Multifamily

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

Loans Multifamily Northeast Pennsylvania

Thorofare Capital Provides $17.7M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams November 19, 2021

PHILADELPHIA — Los Angeles-based Thorofare Capital has provided a $17.7 million construction loan for a 72-unit multifamily project that will be located near Temple University in Philadelphia. The property will feature an average unit size of 881 square feet and will also house 16,339 square feet of retail space. Additional development details, including the name of the borrower, were not disclosed. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart led the transaction for Thorofare Capital.

November 19, 2021

California Development Mixed-Use Multifamily Retail Western

Begonia Real Estate, C.W. Driver Break Ground on $36.8M Apartment Development in Temple City, California

by Amy Works November 19, 2021

TEMPLE CITY, CALIF. — Begonia Real Estate Development and C.W. Driver have broken ground on a four-story, mixed-use multifamily property located at 5570 Rosemead Blvd. in Temple City. With a total construction value of $36.8 million, the project will feature 74 market-rate apartments in a mix of one-, two- or three-bedroom layouts; 11,000 square feet of commercial space; and a subterranean parking garage. The top floor will include 24 penthouse suites and the first floor will feature three live-work units with storefronts or walk-in office with loft space above. Community amenities will include a two-story fitness center; community room; business center with flex seating and a private conference room; and a podium-level courtyard with fire pits, water features and barbecues. Additionally, each level will have a Zen retreat for residents needing a quiet, private space. Completion of the project is slated for June 2023. C.W. Driver is working with Creative Design Associates on the project.

November 19, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $11.7M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works November 19, 2021

PHOENIX — Ready Capital has closed $11.7 million in financing for the acquisition, renovation and stabilization of a 98-unit, Class B apartment community in Phoenix’ Southwest Valley submarket. Upon acquisition, the undisclosed borrower will update the unit interiors and perform exterior capital expenditures. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and a facility to provide future funding for capital expenditures.

November 19, 2021

Acquisitions Multifamily Seniors Housing Utah Western

Buchanan Street Partners Sells Incline at Anthem Active Adult Community in Herriman, Utah

by Amy Works November 19, 2021

HERRIMAN, UTAH — Buchanan Street Partners has completed the disposition of Incline at Anthem, a 55-plus multifamily property in Herriman. Ridan acquired the community for an undisclosed price. Completed in 2018 on eight acres, Incline at Anthem features 298 apartments with open-concept living areas, vaulted ceilings, wood-style flooring, plush carpeting and washers/dryers. Community amenities include a pool and spa; a yoga, cycle and Cross Fit studio; a lounge with billiards and shuffleboard; and a business center and conference room. Daniel Shin, Brock Zylstra, Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer in the deal. Justin Forman of Marcus & Millichap served as broker of record in Utah.

November 19, 2021

Acquisitions Georgia Multifamily Southeast

Carroll Sells 1,263-Unit Southeastern Multifamily Portfolio to Greystar

by Julia Sanders November 18, 2021

ATLANTA — Atlanta-based Carroll Co. has sold a four-property, 1,263-unit multifamily portfolio located across four Southeastern states: Georgia, Tennessee, South Carolina and North Carolina. Charleston-based Greystar purchased the property for an undisclosed amount. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented Carroll in the transaction. Nate Sittema and Kristen Reilley of CBRE Capital Markets’ Debt & Structured Finance team in Charlotte represented the borrower, a subsidiary of Greystar. One of the portfolio’s properties is Edgewater Plantation, a 360-unit property located at 100 Eighty Oak Ave. in Mount Pleasant, S.C. The property was recently rebranded to Avana Long Point. Built in 2001, the property offers one-, two- and three-bedroom floorplans with unit features such as in-unit washers and dryers, walk-in closets and patios/decks. Community amenities include a pool, laundry facility, playground, fitness center and a business center. Another one of the properties is Arium South Oaks, which was rebranded to Avana South Oaks. The 323-unit property is located at 100 Antioch Pike in Nashville, and offers one-, two- and three-bedroom floorplans with a unit size range of 742 to 1,660 square feet. The units feature walk-in closets, balconies/patios and washer/dryer hookups. Community amenities include a tennis court, playground, fitness …

November 18, 2021

Loans Mixed-Use Multifamily North Carolina Retail Southeast

Newmark Secures $65.5M Refinancing for University Hill Mixed-Use Property in Durham

by Julia Sanders November 18, 2021

DURHAM, N.C. — Newmark has secured $65.5 million in refinancing for University Hill, a mixed-use property in Durham with multifamily, retail and art uses. Josh Davis, Chris Caison and C.J. Webb of Newmark’s Debt and Structured Finance team secured the bridge financing on behalf of the project’s developer, Shoff Allison with Hawthorne Residential Partners, and Drake Real Estate Partners. Pacific Life Insurance Co. provided the three-year loan, which included a floating interest rate and two, one-year extension options. Completed in 2020, University Hill offers 269 multifamily units and 65,500 square feet of retail space. University Hill’s apartment component features community amenities including a saltwater swimming pool; outdoor grilling area with two gas grills and two wood-fired pizza ovens; breakfast/coffee concierge; indoor herb garden; indoor bike storage; game room; car charging station; 24-hour fitness center and a pet play area with a dog spa. The project’s retail component includes a 30,000-square-foot O2 Fitness and several other retailers, including Happy + Hale, Triangle Coffee House and Midtown Yoga. Slated to open in 2022, other tenants include Gizmo Brewery and BB’s Crispy Chicken from James Beard-winning chef and restauranteur Ashley Christensen. Along with the multifamily and retail aspects, The University Hill redevelopment also …

November 18, 2021

Acquisitions Multifamily Nevada Western

Bascom Group Sells Lyric Apartments in Las Vegas to Starlight U.S. Residential Fund for $135.2M

by Amy Works November 18, 2021

LAS VEGAS — The Bascom Group has completed the disposition of Lyric Apartments, a multifamily property located at 304 E. Silverado Ranch in Las Vegas. Starlight U.S. Residential Fund acquired the community for $135.2 million, or $359,575 per unit. Curt Allsop, Angela Bates, Doug Schuster and Vittal Ram of Newmark represented the seller in the deal. Matthew Williams and James Maynard, also of Newmark, secured $91.4 million in acquisition financing through Sumitomo Mitsui Banking Corp. for the buyer. Built in 2014 by Nevada West, Lyric Apartments features 376 units in a mix of one-, two- and three-bedroom layouts. On-site amenities include two resort-style pools with cabanas, a fitness center, karaoke lounge, splash pad and playground. At the time of sale, the property was 99 percent occupied.

November 18, 2021

Acquisitions Multifamily Nevada Western

Tides Equities Acquires Wynn Palms Multifamily Property in Las Vegas for $113.5M

by Amy Works November 18, 2021

LAS VEGAS — California-based Tides Equities has purchased Wynn Palms, an apartment community located at 3800 Wynn Road in Las Vegas. 3D Investments sold the asset for $113.5 million. Jared Glover of Berkadia Las Vegas represented the buyer in the deal. Wynn Palms features 555 apartments in a mix of one- and two-bedroom floor plans with walk-in closets and air conditioning. Community amenities include three swimming pools, six laundry facilities and a playground.

November 18, 2021

Newer Posts

Older Posts