Multifamily

BWE Secures $47M Refinancing for Student Housing Property Near University of Tennessee

by John Nelson January 13, 2025

KNOXVILLE, TENN. — BWE has secured a $47 million loan for the refinancing of Lakemoor Station, a 240-unit student housing community located near the University of Tennessee campus in Knoxville. Jim Collins of BWE worked on behalf of the borrower, Dominion Group, to secure the 10-year, fixed-term financing through Nationwide Insurance. The loan features a 30-year amortization schedule. The University of Tennessee has master leased the property for five years with a three-year renewal option. The garden-style community offers fully furnished units alongside shared amenities including an outdoor pool, lounge area, fitness center and clubhouse.

January 13, 2025

Acquisitions Multifamily Texas

GAIA REIT Buys 372-Unit Virage on Memorial Apartments in Houston

by Taylor Williams January 13, 2025

HOUSTON — New York City-based GAIA REIT has purchased Virage on Memorial, a 372-unit apartment community located about three miles west of downtown Houston. Built in 2014, the property offers one-, two- and three-bedroom units that range in size from 697 to 1,658 square feet. Amenities include a central courtyard with a pool, outdoor grilling and dining stations, a fitness center, dog park and a rooftop resident lounge. Thomas Alleman of Newmark represented the undisclosed seller in the transaction. Tip Strickland, also with Newmark, arranged acquisition financing for the deal on behalf of the new ownership, which plans to implement a capital improvement program.

January 13, 2025

Acquisitions Multifamily Texas

Barker Pacific Acquires 124-Unit Chesapeake Apartments in Northwest Austin

by Taylor Williams January 13, 2025

AUSTIN, TEXAS — Los Angeles-based investment firm Barker Pacific Group has acquired Chesapeake Apartments, a 124-unit multifamily complex in the Anderson Mill area of northwest Austin. The garden-style, seven-building complex was built in 1984 and houses one- and two-bedroom units, as well as a pool. Forrest Bass of Walker & Dunlop brokered the sale of the property, in which Barker Pacific assumed the undisclosed seller’s existing Fannie Mae loan, which is also being serviced by Walker & Dunlop. The new ownership plans to invest about $1.4 million in capital improvements to the property.

January 13, 2025

California Loans Multifamily Western

JLL Secures $188M Loan for Vive Luxe Multifamily Community in San Diego

by Amy Works January 13, 2025

SAN DIEGO — JLL Capital Markets has secured a $188 million loan on behalf of Sunroad Enterprises for Vive Luxe, a multifamily property in San Diego’s Kearny Mesa submarket. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Market’s Debt Advisory team secured the five-year, fixed-rate loan for the borrower from accounts managed by KKR, a global investment firm. Located at 4890 Sunroad Centrum Lane, Vive Luxe offers 442 one-, two- and three-bedroom apartments, ranging from 726 square feet to 1,122 square feet. Each unit offers stainless steel appliances, gourmet kitchens, quartz countertops and open concept living spaces. Onsite amenities include a swimming pool with clubhouse and spa, fitness center, wine lounge, sky deck and ocean lounge. The property also offers 23 affordable units.

January 13, 2025

Loans Multifamily Washington Western

Northmarq Arranges $67M in Refinancing for Camber Apartments in Bremerton, Washington

by Amy Works January 13, 2025

BREMERTON, WASH. — Northmarq’s Seattle Debt + Equity team led by Robert Spiro has arranged a $67 million loan for the refinancing of Camber Apartments, Phases 1 and 2, a garden-style multifamily community in Bremerton. Northmarq arranged financing on behalf of the borrower through its in-house Fannie Mae delegated underwriting program. The permanent-fixed deal was structured on a seven-year term. Located at 1231 NE McWilliams Road, Camber Apartments features two adjacent multifamily properties, with Phase 1 being built in 2021 and Phase 2 built in 2024. Camber Phase 1 offers 204 units, and Camber Phase 2 features 120 units. The community features one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, primary suites, lush park-like views, luxury vinyl flooring, walk-in closets and either a balcony or patio. The pet-friendly community amenities include a fitness center, clubhouse with a caterer’s kitchen, fire pits, controlled access and gated entry, a heated resort-style pool, a covered outdoor spa, pool, theater-inspired media room, integrated trails, barbecue picnic shelters and play areas.

January 13, 2025

Acquisitions Illinois Midwest Multifamily Student Housing

JLL Arranges Sale of 524-Bed Student Housing Community Near University of Illinois Urbana-Champaign

by Kristin Harlow January 13, 2025

URBANA, ILL. — JLL Capital Markets has arranged the sale and financing of Campus Circle, a 524-bed student housing community in Urbana near the University of Illinois Urbana-Champaign. Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, an affiliate of Blue Vista Capital Management LLC. Jake Wisness, Dan Kearns, Mike Brady, Sam Tarter and Bill Maloney of JLL originated a five-year, fixed-rate acquisition loan through Freddie Mac on behalf of the buyer, Horizon Realty Advisors. Campus Circle, located at 1010 W. University Ave., is within walking distance of the College of Engineering and the university’s Main Quad.

January 13, 2025

Affordable Housing Development Multifamily New York Northeast

WinnCos. Completes $20.5M Renovation of Buffalo Affordable Housing Complex

by Taylor Williams January 13, 2025

BUFFALO, N.Y. — Regional owner-operator WinnCos. has completed the $20.5 million renovation of West Village Apartments, a historic affordable housing complex in downtown Buffalo. The property comprises 10 buildings totaling 135 units that were constructed between 1891 and 1920. The renovation encompassed upgrades to unit kitchens, bathrooms, doors, windows and building roofs, as well as common area lighting and flooring. In addition, the project team created a community room, management office, bike parking spaces and an additional unit via the conversion of a maintenance shed. Locally based general contractor DiMarco Construction performed the renovation, which also served to preserve and extend the property’s affordability status.

January 13, 2025

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $17.4M Sale of Chicago Multifamily Property

by Kristin Harlow January 13, 2025

CHICAGO — Kiser Group has negotiated the $17.4 million sale of 5411 N. Winthrop, a multifamily property in Chicago’s Edgewater neighborhood. The asset, which was 99 percent occupied at the time of sale, underwent a full renovation in 2013. Jacob Price and Katie LeGrand of Kiser brokered the sale. Chicago-based Becovic Residential was the buyer. The property went under contract within a month of listing.

January 13, 2025

Acquisitions Midwest Minnesota Multifamily

CBRE Arranges $6.9M Sale of Apartment Building in Rochester, Minnesota

by Kristin Harlow January 13, 2025

ROCHESTER, MINN. — CBRE has arranged the $6.9 million sale of Lofts at Mayo Park, a 29-unit apartment building in Rochester. Built in 2017, the property features one- and two-bedroom floor plans averaging 942 square feet. Amenities include a fitness center, bike storage, pet washing station, heated underground parking and rooftop terraces. CBRE’s Ted Abramson, Abe Appert and Keith Collins represented the seller, Eastbank Lofts LLC. The buyer was Eaststar Trust LLC.

January 13, 2025

Development Multifamily Northeast Pennsylvania

Urby Begins Leasing 204-Unit Apartment Complex in Philadelphia

by Taylor Williams January 13, 2025

PHILADELPHIA — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing a 204-unit apartment complex in Philadelphia’s Fishtown neighborhood. Known as Fishtown Urby, the five-story building is located at 1700 Front St. and houses studio, one- and two-bedroom units, as well as retail space that is occupied by multiple food-and-beverage users. Amenities include two courtyards, a rooftop terrace, outdoor grilling and dining stations, a dog park, speakeasy, fitness center and dedicated work-from-home areas. Rents start in the $1500s for a studio apartment.

January 13, 2025

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