Multifamily

American Capital Group Receives $34M Refinancing for Laguna Creek Apartments Near Sacramento

by Amy Works April 18, 2022

ELK GROVE, CALIF. — American Capital Group has received a $34 million loan for the refinancing of Laguna Creek Apartments, a multifamily property at 8760 Center Parkway in Elk Grove. Hartford Investment Management Co. provided the financing. Built in 2004 by American Capital Group, Laguna Creek Apartments features 160 one- and two-bedroom apartments across two- and three-story garden-style buildings. The units offer fully equipped kitchens, in-home washers/dryers, air conditioning and are pre-wired for high-speed internet. Onsite amenities include a clubhouse with fireplace and large-screen TV; fitness center; swimming pool and spa; playground; billiards and game room; and built-in business center. Dave Karson, Chris Moyer and John Spreitzer of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented American Capital Group in the financing.

April 18, 2022

California Development Loans Multifamily Seniors Housing Western

JLL Arranges $16.3M Loan for Two Seniors Housing Development Sites in Bay Area

by Amy Works April 18, 2022

LIVERMORE AND SOQUEL, CALIF. — JLL Capital Markets has arranged $16.3 million in acquisition financing for two land sites totaling 12.7 acres for the development of seniors housing communities in the Bay Area municipalities of Livermore and Soquel. JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.8 million one-year, fixed-rate loans through Barnett Capital Limited. The first site totals nine acres and will be developed into a 128-unit seniors housing community offering assisted living and memory care. The property is near local retail, entertainment and dining hubs and is near to Stanford Health Care – Valley Care Memorial Center and Livermore Division – VA Palo Alto Health Care System. Situated on 3.7 acres, the second land site will be developed into an 82-unit seniors housing community near Santa Cruz. The site is a fully entitled assisted living and memory care development that Calson Management took through the entitlement process while the site was under contract. Bercut Smith, Lillian Roos, Lauren Sackler and Ace Sudah led the JLL Capital Markets Debt Advisory team representing the borrower.

April 18, 2022

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Birmingham’s Multifamily Market is Making a Splash as In-Migration Soars

by John Nelson April 18, 2022

The Sun Belt is experiencing unprecedented growth with in-migration trends setting the stage for further expansion and bolstering in-place multifamily product. This includes Birmingham, which has weathered COVID-19 well not only from an employment perspective, but from a rent growth perspective too. The latter is not sustainable without the former, and local capital investments point to more tailwinds. Birmingham has been on the move, adding 60,000 jobs since April 2020 and becoming the primary driver of economic growth in Alabama. With the influx of new jobs, the city has surpassed its pre-pandemic peak and as a result, the city’s rent growth has outperformed the national average for several years. There was a short period where downtown rents and velocity fell off during the pandemic, but it came back fast and strong. Riding the tailwinds One notable example of in-migration, both investment and population wise, was when Landing announced it would be relocating its headquarters from San Francisco to Birmingham. Landing is a tech startup that provides access to a network of fully furnished apartments, and its move to the city is expected to create more than 800 direct, full-time jobs. The announcement was exciting locally as Birmingham presumably wouldn’t have …

April 18, 2022

Acquisitions Florida Multifamily Southeast

Harbor Group International Acquires Multifamily Property in Miami for $50M

by Julia Sanders April 15, 2022

MIAMI — Norfolk, Va.-based Harbor Group International has acquired 275 FontaineParc, a 133-unit, Class A multifamily property in Miami. The sales price was $50 million, or about $379,939 per unit. The seller was not disclosed. Built in 2020, 275 FontaineParc offers one-, two- and three-bedroom floorplans. Unit features include walk-in closets, private balconies, stainless steel appliances and quartz countertops. Community amenities include a pool, fitness center, private bike storage, onsite maintenance and covered parking. The property was fully occupied at the time of sale. Located at 275 Fontainebleau Blvd., the property is situated 11.7 miles from downtown Miami and 7.4 miles from Miami International Airport.

April 15, 2022

Florida Loans Multifamily Southeast

JLL Secures $10.9M in Financing for Two Multifamily Communities in Florida

by Julia Sanders April 15, 2022

JACKSONVILLE AND APOPKA, FLA. — JLL Capital Markets has secured a total of $10.9 million in financing for two multifamily properties in Florida. JLL arranged $5.9 million in financing for the 288-unit Club at Danforth in Jacksonville and $5 million in supplemental financing for the 210-unit Verandahs at Hunt Club in Apopka. Elliott Throne, Mona Carlton, Kenny Cutler, Joshua Odessky and Karim Khaiboullin of JLL arranged the fixed-rate, Freddie Mac loans on behalf of the borrower, Beachwold Residential. Each loan featured a term of less than seven years. Built in 1998 and updated in 2018, Club at Danforth is a garden-style apartment community featuring 16 buildings. Community amenities include a playground, fitness center, swimming pool, dog park, racquetball and basketball courts, clubhouse and a business center. Located at 3701 Danforth Drive, the property is situated 14.3 miles from downtown Jacksonville and 25 miles from Jacksonville International Airport. Completed in 1985, Verandahs at Hunt Club includes 21 two-story buildings. The property offers one-, two- and three-bedroom floorplans. Community amenities include a pool, fitness center, tennis court, dog park and a car care center. Located at 3000 Foxhill Circle, the property is situated 13.8 miles from Orlando and 33.6 miles from Orlando …

April 15, 2022

Acquisitions Multifamily Seniors Housing Texas

Cushman & Wakefield Arranges Sale of 152-Unit Memory Care Portfolio in Houston Area

by Taylor Williams April 15, 2022

HOUSTON — Cushman & Wakefield has arranged the portfolio sale of four memory care communities totaling 152 units in the Houston area. The portfolio comprises Addington Place of The Woodlands, Addington Place of Cy-Fair, Addington Place of Meyerland and Addington Place of Clear Lake. The communities originally opened between 2010 and 2012. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Chris Remeika represented the seller, New York-based Healthcare Trust Inc., in the transaction. McFarlin Group, a Dallas-based private equity firm, acquired the portfolio in an all-cash deal.

April 15, 2022

Acquisitions Multifamily Texas

JLL Brokers Sale of 151-Unit Age-Restricted Multifamily Community in Austin

by Taylor Williams April 15, 2022

AUSTIN, TEXAS — JLL has brokered the sale of ArborView, a 151-unit age-restricted multifamily community in Austin. The property, which opened last year, is located within the Circle C master-planned community on the city’s southwest side. Units at ArborView feature granite countertops and tile backsplashes, and amenities include a pool, indoor and outdoor lounge areas, a fitness center, demonstration kitchen, hair salon and putting greens. Charles Bissell led a JLL team that represented the seller, Cadence Multifamily, in the transaction. Texas-based developer Sparrow Partners purchased ArborView for an undisclosed price.

April 15, 2022

Acquisitions Multifamily Texas

Hamilton Zanze Sells 150-Unit Apartment Complex in San Antonio

by Taylor Williams April 15, 2022

SAN ANTONIO — San Francisco-based investment firm Hamilton Zanze has sold Niche Apartments, a 150-unit multifamily complex located in the Oakwell Farms area of San Antonio. Built in 2000, the property offers one-, two- and three-bedroom units with an average size of 955 square feet, as well as a pool, fitness center, outdoor grilling areas and walking trails. Hamilton Zanze originally acquired the asset in 2016 and implemented a value-add program.

April 15, 2022

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $104M in Financing for Manhattan Affordable Housing Community

by Taylor Williams April 15, 2022

NEW YORK CITY — Merchants Capital has provided $104 million in financing for Harlem River Houses I and II, a 690-unit affordable housing community located between West 151st and West 153rd streets in Manhattan. The buildings were constructed in the mid-1930s and were added to the National Register of Historic Places in 1979. The financing structure consists of a straight-to-permanent New York City Housing Development Corp. (NYCHDC) loan crafted by the NYCHDC, Freddie Mac and Merchants Capital. The borrower, a joint venture between the Settlement Housing Fund and West Harlem Group Assistance, will use a portion of the proceeds to fund capital improvements and preserve affordability. Upon completion of the renovation, the property will offer 693 apartments across eight residential buildings that will house more than 1,400 residents Renovations will include upgrades to apartments, common areas and elevators, as well as security and heating systems. Upgrades in units will include new kitchens, bathrooms, floors and appliances, along with updates to windows and building exteriors. Sidewalks, gardens and sculptures within the property grounds will be restored, and new playgrounds, benches and activity spaces will be installed. Additionally, all electrical, mechanical and plumbing systems will be renovated or replaced.

April 15, 2022

Acquisitions Illinois Midwest Multifamily Student Housing

Marcus & Millichap Brokers $150M Sale of Illinois Student Housing Portfolio

by Kristin Harlow April 15, 2022

CHAMPAIGN, ILL. — Marcus & Millichap has brokered the $150 million sale of a student housing portfolio comprising over 50 properties near the University of Illinois Urbana-Champaign campus in Champaign. The transaction represents the highest-ever portfolio sales price for Champaign County, according to Marcus & Millichap. The portfolio totals nearly 1,100 units. The newest property was constructed three years ago, while the oldest is more than 50 years old. Scott Harris and Bryan Kunze of Marcus & Millichap represented the seller, Campus Property Management, and procured the buyer, Fairlawn Capital. The buyer plans to reposition a number of the assets through unit upgrades and amenity additions.

April 15, 2022

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