Multifamily

JLL Negotiates Sale of 504-Unit Apartment Community in Nanuet, New York

by Taylor Williams January 11, 2022

NANUET, N.Y. — JLL has negotiated the sale of Alister Nanuet, a 504-unit apartment community in Nanuet, located about 30 miles north of Manhattan. The property features an average unit size of 1,208 square feet and amenities such as a pool, tennis court, fitness center, dog park, clubhouse and outdoor grilling and picnic areas. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Michael Zlotnick of JLL represented the undisclosed seller in the transaction. New York City-based Cammeby’s purchased the asset for an undisclosed price.

January 11, 2022

Acquisitions Multifamily New Jersey Northeast

CBRE Brokers $36.5M Sale of Multifamily Property in Newark

by Taylor Williams January 11, 2022

NEWARK, N.J. — CBRE has brokered the $36.5 million sale of 24 Jones, a 152-unit multifamily property located in Newark’s University Heights neighborhood. Built in 2016, the property offers studio, one- and two-bedroom units and amenities such as a fitness center, lounge, outdoor grilling stations and concierge services. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the seller, Tucker Development, in the transaction. The team also procured the buyer, RJ Block Properties.

January 11, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 339-Unit Apartment Building in Downtown San Antonio

by Taylor Williams January 10, 2022

SAN ANTONIO — Newmark has brokered the sale of Encore SoFlo, a 339-unit apartment building located at 326 S. Flores St. in downtown San Antonio. Built in 2019, the property offers studio, one- and two-bedroom units with an average size of 809 square feet. Amenities include a pool with a bar, courtyards with fire pits and grilling stations, clubhouse with a media room, business center with conference facilities, a fitness center, game room and a dog run. Matt Michelson and Patton Jones of Newmark represented the seller, Encore Multifamily, in the transaction. Hank Glasgow and Braden Harmon of Newmark arranged acquisition financing on behalf of the buyer, Dallas-based private equity firm SPI Advisory. Encore SoFlo was 92 percent occupied at the time of sale.

January 10, 2022

Loans Multifamily Seniors Housing Texas

JLL Arranges $37.5M Loan for Refinancing of Metro Dallas Seniors Housing Community

by Taylor Williams January 10, 2022

MCKINNEY, TEXAS — JLL has arranged a $37.5 million loan for the refinancing of Hidden Springs of McKinney, a 194-unit seniors housing community located on the northern outskirts of Dallas. The property was built in 2020 and offers assisted living, independent living and memory care services. Amenities include a pool, fitness center and a dog park. Joel Mendes and Jason Skalko of JLL arranged the nonrecourse, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, a joint venture between CREC Real Estate and Madison Marquette.

January 10, 2022

Acquisitions Colorado Multifamily Western

MG Properties Expands Denver Multifamily Portfolio with $141M Acquisition

by Amy Works January 10, 2022

DENVER — MG Properties has purchased 3300 Tamarac Apartments, a multifamily community located in Denver’s Hampton neighborhood. Gelt sold the asset for $141 million. 3300 Tamarac features 564 apartments within walking distance of a variety of shopping and dining options, as well as parks and recreation opportunities. David Martin and Brian Mooney of Northmarq represented the seller, and Northmarq’s Scott Botsford and Joe Giordani arranged the financing for the buyer.

January 10, 2022

Acquisitions Arizona Multifamily Western

Berkadia Negotiates $73.2M Sale of Bungalows on Estrella Apartments in Goodyear, Arizona

by Amy Works January 10, 2022

GOODYEAR, ARIZ. — Berkadia Institutional Solutions has arranged the sale of The Bungalows on Estrella, a garden-style apartment community located at 15545 W. Hudson Way in Goodyear. Arizona-based Cavan Cos. sold the asset to Georgia-based St. Clair Holdings for $73.2 million. The Bungalows on Estrella features 183 one-, two- and three-bedroom apartments with in-unit washers/dryers, 10-foot ceilings and walk-in closets. Community amenities include a swimming pool, fitness center, clubhouse, dog park and covered parking. Mark Forrester and Andrew Curtis of Berkadia Phoenix completed the sale on behalf of the seller.

January 10, 2022

Colorado Development Hospitality Mixed-Use Multifamily Retail Western

Avison Young Brokers Sale of 9.1-Acre Site in Pueblo, Colorado for Mixed-Use Project

by Amy Works January 10, 2022

PUEBLO, COLO. — Avison Young has brokered the sale of 9.1 acres of vacant land located at the southwest quadrant of US Highway 50 and Interstate 25 in Pueblo. 610 RLLLP sold the property to Conifer, Colo.-based BEP Pueblo LLC, an affiliate of Blueline Equity Partners, for an undisclosed price. The buyer plans to develop of the land into a mixed-use project, including residential, hospitality and possibly retail space. Completion is slated for 2023. Rick Egitto of Avison Young’s Denver office represented the seller in the deal.

January 10, 2022

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Arranges Sale of 47,808 SF Colonia de Tucson Multifamily Property in Arizona

by Amy Works January 10, 2022

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Colonia de Tucson, an apartment complex located at 1335 and 1351 W. Saint Mary’s Road in Tucson. The seller, 1335 W. Saint Mary’s LLC, sold the asset for $7.8 million. The community features 84 apartments. Allan Mendelsberg and Conrad Joey Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.

January 10, 2022

Loans Multifamily Northeast Rhode Island

JLL Arranges Two Loans Totaling $39.7M for Refinancing of Rhode Island Multifamily Properties

by Taylor Williams January 10, 2022

PAWTUCKET AND NORTH PROVIDENCE, R.I. — JLL has arranged two loans totaling $39.7 million for the refinancing of a pair of multifamily properties in Rhode Island. In the first deal, the firm arranged a $20.5 million loan for The Village Lofts, a 149-unit complex in Pawtucket. The property features an average unit size of 929 square feet and amenities such as a fitness center, game room and onsite laundry facilities. In the second transaction, JLL placed an $18.2 million loan for Greystone Lofts, a 150-unit community in North Providence that was built in 1900 and converted to multifamily in 2008. Peter Rotchford, Scott Aiese and Alex Staikos of JLL arranged both fixed-rate loans through J.P. Morgan on behalf of the borrower, Urban Smart Growth.

January 10, 2022

Affordable Housing Loans Multifamily New Jersey Northeast Northmarq

Northmarq Provides $32.5M Agency Refinancing of Hoboken Affordable Housing Property

by Taylor Williams January 10, 2022

HOBOKEN, N.J. — Northmarq has provided a $32.5 million Freddie Mac loan for the refinancing of Westview Apartments, 116-unit affordable housing property in Hoboken, located outside of New York City. The property at 55-75 Bloomfield St. was originally built in 1905 and renovated in 1995. The unit mix consists of 63 one-bedroom apartments, 39 two-bedroom units and 14 three-bedroom residences. Gary Cohen of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization schedule, on behalf of the borrower, an affiliate of Applied Housing Management Co.

January 10, 2022

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