Multifamily

Ready Capital Closes $26M Acquisition Loan for Multifamily Property in Las Vegas

by Amy Works November 22, 2021

LAS VEGAS — Ready Capital has closed $26 million in financing for the acquisition, renovation and stabilization of a 278-unit apartment in the Central Las Vegas submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement program for deferred maintenance and renovating unit interiors, building exterior and common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension and options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

November 22, 2021

Development Multifamily Northeast Pennsylvania Seniors Housing

IntegraCare Breaks Ground on 130-Unit Seniors Housing Community in York, Pennsylvania

by Taylor Williams November 22, 2021

YORK, PA. — IntegraCare Corp. has broken ground on a 130-unit seniors housing community in York, approximately 90 miles west of Philadelphia. The 124,000-square-foot community, which has yet to be branded, will feature 68 independent living units, 42 assisted living residences and 20 memory care units. Warfel Construction is the general contractor for the project, which IntegraCare is developing in partnership with Avenue Development. The community is scheduled to open in early 2023.

November 22, 2021

Acquisitions Florida Multifamily Southeast Top Stories

ECI Group Sells High-Rise Apartment Building in Tampa to Snell Properties for $136M

by Taylor Williams November 22, 2021

TAMPA, FLA. — Atlanta-based developer ECI Group has sold Channel Club, a 22-story high-rise apartment building in Tampa, to Snell Properties, an investment firm based in the Washington, D.C. area. The sales price was $136 million. The property totals 324 units, which translates to a per-unit sales price of approximately $420,000. Apartments feature one- and two-bedroom floor plans and an average size of 911 square feet. Units are furnished with stainless steel appliances and private balconies. ECI Group developed Channel Club, which also houses a Publix grocery store and several levels of onsite parking, in 2019. The community offers amenities such as a pool, fitness center and a business center. The Publix was not included in the sale. ECI Group is also developing Parc Madison, a 351-unit apartment community on the same block as Channel Club. Both projects represent part of a broader effort to redevelop and revitalize one of Tampa’s former industrial districts. The block is also home to Madison Street Park. “ECI Group is excited to be continuing to invest in one of the most transformational downtowns in the nation with Parc Madison,” says ECI Group CEO Seth Greenberg. “We congratulate Snell on their purchase of Channel Club, …

November 22, 2021

Acquisitions Florida Multifamily North Carolina South Carolina Southeast

Carroll, PGIM Complete Sale of $1.1B Multifamily Portfolio Across Southeast

by Julia Sanders November 19, 2021

ATLANTA AND NEWARK, N.J. — Carroll, in partnership with Newark, N.J.-based PGIM Real Estate, has completed the sale of 12 multifamily communities for more than $1.1 billion in total. The 4,121-unit portfolio is located in Raleigh, Charleston and South Florida. The communities were sold in three separate joint venture transactions between institutional fund vehicles managed by PGIM Real Estate and Carroll. Jim Mehalso led the portfolio transaction internally for PGIM Real Estate, while Josh Champion led the transaction for Carroll. The buyer(s) were not disclosed. The portfolio includes six multifamily communities in Raleigh (Arium Southpoint, Arium Kildaire, Arium Weston, Arium Lake Lynn, Arium Lake Johnson and Arium Trailwood); three Charleston communities (Arium North Charleston, Arium St. Ives and Arium Mt. Pleasant); and three South Florida communities (Arium Boca Raton, Centro at Davie by Arium and Arium Boynton Beach). Purchased under Carroll’s workforce value-add strategy, the Carolinas properties provided workforce housing, while the South Florida portfolio extended Carroll’s suburban presence with assets in high-growth markets. Under its ownership, Carroll and PGIM Real Estate completed exterior and interior capital renovation projects on the properties totaling $22 million. At the time of sale, each of the communities were operating with strong occupancy. In …

November 19, 2021

Development Multifamily Texas

Kalterra Capital Breaks Ground on 175-Unit Active Adult Community in Metro Dallas

by Taylor Williams November 19, 2021

WAXAHACHIE, TEXAS — Locally based developer Kalterra Capital Partners has broken ground on The Hamilton, a 175-unit active adult community that will be located on a 7.8-acre site in the southern Dallas suburb of Waxahachie. Amenities will include a fitness center, salon, theater, golf simulator and outdoor putting green, dog park and bocce ball and pickleball courts. The project is slated for a fourth-quarter 2022 opening.

November 19, 2021

Loans Multifamily Texas

Ready Capital Closes $28M Acquisition Loan for Arlington Apartment Community

by Taylor Williams November 19, 2021

ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of a 310-unit apartment community in Arlington. The nonrecourse, interest-only loan carried a floating interest rate, a 36-month term, two extension options, flexible prepayment options and a facility to fund future capital improvements. The name of the property and the borrower were not disclosed. Renovations will be focused on unit interiors, building exteriors and amenity spaces.

November 19, 2021

Acquisitions Multifamily South Carolina Southeast

Monday Properties Disposes of Metro Charleston Multifamily Community for $79.5M

by Julia Sanders November 19, 2021

SUMMERVILLE, S.C. — Rosslyn, Va.-based Monday Properties has sold The Hudson, a 300-unit, Class A multifamily community in Summerville, for $79.5 million. PassiveInvesting.com, a real estate firm that mainly focuses on acquiring apartments and self-storage properties, was the buyer. Delivered in June 2021, The Hudson offers studio, one-, two- and three-bedroom apartments in 11 buildings. Community amenities include a clubhouse, business center, fitness studio and a saltwater pool with a sun shelf. The Hudson was nearly 60 percent leased at the time of sale. Located at 900 Owl Wood Lane, the property is situated 28.9 miles from Charleston, 19.7 miles from North Charleston and 21.4 miles from Charleston International Airport. Monday Properties designed The Hudson to focus on health and wellness, flexibility and outdoor amenities as more residents carve out space for telework. In the past six months, The Hudson is the firm’s second multifamily sale in the Charleston market. In June 2021, Monday Properties sold a 264-unit multifamily community in North Charleston called The Mason.

November 19, 2021

Acquisitions Maryland Multifamily Southeast Student Housing

Armada Hoffler Sells Student Housing Property in Baltimore for $75M

by Julia Sanders November 19, 2021

BALTIMORE — Armada Hoffler Properties Inc. has sold Nine East 33rd, a 157-unit student housing property in Baltimore, for $75 million. The buyer was not disclosed. Aaron Moll, Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu of Berkadia arranged a $62 million loan from PIMCO for the sale. Nine East 33rd offers one-, two-, three- and four-bedroom floorplans with an average unit size range of 590 to 1,120 square feet. The fully furnished units feature in-unit washers and dryers, pantries, patios and kitchen islands. Community amenities include a fitness center, bike storage, gameroom, media center and movie theater, courtyard, grill, retail space and onsite maintenance. The property also offers individual locking bedrooms, a study lounge, individual leases available and roommate matching options. Located at 9 E 33rd St., the property is situated close to downtown Baltimore and Interstate 83. The property is less than a mile from Johns Hopkins University campus and two miles from the Maryland Institute College of Art. The property has nearby retailers such as Insomnia Cookies, Barnes & Noble, Chipotle Mexican Grill, Kung Fu Tea and BOZ’s Burger Bistro. The transaction was part of Armada Hoffler’s plans to exit the student housing sector. The Virginia …

November 19, 2021

Acquisitions Florida Multifamily Southeast

Avison Young Brokers $63.5M Sale of Apartment Community in Orlando

by Julia Sanders November 19, 2021

ORLANDO, FLA. — Avison Young has brokered the $63.5 million sale of Linden on the GreeneWay, a garden-style, 234-unit apartment community in southeast Orlando. Peter Sherman, Jay Maddox and Rosendo Caveiro of Avison Young arranged the sale. Avison Young also assisted in arranging financing on behalf of the buyer, Beverly Hills-based Cores Management Inc. Institutional Property Advisors, a division of Marcus & Millichap, represented seller, Norfolk, Va.-based Harbor Group Management. Built in 2017, Linden on the GreeneWay offers studios, one-, two- and three-bedroom units. The apartments feature nine-foot ceilings, full-size washers/dryers and private patios/balconies. Community amenities include a resort-style swimming pool, two-story clubhouse with a fitness center, modern resident lounge, pet park and outdoor covered seating with a fireplace. The property was 96 percent occupied at closing. Located at 13000 Breaking Dawn Drive on 11.7 acres, Linden on the GreeneWay is situated 8.8 miles from Orlando International Airport and 13.9 miles from Walt Disney World Resort. The property is also close to major highways such as State Route 417 and the Florida Turnpike.

November 19, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Monarch Begins Construction on 165-Unit Seniors Housing Community in Weymouth, Massachusetts

by Taylor Williams November 19, 2021

WEYMOUTH, MASS. — Monarch Communities has begun construction of Monarch Senior Residence, a 165-unit seniors housing community located in the South Shore city of Weymouth. The community will feature 91 independent living units, 48 assisted living residences and 26 memory care apartments. PROCON, an architectural and construction management firm based in Hooksett, New Hampshire, is the design-build contractor partner for the project. The opening is currently scheduled for summer 2023.

November 19, 2021

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