Multifamily

Kalikow, EYC Open Anthem Luxury Rental Homes in Huntsville

by Julia Sanders November 16, 2021

HUNTSVILLE, ALA. — Westbury, N.Y.-based The Kalikow Group and EYC Cos., which has offices in Charleston and Raleigh, has opened Anthem Luxury Rental Homes, a multifamily community in Huntsville. Anthem offers single-family cottages with one-, two- and three-bedroom floorplans that include private porches, backyards and two-car garages. The property also includes apartments with one-, two- and three-bedroom units that include granite countertops, side-by-side refrigerators and vinyl plank flooring. The property also offers options for environmental control such as UV air purifiers and Wi-Fi thermostats, as well as keyless entry, valet trash and Google Fiber internet in every unit. Community amenities include a 5,590-square-foot clubhouse, indoor and outdoor social club with kitchen and lounges, a 1,000-square-foot fitness center, two heated saltwater pools, 24/7 package locker system, private micro-offices and a conference room. Located at 740 Plummer Road, the property is situated seen miles from downtown Huntsville, 7.3 miles from Alabama A&M University, 1.8 miles from Oakwood University and 5.8 miles from the U.S. Space & Rocket Center. The property is also located near several retailers and restaurants such as Publix, Target and Best Buy.

November 16, 2021

Alabama Development Loans Multifamily Southeast Student Housing

Ready Capital Closes $15M Loan for Student Housing Acquisition, Conversion in Birmingham

by Julia Sanders November 16, 2021

BIRMINGHAM, ALA. — Ready Capital has closed a $15 million loan for the acquisition, conversion, renovation and stabilization of an unnamed, 176-unit student housing property in Birmingham. The undisclosed sponsor plans to transform the property from student housing to traditional multifamily through a rebranding and renovation program. 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 and interest shortfalls.

November 16, 2021

Acquisitions Florida Multifamily Southeast

Cyclone Investment, Skywood Buy Three Multifamily Properties in Jacksonville for $96M

by Julia Sanders November 15, 2021

JACKSONVILLE, FLA. — New York-based Cyclone Investment Group, in a joint venture with Skywood Properties, has bought a three-property multifamily portfolio totaling 842 units across Jacksonville. Cliff Taylor and Joe Ayers of CBRE represented the seller, Los Angeles-based Oro Capital Advisors, in the $96 million sale. The three properties were Cross Creek Apartments, Riverview Apartment Homes and The Columns. Located at 1441 Manotak Ave., Cross Creek Apartments is a 29-building property featuring 292 apartments with an average size of 961 square feet. Community amenities include a pool, play area, laundry facility and gated access. Riverview Apartment Homes is a 21-building property that includes 304 apartments with an average size of 952 square feet. Located at 301 Caravan Circle, the property’s community amenities include a business center, picnic area with barbecue, swimming pool, playground, soccer court and laundry facilities. Located at 333 Laurina St., The Columns is a 29-building property that includes 246 apartments with an average unit size of 902 square feet. Community amenities include a swimming pool and laundry facilities. Jeff Kinney and Phil Rachels of CBRE Capital Markets arranged a three-year bridge loan with Arbor Realty Trust on behalf of the buyer. The floating-rate financing is structured at …

November 15, 2021

Acquisitions Multifamily Southeast Virginia

29th Street Capital Acquires Multifamily Community in Alexandria, Virginia for $82M

by Julia Sanders November 15, 2021

ALEXANDRIA, VA. — 29th Street Capital (29SC) has acquired The Shelby, a 240-unit luxury apartment community in Alexandria near the Potomac River, for $82 million. The seller was not disclosed. Drew White and Carter Wood of Berkadia brokered the sale, and Mitch Sinberg, Brad Williamson and Wes Moczul of Berkadia arranged acquisition financing on behalf of Chicago-based 29SC. Built in 2014, The Shelby offers one- and two-bedroom floorplans with a unit size range of 573 to 1,263 square feet. The units feature in-unit washers and dryers, granite countertops, stainless steel appliances, hardwood floors and kitchen islands. Community amenities include 24/7 maintenance, a pool table, dog washing station, dog park, outdoor gas grilling station, bike storage, swimming pool and an electric car charging station. Located at 6200 N Kings Highway, The Shelby is about 1.4 miles from the Huntington Metrorail Station, 11.4 miles from Washington, D.C. and 5.8 miles from Ronald Reagan Washington National Airport. 29SC plans to make select interior and exterior upgrades to the property. 29SC’s in-house property management company, Haven Residential, will oversee management and leasing.

November 15, 2021

Acquisitions Multifamily Texas

SWBC Sells 331-Unit Royalton at Kingwood Apartments in Metro Houston

by Taylor Williams November 15, 2021

KINGWOOD, TEXAS — Texas-based developer SWBC Real Estate has sold The Royalton at Kingwood, a 331-unit apartment community located on the northern outskirts of Houston. The property, which was completed in September 2020 and is located adjacent to a new H-E-B grocery store, offers one-, two- and three-bedroom units. Amenities include a pool, clubhouse, fitness center, dog park and outdoor grilling stations. Ryan Epstein, Jennifer Ray and Scott Bray of Walker & Dunlop brokered the deal on behalf of SWBC. The buyer was CAF Capital Partners.

November 15, 2021

Loans Multifamily Texas

Ready Capital Closes $33.2M Acquisition Loan for Uptown Dallas Multifamily Property

by Taylor Williams November 15, 2021

DALLAS — New York City-based Ready Capital has closed a $33.2 million loan for the acquisition, renovation and stabilization of an unnamed 179-unit multifamily property in Uptown Dallas. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.

November 15, 2021

Loans Multifamily Southeast Virginia

Colliers Secures $41.9M in Financing for Multifamily Project in Richmond

by Julia Sanders November 15, 2021

RICHMOND, VA. — Colliers has secured a total of $41.9 million in debt and equity for Commodore, a 173-unit multifamily project in Richmond’s Manchester neighborhood. Jeremy Thornton, Andrew Gibson, Nicole Sayers and Evan Mannis of Colliers sourced a $27.5 million loan with a regional bank on behalf of the developer, Capital City Real Estate, and helped raise $14.4 million in equity via an institutional partner. The lender and equity partner involved with the Commodore project were not disclosed. The seven-floor multifamily development will offer one-, two- and three-bedroom floorplans. The units will feature large windows and nine-foot ceilings with 80 percent of the units featuring balconies or terraces. Community amenities will include two stories of parking and bike storage, a pool, rooftop lounge, fitness center, two courtyards, dog wash and run and cold storage for grocery deliveries. The 173,000-square-foot project will also include 3,500 square feet of ground floor retail space. Construction is set to begin in the fourth quarter and slated for completion in the second quarter of 2023.

November 15, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast Seniors Housing

Fairstead, LIHC Investment Group Buy 691-Unit Affordable Seniors Housing Portfolio in Newark

by Taylor Williams November 15, 2021

NEWARK, N.J. — Fairstead, an investment firm with three offices along the East Coast, and Maine-based LIHC Investment Group have purchased the 691-unit Essex Plaza seniors affordable housing portfolio in Newark. The portfolio consists of 13 buildings. The partnership plans to invest in capital improvements, including the enhancement of the portfolio’s proptech features, sustainability and community programming. Information about income restrictions for the portfolio was not released. Dane Global represented the buyer and seller in the transaction.

November 15, 2021

Acquisitions California Multifamily Northmarq Western

Northmarq Brokers $22M Sale of 89-Unit Apartment Portfolio in El Cajon, California

by Amy Works November 15, 2021

EL CAJON, CALIF. — Northmarq has brokered the sale of a four-property multifamily portfolio located in El Cajon. Swanson Real Estate Solutions sold the property to El Cajon Investor 1 and El Cajon Investor 2 for $22 million. The portfolio includes the 28-unit Easter Manor Apartments, the 23-unit East Winds, the 19-unit Sunshine Manor Apartments and the 19-unit Sunshine Villas. The four buildings offer a total of 89 apartments. Erik Anderson and Kyle Pinkalla of Northmarq San Diego represented the buyer and seller in the deal.

November 15, 2021

Ready-Capital-Bridge-Lending-Deal-Highlights-Q3-2021-18375-RCL-Q3-10-21-1-3

Loans Multifamily Nevada Western

Ready Capital Closes $15.8M in Financing for Multifamily Property in Reno

by Amy Works November 15, 2021

RENO, NEV. — Ready Capital has closed $15.8 million in financing for the acquisition, renovation and stabilization of a 142-unit apartment property in downtown Reno. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors, convert ground-floor retail space to apartment units, renovate building exteriors and upgrade the common area. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and includes a facility to provide future funding for capital expenditures and interest-and-carry shortfalls.

November 15, 2021

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