Multifamily

Antunovich, Hines Reveal Amenity Renderings for One Oak Brook Commons in Suburban Chicago

by Kristin Harlow September 22, 2021

OAK BROOK, ILL. — Architect Antunovich Associates and developer Hines have revealed the amenity renderings for One Oak Brook Commons, a 17-story luxury apartment building in Oak Brook. Amenities will include a pool deck, fitness center, library, rooftop, social lounge and sports simulator. The 250 units will range in size from studios to three-bedroom penthouses. Pre-leasing is slated to begin later this year with first move-ins anticipated in January 2022. Monthly rents for one-bedrooms will start at $2,395. Luxury Living Chicago Realty is completing marketing and leasing for the property, which is part of the larger Oak Brook Commons, a mixed-use development with restaurants, retail, creative office space and a new park entitled The Pitch.

September 22, 2021

Acquisitions Arizona Multifamily Western

Virtú Investments Sells Peak 16 Apartment Community in Phoenix for $81.3M

by Amy Works September 22, 2021

PHOENIX — Virtú Investments has completed the sale of Peak 16, an apartment community located in Phoenix, to an institutional investment manager for $81.3 million, or $349,142 per unit. Built in 2018 on four acres, Peak 16 features 233 apartments, a heated and chilled swimming pool, media room, dry cleaning service, fitness center and guest apartment. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 22, 2021

Acquisitions Arizona Multifamily Western

SB Real Estate Partners Expands Phoenix-Area Portfolio with $24.3M Multifamily Purchase

by Amy Works September 22, 2021

MESA, ARIZ. — Irvine, Calif.-based SB Real Estate Partners has acquired ReNew 3030, a Class B apartment community in Mesa. An undisclosed seller sold the property for $24.3 million. SB Real Estate renamed the asset Portola East Mesa and will implement a capital improvement program. Located at 3030 E. Broadway Road, Portola East Mesa features 126 garden-style apartments in a mix of one- and two-bedroom units ranging from 580 square feet to 805 square feet with walk-in closets, in-unit washers/dryers and high-speed internet. On-site amenities include a swimming pool, picnic area with grill, fitness center and bark park. Chris Canter, Brad Goff and Brett Polacheck of Newmark represented the seller the transaction. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital arranged joint venture equity as part of a larger program, as the buyer plans to close on more than $150 million of multifamily acquisitions during third-quarter 2021 across Arizona, California and Nevada.

September 22, 2021

Colorado Development Multifamily Western

CP Capital, Greystar to Develop 288-Unit Brighton Park Apartments in Colorado

by Amy Works September 22, 2021

BRIGHTON, COLO. — CP Capital US has partnered with Greystar to develop Brighton Park, a multifamily property located at the intersection of Longs Peak Street and North 42nd Avenue in Brighton, a northeast suburb of Denver. Situated on 13 acres, the three-story, garden-style property will feature 288 apartments with stainless steel appliances and stone-surface countertops. Community amenities will include a fitness center, resort-style swimming pool, dog park, detached garages and surface parking spots. Groundbreaking is slated for the fourth quarter of 2021, with the first units scheduled for delivery in early 2023. Total build out is scheduled for the second quarter of 2023. CP Capital, formerly known as HQ Capital Real Estate, has partnered with Greystar on four development projects, with the most recently projects being The Gabriel in North Pomona, Calif., and Monty in North Charleston, S.C.

September 22, 2021

Acquisitions Multifamily Texas

Joint Venture Acquires 271-Unit Grand at LaCenterra Apartment Complex in Metro Houston

by Taylor Williams September 22, 2021

KATY, TEXAS — A joint venture between global investment firm AXA IM Alts and RPM Living has acquired Grand at LaCenterra, a 271-unit apartment complex in the western Houston suburb of Katy. The Class A property was built in 2016 and offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops, walk-in closets and private balconies/patios. Amenities include a pool, fitness center, game room, conference facilities, library, outdoor kitchen and a package locker system. The seller and sales price were not disclosed.

September 22, 2021

Affordable Housing Development Multifamily Texas

Brinshore Development to Build 192-Unit Mixed-Income Community in Beaumont

by Taylor Williams September 22, 2021

BEAUMONT, TEXAS — Brinshore Development will build Trinity Grove, a 192-unit mixed-income community in Beaumont. Brinshore will develop the 195,000-square-foot property in partnership with the City of Beaumont Housing Authority. About half the units will be reserved for applicants earning 80 percent of the area median income or below, while the remaining 49 percent of the units will have no income restrictions. Units will feature one-, two- and three-bedroom floor plans, and amenities will include a children’s play area, fitness center, outdoor gathering and grilling stations and a computer learning center. JHP Architecture is serving as project architect, and Cadence McShane is the general contractor. Completion is slated for fall 2022.

September 22, 2021

Affordable Housing Development Loans Multifamily New York Northeast

JLL Arranges Construction Debt, Equity for 418-Unit Long Island Mixed-Income Project

by Taylor Williams September 22, 2021

BAY SHORE, N.Y. — JLL has arranged $113 million in construction financing and $55 million in joint venture equity for the capitalization of a 418-unit multifamily project in the Long Island community of Bay Shore. The property, which will be built in two phases, will consist of 334 market-rate apartments and 84 workforce housing units, as well as 1,650 square feet of retail space. Amenities will include a pool, outdoor grilling stations, a business center and coworking lounge, fitness center, clubrooms, game room and pet washing station. Andrew Scandalios, Rob Hinckley, Jeffrey Julien and Nicco Lupo of JLL arranged the joint venture equity with institutional investors advised by J.P. Morgan Asset Management on behalf of the developer, TRITEC Real Estate Co. Michael Gigliotti, Geoff Goldstein, Kelly Gaines and Jackie Ferrer of JLL sourced the four-year, floating-rate construction loan through Truist Financial Corp. and Santander Bank.

September 22, 2021

Affordable Housing Development Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $23.5M in Financing for Metro Boston Affordable Seniors Housing Expansion

by Taylor Williams September 22, 2021

NEWTON, MASS. — MassHousing has provided $23.5 million in financing for the expansion of Golda Meir House in the western Boston suburb of Newton. The project will expand the existing 199-unit affordable seniors housing property, adding 68 new apartment homes that will be reserved for renters at various income levels that fall below the area median income. The capital stack includes $17 million in Low-Income Housing Tax Credit equity allocated by the Massachusetts Department of Housing & Community Development, as well as various other subsidies. The borrower and developer is 2Life Communities. Prellwitz Chilinski Associates is the project architect, and Colantonio Inc. is the general contractor. Construction is expected to be complete in spring 2023. Golda Meir House was originally built between 1978 and 1995 and was renovated in 2018.

September 22, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Blueprint Brokers Sale of Skilled Nursing, Assisted Living Community in Northbridge, Massachusetts

by Taylor Williams September 22, 2021

NORTHBRIDGE, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing campus featuring 154 skilled nursing beds and 26 assisted living units in the Worcester suburb of Northbridge. The community, which was not named, was built in 1970 on 13 acres. It totals 93,000 square feet following expansions in 1995 and 2005. Owner-operator Salmon Health and Retirement sold the property as a non-core community in its portfolio. A Massachusetts-based investor acquired the asset for an undisclosed price.

September 22, 2021

Scalabrini-Villa-North-Kingston-Rhode-Island

Acquisitions Multifamily Northeast Rhode Island Seniors Housing

Tryko Partners Buys 120-Bed Skilled Nursing Facility in North Kingston, Rhode Island

by Taylor Williams September 22, 2021

NORTH KINGSTON, R.I. — New Jersey-based investment firm Tryko Partners has purchased Scalabrini Villa, a 120-bed skilled nursing facility in North Kingston, about 25 miles south of Providence. The property opened in 1994 at a site along Narragansett Bay and consists of 60 two-bed units. The seller and sales price were not disclosed. Tryko Partners plans to make capital improvements to the facility, which offers memory care, long-term and sub-acute care services.

September 22, 2021

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