Multifamily

Link Senior Development, MedCore Partners Plan 202-Unit Seniors Housing Community in Buckeye, Arizona

by Amy Works August 24, 2021

BUCKEYE, ARIZ. — Link Senior Development and MedCore Partners have unveiled plans for Ativo of Sundance, a 202-unit senior living community inside the Sundance Active Adult master-planned community in the Phoenix suburb of Buckeye. The campus will offer 103 independent living, 75 assisted living and 24 memory care units on a 10-acre tract. Construction of the 211,000-square-foot, three story project is scheduled to begin in late 2021 for an anticipated opening in summer 2023. Insight Senior Living will manage the community, including oversight of all programs and resident services. This will be Insight’s third senior living project in Arizona. Ankrom Moison Architects designed the facility. Link and MedCore are collaborating on two other developments in Albuquerque, New Mexico and Tracy, California. The two firms previously worked together on the 2019 sale and acquisition of five senior living communities in Arizona and Utah.

August 24, 2021

Acquisitions Colorado Multifamily Western

Colliers Brokers $65M Sale of Enchanted Springs Apartments in Colorado Springs

by Amy Works August 24, 2021

COLORADO SPRINGS, COLO. — Colliers Multifamily Advisory Group has arranged the sale of The Enchanted Springs Apartments, a multifamily property located at 3281 Divine Heights in Colorado Springs. A private investor sold the property to Hamilton Zanze for $65 million, or $325,000 per unit. Built in 2020, Enchanted Springs features 200 apartments, an indoor fitness center, clubhouse, resort-style swimming pool, spa and business center. Bill Morkes, Craig Stack and Keegan Hofer of Colliers represented the seller in the transaction.

August 24, 2021

Acquisitions Arizona Multifamily Western

Greystar Acquires 352-Unit Cordoba Apartment Community in Phoenix

by Amy Works August 24, 2021

PHOENIX — Charleston, South Carolina-based Greystar has purchased Cordoba, a multifamily property located at 4520 E. Baseline Road in Phoenix, from Dallas-based Cordoba Apartments LLC for an undisclosed price. Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the transaction. Originally built in 1986 and renovated in 2018 through 2020, Cordoba features 352 apartments in a mix of one-, two- and three-bedroom layouts, averaging 740 square feet. At the time of sale, the property was 99 percent leased. The buyer plans to continue value-add renovations at the property.

August 24, 2021

Acquisitions Multifamily Texas

180 Multifamily Properties Acquires 444-Unit Community in Arlington

by Taylor Williams August 23, 2021

ARLINGTON, TEXAS — Locally based investment firm 180 Multifamily Properties has acquired a 444-unit community located at 2420 Abrams St. in Arlington. The Class B property was originally built on 20 acres in 1966. The new ownership plans to implement a value-add program and rebrand the community as Stratton Apartment Homes. The seller and sales price were not disclosed.

August 23, 2021

Development Multifamily Seniors Housing Texas

LifeCare, ERG Enterprises to Develop 100,000 SF Seniors Housing Community in Tyler, Texas

by Taylor Williams August 23, 2021

TYLER, TEXAS — Seniors housing developer LifeCare Properties and New Orleans-based investment firm ERG Enterprises will develop The Blake at Tyler, a 100,000-square-foot community that will be located about 100 miles east of Dallas. The property, the number of units of which was not disclosed, will be situated within The Crossing mixed-use development. The Blake at Tyler will offer assisted living units in various floor plans and studio and one-bedroom memory care units. Blake Management Group will operate the property, which is scheduled to open in 2023.

August 23, 2021

Acquisitions Multifamily Seniors Housing Texas

Plains Commercial Brokers Sale of 115-Bed Skilled Nursing Facility in Benbrook, Texas

by Taylor Williams August 23, 2021

BENBROOK, TEXAS — Plains Commercial has brokered the sale of Benbrook Nursing & Rehab, a 115-bed skilled nursing facility in Benbrook, approximately 10 miles southwest of Fort Worth. The property was originally built in 1969. The seller was a regional owner-operator that decided to cull its portfolio and exit the Dallas-Fort Worth metroplex. The buyer was a regional owner-operator looking to expand its Texas portfolio via a 1031 exchange. Daniel Morris of Plains Commercial brokered the deal.

August 23, 2021

Affordable Housing Development Multifamily New York Northeast

Partnership to Develop 330-Unit Affordable Housing Community in East Harlem

by Taylor Williams August 23, 2021

NEW YORK CITY — A partnership between Mega Development, operator Lantern Organization and the New York City Department of Housing & Preservation will develop Timbale Terrace, a 330-unit affordable housing community in East Harlem. The centerpiece of the community will be a 16,000-square-foot music and arts center that will be operated by the Afro Latin Jazz Alliance. As part of that partnership, adult residents at Timbale Terrace will have access to music-based vocational training, while children can enjoy arts and music education and afterschool programs. Information about income restrictions and a construction timeline was not disclosed.

August 23, 2021

Acquisitions Georgia Multifamily New York Southeast Student Housing

Landmark, Blackstone Form $784M Joint Venture, Plan to Acquire Student Housing Portfolio

by Julia Sanders August 23, 2021

ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and New York-based Blackstone Real Estate Income Trust Inc. (BREIT) have formed a joint venture partnership in order to recapitalize and acquire eight student housing properties totaling 5,416 beds across the United States. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT in the $784 million deal. The sellers and the locations of the eight student housing properties were not disclosed. Blackstone completed the transaction because the company was looking to grow its student housing portfolio. Jacob Werner of Blackstone said the eight properties are at leading colleges that have rising enrollments. Landmark Properties is a student housing developer and owner-operator with $7.7 billion of properties under management currently. With this most recent student housing transaction, Landmark’s portfolio includes 79 student housing communities. The firm unveiled plans in July to develop three new student housing projects with a total of 2,544 beds across three states.

August 23, 2021

Florida Loans Multifamily Southeast

BLD Group, GMF Capital Receive $210M Refinancing for Three Multifamily Properties in Florida

by Julia Sanders August 23, 2021

ORLANDO, MAITLAND AND FORT MYERS, FLA. — A joint venture between BLD Group and GMF Capital has received a $210 million loan for the refinancing of a three-property multifamily portfolio in Florida totaling 1,139 units. Eastdil Secured arranged the five-year, floating-rate loan through Brookfield Real Estate Financial Partners on behalf of the joint venture. The three apartments include the 403-unit M2 at Millenia in Orlando, the 300-unit 400 North in Maitland and the 436-unit Venetian in Fort Myers. Lincoln Property Co. manages all three communities, which were 96 percent leased at the time of sale. M2 at Millenia offers one-, two- and three-bedroom apartments. Located at 4206 Eastgate Drive, the property is situated adjacent to Millenia Mall and close to Florida’s Turnpike and Interstate 4. Community amenities include a private parking garage, clubhouse, business center, entertainment room, fitness center, outdoor dining and a Zen courtyard with a fireside lounge and waterfall. 400 North offers one-, two- and three-bedroom apartments with features such as plank flooring, granite countertops, stainless steel appliances, valet waste removal service and garage parking. Community amenities include a fitness center, elevators, pool, courtyard, outdoor grilling and dining area and onsite management. Located at 400 N Orlando Ave., …

August 23, 2021

Acquisitions Multifamily Southeast Tennessee

Capstone Arranges $39M Sale of Cedar Run Apartments in Memphis

by Julia Sanders August 23, 2021

MEMPHIS, TENN. — Capstone Apartment Partners has arranged the $39 million sale of Cedar Run Apartments, a 416-unit property in Memphis. The community sold for $93,750 per unit. Jonathan Hawks, Luke Searcy, Adam Klenk and Tyler Mayo of Capstone represented the seller, New York-based Emet Capital, in the transaction. Fortune Investment Group was the buyer. Built in 1975, Cedar Run includes one-, two- and three-bedroom apartment homes. Community amenities include a swimming pool, clubhouse, business center, playground, sports court, soccer field, Amazon lockers and picnic areas. The community was approximately 98.5 percent occupied at the time of sale. Located at 5958 E Point Drive, Cedar Run is situated in East Parkway Village directly off Bill Morris Parkway. The property is about 17.5 miles from downtown Memphis. Over the last four years, Emet has completed interior renovations on 279 of the units. Fortune plans to continue the renovation program on the remaining units. The renovated units feature wood-style flooring, new wood cabinetry, upgraded hardware and light fixtures, updated plumbing fixtures and fresh paint throughout.

August 23, 2021

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