartments feature granite countertops, floor-to-ceiling windows, stainless steel appliances and individual washers and dryers. Citi Tower also houses 11,000 square feet of retail space. Amenities include a pool, fitness center and an outdoor lounge, all of which offer panoramic views of downtown Orlando, as well as a conference room and an outdoor kitchen area with grilling stations and seating areas. There are also more 185 retail and restaurant establishments within walking distance of the property, according to Snell. “Citi Tower is our third successive acquisition in Central Florida,” says Chris Hanessian, president of Snell Properties. “Orlando’s thriving economy, impressive infrastructure and strong demographics make it an ideal market for investment.” “Citi Tower’s many strengths include high-quality construction, an unbeatable location in downtown and the coolest rooftop in Orlando,” adds Peter Colarulli, vice president of Snell Properties. Brian Moulder and Chris Chadbourne of …

June 6, 2022

Development Florida Multifamily Seniors Housing Southeast

John Knox Village Breaks Ground on $120M Seniors Housing Expansion in Pompano Beach, Florida

by Amy Works June 3, 2022

POMPANO BEACH, FLA. — John Knox Village of Florida (JKV), a continuing care retirement community in the South Florida city of Pompano Beach, has broken ground on Westlake, a two-tower, $120 million expansion. The groundbreaking comes on the heels of the completion of The Pavilion, a $35 million addition that included a 380-seat cultural arts center, two restaurants and a bar. “Over the past five years, a master site plan has been developed to guide the capital improvements of our 70-acre campus and the opening of our Pavilion and, in 2024, Westlake are the next steps to accomplishing our ambitious goals,” says Gerry Stryker, CEO and president. Westlake will add 146 apartments ranging in size from 1,277 to 2,346 square feet in two towers, The Vue and The Terrace. A large component of the project is to enlarge and enhance JKV’s water views. The first-floor common area lobby of the towers will boast new amenities, including a projection theater, technology hub, business center, art studio, spiritual space, club room, library and two dining venues. The project team includes John Knox Village residents and staff, its board of directors, Gallo Herbert Architects, Moss Construction, Keith & Associates Engineers, EDSA Landscape Architects, …

June 3, 2022

Acquisitions Multifamily North Carolina Southeast

Madison Marquette Purchases 380-Unit Crosswinds Apartment Complex in Wilmington, North Carolina

by Amy Works June 3, 2022

WILMINGTON, N.C. — Madison Marquette has acquired Crosswinds, a multifamily property in Wilmington, as part of its Evergreen Multifamily Value Add Fund for an undisclosed price. Terms of the transaction were not released. Built in 1989 on 23 acres, Crosswinds features 380 apartments in a mix of one-, two- and three-bedroom units, ranging from 645 square feet to 1,306 square feet, spread across 19 buildings. The units feature wood-style flooring, patio/balconies in each unit, wood-burning fireplaces and full-size washer/dryer connections in most unit types. Community amenities include a saltwater resort-style pool with a sundeck, grilling and picnic areas, lighted tennis and volleyball courts, a fitness center and business center. The buyer plans to complete strategic unit upgrades that will provide higher quality hardware and finishes, including appliances, flooring and countertops. Additionally, Madison Marquette will improve the community’s amenities, perform aesthetic work and upgrade landscaping.

June 3, 2022

Florida Loans Multifamily Southeast

Bernard Financial Arranges $6.7M Loan for Multifamily Community in Jacksonville

by Amy Works June 3, 2022

JACKSONVILLE, FLA. — Bernard Financial Group (BFG) has arranged a $6.7 million loan for an apartment property located in Jacksonville. The borrower is Chelsea Owner LLC. Dennis Bernard and Joshua Bernard of Bernard Financial Group originated the loan, which Ameritas Life Insurance Co., a correspondent of BFG, provided. BFG will also service for the loan. The Class B multifamily property features 138 apartments.

June 3, 2022

Acquisitions Arizona Multifamily Student Housing Western

Coastal Ridge, Goldman Sachs Acquire 448-Bed Student Housing Community Near Northern Arizona University

by Amy Works June 3, 2022

FLAGSTAFF, ARIZ. — A joint venture between Coastal Ridge Real Estate and Goldman Sachs Asset Management has acquired the Commons at Sawmill, a 448-bed student housing community near Northern Arizona University in Flagstaff. The property offers studio, two- and four-bedroom, fully furnished units. Shared amenities include a newly built clubhouse, fitness center, game area, theater, study lounge and outdoor courtyard. Jaclyn Fitts, Casey Schaefer and William Vonderfecht with CBRE brokered the acquisition of the property from an undisclosed seller. Coastal Ridge will manage the community.

June 3, 2022

Acquisitions California Multifamily Seniors Housing Western

Kisco Senior Living Enters Upscale Seniors Housing Segment with Acquisition of Crestavilla in Laguna Niguel, California

by Amy Works June 3, 2022

LAGUNA NIGUEL, CALIF. — Kisco Senior Living has taken over operations of Crestavilla, a luxury seniors housing community in the Orange County city of Laguna Niguel. Affiliates of Kisco Senior Living and Harrison Street as advisor to an institutional investor fully transferred operations and management of Crestavilla from Atria Senior Living to Kisco. The LEED Gold-designated community offers 201 studio, one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Crestavilla’s amenities and services include a 12,000-square-foot rooftop terrace, organic greenhouse, wellness programming, five unique dining venues, two fitness centers and a golf practice green. This acquisition signals the next step in Kisco’s services, with Crestavilla serving as Kisco’s first Signature Community, the company’s new upscale brand. The Carnegie at Washingtonian Center, set to welcome residents in spring 2024, will be Kisco’s second Signature Community.

June 3, 2022

Newer Posts

Older Posts