Multifamily

Annex Group Breaks Ground on $34.4M Affordable Housing Community in Lincoln, Nebraska

by Kristin Harlow June 30, 2022

LINCOLN, NEB. — The Annex Group has broken ground on Union at Middle Creek, a $34.4 million affordable housing community in Lincoln. The property’s 192 units will be designated for residents earning up to 60 percent of the area median income. Amenities will include a clubhouse, fitness center and nature trail. The development, slated for completion in early 2024, marks Annex Group’s first in Nebraska. Project partners include R4 Capital Funding as lending partner and R4 Capital as equity partner. The project team includes Summit LIHTC Consulting, REGA Engineering Group, Wallace Architects and NP Dodge Management Co.

June 30, 2022

Acquisitions California Multifamily Seniors Housing Western

Northwestern Mutual Divests of Cortona Park Assisted Living Community in Brentwood, California for $39.2M

by Amy Works June 30, 2022

BRENTWOOD, CALIF. — Northwestern Mutual has completed the sale of Cortona Park, an assisted living community in Brentwood, to a joint venture between Cogir and a national investment partner for $39.2 million. The buyer plans to rename the property Cogir of Brentwood. Built in 2007, the community features studio, one- and two-bedroom units averaging 761 square feet. The pet-friendly apartments offer large floorplans with granite countertops, in-unit washers/dryers and private balconies. Community amenities include a library, café/bistro, beauty shop, courtyard and garden, outdoor pool, theatre, billiards, fireside living room and a community room with meeting space. Additionally, the property features concierge services, a 24-hour security system, postal services, a business center, wireless internet access and special dietary services. Situated on 4.3 acres, the property is located at 150 Cortona Way. Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets’ investment sales and advisory team represented the seller in the deal.

June 30, 2022

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $59.2M Sale of Orchard Apartments in Marlborough, Massachusetts

by Taylor Williams June 30, 2022

MARLBOROUGH, MASS. — CBRE has brokered the $59.2 million sale of The Orchard Apartments, a 156-unit multifamily community located in the western Boston suburb of Marlborough. Built in 2002, the property comprises 17 two- and three-story buildings that house lofts, one- and two-bedroom units with an average size of 1,121 square feet. Amenities include a pool, fitness center and a clubhouse. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of metro Boston-based National Development, in the transaction. The team also procured the buyer, an affiliate of global investment management firm Nuveen Real Estate.

June 30, 2022

Acquisitions Florida Southeast Student Housing

Vesper, Fortress Acquire 444-Bed Student Housing Community Near University of South Florida in Tampa

by John Nelson June 29, 2022

TAMPA, FLA. — A joint venture between Vesper Holdings and funds managed by affiliates of Fortress Investment Group has acquired ON50 Tampa, a 444-bed student housing community located near the University of South Florida. The property offers a mix of three- and four-bedroom, fully furnished units. Shared amenities include a swimming pool, computer lab, study lounge, movie and entertainment center, hammock garden, community kitchenette, coffee bar and shuttle service to the university’s campus. The community is the joint venture’s fourth acquisition over the past 13 months. The seller and sales price were not disclosed.

June 29, 2022

Acquisitions Multifamily Texas

DLP Capital Acquires 252-Unit Multifamily Property in Corpus Christi

by Taylor Williams June 29, 2022

CORPUS CHRISTI, TEXAS — Florida-based investment and development firm DLP Capital has acquired Harbor House on Saratoga, a 252-unit multifamily property in Corpus Christi. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling and dining areas, a basketball court, media room, clubhouse and a dog park. DLP Capital plans to upgrade the unit interiors with stainless steel appliances, granite countertops, vinyl floors and other high-end finishes. The company will also rebrand the property as DLP Saratoga. The seller was not disclosed.

June 29, 2022

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $35.2M Sale of Apartment Complex in Westwood, Massachusetts

by Taylor Williams June 29, 2022

WESTWOOD, MASS. — CBRE has brokered the $35.2 million sale of Residences at Highland Glen, a 102-unit apartment complex in Westwood, a southwestern suburb of Boston. Constructed in 2006, the age-restricted property comprises two four-story buildings with one- and two-bedroom units, 60 of which were recently renovated. Amenities include a fitness center and a clubroom. Simon Butler, Biria St. John, John McLaughlin, Aron Will and John Sweeny of CBRE represented the locally based seller, National Development, in the transaction. The buyer was Massachusetts-based Claremont Cos.

June 29, 2022

Loans Massachusetts Multifamily Northeast

Eastern Union Arranges $44.8M Agency Loan for Refinancing of Multifamily Property in Amherst, Massachusetts

by Taylor Williams June 29, 2022

AMHERST, MASS. — New York-based Eastern Union has arranged a $44.8 million Fannie Mae loan for the refinancing of The Boulders, a 256-unit multifamily property in Amherst, located in the central part of Massachusetts. The market-rate property was built in 1974 and offers two-bedroom units with an average size of 844 square feet. Michael Muller of Eastern Union arranged the floating-rate loan, which carries four years of interest-only payments on behalf of the undisclosed borrower. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.

June 29, 2022

Loans Multifamily New York Northeast

Dwight Capital Provides $22.2M Acquisition Loan for Queens Village Apartments

by Taylor Williams June 29, 2022

NEW YORK CITY — Locally based commercial finance firm Dwight Capital has provided a $22.2 million bridge loan for the acquisition of Queens Village Apartments, a 132-unit multifamily complex. The property comprises three- and six-story apartment buildings featuring a mix of rent-controlled and rent-stabilized units, as well as onsite maintenance services and laundry facilities. Adam Sasouness of Dwight Capital originated the financing, which was arranged by Marvin Jeremias of Crossmark Capital. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

June 29, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Originates $14.2M HUD-Insured Loan for Refinancing of Metro Minneapolis Apartments

by Kristin Harlow June 29, 2022

SPRING LAKE PARK, MINN. — Colliers Mortgage has originated a $14.2 million HUD 223(f) loan for the refinancing of Northtown Village Apartments in Spring Lake Park, about 12 miles north of Minneapolis. The 161-unit apartment complex features amenities such as a pool, playground and onsite laundry facilities. The loan features a 35-year term and a 35-year amortization schedule. An entity doing business as Northtown Village LLLP was the borrower.

June 29, 2022

Colorado Development Multifamily Western

Legacy Partners, KTGY Break Ground on 236-Unit Araceli Multifamily Community in Denver

by Amy Works June 29, 2022

DENVER — Developer Legacy Partners and architect KTGY have broken ground on Araceli, an apartment property located within the Tech Center district of Denver. Designed as a 13-story wing and a 12-story wing, Araceli will feature 236 one-, two- and three-bedroom plus den units with built-in desks and workspaces and an amenity deck with a pool, grills, fireplaces and covered and exposed seating. Additional amenities include an event space with kitchen, gathering area and outdoor deck for residential gatherings, a coworking space, fitness center, pool deck, clubhouse and leasing office. The project team includes Catamount Constructors, Prescient, Jordan & Skala Engineers, Studio 10 Interior Design, S.A.Miro, Terracon and Kimley-Horn.

June 29, 2022

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