Multifamily

JLL Brokers $18M Sale of Summer Breeze Seniors Housing Community in Savannah

by Julia Sanders August 18, 2021

SAVANNAH, GA. — JLL has brokered the $18 million sale of Summer Breeze, a 79-unit independent living, assisted living and memory care seniors housing community on Savannah’s Wilmington Island. Mike Garbers, Cody Tremper and Michael Sivewright of JLL represented the seller, Salt Lake City, Utah-based Bridge Investment Group. An unnamed investor acquired the property in a 1031 exchange. Summer Breeze offers 28 independent living units, 39 assisted living units and 12 memory care units. Community amenities include a full-service salon, community library, occupational and speech therapies, an activity program, scheduled transportation, restaurant-style dining and weekly housekeeping services. The community was 95 percent occupied at the time of sale. Located at 351 Wilmington Island Road, approximately 10 miles southeast of downtown Savannah, Summer Breeze is adjacent to the Wilmington Island Club and the Sail Harbor Marina and Boatyard.

August 18, 2021

Development Midwest Multifamily Wisconsin

Greenfire to Construct 178-Unit Luxury Apartment Community in Oconomowoc, Wisconsin

by Kristin Harlow August 18, 2021

OCONOMOWOC, WIS. — Wangard Partners has selected Greenfire to build its new Olympia Fields Apartments in Oconomowoc, about 34 miles west of Milwaukee. The development will include 178 luxury apartment units along with a pool and clubhouse. Seven buildings will house a variety of unit sizes, including studios, one-, two- and three-bedroom floor plans. The project will be built on the site of the former Olympia Resort, which is currently being demolished. Construction is expected to begin in October with completion slated for fall 2022. Kahler Slater will serve as architect and R.A. Smith as civil engineer.

August 18, 2021

Acquisitions Midwest Multifamily Ohio

Vision & Beyond Acquires 297-Unit Multifamily Property in Cincinnati

by Kristin Harlow August 18, 2021

CINCINNATI — Vision & Beyond Capital Investments has acquired Clifton Colony, a 297-unit multifamily property in Cincinnati’s Clifton neighborhood. The purchase price was undisclosed. The buyer plans to invest $5 million to install new HFAC, windows and landscaping. The development will continue to serve the workforce housing population. No tenants will be displaced while renovations are underway. Monthly rents start at $610. Vision & Beyond says it plans to implement nominal rent increases for units as they are renovated.

August 18, 2021

Acquisitions California Multifamily Top Stories Western

IPA Brokers $275M Sale of Two-Property Multifamily Portfolio in Hermosa Beach

by Kristin Harlow August 18, 2021

HERMOSA BEACH, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $275 million sale of two adjacent multifamily properties in Hermosa Beach, a beachfront city in Los Angeles County. The 285-unit Playa Pacifica sold for $162.5 million, while the 169-unit The Gallery sold for $112.5 million. Built in 1972, Playa Pacifica was partially renovated in 2015 and 2016. The average unit size is 590 square feet. Amenities include two solar-heated pools, a fitness center, business center, clubhouse, spa and outdoor lounge with barbecue area. The Gallery was built in 1971 and partially renovated in 2003 and 2004. Units average 831 square feet. Amenities include a pool, fitness center, spa, sauna and covered parking. Both communities are located near Hermosa Beach Pier. Neighborhood attractions include The Strand and Greenbelt Park, along with beachfront nightlife and restaurants. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller, an institutional investor, and procured the buyer, Prime Residential. Previously, the IPA team brokered the sale of the properties in 2006 for $133 million. “The sale represents the acquisition of 24 percent of the entire apartment stock in Hermosa Beach and nearly 70 percent of the like-kind …

August 18, 2021

Acquisitions Multifamily Texas

Strategic Realty Holdings Buys Two-Property Houston Apartment Portfolio for $34.3M

by Taylor Williams August 18, 2021

HOUSTON — California-based investment firm Strategic Realty Holdings has purchased a portfolio comprising two multifamily properties totaling 488 units in Houston for $34.3 million. Cypress Ridge Apartments was built in 1980 and totals 252 units in one- and two-bedroom floor plans ranging in size from 599 to 957 square feet. Highland Cross Apartments was also constructed in 1980 and comprises 236 units that also feature one- and two-bedroom formats and range in size from 685 to 1,140 square feet. Both properties have similar amenity packages that include pools, fitness centers, clubhouses and onsite laundry facilities. Electra Capital contributed a $6.2 million preferred equity investment to the transaction, the seller in which was not disclosed.

August 18, 2021

Acquisitions Multifamily Texas

Westmount Realty Capital Acquires 192-Unit Apartment Community in West Houston

by Taylor Williams August 18, 2021

HOUSTON — Dallas-based Westmount Realty Capital has acquired West End on Eldridge, a 192-unit apartment community in the Energy Corridor area of West Houston. The property was built in 1999 and features one- and two-bedroom units averaging 911 square feet. Amenities include a pool with a sundeck, outdoor grilling and lounge areas, a fitness center with a yoga room and a dog park. Westmount plans to implement a value-add program to unit interiors that will add stainless steel appliances, quartz countertops and tile backsplashes. In addition, the company will upgrade the amenity spaces and rebrand the community as Westmount at Eldridge. The seller was not disclosed.

August 18, 2021

Development Multifamily New Jersey Northeast Seniors Housing

Braemar Partners Unveils Plans for 80-Unit Seniors Housing Project in Basking Ridge, New Jersey

by Taylor Williams August 18, 2021

BASKING RIDGE, N.J. — Braemar Partners has unveiled plans for Arbor Terrace Basking Ridge, an assisted living and memory care community that will be located approximately 35 miles west of Manhattan. When completed, the property will feature 27 assisted living apartments, 24 units for seniors in early stages of dementia and 29 units for full memory care. The groundbreaking is scheduled for later this year, with completion targeted for early 2023. The Arbor Co., which operates other senior living communities in New Jersey, will operate the community when it opens.

August 18, 2021

Aegis-Living-Kirkland-Waterfront-Kirkland-WA

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens Kirkland Waterfront Seniors Housing Community in Washington

by Amy Works August 17, 2021

KIRKLAND, WASH. — Aegis Living has opened its second community in 2021, Aegis Living Kirkland Waterfront in Kirkland. The 98,000-square-foot development will feature 106 units of assisted living and memory care. Aegis currently has six other communities in development in Seattle and California. “Heading into 2020, we set aggressive goals to double in size over the next decade,” says Dwayne Clark, founder, CEO and chairman of Aegis Living.

August 17, 2021

Loans Multifamily Student Housing Washington Western

Gantry Arranges $32.5M Refinancing for Triton Court Student Housing Community Near Seattle

by Amy Works August 17, 2021

LYNNWOOD, WASH. — Gantry has arranged a $32.5 million refinancing for Triton Court, a student housing community located adjacent to Edmonds College in Lynnwood, roughly 17 miles north of Seattle. The property offers 220 beds alongside 13,000 square feet of retail and 15,000 square feet of office space. The newly built community is the result of a public-private partnership, wherein an undisclosed private developer built and owns the complex managed by the Housing and Residence Life Office of Edmonds College. Mike Wood and Alex Saunders of Gantry worked with the borrower, a privately held limited liability company, to structure the funding. The loan was placed with a debt fund and carries a fixed interest rate with payments on an interest-only basis for the 10-year loan term.

August 17, 2021

Acquisitions Loans Multifamily Southeast Tennessee

Berkadia Arranges Sale, Financing of 1,002-Unit Waterview Apartment Complex in Memphis

by Julia Sanders August 17, 2021

MEMPHIS, TENN. — Berkadia has arranged the sale and financing of Waterview Apartment Homes, a 1,002-unit multifamily community in southeast Memphis. Patrick Jordan of Berkadia represented the seller, CapReit, in the transaction. Blue Magma Residential, a Tampa-based real estate firm, acquired the property for an undisclosed price. Charles Foschini and Christopher Apone of Berkadia arranged acquisition financing on behalf of Blue Magma. Arbor Realty Trust provided the $82 million bridge loan, which is a non-recourse, floating-rate, three-year, interest-only loan that includes two one-year extension options. Located at 6860 Quince Road, Waterview is located close to Interstate 240 and Bethel University and approximately 18.4 miles from downtown Memphis. Built in 1985, the property offers one- and two-bedroom apartments ranging from 533 square feet to 1,160 square feet. Individual units are cable ready and feature vaulted ceilings and ceiling fans. Some units will include washers and dryers, wood-burning fireplaces and built-in bookshelves. Community amenities include a fitness center, 22 acres of lakes with water features, tennis courts, indoor and outdoor pools and spas and a sundeck and lounge area.

August 17, 2021

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