Multifamily

Kiser Group Brokers $117M Sale of Park Ridge Commons Multifamily Community in Des Plaines, Illinois

by Kristin Harlow January 3, 2022

DES PLAINES, ILL. — Kiser Group has brokered the $117 million sale of Park Ridge Commons in Des Plaines, a northwest suburb of Chicago. The garden-style multifamily property consists of 752 units across 47 buildings. Amenities include a clubhouse, lap pool, fitness center, tennis courts and laundry facilities. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group represented the buyer, Bayshore Properties, and the seller, H.A. Langer & Associates. The seller had owned the property for 25 years. Dan Sacks and Eric Rosenstock of Greystone originated $103 million in acquisition financing through Fannie Mae.

January 3, 2022

Development Multifamily Texas

AMAC Breaks Ground on 203-Unit Multifamily Project in Lewisville, Texas

by Taylor Williams January 3, 2022

LEWISVILLE, TEXAS — AMAC, a national investment and development firm, has broken ground on a 203-unit multifamily project that will be located within a Qualified Opportunity Zone in the northern Dallas suburb of Lewisville. Designed by locally based architecture firm HEDK, the property will feature one- and two-bedroom units respectively averaging 724 and 1,134 square feet, as well as three retail spaces. Amenities will include a pool, fitness center, grilling areas, dog wash, lounge and clubroom. Truist is providing $29.3 million in construction financing for the project. Completion is slated for fall 2023.

January 3, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 149-Unit Magnolia Heights Apartments in San Antonio

by Taylor Williams January 3, 2022

SAN ANTONIO — Newmark has brokered the sale of Magnolia Heights, a 149-unit multifamily property in San Antonio’s Alamo Heights neighborhood. Built in 2020, the property houses one-, two- and three-bedroom units, plus 5,162 square feet of ground-floor retail space. Amenities include a pool, outdoor grilling and dining areas, fitness center, resident clubhouse, coffee bar and a conference center. Cypress Real Estate Advisors sold the asset to a fund managed by New York-based Clarion Partners for an undisclosed price. Patton Jones and Matt Michelson of Newmark brokered the deal. Magnolia Heights was 98 percent occupied at the time of sale.

January 3, 2022

Acquisitions Multifamily Nevada Western

Kennedy Wilson Acquires 528-Unit Apartment Community Near Las Vegas for $155M

by Amy Works January 3, 2022

HENDERSON, NEV. — Kennedy Wilson (NYSE: KW) has purchased 3001 Park, a multifamily property located in Henderson, for $155 million, excluding closing costs. The company invested $56 million of total equity in the acquisition of the property and secured a $102 million loan. At the time of sale, the 528-unit community was 95 percent occupied. This acquisition brings Kennedy Wilson’s Las Vegas multifamily presence to more than 2,300 market-rate units. The name of the seller was not released.

January 3, 2022

Acquisitions Arizona Multifamily Student Housing Western

Tara Investment Group Buys The Mark Student Housing Property in Tempe for $36.1M

by Amy Works January 3, 2022

TEMPE, ARIZ. — San Francisco-based Tara Investment Group, a division of Meier-Shefflin Multi-Family, has acquired The Mark, an off-campus student housing community located at 1115 E. Lemon St. in Tempe. San Clemente, Calif.-based Nelson Partners sold the asset for $36.1 million. Located along the Valley Metro Rail line on the edge of Arizona State University’s Tempe campus, The Mark features 153 units with a total of 229 beds. The units offer furnished and unfurnished studio, one- and two-bedroom floor plans with new appliances, quartz countertops and finished concrete flooring. Community amenities include a resort-style pool and sun deck, double-decker hot tubs, a water slide, gas grills, two elevators and a 24-hour fitness center. The property was built in 1970 and remodeled by Nelson Partners in 2014. At the time of sale, the community was 97 percent occupied.

January 3, 2022

Loans Massachusetts Multifamily Northeast

Berkadia Provides $64.1M Agency Loan for Refinancing of Boston-Area Multifamily Portfolio

by Taylor Williams January 3, 2022

BOSTON AND CAMBRIDGE, MASS. — Berkadia has provided a $64.1 million Freddie Mac loan for the refinancing of the Brookline Cambridge Portfolio, a collection of five multifamily properties in the Boston area. Two of the properties, Auburn Harris Courtyard and St. Paul Gardens, are located in the Brookline area. The other three — Wendell Terrace, Brattle Arms and John Harvard Apartments — are located across the Charles River in Cambridge. Robert Lipson of Berkadia originated the financing on behalf of the locally based borrower, Chestnut Hill Realty.

January 3, 2022

Loans Multifamily Seniors Housing Washington Western

Blueprint Arranges Refinancing of 160-Bed Seniors Housing Portfolio in Washington State

by Jeff Shaw January 3, 2022

KENNEWICK, Wash. — Blueprint Healthcare Real Estate Advisors has negotiated the cash-out refinancing for a pair of Green Lake Senior Living Communities, located in the tri-cities area of Washington State. The two communities totaling approximately 160 beds were purchased during COVID as value-add communities from a pair of national operators looking to transition away from operating older, Class C communities. Green Lake Senior Living, a Washington-based owner-operator already in this market, was able to quickly and drastically improve performance through hands-on management and presence at the communities, in conjunction with fully adopting the state’s Medicaid program to make quality care attainable for a wider subset of the local population. VIUM, a national debt fund affiliated with Merchant’s Bank of Indiana, was chosen as the lender. The refinancing was structured to provide meaningful cash out today, an earnout for additional proceeds once the communities are fully stabilized, and a path to a non-recourse execution through HUD.

January 3, 2022

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $9M Loan for Refinancing of Boston Apartment Building

by Taylor Williams January 3, 2022

BOSTON — Cornerstone Realty Capital has arranged a $9 million loan for the refinancing of a 23-unit apartment building in Boston’s historic Washington Street Corridor. The newly constructed building houses studio, one-, two-, three- and four-bedroom units with quartz countertops, stainless steel appliances and tile backsplashes. Cornerstone arranged the loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the buyer, Boston Real Estate Collaborative.

January 3, 2022

Georgia Market Reports Multifamily Southeast Southeast Market Reports

Ongoing Population, Job Growth in Atlanta Drives Multifamily Demand

by John Nelson January 3, 2022

Atlanta remains an incredibly active market for multifamily demand from both a renter and investor standpoint. The Atlanta metropolitan statistical area (MSA) boasts a population estimate by the U.S. Census Bureau of more than 6.1 million people, an increase of 14.3 percent over the past 10 years, and ranks consistently as one of the top recipients of in-migration in the country. The continued influx of new residents and rising home pricing have led to a vacancy rate of 4.9 percent, the lowest recorded in the MSA since 2000. In the third quarter, rents reached the highest average in Atlanta’s history of $1,561 per unit, an increase of 21.3 percent year-over-year. While on average apartment communities tend to see an average occupancy rate around 95 percent, eviction moratoriums have pushed occupancies at many to as high as 99 percent leased as property managers seek to make up for lost revenue. Residents are flocking toward urban infill projects in walkable parts of the city, such as in the micro-market along the Atlanta BeltLine Eastside Trail where effective rents reached $2,052 per unit, commanding a 31.5 percent premium over the metro Atlanta average. However, there has also been substantial rent growth recorded in …

January 3, 2022

California Development Multifamily Seniors Housing Western

Partnership Breaks Ground on 80-Unit Seniors Housing Community in Brea, California

by Amy Works December 23, 2021

BREA, CALIF. — Cadence Living, Flournoy Development Group and Harrison Street have broken ground on Cadence Brea, an 80-unit assisted living and memory care in the Orange County city of Brea. The project team includes Thoma-Holec Design, Irwin Partners Architects and Flatiron Development Group. “This is a unique opportunity and part of our overall strategy to focus on boutique, high-end, amenity-laden communities with high walkability scores,“ says Rob Leinbach, principal with Cadence. “We are focused on locations with a high barrier to entry,” adds Justin Osborne, vice president at Flournoy Development Group. “It is rare that we come across a site with this many amenities in close proximity.” The community is scheduled to open in first-quarter 2024. This will be the third community delivered in the Cadence/Flournoy partnership after Cadence Olney in the Washington, D.C. suburb in Montgomery County, Maryland and Cadence at Kent-Meridian in the Seattle MSA. Cadence Brea is also the eighth collaboration between Cadence and Harrison Street.

December 23, 2021

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