Multifamily

CBRE Brokers Sale of 404-Bed Student Housing Community in Amherst, Massachusetts

by Taylor Williams March 31, 2022

AMHERST, MASS. — CBRE has brokered the sale of North 116 Flats, a 404-bed student housing community serving students at the University of Massachusetts at Amherst, located in the central part of the state. Built in 2020, North 116 Flats totals 150 units that were approximately 95 percent occupied at the time of sale. Georgia-based Landmark Properties acquired the property from Dallas-based Fountain Residential Partners for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Biria St. John and Simon Butler of CBRE brokered the deal.

March 31, 2022

Acquisitions California Multifamily Student Housing Western

CBRE Brokers Sale of 160-Bed Student Housing Property Near UCLA

by Amy Works March 31, 2022

LOS ANGELES — CBRE has arranged the sale of Studio 11024, a 160-bed student housing property serving students attending the University of California, Los Angeles (UCLA). The 31-unit community was built in 2015 in the Westwood neighborhood of Los Angeles. The property offers shared amenities including a fitness center; yoga studio; study center with both private and group study spaces; a community room with a kitchenette; courtyard; grilling station; and two rooftop decks. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Laurie Lustig-Bower and Kadie Presley Wilson of CBRE represented the seller, Phoenix Property Co., in the disposition of the property to an undisclosed company based in the Los Angeles area.

March 31, 2022

Idaho Loans Multifamily Western

CommCap Advisors Secures $2.3M Loan for Treasure Valley Multifamily Portfolio in Idaho

by Amy Works March 31, 2022

NAMPA, CALDWELL AND BOISE, IDAHO — CommCap Advisors has arranged a $2.3 million loan for an apartment portfolio in Nampa, Caldwell and Boise. Totaling 20,070 square feet, the portfolio includes 820 and 824 17th Avenue South and 1615 2nd Street in Nampa, 1022 Main Street in Caldwell and 512 Warm Springs in Boise. Stephen Huelsman of CommCap Advisors arranged the 25-year loan, which features a 25-year amortization schedule, through a life insurance company.

March 31, 2022

Acquisitions Multifamily New York Northeast

TerraCRG Negotiates $41.8M Sale of Brooklyn Multifamily Portfolio

by Taylor Williams March 31, 2022

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $41.8 million sale of a portfolio of four rent-stabilized multifamily buildings totaling 246 units in Brooklyn’s Midwood neighborhood that were built in the 1940s. The unit mix consists of four studios, 77 one-bedroom apartments, 100 two-bedroom residences and 25 three-bedroom units. Ofer Cohen, Matt Cosentino, Daniel Lebor, Isaiah Thomas and Ben Robbins of TerraCRG represented the undisclosed seller in the transaction. The buyer was also not disclosed. The deal traded at a sub-5 percent cap rate.

March 31, 2022

Loans Massachusetts Multifamily Northeast Seniors Housing

Greystone Provides $24.8M Agency Refinancing for Seniors Housing Community on Cape Cod

by Taylor Williams March 31, 2022

MASHPEE, MASS. — Greystone has provided a $24.8 million Freddie Mac Optigo loan for the refinancing of a 70-unit seniors housing property in Mashpee, a town on Cape Cod. Built in 2018, Laurentide at Mashpee Commons includes studio, one- and two-bedroom units and offers assisted living and memory care services. Approximately 10 percent of the units are designated as affordable housing by the Cape Cod Housing Authority. Shailini Nehra of Greystone arranged the transaction on behalf of the owner-operator, Northbridge Cos. The fixed-rate, nonrecourse loan carries a 10-year term and 30-year amortization schedule.

March 31, 2022

Affordable Housing Development Florida Multifamily Southeast

Wendover Housing, Universal Parks Plan Affordable Housing Development in Orlando

by Julia Sanders March 30, 2022

ORLANDO, FLA. — Altamonte Springs, Fla.-based Wendover Housing Partners and Universal Parks & Resorts, a part of Comcast NBCUniversal, have plans to develop Universal’s Housing for Tomorrow initiative, a new approach aimed at helping address the shortage of affordable housing in Orlando. Universal pledged 20 acres of land in Orlando’s tourist corridor to be used for 1,000 units of affordable and mixed-income housing. The company selected Wendover Housing Partners to develop and manage the community. Named Catchlight Crossings, community amenities will include onsite, tuition-free preschool; onsite medical offices; a transportation center for buses, ridesharing and employer shuttles; a 16,000-square-foot retail area; community event space; technology cafés; a makerspace for hobbies, activities and educational events; community gardens; bike and walking paths; neighborhood food pantry; fitness center; game room; playground; two resort style pools; and grilling gazebo. The development plans were submitted to the Orange County Planning and Development department this week.

March 30, 2022

Acquisitions Multifamily Southeast Virginia

Greysteel Arranges Sale of 40-Unit Multifamily Property in Woodbridge, Virginia

by Julia Sanders March 30, 2022

WOODBRIDGE, VA. — Greysteel has arranged the sale of Friendship Place Apartments, a 40-unit multifamily property in Woodbridge. Kyle Tangney and Max Goldstein of Greysteel represented the undisclosed seller. The sales price and buyer were also not disclosed. Built in 1963, Friendship Place offers one- and two-bedroom floorplans averaging 787 square feet. Community amenities include laundry facilities, and unit features include in-unit washers and dryers. Located at 14400 Gemstone Drive, the property is situated about 16 miles from Washington, D.C. and 45.6 miles from University of Maryland.

March 30, 2022

Acquisitions Arizona Multifamily Western

Weidner Apartment Homes Sells Five-Property Multifamily Portfolio in Tucson for $130M

by Amy Works March 30, 2022

TUCSON, ARIZ. — Weidner Apartment Homes has completed the disposition of Tucson V, a five-property, 880-unit apartment portfolio in Tucson. Western Wealth Capital acquired the assets for $130 million. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and procured the buyer in the deal. The properties include: Aventura, 239 units built in 1985 Las Brisas, 248 units built in 1983 Alegria, 161 units built in 1985 The Enclave, 120 units built in 1974 Vista Montana, 112 units built in 1984

March 30, 2022

Acquisitions California Multifamily Western

Lowe, LaSalle Investment Divest of IDEA1 Multifamily Community in San Diego for $106M

by Amy Works March 30, 2022

SAN DIEGO — Lowe and LaSalle Investment Management have completed the disposition of IDEA1, a mid-rise apartment complex located at 895 Park Blvd. in San Diego’s East Village neighborhood. Fairfield acquired the property for $106 million. Built in 2017 by Lowe, LaSalle and I.D.E.A. Partners, the six-story IDEA1 features 295 apartments in a mix of studios, one- and two-bedroom units with 12-foot ceilings, dual-pane vinyl windows, full-size washers/dryers, stainless steel appliances, quartz countertops and an average size of 739 square feet. Community amenities include a glass IDEA Box that serves as a business center, coworking space and conference room that can transform into a giant screen for movies and concerts in the courtyard. Additional amenities include a rooftop clubroom, sundeck with outdoor barbecues and firepits, rooftop spa, 24-hour fitness center, the HUB flexible event space, onsite restaurants and an art gallery. The property also offers 5,533 square feet of retail space and 7,717 square feet of office space, as well as a five-story mural. Darcy Miramontes and Kip Malo of JLL Capital Markets represented the seller in the deal.

March 30, 2022

Acquisitions Affordable Housing California Multifamily Northmarq Western

Northmarq Arranges $79.7M Sale of Towne at Glendale Apartment Complex in Glendale, California

by Amy Works March 30, 2022

GLENDALE, CALIF. — Northmarq has brokered the sale of Towne at Glendale, a multifamily community located in the Verdugo Woodlands area of Glendale. Los Altos, Calif.-based Interstate Equities Corp. sold the asset to a public-private partnership of CSCDA Community Improvement Authority and BLVD Impact Housing for $79.7 million, or $630,000 per unit. Built in 1965, Towne at Glendale features 126 units, averaging 1,136 square feet. The property has undergone major renovations to provide luxury interior features and outstanding amenities. The buyer plans to expand upon the already completed enhancements and lease all units to renters earning between 80 percent and 120 percent of average median income. Shane Shafer and Bryan Schellinger of Northmarq’s Los Angeles investment sales team represented the seller in the transaction.

March 30, 2022

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