Multifamily

Kidder Mathews Arranges $5.5M Sale of Apartment Portfolio in Spokane, Washington

by Amy Works July 19, 2022

SPOKANE, WASH. — Kidder Mathews has arranged the combined $5.5 million sales of two multifamily properties in Spokane. Max Frame of Kidder Mathews represented the undisclosed separate buyers in each transaction. The Lloyd, a multifamily property located on the corner of West Mansfield Avenue and North Monroe Street in Spokane, sold for $4.3 million. Built in 1911, the property features 33 residential units and four commercial units. The buyer plans to renovate the entire building. Built in 1910, The Annie features two buildings offering a total of 11 units. The property, which is located at 1022 W. Sinto Ave., sold for $1.2 million.

July 19, 2022

Loans Multifamily Texas

Walker & Dunlop Arranges Loan for Refinancing of 680-Unit Apartment Community in San Antonio

by Taylor Williams July 18, 2022

SAN ANTONIO — Walker & Dunlop has arranged a loan of an undisclosed amount for the refinancing of The Place at Castle Hills, a 680-unit apartment community located on the north side of San Antonio. Built in 1984, the garden-style property comprises 52 buildings that house one- and two-bedroom units with walk-in closets and private balconies/patios. Amenities include four pools, a fitness center, outdoor picnic areas and a Wi-Fi lounge. Alex Inman, Jon Hyduke, René Jaubert, Harrison Hoskins and Hannah Coen of Walker & Dunlop arranged the loan on behalf of the borrower, Arizona-based investment firm MC Cos.

July 18, 2022

Acquisitions Multifamily New Jersey Northeast

JLL Brokers $31.9M Sale of Northern New Jersey Apartment Complex

by Taylor Williams July 18, 2022

JERSEY CITY, N.J. — JLL has brokered the $31.9 million sale of Solaris Lofts, a 72-unit apartment complex located within the Bergen-Lafayette neighborhood of Jersey City. Built in 2019, the property features one-, two- and three-bedroom units and amenities such as a fitness center, dog park, resident lounge, coworking areas and an onsite grocery store and deli. Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Josh Stein of JLL represented the seller, PERE Holdings, in the transaction. The buyer was New York City-based Beachwold Residential.

July 18, 2022

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates $12.5M Sale of Multifamily Property in Storrs, Connecticut

by Taylor Williams July 18, 2022

STORRS, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $12.5 million sale of Orchard Acres, a 96-unit multifamily property in Storrs, home of the University of Connecticut. Built in 1963, the property is situated adjacent to the north end of campus and exclusively offers one-bedroom units. Tom Boyle of Chozick Realty represented the seller, a Massachusetts-based entity doing business as Orchard Acres Apartments LLC, in the deal. Steve Pappas with Chozick Realty represented the buyer.

July 18, 2022

Acquisitions Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $49M Sale of Affordable Housing Community in Fort Myers, Florida

by John Nelson July 18, 2022

FORT MYERS, FLA. — Marcus & Millichap has brokered the $49 million sale of The Brittany, a 320-unit affordable housing community located at 4050 Winkler Ave. in Fort Myers. Evan Kristol of Marcus & Millichap represented the seller, a private investment firm based in New York City, and procured the buyer, an entity doing business as Dominium Acquisition LLC. Built in two phases in 1999 and 2000, The Brittany features large floor plans ranging in size from 771 to 1,444 square feet, three-fourths of which are two-, three- and four-bedroom units. Amenities at the LIHTC property include a gated swimming pool with a large sundeck and cabanas, business center, fitness center, two playgrounds, basketball courts, a car wash and a community van. The new ownership will continue to operate The Brittany as affordable housing.

July 18, 2022

Development Seniors Housing Southeast Virginia

Bonaventure Breaks Ground on 133-Unit Seniors Housing Development in Alexandria, Virginia

by John Nelson July 18, 2022

ALEXANDRIA, VA. — Bonaventure, a locally based multifamily developer and manager, has broken ground on a 133-unit seniors housing project in Alexandria’s Old Town West neighborhood. The six-story property will feature studio, one- and two-bedroom units, as well as underground parking, an onsite restaurant, 24-hour fitness center, club lounge, business center, media room, community garden and an outdoor gazebo. The unnamed property will be situated within walking distance of the Braddock Road Metro Station, as well as I-495, King Street and Ronald Reagan Washington National Airport. Bonaventure expects to complete construction and begin welcoming renters in late 2023.

July 18, 2022

Acquisitions Maryland Multifamily Southeast

Hamilton Zanze Acquires 244-Unit Echelon at Odenton Apartments in Metro Baltimore

by John Nelson July 18, 2022

ODENTON, MD. — San Francisco-based Hamilton Zanze has purchased Echelon at Odenton Apartments, a 244-unit garden-style multifamily community located at 315 Nevada Ave. in Odenton, a suburb of Baltimore. Built in 2016, the apartment community was 97 percent occupied at the time of sale. The seller and sales price were not disclosed. Situated on 6.6 acres, Echelon at Odenton comprises two five-story residential buildings housing units ranging from 759 to 1,456 square feet, as well as a single-story clubhouse. Amenities include a theater, barbecue and grilling areas, clubhouse, TV lounge and bar, playground, game room, pool and covered bike storage.

July 18, 2022

Acquisitions Multifamily Washington Western

Kidder Mathews Negotiates $38.7M Sale of Apartment Community in Vancouver, Washington

by Amy Works July 18, 2022

VANCOUVER, WASH. — Kidder Mathews arranged the sale of 134th Street Lofts, a multifamily property in Vancouver. An undisclosed buyer acquired the asset from an undisclosed seller for $38.7 million in an off-market transaction. Newly constructed, 134th Street Lofts offers 124 apartments and is near Legacy Salmon Creek Medical Center, Washington State University Vancouver and a variety of local and national retailers. Dylan Simon, Max Frame and Jerrid Anderson of Kidder Mathews’ Simon and Anderson team represented the seller and sourced the buyer in the deal.

July 18, 2022

Loans Multifamily Utah Western

Colliers Mortgage Arranges $9.8M Fannie Mae Loan for Siena Villas Multifamily Property in Orem, Utah

by Amy Works July 18, 2022

OREM, UTAH — Colliers Mortgage Southwest has arranged a $9.8 million Fannie Mae loan for the refinancing of Siena Villas, a multifamily community in Orem. Rob Prouty of Colliers Mortgage Southwest arranged the 10-year loan for the borrower, Siena Villas LLC. Constructed in 2011, Siena Villas features 81 market-rate apartments with in-unit washers/dryers, onsite management and covered and uncovered parking.

July 18, 2022

Acquisitions Colorado Multifamily Western

Capstone Brokers $7.1M Sale of Gabion Apartments in Colorado Springs

by Amy Works July 18, 2022

COLORADO SPRINGS, COLO. — Capstone has brokered the sale of The Gabion Apartments, a multifamily building located at 676 W. Monument St. in Colorado Springs. The property traded for $7.1 million. Pat Knowlton of Capstone represented the undisclosed seller, while Jeff Dimmen, also of Capstone, represented the undisclosed buyer in the deal. Built in 2015, Gabion Apartments features 20 units. At the time of sale, the property was fully leased.

July 18, 2022

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