AUSTIN, TEXAS — New York City-based Ready Capital has closed a $9.1 million loan for the acquisition, renovation and stabilization of a 90-unit multifamily property located in the Heritage Hills submarket of Austin. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding capital improvements. The undisclosed sponsor also plans to convert half the residences into affordable housing.
MATAWAN, N.J. — Brokerage firm Redwood Realty Advisors has negotiated the $11.3 million sale of Matawan Village, a 72-unit multifamily property located about 40 miles south of New York City. The sales price equates to approximately $157,500 per unit. According to Apartments.com, the property offers one- and two-bedroom units. Kevin McCrann of Redwood Realty represented the buyer and seller, both of which requested anonymity, in the transaction.
FAIRFIELD, N.J. — JLL has arranged a $10.5 million loan for the refinancing of Brookplace Luxury Apartments, a 36-unit complex located in the Northern New Jersey community of Fairfield. Built in 2020 and fully occupied at the time of the loan closing, Brookplace Luxury Apartments features one- and two-bedrooms units averaging 1,058 square feet with balconies and patios. Michael Klein, Max Custer and Gerard Quinn of JLL arranged the 15-year, fixed-rate loan through National Life Group on behalf of the borrower, an entity doing business as 74 Passaic Avenue LLC.
ARCADIA, CALIF. — A private investor from Taiwan has acquired a mixed-use residential and retail property, located at 57 Wheeler Ave. in Arcadia, from a local developer for $39.2 million. Joyce Goldstein and Eric Chen of CBRE represented the buyer and the seller in the deal. Completed in 2019, the property features 38 apartments and 17,000 square feet of ground-floor retail space, which Universal Bank and Tap Lounge occupy. Community amenities include elevators, an outdoor barbecue area and courtyard, ample guest parking, storage spaces and electric vehicle charging stations. Apartments offer double vanities, stainless steel appliances, hardwood flooring and in-unit washers/dryers.
SEATTLE — Legacy Partners, along with its equity partner USAA Real Estate, has opened Maris, a multifamily property located at 4722 Fauntleroy Way SW in West Seattle. The partnership broke ground on the 306-residence project in June 2019. Maris features two standalone buildings offering a mix of studio, open one-bedroom, one-bedroom and two-bedroom floor plans. The apartments feature A/C ports, hardwood-style flooring, quartz countertops, gas and electric cooktops and an energy-efficient kitchen appliance package. Additionally, many of the units include air conditioning with smart thermostats. Designed by Seattle-based Encore Architects, Maris offers 261 parking spaces, 10,000 square feet of ground-floor retail space, co-working space and conference rooms, a fitness studio, bike storage and electric vehicle charging stations. The community also features rooftop outdoor and resident lounges with a kitchen bar, grilling station and fire pits.
LAYTON, UTAH — Los Angeles-based Marble Partners has purchased Eastgate at Greyhawk, a multifamily property located in Layton, approximately 24 miles north of Salt Lake City. Keller Investment Partner sold the asset for an undisclosed price. Constructed in 2012 on five acres, Eastgate at Greyhawk features 108 apartments, a swimming pool, pet park, playground and covered parking. Apartments offer patios or balconies, large closets and in-unit washers/dryers. Brock Zylstra and Danny Shin of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer in the transaction.
GLENDALE, ARIZ. — Ready Capital has closed a $4.3 million bridge-to-Freddie Mac financing for the acquisition, renovation and stabilization of an apartment community in Glendale. Upon acquisition, the undisclosed sponsor will implement a capital expenditure plan for the property’s 42 units and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 24-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. Additionally, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL loan program.
CLEVELAND — Ready Capital has closed a $6 million loan for the acquisition, renovation and stabilization of a 108-unit, four-property multifamily portfolio in the Shaker Heights submarket of Cleveland. The undisclosed borrower plans to implement a capital improvement program to renovate the units, common areas and exteriors of the Class B properties. The nonrecourse loan features a floating rate and a three-year term.
CHARLESTON, S.C. — Greystar Real Estate Partners LLC has agreed to sell a 30-property multifamily portfolio for approximately $3.6 billion. Eastdil Secured served as the exclusive financial advisor to Greystar. Canadian-based Ivanhoé Cambridge purchased the portfolio, which includes 10,000 units, according to several media outlets. The Greystar Equity Partners IX fund was formed as part of Greystar’s flagship U.S. rental housing value-add fund series in which the company focused on acquiring well-located, institutional-quality apartment communities in target markets throughout the country. Since its launch in 2015, the fund series raised $5 billion, and it includes a group of global institutional investors from North America, Continental Europe and Asia-Pacific. Greystar is a Charleston-based real estate firm that manages and operates approximately $220 billion of real estate in more than 210 markets across the world. The company manages over 748,000 multifamily units globally.
MILWAUKIE, ORE. — An affiliate of Guardian Real Estate Services has received preferred equity from PCCP for the development of Monroe Apartments, a multifamily property in Milwaukie, five miles south of Portland. Situated on 7.2 acres, the Class A property will feature 234 apartments spread across five residential buildings in a mix of studio, one-, two- and three-bedroom units. Unit interiors will include quartz countertops, vinyl-plank flooring, stainless steel appliances, in-unit washers/dryers, large closets and USB outlets. Community amenities will include a playground, dog park, outdoor workout area, barbecue stations and a clubhouse that will offer a feature room, bicycle storage and common area. Additionally, the community will feature 301 parking spaces.