KENT AND DES MOINES, WASH. — Bellwether Housing has received $24.8 million financing for the acquisition and rehabilitation of The BLVD and Marina Club Apartments, two garden-style multifamily communities in Kent and Des Moines. Both municipalities are just south of the Seattle-Tacoma International Airport. Bellwether plans to convert the 213 units into affordable housing for households earning 60 to 80 percent of the area median income. JLL Capital Markets and JLL Public Institutions worked with Amazon to secure the $15.5 million and $9.2 million, 20-year, fixed-rate loans for the owner. Through the Amazon Housing Equity Fund, Amazon provided low-rate subordinate financing. Located at 2136 S. 272nd St. in Kent, The BLVD features 136 units in a mix of studio, one- and two-bedroom units, averaging 786 square feet. Marina Club Apartments, located at 2445 S. 222nd St. in Des Moines, offers 77 units in a mix of one-, two- and three-bedroom layouts, ranging from 580 square feet to 1,013 square feet. Units feature dishwashers, garbage disposals, fireplaces, window coverings, in-unit washers/dryers and private patios or balconies. The communities each feature a swimming pool, spa, sundeck, clubhouse, fitness center, playground, business center and covered paring. C.W. Early of JLL Capital Markets Debt …
LAS VEGAS — Coldwell Banker Commercial has arranged the purchase of Silver Creek Apartments, a multifamily property located at 6170 Boulder Highway in Las Vegas. A Southern California-based investment firm acquired the asset from an undisclosed seller in an off-market transaction for $35 million. Built in 2002, Silver Creek Apartments features 224 units in a mix of one-, two- and three-bedroom layouts. Garry Cuff and Tom Naseef of Coldwell Banker Commercial Premier represented the buyer in the deal.
BRANDON, FLA. — Berkadia has secured $28.3 million in acquisition financing for two multifamily communities in Brandon. Mitch Sinberg and Brad Williamson of Berkadia secured a $15.7 million loan for Avenue at Creekbridge, a 112-unit apartment community, and a $12.6 million loan for Westwood at 60, an 88-unit apartment community. Berkadia is providing two Freddie Mac loans with seven-year terms, interest-only payment periods and fixed interest rates. Bayshore Investment Partners, a Miami-based private equity firm, acquired Avenue at Creekbridge for $22.5 million and Westwood at 60 for $18.1 million. The seller(s) was not disclosed. Built in 1987, Avenue at Creekbridge offers two- and three-bedroom apartments ranging from 950 to 1,175 square feet. Units feature vaulted ceilings, wood-plank vinyl flooring, stainless steel appliances, carpeted bedrooms, walk-in closets, stand-up showers and lake or pool views. Community amenities include a fitness center, bark park, swimming pool, business center, poolside grilling areas, a tennis court and a private fishing dock. Located at 1002 Creekbridge Road, the property is situated 3.7 miles from downtown Brandon and about 13.3 miles from Tampa. Avenue at Creekbridge was rebranded to Creekbridge Crossing Apartments. Built in 1986, Westwood at 60 offers one-, two- and three-bedroom apartments ranging from 1,120 …
MAPLEWOOD, MINN. — JLL Capital Markets has arranged the $27.3 million sale of Frost English Silver, a newly built, luxury apartment community for residents age 55 and older in Maplewood, a suburb of Minneapolis. The property’s 107 units average 876 square feet each. Amenities include a fitness center, outdoor patio, community room, salon, indoor pool and heated underground parking. Located at 1957 English St., Frost English Silver is within walking distance of parks, lakes, trails and golf courses. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Ken Dayton of JLL represented the seller, Sherman Associates. Jeff Lepley of JLL arranged acquisition financing on behalf of the buyer, an affiliate of Axial Real Estate Advisors LLC. JLL is providing the seven-year, fixed-rate Fannie Mae loan.
HOUSTON — NorthMarq has arranged a $21 million loan for the refinancing of Vista Apartments, a 300-unit workforce housing community in North Houston. The property was built in 1980 and renovated in 2019. Warren Hitchcock of NorthMarq arranged the loan, which carried a 10-year term with an initial interest-only period, a fixed 3.75 percent interest rate and a 30-year amortization schedule, on behalf of the Houston-based borrower. An undisclosed national balance sheet lender provided the debt.
NEW YORK CITY — Rosewood Realty Group has negotiated the $24.5 million sale of a portfolio of seven multifamily buildings in The Bronx. The first property at 45 E. Moshulu Parkway North in the Norwood area was built in 1926 and totals 71 units. The second complex at 501 W. 147th St. in Hamilton Heights was constructed in 1930 and comprises 33 apartments and four commercial spaces. Lastly, the asset at 741-745 E. 217th St. in Olinville was built in 2005 and totals 21 units. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented both the buyer, a private family, and the seller, Ron Rettner, in the deal.
NEW YORK CITY — Avison Young has brokered the $15.5 million sale of two apartment buildings in New York City’s East Village neighborhood. The 10-unit building at 164 First Ave. includes three retail spaces and sold for $10.4 million, while the four-story property at 218 E. Ninth St. fetched a price of $5.1 million. Brandon Polakoff, James Nelson, Eric Karmitz and Ryan McGuirl of Avison Young represented the seller of 218 East 9th Street. Polakoff and McGuirl also handled the sale of 164 First Avenue. The buyers in both deals were not disclosed.
WHARTON, N.J. — Locally based developer CHA Partners has broken ground on a 66-unit multifamily project that will include 7,800 square feet of retail space in Wharton, about 40 miles west of New York City. The property will feature one-, two- and three-bedroom units and amenities such as a lobby with a coffee and beverage station, lounge seating areas and electric vehicle charging stations. The first units are expected to be available for occupancy next summer.
There are 11 university markets set to add 1,000 or more student housing beds this year, according to data from RealPage. The Richardson, Texas-based research firm tracks new construction, rental rates and leasing activity in 175 core university markets for its student housing data. Overall, RealPage reports that approximately 42,000 new purpose-built student housing beds will deliver in 2021, which falls into the firm’s normal supply growth range of 40,000 to 50,000 beds annually. Carl Whitaker, senior manager of market analytics at RealPage, says that figure is an encouraging sign given the uncertainty and disruptions of the past year from the COVID-19 pandemic. “That 42,000-bed number was about what we hoped to see,” says Whitaker. “The pandemic was so sudden that developers that were looking to build in 2021 had gotten just far enough down the planning process that they went ahead and proceeded as if it was a normal year.” In Walker & Dunlop’s annual year-end student housing report (2020), the Bethesda, Maryland-based firm found that 38,036 student housing beds will come on-line in 2021, which is a 27 percent decrease from 2020. For both 2020 and 2021, the Southeastern United States is dominating in terms of new student …
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Delano, an apartment property located along Gilbert Road in Mesa. S2 Capital sold the asset to Western Wealth Capital for $64 million, or $241,509 per unit. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal. Built in 1980 on 20 acres, Delano features 265 apartments, a fitness center, swimming pool, dog park and an outdoor Wi-Fi lounge with landscaping, seating and bistro lighting. Units feature stackable washers/dryers, wood-style vinyl flooring and private patios.