Multifamily

Stratus Properties Acquires Land in Downtown Austin for 300-Unit Luxury Apartment Tower

by Kristin Harlow September 8, 2021

AUSTIN, TEXAS — Stratus Properties Inc. (NASDAQ: STRS) has acquired land near the Texas State Capitol in downtown Austin with plans to develop Block 150, a 300-unit luxury apartment tower. Rising 400 feet at the corner of 12th and San Antonio streets, the project will span 420,000 gross square feet and include ground-floor retail space. Development costs are estimated at $185 million, according to the Austin American-Statesman. The scope of the project includes the historic A.O. Watson house, which will be renovated and expanded to offer resident amenities such as a restaurant, pool and garden. Built in 1894, the house was the personal residence of architect Arthur Osborn Watson. Construction on Block 150 is expected to begin in early 2023 with completion slated for mid-2025. Stratus Block 150 LP, a Texas limited partnership, will own the development. Financing for the land purchase and predevelopment is in place and includes a land acquisition loan in the amount of $14 million. The remaining predevelopment costs will be funded by approximately $21 million in equity contributed to the limited partnership by Stratus and private equity investors. Stratus will receive 25 percent of the limited partnership’s equity, in exchange for development costs to date …

September 8, 2021

Acquisitions Kentucky Multifamily Seniors Housing Southeast Tennessee

Strawberry Fields REIT Acquires Six Nursing Facilities in Kentucky, Tennessee for $81M

by Julia Sanders September 7, 2021

SOUTH BEND, IND. — Strawberry Fields, a South Bend-based owner of long-term acute care hospitals, skilled nursing and assisted living facilities, has acquired six skilled nursing facilities located in Kentucky and Tennessee for $81 million. The properties include: • Landmark of Kuttawa, a 65-bed skilled nursing facility located at 1253 Lake Barkley Drive in Kuttawa, Ky., that was built in 1968. • Agape Rehabilitation & Nursing Center, an 84-bed skilled nursing facility located at 505 North Roan St. in Johnson City, Tenn., that was built in 2005. • Waters of Sweetwater, a 90-bed rehabilitation and nursing center located at 978 Highway 11S in Sweetwater, Tenn., that was built in 1966. • Waters of McKenzie, a 72-bed rehabilitation and nursing center located at 14510 Highway 79 in McKenzie, Tenn. • Waters of Memphis, a 90-bed rehabilitation and nursing center located at 6500 Kirby Gate Blvd. in Memphis, was built in 2015. • Waters of Bristol, a 120-bed rehabilitation and nursing center located at 2830 Highway 394 in Bristol, Tenn., was constructed in 2017. Some of the facilities offers physical, speech and occupational therapies for short-term rehab clients as well as long-term care residents. These facilities also feature a Department of Nursing, …

September 7, 2021

Development Florida Multifamily Seniors Housing Southeast

Origin Construction to Build $75M Seniors Housing Community in Port St. Lucie, Florida

by Julia Sanders September 7, 2021

PORT ST. LUCIE, FLA. — Miami-based Origin Construction will build America Walks, an active adult rental community in Port St. Lucie spanning 60 acres and more than 400 residences. The project is expected to cost $75 million to develop and deliver in the third quarter of 2023. Ohio-based America Walks is the developer for the gated community. America Walks will feature both a residential and recreational component, including two four-story apartment buildings with 115 units, as well as 300 villas in 60 buildings surrounding four lakes with walking and biking trails. Each of the 60 buildings will include four to six villas, each with its own garage. The recreational space will include a two-story clubhouse encompassing over 26,000 square feet with a restaurant, exercise facilities, sports bar and a salon. Community amenities will include a pool, spas, pickleball court, bocce, fire pits and an outdoor dining facility.

September 7, 2021

Affordable Housing Georgia Loans Multifamily Southeast

Berkadia Secures $51.2M Financing for Affordable Housing Acquisition, Redevelopment in Metro Atlanta

by Julia Sanders September 7, 2021

JONESBORO, GA. — Berkadia has secured $51.2 million in financing for the redevelopment of Riverwood Townhouses, a 282-unit affordable housing development in Jonesboro, about 18.3 miles south of downtown Atlanta. Vitus, a national developer and owner of affordable housing, recently acquired the property for $30.5 million from an entity doing business as RWood Holdings LLC. Tim Leonhard of Berkadia secured both $25.9 million in acquisition bridge financing and $25.3 million in permanent financing used to rehabilitate the property. The bridge loan had a 4.3 percent adjustable interest rate and was provided through Berkadia’s proprietary bridge lending platform. The permanent loan was provided through Freddie Mac’s affordable housing program. Located at 681 Flint River Road, Riverwood Townhouses features one-, two-, three- and four-bedroom units. All the units are rent restricted to 60 percent of area median income. Community amenities include a business center and computer lab, clubhouse, community room, playground and picnic area. The property will be undergoing interior and exterior renovations as part of the redevelopment.

September 7, 2021

Acquisitions Multifamily Texas

Partnership Acquires 351-Unit Multifamily Property in Metro Houston

by Taylor Williams September 7, 2021

SPRING, TEXAS — A partnership between Austin-based Sunrise Capital, Plano-based Zane Holdings and Goodegg Investments has acquired Royal Spring, a 351-unit multifamily property located on the northern outskirts of Houston. Delivered earlier this year, Royal Spring’s units feature an average size of 1,007 square feet and are furnished with stainless steel appliances, granite countertops, custom cabinetry and wood-vinyl plank flooring. Amenities include a pool, clubhouse and lounge, fitness center, outdoor yoga space and a dog park. Rents start at approximately $1,200 per month for a one-bedroom unit.

September 7, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Negotiates $42M Sale of Solano Pointe Apartments in Glendale, Arizona

by Amy Works September 7, 2021

GLENDALE, ARIZ. — ABI Multifamily has arranged the sale of Solano Pointe Apartments, a multifamily community located in Glendale. Tower 16 Capital Partners acquired the property from an undisclosed, Arizona-based seller for $42 million, or $152,174 per unit. Built in 1983, Solano Pointe features 276 apartments in 18 rental buildings on a 10.1-acre site. The unit mix consists of 68 studio units, 168 one-bedroom/one-bath units, 16 two-bedroom/one-bath units and 24 two-bedroom/two-bath units. Individual units feature air conditioning, private patio/balcony in select units, large and/or walk-in closets and all-electric kitchens. Community amenities include three swimming pools, a dedicated leasing office, three laundry facilities, new poolside barbecue grill areas and a children’s playground area. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

September 7, 2021

Acquisitions Multifamily Nevada Western

Avison Young Brokers $21.7M Sale of Mark I Apartments in Las Vegas

by Amy Works September 7, 2021

LAS VEGAS — Avison Young has arranged the sale of Mark I Apartments, a multifamily community located at 1020 E. Desert Inn Road in Las Vegas. A Calabasas, Calif.-based limited liability corporation sold the asset to a Seattle-based limited liability corporation for $21.7 million, or $192,477 per unit. Built in 1975 and partially renovated in 2017, 2020 and 2021, Mark I features 113 apartments in a mix of studio, one- and two-bedroom layouts. Community amenities include a fitness center, pool, spa, laundry facility and clubhouse. The renovated residential units feature granite countertops and stainless steel appliances. Pat Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily team represented the seller in the transaction.

September 7, 2021

Loans Lument Multifamily Texas

Lument Provides $29.4M Acquisition Loan for San Antonio Apartment Community

by Taylor Williams September 7, 2021

SAN ANTONIO — Lument has provided a $29.4 million bridge loan for the acquisition of Limestone Oaks, a 401-unit apartment and townhome community in northwest San Antonio. The property was originally built in 1981, renovated in 2007 and acquired by the undisclosed seller in 2013. Colin Cross and John Sloot led the transaction for Lument. John Brickson of Old Capital Lending arranged the debt. The borrower was locally based owner-operator DJE Texas Management Group.

September 7, 2021

Harbour-Pointe-Senior-Living-Mukilteo-WA

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $19.5M Financing for Harbour Pointe Senior Living in Mukilteo, Washington

by Amy Works September 7, 2021

MUKILTEO, WASH. — CBRE Senior Housing has arranged $19.5 million in financing for Harbour Pointe Senior Living, a 106-unit assisted living and memory care community in Mukilteo, approximately 25 miles north of downtown Seattle. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living operates the community. The community, originally acquired by the owners in 2015, sits directly adjacent to Paine Field, a once-commercial airfield that is now primarily used as a Boeing assembly plant. Home to generations of former Boeing employees, the Harbour Pointe neighborhood is an affluent pocket of Mukilteo with numerous local amenities, including the nearby Harbour Pointe Golf Club. CBRE Senior Housing originated a seven-year, floating-rate loan with four years of interest-only payments through its Freddie Mac Optigo lending program.

September 7, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Arranges $43M Sale of Chicago Multifamily Property

by Kristin Harlow September 7, 2021

CHICAGO — Kiser Group has arranged the sale of a 188-unit multifamily property located at 5815 N. Sheridan Road in Chicago for $43 million. Lee Kiser of Kiser represented both the buyer, TLC Management, and the seller, Greenstone Property Group. The property last sold in 2018 for $27.2 million. Greenstone completed a condo deconversion at that time and renovated 70 percent of the units, which range in size from 515 to 780 square feet. TLC plans to continue updating units and add more amenities. The property fronts Lake Michigan and features private beach access.

September 7, 2021

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