Multifamily

RealSource Properties Launches $390M Multifamily REIT with 10 Communities

by Amy Works April 27, 2022

SALT LAKE CITY — Salt Lake City-based RealSource Properties has announced the launch of its real estate investment trust (REIT) with 10 existing properties. The $390 million REIT targets multifamily properties nationwide. Assets in the REIT will be managed by the same value-add real estate strategy currently deployed at RealSource multifamily assets across the country. The 10 existing properties already owned by RealSource Properties REIT include 2,897 apartments in Ohio, Texas, North Carolina and Colorado.

April 27, 2022

Acquisitions Loans Multifamily Nevada Western

Ready Capital Closes $34.4M Loan for Multifamily Property in Las Vegas

by Amy Works April 27, 2022

LAS VEGAS — Ready Capital has closed $34.4 million in financing for the acquisition, renovation and stabilization of a 152-unit apartment community in central Las Vegas. Upon acquisition, the undisclosed borrower will implement a capital improvement plan consisting of interior and exterior renovations, along with deferred maintenance. Ready Capital closed the nonrecourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

April 27, 2022

California Development Multifamily Seniors Housing Western

Clearwater Living Nears Completion of 117-Unit Seniors Housing Community in Glendora, California

by Amy Works April 27, 2022

GLENDORA, CALIF. — Clearwater Living has opened the sales office at Clearwater at Glendora, a 117-unit assisted living and memory support community in Glendora, approximately 25 miles east of Los Angeles. Construction on Clearwater at Glendora began in spring of 2021. The two-story, 117,000-square-foot property is being built on nearly three acres. When it is completed later this year, the community will feature 88 assisted living and 29 memory care apartments with studio, companion, one-bedroom and two-bedroom layouts.

April 27, 2022

Acquisitions Florida Multifamily Southeast

Institutional Property Advisors Arranges Sale of 246-Unit Apartment Community in Orlando

by Julia Sanders April 27, 2022

ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of NORA, a 246-unit multifamily property in downtown Orlando. Shelton Granade, Luke Wickham and Justin Basquill of IPA represented the seller, GDC Properties, and procured the buyer, G.W. Williams Co. The sales price was not disclosed. Built in 2014, NORA has controlled access throughout, an integrated parking garage with over 400 spaces and 9,263 square feet of ground-floor retail space. Community amenities include a resort-style pool, electric car charging stations and a clubhouse. Unit features include nine-foot ceilings, floor-to-ceiling windows and full-size, stackable washers and dryers. Select units have moveable islands with drawers and wine racks, private patios or balconies and views of the downtown skyline. Located at 899 N. Orange Ave., the six-story property is situated 17.5 miles from the Walt Disney World Resort.

April 27, 2022

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Prudent Growth Acquire $23.7M Multifamily Property in Fayetteville, North Carolina

by Julia Sanders April 27, 2022

FAYETTEVILLE, N.C. — A joint venture between Manhattan Beach, Calif.-based Magma Equities and Chapel Hill, N.C.-based Prudent Growth Partners has acquired Keystone Apartments, a 202-unit multifamily community in Fayetteville, for $23.7 million. The seller was not disclosed. Constructed in 1974 and renovated in stages from 2018 through 2021, Keystone offers one- and two-bedroom floorplans. Located at 425 Woodstream Trail, the property features 28 two-story residential buildings on a 19.1-acre site. Community amenities include a pool, fitness center, onsite property management and 24-hour maintenance. The joint venture plans to spend $1.5 million renovating units and improving the common areas, such as the leasing office, fitness center, pool area and other outdoor amenities.

April 27, 2022

Development Multifamily Seniors Housing Texas

Avenida, Artemis to Develop 203-Unit Active Adult Community in Carrollton, Texas

by Taylor Williams April 27, 2022

CARROLLTON, TEXAS — Avenida Partners and Artemis Real Estate Partners will develop Avenida Carrollton, an active adult community that will be located on the northern outskirts of Dallas. The 10-acre community will feature 155 market-rate apartments with one- and two-bedroom floor plans, as well as 48 duplex and triplex cottages. The apartments will range in size 686 to 1,285 square feet. The cottages will range in size from 1,360 to 1,490 square feet and will be equipped with attached garages and front and backyards. Residents will have access to more than 35,000 square feet of interior and exterior amenities. Project partners include Meeks + Partners and KWA Construction. A tentative completion date was not disclosed.

April 27, 2022

Acquisitions Midwest Multifamily Wisconsin

Berkadia Brokers $34.1M Sale of Wisconsin Multifamily Portfolio

by Kristin Harlow April 27, 2022

MILWAUKEE AND MEQUON, WIS. — Berkadia has brokered the $34.1 million sale of the Dermond Milwaukee Portfolio, a collection of three multifamily properties totaling 138 units in Milwaukee and Mequon. The properties include: the 33-unit Artesa Apartments in Mequon; the 36-unit Avante Apartments in Milwaukee; and the 69-unit Vue Apartments in Milwaukee. Ralph DePasquale, Pete Evans, Jack Maloney and Richard Evans of Berkadia represented the seller, Wisconsin-based Dermond Property Investments. A Nevada-based private family office was the buyer.

April 27, 2022

Loans Midwest Minnesota Multifamily

ACRES Provides $19.2M Construction Loan for Luxury Apartment Development in Minneapolis

by Kristin Harlow April 27, 2022

MINNEAPOLIS — ACRES Capital Corp. has provided a $19.2 million loan for the construction of Sawyer & Huck in Minneapolis. The apartment development will house 83 luxury units and 47 onsite covered parking spaces. Amenities will include a fitness center, roof deck and bike storage. The project will be situated in the historic St. Anthony West area, which lies on the east bank of the Mississippi River. Drew Miller of ACRES originated the loan on behalf of the borrower, Denver-based Charles Street Development Co.

April 27, 2022

Acquisitions Multifamily Texas

Bascom Group Acquires 150-Unit Windwater at Windmill Lakes Apartments in Houston

by Taylor Williams April 27, 2022

HOUSTON — California-based investment firm The Bascom Group has acquired Windwater at Windmill Lakes, a 150-unit apartment complex in Houston. The property was built in 1999 on the city’s southeast side. John Carr of Cushman & Wakefield represented the undisclosed seller in the transaction. Jason Pumpelly, also with Cushman & Wakefield, arranged acquisition financing through Huntington National Bank on behalf of Bascom Group. The new ownership will implement a value-add program.

April 27, 2022

Development Loans Multifamily New York Northeast

Concord Summit Capital Arranges $70M Loan for Refinancing of Buffalo Apartments

by Taylor Williams April 27, 2022

BUFFALO, N.Y. — Concord Summit Capital, a Miami-based financial intermediary, has arranged a $70 million bridge loan for the refinancing of Phase I of Heron Pointe Apartments, a 376-unit multifamily community in Buffalo. The borrower, Buffalo-based Rane Property Management, will use proceeds from the three-year, nonrecourse loan to pay off construction debt from the 232-unit first phase of the development. Construction of the 144-unit second phase is underway and is slated to be complete in the third quarter. Heron Pointe features one-, two- and three-bedroom units and amenities such as a clubhouse with a coffee room and fitness center, a pool, dog park and a playground. Kevin O’Grady, David Larson, Keegan Burger and Daniel Rojo of Concord Summit Capital arranged the loan through TPG, a San Francisco-based private equity firm previously known as Texas Pacific Group.

April 27, 2022

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