Multifamily

Harrison Street Sells Two Student Housing Portfolios Totaling Over 23,000 Beds for Combined $1.9B

by Kristin Harlow December 1, 2021

CHICAGO — Chicago-based Harrison Street has sold two student housing portfolios totaling over 23,000 beds for a combined $1.9 billion. The firm sold a 12-property portfolio totaling 8,182 beds to Global Student Accommodation (GSA) and a 25-property portfolio totaling 15,817 beds to a joint venture affiliated with The Scion Group. Both transactions were brokered by Peter Katz and Institutional Property Advisors (IPA) Student Housing. The portfolio sold to GSA — which includes The Hub at Tucson near the University of Arizona — is located across 12 university markets. The communities were owned by three distinct Harrison Street funds and four co-investment vehicles. GSA’s operating partner, Yugo, will provide management and oversight of the portfolio. Wells Fargo Bank provided financing for the senior acquisition loan, which was arranged by TSB Capital Advisors on behalf of GSA, with legal and tax advice provided by Greenberg Traurig. The portfolio acquired by a joint venture affiliated with Scion is located across 19 university markets and was owned through four separate Harrison Street funds and three co-investment vehicles. “The two large-scale transactions reflect Harrison Street’s longstanding strategy of acquiring or developing individual assets at leading universities, executing on defined business plans and exiting via strategic portfolio sales,” …

December 1, 2021

Acquisitions Illinois Midwest Multifamily

DMG Capital Acquires Three-Property Multifamily Portfolio in Suburban Chicago for $12M

by Kristin Harlow December 1, 2021

WINNETKA AND WILMETTE, ILL. — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group Inc., has acquired a three-property multifamily portfolio in Winnetka and Wilmette for $12 million. DMG acquired the assets, located in the North Shore suburbs of Chicago, in a joint venture with private equity real estate firm JDI Realty. DMG plans to rebrand the portfolio as Trevian Townhomes. Units average 1,525 square feet. The seller was not provided.

December 1, 2021

Acquisitions Florida Multifamily Southeast

TerraCap Management Acquires 371-Unit Apartment Complex in Orlando

by Julia Sanders November 30, 2021

ORLANDO, FLA. — TerraCap Management LLC has acquired The Place on Millenia, a 371-unit apartment community in Orlando. Scott Ramey of Newmark represented the undisclosed seller in the disposition. The sales price was also not disclosed. Built in 2007, The Place on Millenia features one-, two- and three-bedroom units. In certain units, features include quartz kitchen and bathroom countertops, new cabinetry and hardware and vinyl plank flooring. TerraCap plans to execute a renovation program to add the features to more of the units. Community amenities include a pool, outdoor kitchen and gas grills, fitness center, clubhouse with a media room and a billiards room. The property also has three interior lakes that provide tenants with water views. Naples, Fla.-based TerraCap is in the process of adding debt financing to the property post-close, and the financing is expected to close within the next few weeks. Matt Williams and Kyle Schlitt of Newmark were retained to help originate the debt. ZRS Management will be the property manager.

November 30, 2021

Development Multifamily Seniors Housing Texas

Touchmark to Develop 81-Acre Seniors Housing Facility in McKinney, Texas

by Taylor Williams November 30, 2021

MCKINNEY, TEXAS — Touchmark, an Oregon-based seniors housing owner-operator, will develop an 81-acre project in the northern Dallas suburb of McKinney. Designed by architectural firm three, Touchmark at Emerald Lake will be built in two phases. The first phase will consist of 149 independent living apartment homes, six casitas (duplex residences), 84 assisted living units and 32 memory care residences. Project partners include Andres Construction (general contractor), StudioSix5 (interior design), Kimley-Horn (civil engineer) and Talley Design (landscape architect). Completion of Phase I is scheduled for 2023.

November 30, 2021

Development Multifamily Washington Western

Vulcan Breaks Ground on 249-Unit Ondina Apartment Development in Bellevue, Washington

by Amy Works November 30, 2021

BELLEVUE, WASH. — Vulcan has broken ground on Ondina, a 1.4-acre development site at 13238 NE Spring Blvd. in Bellevue. Located near the future location of BelRed/130th Light Rail Station, Ondina will feature 249 apartments, with 20 percent of the units designated rent- and income-restricted for households earning up to 80 percent of the area median income. The property is slated to open in early 2024. Runberg Architecture Group is serving as architect and Exxel Pacific is serving as general contractor of record for the project.

November 30, 2021

HamptonPark-SanMateo-SolanoSprings-Tucson-AZ

Acquisitions Arizona Multifamily Western

Bridge Investment Group Buys Three Multifamily Properties in Tucson for $75.1M

by Amy Works November 30, 2021

TUCSON, ARIZ. — Bridge Investment Group has acquired three multifamily communities in Tucson from Monarch Investment and Management Group for $75.1 million. The portfolio includes the 160-unit Hampton Park, which was built in 1973; the 254-unit San Mateo, which was built in 1987; and the 152-unit Solano Springs, which was built in 1982. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 30, 2021

Acquisitions Affordable Housing Multifamily Nevada Western

Kairos Investment Acquires 195-Unit Siena Townhomes Affordable Community in Las Vegas

by Amy Works November 30, 2021

LAS VEGAS — Kairos Investment Management Co. has purchased Siena Townhomes, a 195-unit affordable multifamily property in Central Las Vegas. Terms of the off-market transaction were not released. Built in 2001, Siena Townhomes features 82 two-bedroom townhomes and 113 three-bedroom townhomes with full-size washers/dryers, walk-in closets and a private balcony or patio with extra storage. Community amenities include a clubhouse, pool and spa, fitness center, barbecue area, basketball court, business center, children’s play area and carports.

November 30, 2021

Acquisitions Multifamily Nevada Seniors Housing Western

SLIB Negotiates Sale of 65-Unit Seniors Housing Property in Gardnerville, Nevada

by Amy Works November 30, 2021

GARDNERVILLE, NEV. — Senior Living Investment Brokerage has arranged the sale of Carson Valley, a 65-unit seniors housing community in Gardnerville, approximately 50 miles south of Reno. The facility was built in 1997 and totals 40,610 square feet on 2.5 acres of land. After a slight occupancy decrease in 2020, Carson Valley increased occupancy to over 90 percent. The seller was a regional owner-operator and will continue to operate the community. The buyer is a private equity group based in the West looking to expand its portfolio. The price was not disclosed. Vince Viverito, Jason Punzel and Brad Goodsell of SLIB handled the transaction. “Carson Valley is a desirable property located near Lake Tahoe with incredible views of Heavenly Mountain,” says Viverito. “The property is a consistent performer with great cash flow.”

November 30, 2021

Florida Loans Multifamily Southeast

Ready Capital Closes $8.1M Loan for Multifamily Community in Jacksonville

by Julia Sanders November 30, 2021

JACKSONVILLE, FLA. — Ready Capital has closed an $8.1 million loan for the acquisition, renovation and stabilization of a 113-unit multifamily property in Jacksonville. Upon acquisition, the sponsor will renovate units and property exteriors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. The borrower and property name were not disclosed.

November 30, 2021

Loans Multifamily Texas

Ready Capital Closes $21.3M Acquisition Loan for Houston Apartments

by Taylor Williams November 30, 2021

HOUSTON — New York City-based Ready Capital has closed a $21.3 million loan for the acquisition, renovation and stabilization of an unnamed, 282-unit apartment complex in Houston. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

November 30, 2021

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