Multifamily

AndMark Management Co. Sells Paseo Del Sol Multifamily Community in Tucson for $33.6M

by Amy Works March 23, 2022

TUCSON, ARIZ. — Los Angeles-based AndMark Management Co. has completed the disposition of Paseo Del Sol, a 152-unit multifamily property located at 6280 S. Campbell Ave. in Tucson. Los Angeles-based Element Property Co. acquired the asset for $33.6 million, or $221,382 per unit. Built in 1994, Paseo Del Sol features 38 two-story buildings offering 76 three-bedroom/two-bath and 76 four-bedroom/two-bath units that range in size from 1,050 square feet to 1,150 square feet. Onsite amenities include a pool, clubhouse and covered parking. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Northmarq Phoenix’s Debt & Equity team of Griffin Martin, Brandon Harrington, Bryan Mummaq and Tyler Woodard arranged a $27.2 million bridge loan for the acquisition.

March 23, 2022

Illinois Loans Midwest Multifamily

Greystone Provides $57.1M Acquisition Loan for Suburban Chicago Condo Deconversion

by Kristin Harlow March 23, 2022

ELK GROVE VILLAGE, ILL. — Greystone has provided a $57.1 million loan for the acquisition of Terrace of Elk Grove Apartments in Elk Grove Village. The buyer, Bayshore Properties, is converting the 427-unit property from condos into apartments. The complex, originally built as a rental apartment property in 1968, consists of eight three-story buildings. Amenities include a pool, clubhouse, fitness center, game room, business center, laundry facilities, courtyards and onsite management. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse bridge loan, which features a 24-month term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

March 23, 2022

Acquisitions Multifamily Texas

Greysteel Negotiates Sale of 160-Unit Park Ridge Apartments in El Paso

by Taylor Williams March 23, 2022

EL PASO, TEXAS — Greysteel has negotiated the sale of Park Ridge Apartments, a 160-unit multifamily community in El Paso. Built in 1974, the property features one-, two- and three-bedroom units with an average size of 826 square feet. Amenities include a pool and a basketball court. Jack Stone and Doug Banerjee of Greysteel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

March 23, 2022

Company News Multifamily Texas

NewQuest Properties Launches Multifamily Division to Serve Houston Market

by Taylor Williams March 23, 2022

HOUSTON — NewQuest Properties, a Houston-based retail development, brokerage and management firm, has launched a division to provide similar services to the city’s multifamily sector. NewQuest, which owns and manages more than 12 million square feet of commercial space, has tapped industry veteran John Leonard to lead the new division. Leonard most recently served as senior vice president and CFO of developer Sueba USA.

March 23, 2022

Development Multifamily New Jersey Northeast Seniors Housing

Thrive Nears Completion of 203-Unit Seniors Housing Community in Montvale, New Jersey

by Taylor Williams March 23, 2022

MONTVALE, N.J. — Thrive Senior Living is nearing completion of Thrive at Montvale, a 203-unit seniors housing community in the DePiero’s Farm neighborhood near the New York-New Jersey border. Located just off the Garden State Parkway, the three-story community will offer independent living and assisted living services, plus a small-house model senior living environment focused on memory care. The welcome center is currently open, and residents are scheduled to begin moving in this spring.

March 23, 2022

Affordable Housing Development Multifamily New Jersey Northeast

Walters Underway on 150-Unit Affordable Housing Project in Branchburg, New Jersey

by Taylor Williams March 23, 2022

BRANCHBURG, N.J. — New Jersey-based multifamily developer Walters is underway on construction on Cornerstone at Branchburg, an affordable housing community that will be located about 50 miles west of Manhattan. Rental rates vary based on income, with priority given to renters earning 60 percent or less of the area median income. The property comprises two three-story buildings on an 11.7-acre site. Units come in one- and two-bedroom floor plans with an average size of about 800 square feet. Full completion is slated for next spring.

March 23, 2022

Acquisitions Multifamily New Jersey Northeast

Hudson Atlantic Negotiates Sale of Two Multifamily Assets Totaling 60 Units in Northern New Jersey

by Taylor Williams March 23, 2022

OLD BRIDGE, N.J. — Brokerage firm Hudson Atlantic Realty has negotiated the sale of two multifamily assets totaling 60 units in the Northern New Jersey community of Old Bridge. Old Bridge Town Center consists of 27 apartments and 19,000 square feet of commercial space. Geick Park Residency is a 33-unit age-restricted community that features a pool and a fitness center. An entity doing business as 502 Jersey Avenue LLC purchased the assets from an undisclosed seller for a combined price of $24.5 million.

March 23, 2022

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper Breaks Ground on 60-Unit Affordable Housing Community in Columbus

by Kristin Harlow March 22, 2022

COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Lockbourne Greene, a 60-unit affordable housing community in Columbus. Completion is slated for mid-2023. Woda Cooper is building the $15.8 million project with co-developer Healthy Homes, which is affiliated with Community Development for All People (CD4AP) and Nationwide Children’s Hospital. The project is the transformation of a vacant and blighted Columbus Land Bank property. The three-story building will feature 12 one-bedroom units, 40 two-bedroom units and eight three-bedroom units. All of the units will be designated for residents who earn 40 to 80 percent of the area median income. Monthly rents are expected to range from $669 to $999, depending on the income category and size of the apartment. Lockbourne Greene will feature an onsite management office, fitness center and community room. SproutFive will operate an early learning center at the property for children ages 6 months to 5 years old. Residents will also have access to supportive services coordinated by CD4AP. A new $15 million Affordable Housing Linked Deposit Pilot Program from Franklin County supports funding for Lockbourne Greene at no out-of-pocket cost to taxpayers. The program places funds into an interest-yielding investment at three private banks — …

March 22, 2022

Affordable Housing Loans Multifamily Southeast Tennessee

KeyBank Provides $74M Bridge Loan for Affordable Housing Portfolio in Tennessee

by Julia Sanders March 22, 2022

CLEVELAND — Cleveland-based KeyBank Community Development Lending and Investment has provided a $74 million bridge loan for the acquisition of four Section 8 subsidized affordable housing properties in Tennessee. Matthew Haas, Timothy Gerstmann and Jonathan Woodland of KeyBank originated the financing. SDG Housing Partners, a Manhattan Beach, Calif.-based affordable housing development company, received the loan. The four properties include Ramblewood in Clarksville (112 units); Margaret Robinson in Hermitage (100 units); Ridgebrook in Knoxville (144 units); and Hickory Forest in Nashville (90 units). The borrower will be seeking bonds and 4 percent LIHTC credits to be moderately renovated and units upgraded in the next 12 to 18 months with agency financing provided by KeyBank.

March 22, 2022

Development Multifamily Retail Texas

Public-Private Partnership Breaks Ground on $90M Multifamily, Retail Project in Metro Austin

by Taylor Williams March 22, 2022

KYLE, TEXAS — A partnership between Central Southwest Texas Development and the Kyle Economic Development Department has broken ground on a $90 million multifamily and retail project in the southern Austin suburb. The project, which will be developed on two parcels totaling 38.5 acres, represents Phase II of Kyle Crossing. The north tract will house 16 buildings, nine of which will feature retail and restaurant uses for a minimum total commercial footprint of 18,000 square feet. The south tract will also comprise multifamily and retail space, with a minimum of 15,000 square feet of the latter use.

March 22, 2022

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