AUSTIN, TEXAS — Anthology Senior Living has announced plans to develop a 130-unit seniors housing community in North Austin. Anthology of The Arboretum will span 131,000 square feet and offer assisted living and memory care options. Units will be available in studio, one- and two-bedroom formats. Cadence McShane is the general contractor for the project, which is scheduled for completion in spring 2023.
CARMEL, IND. — Merchants Capital has completed a $214 million CMBS securitization of 14 multifamily mortgage loans. The loans are secured by 24 mortgaged properties through a Freddie Mac-sponsored Q-series transaction. Freddie Mac securitizes multifamily loans via its Q Certificate structure. In this process, a lender sells its loans, after approval by Freddie Mac, to a third-party depositor who places them into a third-party trust, which issues private-label securities backed by the loans. The $214 million in loans covered 14 multifamily properties in Georgia, Indiana, Michigan, New York and Ohio. The developments range in size from 60 to 352 units and the large majority of units are restricted for residents who earn up to 80 percent of the area median income. Merchants Capital is based in Carmel, Ind.
VALPARAISO, IND. — Chicago-based Evergreen Real Estate Group has broken ground on Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana. The $30 million, three-story project is slated for completion in April 2023. All of the units will be reserved for seniors age 62 or older with incomes at or below 60 percent of the area median income. Gardant Management Solutions will manage the community. Amenities will include a community room, media room, fitness center, salon, library, community garden and outdoor pool. The dining room will serve residents three meals per day as well as a rotating assortment of snacks. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. Additionally, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler and provided debt financing. PNC Bank also invested in the project, providing LIHTC equity.
ALBUQUERQUE, N.M. — Northmarq has arranged the sale of two apartment communities, The Courtyards and The Arbors, in Albuquerque. A Colorado-based private equity real estate company sold the assets to a California-based private real estate investment firm. Terms of the transactions were not released. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the transactions. Brandon Harrington, Bryan Mummaw, Brad Burns and Tyler Woodard of Northmarq’s Debt & Equity team arranged acquisition financing for the two properties for the buyer. Located at 6001 Topke Place NE, the 188,512-square-foot The Courtyards features 232 apartments in a mix of one-, two- and three-bedroom layouts spread across 29 two-story residential buildings. Community amenities include two swimming pools, resident fitness and business centers, a volleyball court, children’s playground, dog park and three laundry facilities. Located at 4501 Shepard Road NE, The Arbors is a 155,072-square-foot garden-style property with 297 apartments in a mix of studio, one- and two-bedroom layouts spread across six three-story buildings. Onsite amenities include three swimming pools, a resident fitness center, dog park and three laundry facilities.
BROCKTON, MASS. — MassHousing has provided $38.5 million in financing for Pine Commons and Pine Gardens, two affordable housing properties totaling 188 units in Brockton, a southern suburb of Boston. Pine Commons consists of 138 two-bedroom apartments and 30 three-bedroom units across 19 three-story buildings. Pine Gardens comprises 114 two-bedroom apartments and six three-bedroom apartments in 13 three-story buildings. Both properties are part of a larger residential development known as Pine Estates that includes a daycare, pool, basketball court, community room, playground and a computer center. The borrower, Beacon Communities, will use the proceeds to fund capital improvements and preserve the community’s affordability.
HARTFORD, CONN. — Northeast Private Client Group has arranged the $16.5 million sale of two multifamily portfolios totaling seven buildings and 182 units in Hartford. The South End Portfolio comprises four buildings and 131 units, and the West End Portfolio consists of three buildings totaling 51 units. Taylor Perun and Alex Burr of Northeast Private Client Group represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
FLORIDA, NORTH CAROLINA AND TENNESSEE — Clarion Partners LLC and Blackfin Real Estate Investors LLC have acquired a 12-property multifamily portfolio totaling 3,564 units for $885.5 million. The assets are located in the Sun Belt markets of Tampa, Fla.; Orlando, Fla.; Melbourne, Fla.; Charlotte, N.C.; Wilmington, N.C.; and Nashville, Tenn. A partnership between PGIM Real Estate and CARROLL was the seller. The garden-style, Class B communities were built between 1972 and 1995. Amenities at the properties include clubhouses, pools, fitness centers and basketball and tennis courts. Clarion and Blackfin plan to upgrade both unit interiors and community amenities. The majority of the units will be updated with new vinyl floors, appliances, countertops and LED lights. “This acquisition further strengthens our position in fast-growing Sun Belt markets and also gives us exposure to a high-growth portfolio of seasoned multifamily properties which we can own below replacement cost and renovate for yield enhancement,” says Thomas James, managing director with Clarion. Greystar will serve as property manager for the six properties in Florida and Tennessee, while Durcker & Falk will manage the North Carolina communities. DLA Piper served as legal counsel for Clarion. Eastdil Secured brokered the transaction. New York-based Clarion is a …
BEAVERTON, ORE. — Next Wave Investors has purchased two apartment properties in Beaverton for a total of $30.5 million. The communities are the 62-unit The Huntley and the 48-unit Parker Apartments. The seller was not disclosed. Located at 12310 SW Center St., The Huntley sold for $18 million and has nine remaining unrenovated units. Located at 17135 SW Heritage Court, Parker Apartments sold for $12.5 million and features 12 classic units that Next Wave plans to modernize. The buyer also plans to install HVAC systems in all units at both properties.
TUCSON, ARIZ. — Villa Delano Partners LLC has acquired an apartment community, located at 123 W. Delano in Tucson, from 123 Delano LLC for $4.8 million. Villa Delano Apartments features 32 apartments. Allan Mendelsberg and Conrad Joey Martinez of Cushman & Wakefield|PICOR represented the seller and buyer in the transaction.
HOUSTON — Northmarq has arranged the sale of Urban Palms, a 659-unit apartment community in the Chinatown area of West Houston. The property was built in 1979 and renovated in 2017. Units feature energy-efficient appliances, washer/dryer connections and private balconies/patios. Amenities include two pools, a fitness center, business center, playground, grilling and picnic areas and onsite laundry facilities. Justin Chambers and Scott Lamontagne of Northmarq represented the Southern California-based seller and the undisclosed buyer in the transaction. Joel Heikenfeld, James Currell and Emily Balazik, who are also with Northmarq, arranged acquisition financing and joint venture equity for the deal.