Multifamily

Berkadia Arranges Sale of 156-Unit Dakota Apartments in Lacey, Washington

by Amy Works June 7, 2022

LACEY, WASH. — Berkadia has brokered the sale and financing of Dakota Apartments, a garden-style multifamily community in Lacey. Bellevue-based American Capital Group sold the property to Los Angeles-based TruAmerica Multifamily for an undisclosed price. Ben Johnson, David Sorensen, George Pallis and Kenny Dudunakis of Berkadia Seattle represented the seller in the deal. Mitch Sinberg and Matthew Robbins of Berkadia Boca Raton, along with Brad Williamson of Berkadia Miami, secured acquisition financing on behalf of the buyer. A bank lender provided a fixed-rate loan with a five-year term. Located at 6205 Pacific Ave. and built in 2006, Dakota Apartments features 156 one- and two-bedroom units averaging 756 square feet to 1,089 square feet. The prior owner renovated 71 of the original units, allowing the new owners the opportunity to complete the full renovation and repositioning of the property. Units feature vinyl flooring, ceiling fans, stainless steel appliances, pantries, built-in bookshelves, linen closets, washers/dryers and patios or balconies. The gated community amenities include an outdoor swimming pool; hot tub; sundeck and cabana; playground; resident lounge with kitchen, billiards table and game room; fitness center; theater room; and assigned and covered parking.

June 7, 2022

Acquisitions Multifamily Utah Western

MAG Capital Partners Acquires 27 Vacation Rental Units at Sage Creek at Moab in Utah

by Amy Works June 7, 2022

MOAB, UTAH — MAG Capital Partners has purchased 27 resort condominiums at 2331 Mesa Road in Moab, with plans to develop 60 additional units at the site. The assets are part of the seven-acre Sage Creek at Moab resort. The bank-owned property was acquired for an undisclosed amount, with many of the existing 48 units pre-sold prior to construction and now operating as vacation rentals. Sage Creek at Moab’s amenities include a tiered pool with waterfalls, grotto-style hot tub and pool house facilities that operate year-round. A community deck and patio includes an outdoor fireplace barbecue grills, outdoor showers and bocce ball court. The community also features custom exterior bike storage and gated parking for RVs and boats. The condos each feature three full-sized bedrooms, two-and-a-half bathrooms, a full-sized laundry room and private balconies, some with private hot tubs. Led by principals Dax Mitchell and Andrew Gi, MAG Capital Partners plans to add food and beverage services at the site this summer, among other facility amenities, to serve the local community and annual visitors.

June 7, 2022

Acquisitions Illinois Midwest Multifamily Retail

Greenstone Partners Negotiates Sales of Three Properties in Chicago’s Wicker Park for $7.8M

by Kristin Harlow June 7, 2022

CHICAGO — Greenstone Partners has negotiated the sales of three properties in Chicago’s Wicker Park neighborhood for roughly $7.8 million. Brewster Hague of Greenstone represented the sellers in each transaction and procured the buyers. In the first transaction, a 5,000-square-foot retail condo at 1725 W. Division St. sold for $2.3 million. A New York-based family office sold the asset to a Florida-based family office. Danny Spitz of Greenstone assisted in representing the seller. In the second sale, a seven-unit apartment and retail building at 1670 W. Division St. sold for $3.2 million. Bangers & Lace is the ground-floor retail tenant. In the last transaction, a six-unit apartment and retail property at 1920 W. Division St. sold for nearly $2.3 million. Milk & Honey Café occupies the ground-floor space. A California-based private individual from a Chicago-based family office purchased both 1670 W. Division St. and 1920 W. Division St.

June 7, 2022

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Brokers Sale of 38-Unit Seniors Housing Property in Portland, Oregon

by Amy Works June 7, 2022

PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Cornerstone Care Option, a 38-unit, 56-bed skilled nursing facility in Portland. The community was originally built in 1955 on 7.3 acres, with renovations in 2006. The 98,700-square-foot asset was 98 percent occupied. The seller was a local owner-operator looking to retire from seniors housing. A regional group based in the West acquired the property for an undisclosed price. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

June 7, 2022

Development Florida Mixed-Use Multifamily Office Retail Southeast

PMG, Greybrook Realty Partners Break Ground on 31-Story Mixed-Use Development in Midtown Atlanta

by Amy Works June 6, 2022

ATLANTA — PMG and Toronto-based Greybrook Realty Partners have broken ground on Society Atlanta, a 31-story mixed-use development at 811 Peachtree St. in Midtown Atlanta. Designed by Cooper Carry, the mixed-use property will feature 460 residential units, 81,000 square feet of office space and 16,500 square feet of retail space. Juneau Construction Co. is serving as general contractor for project, which is slated to open in late 2024. Society Atlanta will offer traditional layouts alongside “rent-by-bedroom” (also known as co-living) options. Community amenities will include a rooftop pool and restaurant, a coworking lab with private conference rooms, a gym and a fitness studio. The property is the first of PMG’s Society Living multifamily platform to enter the Atlanta market.

June 6, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 309-Unit Alamo Park Apartments in San Antonio

by Taylor Williams June 6, 2022

SAN ANTONIO — Newmark has brokered the sale of Alamo Park, a 309-unit apartment community in northeast San Antonio. The property features one- and two-bedroom units with an average size of 658 square feet. Amenities include a pool, fitness center, volleyball court and outdoor grilling and dining areas. Jim Young, Matt Michelson and Chase Easley of Newmark represented the seller, Austin-based Achieve Investment Group, in the transaction. New York-based River Rock Capital purchased the asset for an undisclosed price and plans to implement a value-add program. Alamo Park was 94 percent occupied at the time of sale.

June 6, 2022

Acquisitions Multifamily Texas

Vista Investment Group Acquires 122-Unit Multifamily Property in Austin

by Taylor Williams June 6, 2022

AUSTIN, TEXAS — Southern California-based Vista Investment Group has acquired SoCo Apartments, a 122-unit multifamily property in Austin. Built in 2004, the property offers one, two- and three-bedroom units that are housed across 16 two-story buildings. Amenities include a pool, clubhouse, fitness center, coffee bar and picnic and grilling areas. The new ownership plans to invest in capital improvements to unit interiors, building exteriors and amenity spaces. Will Balthrope, Jordan Featherston and Kent Myers of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction.

June 6, 2022

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Greystone Provides $74.3M in Agency Financing for Newark Affordable Housing Portfolio

by Taylor Williams June 6, 2022

NEWARK, N.J. — Greystone has provided $74.3 million in Fannie Mae financing for a portfolio of 17 affordable housing properties totaling 574 units in Newark. The financing comprises five separate loans, all of which carry 10-year terms and 30-year amortization schedules. The properties range in size from nine to 108 units. Some of the assets are reserved for renters earning 60 percent or less of the area median income (AMI), while others feature an income restriction threshold of 80 percent of AMI. Hope Curtis of Greystone originated the financing. The borrower(s) were not disclosed.

June 6, 2022

California Loans Multifamily Western

Dwight Capital Provides $53.4M HUD Financing for Two Multifamily Properties in Modesto, California

by Amy Works June 6, 2022

MODESTO, CALIF. — Dwight Capital has provided a total of $53.3 million in HUD-insured loans for two apartment communities in Modesto. Josh Sasouness of Dwight Capital originated the loans for the borrower, Tesseract Capital Group. The firm closed a $30.9 million in HUD 223(f) refinancing for Summerview Apartments, a 136-unit multifamily property in Modesto. The property consists of 19 two-story residential buildings and a leasing/management office situated approximately five acres. Renovated in 2020, the community features a barbecue/picnic area, fitness center, pool and spa. Dwight Capital also provided a $22.4 million HUD 223(f) loan for The Marc at 1600, a 100-unit garden-style apartment property in Modesto. Renovated in 2020, The Marc at 1600 features 17 two-story residential buildings situated on approximately 4.3 acres. Community amenities include a pool, fitness room and gated parking. The HUD loans benefitted from Green Mortgage Insurance Premium Reductions because both properties are National Green Building Standard certified.

June 6, 2022

Acquisitions Florida Multifamily Southeast Top Stories

Snell Properties Acquires Citi Tower Apartment Building in Downtown Orlando for $106M

by Taylor Williams June 6, 2022

ORLANDO, FLA. — Snell Properties, an investment firm based in the Washington, D.C. area, has acquired Citi Tower, a 233-unit apartment building in downtown Orlando’s South Eola district, for $106 million. The price equates to roughly $455,000 per unit. Built in 2017, the 25-story building contains studio, one-, two- and three-bedroom units, all of which have private balconies. Apartments feature granite countertops, floor-to-ceiling windows, stainless steel appliances and individual washers and dryers. Citi Tower also houses 11,000 square feet of retail space. Amenities include a pool, fitness center and an outdoor lounge, all of which offer panoramic views of downtown Orlando, as well as a conference room and an outdoor kitchen area with grilling stations and seating areas. There are also more 185 retail and restaurant establishments within walking distance of the property, according to Snell. “Citi Tower is our third successive acquisition in Central Florida,” says Chris Hanessian, president of Snell Properties. “Orlando’s thriving economy, impressive infrastructure and strong demographics make it an ideal market for investment.” “Citi Tower’s many strengths include high-quality construction, an unbeatable location in downtown and the coolest rooftop in Orlando,” adds Peter Colarulli, vice president of Snell Properties. Brian Moulder and Chris Chadbourne of …

June 6, 2022

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