Multifamily

John Knox Village Breaks Ground on $120M Seniors Housing Expansion in Pompano Beach, Florida

by Amy Works June 3, 2022

POMPANO BEACH, FLA. — John Knox Village of Florida (JKV), a continuing care retirement community in the South Florida city of Pompano Beach, has broken ground on Westlake, a two-tower, $120 million expansion. The groundbreaking comes on the heels of the completion of The Pavilion, a $35 million addition that included a 380-seat cultural arts center, two restaurants and a bar. “Over the past five years, a master site plan has been developed to guide the capital improvements of our 70-acre campus and the opening of our Pavilion and, in 2024, Westlake are the next steps to accomplishing our ambitious goals,” says Gerry Stryker, CEO and president. Westlake will add 146 apartments ranging in size from 1,277 to 2,346 square feet in two towers, The Vue and The Terrace. A large component of the project is to enlarge and enhance JKV’s water views. The first-floor common area lobby of the towers will boast new amenities, including a projection theater, technology hub, business center, art studio, spiritual space, club room, library and two dining venues. The project team includes John Knox Village residents and staff, its board of directors, Gallo Herbert Architects, Moss Construction, Keith & Associates Engineers, EDSA Landscape Architects, …

June 3, 2022

Acquisitions Multifamily North Carolina Southeast

Madison Marquette Purchases 380-Unit Crosswinds Apartment Complex in Wilmington, North Carolina

by Amy Works June 3, 2022

WILMINGTON, N.C. — Madison Marquette has acquired Crosswinds, a multifamily property in Wilmington, as part of its Evergreen Multifamily Value Add Fund for an undisclosed price. Terms of the transaction were not released. Built in 1989 on 23 acres, Crosswinds features 380 apartments in a mix of one-, two- and three-bedroom units, ranging from 645 square feet to 1,306 square feet, spread across 19 buildings. The units feature wood-style flooring, patio/balconies in each unit, wood-burning fireplaces and full-size washer/dryer connections in most unit types. Community amenities include a saltwater resort-style pool with a sundeck, grilling and picnic areas, lighted tennis and volleyball courts, a fitness center and business center. The buyer plans to complete strategic unit upgrades that will provide higher quality hardware and finishes, including appliances, flooring and countertops. Additionally, Madison Marquette will improve the community’s amenities, perform aesthetic work and upgrade landscaping.

June 3, 2022

Florida Loans Multifamily Southeast

Bernard Financial Arranges $6.7M Loan for Multifamily Community in Jacksonville

by Amy Works June 3, 2022

JACKSONVILLE, FLA. — Bernard Financial Group (BFG) has arranged a $6.7 million loan for an apartment property located in Jacksonville. The borrower is Chelsea Owner LLC. Dennis Bernard and Joshua Bernard of Bernard Financial Group originated the loan, which Ameritas Life Insurance Co., a correspondent of BFG, provided. BFG will also service for the loan. The Class B multifamily property features 138 apartments.

June 3, 2022

Acquisitions Arizona Multifamily Student Housing Western

Coastal Ridge, Goldman Sachs Acquire 448-Bed Student Housing Community Near Northern Arizona University

by Amy Works June 3, 2022

FLAGSTAFF, ARIZ. — A joint venture between Coastal Ridge Real Estate and Goldman Sachs Asset Management has acquired the Commons at Sawmill, a 448-bed student housing community near Northern Arizona University in Flagstaff. The property offers studio, two- and four-bedroom, fully furnished units. Shared amenities include a newly built clubhouse, fitness center, game area, theater, study lounge and outdoor courtyard. Jaclyn Fitts, Casey Schaefer and William Vonderfecht with CBRE brokered the acquisition of the property from an undisclosed seller. Coastal Ridge will manage the community.

June 3, 2022

Acquisitions California Multifamily Seniors Housing Western

Kisco Senior Living Enters Upscale Seniors Housing Segment with Acquisition of Crestavilla in Laguna Niguel, California

by Amy Works June 3, 2022

LAGUNA NIGUEL, CALIF. — Kisco Senior Living has taken over operations of Crestavilla, a luxury seniors housing community in the Orange County city of Laguna Niguel. Affiliates of Kisco Senior Living and Harrison Street as advisor to an institutional investor fully transferred operations and management of Crestavilla from Atria Senior Living to Kisco. The LEED Gold-designated community offers 201 studio, one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Crestavilla’s amenities and services include a 12,000-square-foot rooftop terrace, organic greenhouse, wellness programming, five unique dining venues, two fitness centers and a golf practice green. This acquisition signals the next step in Kisco’s services, with Crestavilla serving as Kisco’s first Signature Community, the company’s new upscale brand. The Carnegie at Washingtonian Center, set to welcome residents in spring 2024, will be Kisco’s second Signature Community.

June 3, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $5.9M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow June 3, 2022

CHICAGO — Interra Realty has negotiated the sale of a five-building multifamily portfolio totaling 67 units in Chicago for $5.9 million. All the properties are situated in the city’s Washington Park neighborhood and were developed in the late 1890s to early 1900s. All have received updated kitchens and bathrooms. The portfolio was 92 percent leased at the time of sale. Ted Stratman, Brad Feldman and Jeremy Morton of Interra represented the seller, GR82B Properties LLC. The team also represented the undisclosed buyer.

June 3, 2022

Development Multifamily Texas

Arch-Con Breaks Ground on 251-Unit Highfield Preston Apartments in Celina, Texas

by Taylor Williams June 3, 2022

CELINA, TEXAS — Texas-based general contractor Arch-Con Corp. has broken ground on Highfield Preston, a 251-unit multifamily project that will be situated on a 7.9-acre site in the North Texas city of Celina. Niles Bolton Associates designed the project for Houston-based developer i3. The three-building property will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, yoga studio, conference room and a resident clubhouse. Completion is slated for August 2023.

June 3, 2022

Acquisitions Development Multifamily New Jersey Northeast

Kislak Negotiates Sale of 103-Unit Multifamily Development Site in Orange, New Jersey

by Taylor Williams June 3, 2022

EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a multifamily development site in the Northern New Jersey community of Orange that is fully entitled for 103 market-rate units. The five-story complex will be known as Orange Valley Lofts and will include onsite parking, a lobby, bike room, terrace and an amenity room. Julie Gralla of Kislak represented the seller, Tritop Realty, in the land deal. Joni Sweetwood, also with Kislak, represented the buyer, an affiliate of Reynolds Asset Management. The sales price and a construction timeline were not disclosed.

June 3, 2022

Development Illinois Midwest Multifamily

Sterling Bay, Magellan Development Group Begin Pre-Leasing 47-Story Luxury Apartment Tower in Chicago

by Kristin Harlow June 2, 2022

CHICAGO — Sterling Bay and Magellan Development Group have begun pre-leasing Millie on Michigan, a 47-story luxury apartment tower located at 300 N. Michigan Ave. in Chicago that is now complete. Residents are expected to take occupancy in July. The property features 289 apartment units, with monthly rents ranging from $2,164 to $4,848. Amenities include a fitness center, resident lounge, outdoor terrace, rooftop pool, dog lounge and bike storage. The building also features a 280-room boutique hotel and ground-floor retail space. The project marks the first residential development that Sterling Bay has completed.

June 2, 2022

Acquisitions Illinois Midwest Multifamily

GREA Brokers Sale of 207-Unit Multifamily Portfolio in Illinois

by Kristin Harlow June 2, 2022

FREEPORT AND ROCKFORD, ILL. — Global Real Estate Advisors (GREA) has brokered the sale of a 207-unit multifamily portfolio for an undisclosed price. The portfolio includes five properties located in Freeport and Rockford that were built between 1966 and 2009. Bill Montana and Chris Sackley of GREA brokered the sale. A Chicago-based investor purchased the value-add portfolio.

June 2, 2022

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