Multifamily

Pierce Education Properties Buys 540-Bed Student Housing Property Near Iowa State University

by Kristin Harlow April 5, 2022

AMES, IOWA — Pierce Education Properties has acquired The Madison, a 540-bed student housing property serving Iowa State University in Ames. The community was built in 2001 and offers 144 units in a mix of three- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, clubhouse, resort-style swimming pool and hot tub, a sand volleyball court, dog park, lighted basketball courts, a computer lab, coffee bar, tanning bed and a picnic and grilling area. The seller and terms of the transaction were undisclosed. Regions Bank provided acquisition financing.

April 5, 2022

Acquisitions Midwest Minnesota Multifamily

Redwood Capital Group Acquires 375-Unit Apartment Complex in Eden Prairie, Minnesota

by Kristin Harlow April 5, 2022

EDEN PRAIRIE, MINN. — Redwood Capital Group, in a joint venture with an affiliate of Heitman LLC, has acquired ReNew Eden Prairie, a 375-unit apartment complex located at 13905 Chestnut Drive in suburban Minneapolis. The purchase price was undisclosed. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller, FPA Multifamily, which completed some unit upgrades and amenity enhancements. The property was built in 1986. Amenities include three pools, basketball courts, a clubhouse, fitness center and playground.

April 5, 2022

Loans Michigan Midwest Multifamily Seniors Housing

Grandbridge Arranges $30M Recapitalization for Senior Living Campus in Jackson, Michigan

by Kristin Harlow April 5, 2022

JACKSON, MICH. — Grandbridge Real Estate Capital has arranged the recapitalization of Vista Grande Villa, a 318-unit senior living campus in Jackson, about 35 miles west of Ann Arbor. Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units. The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the community. Jay Jordan and Dave Kliewer of Grandbridge arranged the financing through Lapis Advisers. Kauhale Health is managing operations.

April 5, 2022

Loans Multifamily Texas

MMCC Arranges $56M Acquisition Loan for Metro Houston Multifamily Property

by Taylor Williams April 4, 2022

CYPRESS, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $56 million bridge loan for the acquisition of Legacy at Cypress, a 422-unit multifamily property located just outside Houston on the northwest side. Built in 1999, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, volleyball court and onsite laundry facilities. Jamie Mullin and Brandon Brown of MMCC arranged the loan. The borrower was not disclosed.

April 4, 2022

Acquisitions Multifamily Nevada Western

Avison Young Negotiates $129.7M Sale of Two Multifamily Properties in Las Vegas

by Amy Works April 4, 2022

LAS VEGAS — Avison Young’s Sauter Multifamily Group has brokered the sale of two apartment communities in Las Vegas. The assets traded for $129.7 million, or $183,192 per unit. The sale includes Viridian Apartments, which was built in 1981 and features 456 apartments at 4255 W. Viking Road, and Topaz Apartments, which was built in 1985 and offers 252 units at 4020 Arville St. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young handled the transaction.

April 4, 2022

Acquisitions Mississippi Multifamily Southeast Student Housing

Centurion Property Group Purchases Student Housing Property Near Mississippi State

by Julia Sanders April 4, 2022

STARKVILLE, MISS. — Miami-based Centurion Property Group has purchased Aspen Starkville, a 958-bed student housing community located near Mississippi State University. Built in 2014, Aspen Starkville offers two-, three-, four- and five-bedroom, cottage-style floorplans with bed-to-bath parity. Community amenities include a swimming pool, basketball court, sand volleyball court, fitness center, yoga room, game room and a movie theater. The property will be rebranded The Grand at Starkville and is set to undergo capital improvements, including the addition of a new pet park and hammock garden, updated flooring and the addition of smart TVs. Located at 2041 Blackjack Road, the property is situated 2.2 miles from Mississippi State University and three miles from downtown Starkville.

April 4, 2022

Loans Multifamily New Jersey Northeast

JLL Arranges $105M Loan for Refinancing of Jersey City Apartment Community

by Taylor Williams April 4, 2022

JERSEY CITY, N.J. — JLL has arranged a $105 million loan for the refinancing of a two-building, 362-unit apartment community in Jersey City. The buildings, which are branded Rivet and Rivet 26, feature studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Both buildings offer amenities such as fitness centers with yoga studios, indoor and outdoor lounges, pet spas and cybercafés. Jon Mikula, Michael Klein and Gerard Quinn of JLL arranged the nonrecourse loan through Franklin BSP Realty Trust Inc. on behalf of the borrower, a joint venture between The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments. The loan carried a two-year term and a floating interest rate. Electra Capital provided a $19 million mezzanine loan for the deal to supplement the $86 million senior loan.

April 4, 2022

Acquisitions Florida Multifamily Southeast

Trion Acquires Apartment Community in Altamonte Springs, Florida for $49.1M

by Julia Sanders April 4, 2022

ALTAMONTE SPRINGS, FLA. — Los Angeles-based Trion Properties has acquired Altamonte at Spring Valley, a 250-unit multifamily community in Altamonte Springs, for $49.1 million. Ryan Moody, Scott Ramey and Paul Grant of Newmark represented the undisclosed seller in the transaction. Built in 1974, Altamonte at Spring Valley includes 250 one- and two-bedroom apartments averaging 924 square feet. Community amenities include two pool decks with grills and cabanas, a sports and tennis court, fitness center and a dog park. The community was 99 percent occupied at the time of sale. Located at 693 Wymore Road, the property is situated 9.4 miles north of Orlando and 29.2 miles from Orlando International Airport.

April 4, 2022

Loans Massachusetts Multifamily Northeast

CIT Provides $35.6M Acquisition Loan for Two Metro Boston Multifamily Properties

by Taylor Williams April 4, 2022

HAVERHILL AND LOWELL, MASS. — Los Angeles-based CIT Group has provided a $35.6 million acquisition loan for two multifamily properties totaling 107 units in Boston’s North Shore area. The Heights at Haverhill is located about 40 miles north of the state capital, while Thorndike Exchange is located about 30 miles northwest of Boston in Lowell. Both properties include ground-floor commercial space. The borrower was not disclosed.

April 4, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $14.3M Sale of Multifamily Building in Elizabeth, New Jersey

by Taylor Williams April 4, 2022

ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $14.3 million sale of Elizabeth Towers, a 193-unit multifamily building in Northern New Jersey. The elevator-served, 13-story building houses 72 studios, 120 one-bedroom units and one two-bedroom apartment, all of which are subject to either age or income restrictions. Joseph Keenan and Jeff Squires of Kislak represented the seller, Marshall & Moran Inc., in the transaction. Joni Sweetwood, also with Kislak, represented the buyer, an entity doing business as Elizabeth Towers TG LLC.

April 4, 2022

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