Multifamily

LA Apartments Acquires Six-Property Multifamily Portfolio in Los Angeles’ Westside

by Amy Works February 15, 2022

LOS ANGELES — LA Apartments has purchased Venice-Mar Vista Portfolio, a six-property apartment portfolio in the Westside region of Los Angeles. A family trust sold the asset for $30 million. Built between 1961 and 1971, the portfolio includes: 17 units at 11735 Culver Blvd. 14 units at 11964 Lindblade St. 10 units at 4316 Berryman Ave. 18 units at 2712 Abbot Kinney Blvd. 24 units at 711 and 715 Machado Drive 16 units at 450 S. Venice Blvd. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, and Peter Castleton of Voit Real Estate Services represented the seller and procured the buyer in the deal.

February 15, 2022

Development Illinois Midwest Multifamily Top Stories

Habitat to Build 33-Story Apartment Tower in Downtown Chicago

by John Nelson February 15, 2022

CHICAGO — The Habitat Co., a Chicago-based multifamily developer and operator, plans to build a 33-story apartment high-rise in its hometown. The firm closed on the site acquisition at 344 N. Canal St. in Chicago’s Fulton River District that is currently home to the five-story Cassidy Tire brick building. Designed by Solomon Cordwell Buenz, the new tower will rise 375 feet and feature a glass façade. Habitat’s joint venture partner on the project is Diversified Real Estate Capital LLC, a private equity investment firm based in Chicago. The land seller was not disclosed. “As we know from experience, there will always be a demand for Class A rentals in prime city locations like 344 N. Canal, so the fact that a highly experienced and successful developer like The Habitat Co. was behind the building only made it that much more attractive for us to be part of the project,” says Jeff Cherner, executive vice president of Diversified Real Estate Capital. Habitat Co. will begin demolition and break ground on the 343-unit property this spring, though a target delivery date was not disclosed. Upon completion, the unnamed community will feature a mix of studio, one- and two-bedroom units, as well as …

February 15, 2022

Acquisitions Features Multifamily Seniors Housing

Seniors Housing Buyer/Seller Landscape Shifts

by Jeff Shaw February 15, 2022

COVID-19 has changed many investors’ approaches to the seniors housing sector. The pandemic caused a major shift in who’s buying and who’s selling. Some of the biggest buyers in 2019 were the biggest sellers in 2021. For example, institutional investors went from buying more than $2 billion in 2019 to selling more than $3 billion through the first three quarters of 2021. That’s according to Real Capital Analytics, a New York City-based data firm. The numbers are based on publicly announced deals over $2.5 million. “There still is an element of fear and uncertainty,” says Jim Costello, senior vice president with Real Capital Analytics. “We saw early in the pandemic that some of the management issues resulted in more fatalities. It’s not the problem now that it was then, but that comes with higher costs. More spending has to be done to mitigate the risks involved. That changes the investment opportunities.” These changes have led to a growing bid-ask spread in the marketplace. Buyers aren’t willing to spend as much, knowing that expenses are higher now, but sellers aren’t necessarily willing to reduce prices, says Costello. At least in 2020, this resulted in a massive dip in overall deal volume, …

February 15, 2022

Development Loans Multifamily Texas

JLL Arranges Construction Financing for 50-Story Multifamily Tower in Downtown Austin

by Taylor Williams February 14, 2022

AUSTIN, TEXAS — JLL has arranged an undisclosed amount of construction financing for The Travis, a 50-story multifamily tower located at 80 River St. in downtown Austin’s Rainey Street District. The 423-unit project is currently slated for a fall 2024 completion. Campbell Roche and Robert Wooten of JLL arranged the debt through JP Morgan Chase on behalf of the borrower, a partnership between metro Dallas-based Genesis Real Estate Group and PGIM Real Estate.

February 14, 2022

Loans Multifamily Texas

Ready Capital Closes $24.4M Acquisition Loan for Arlington Apartment Complex

by Taylor Williams February 14, 2022

ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $24.4 million loan for the acquisition, renovation and stabilization of an unnamed, 252-unit apartment complex in Arlington. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

February 14, 2022

Acquisitions Multifamily Southeast Virginia

Berkadia Arranges $45.3M Sale of Multifamily Property in Ashland, Virginia

by Julia Sanders February 14, 2022

ASHLAND, VA. — Berkadia has arranged the $45.3 million sale of Ashland Towne Square, a 218-unit garden-style multifamily property in Ashland. David Hudgins, Carter Wood and Drew White of Berkadia represented the seller, a Virginia-based entity doing business as Ashland Apartment Associates LP. The buyer was Maryland-based Acento Real Estate Partners. Ashland Towne Square offers one-, two- and three-bedroom floorplans. Unit features include air conditioning, in-unit washer and dryer hookups and walk-in closets. Community amenities include a swimming pool, laundry facilities and a playground. Located at 204 Kings Arms St., the property is situated 19 miles north of Richmond and 26 miles from Richmond International Airport. The property is also near Route 1, Interstate 95 and the shops and restaurants along England Street.

February 14, 2022

Loans Multifamily South Carolina Southeast

Ready Capital Closes $9M Acquisition Loan for Multifamily Property in Fort Mill, South Carolina

by Julia Sanders February 14, 2022

FORT MILL, S.C. — Ready Capital has closed a $9 million acquisition loan for a 64-unit, unnamed multifamily property in Fort Mill, a South Carolina suburb of Charlotte. Upon acquisition, the unnamed sponsor will implement a capital improvement plan to renovate the common areas and unit interiors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.

February 14, 2022

Acquisitions Multifamily New York Northeast

CBRE, Newmark Broker Sale of 156-Unit Deerfield Place Apartment Complex in Utica, New York

by Taylor Williams February 14, 2022

UTICA, N.Y. — CBRE and Newmark have brokered the sale of Deerfield Place, a 156-unit apartment complex located in the upstate New York community of Utica. The property was built in 2016 and offers amenities such as a pool, resident lounge, fitness center, conference room and a dog park. Jeff Dunne and Eric Apfel of CBRE, in conjunction with Gene Pride and Jamie Thelwell of Newmark, represented the seller, New York-based United Group of Cos., in the transaction. The quartet also procured the buyer, an undisclosed, publicly traded REIT.

February 14, 2022

Acquisitions Multifamily Nevada Western

Interwest Capital Group Sells Lennox Multifamily Community in Las Vegas for $38.5M

by Amy Works February 14, 2022

LAS VEGAS — Interwest Capital has completed the sale of The Lennox, a multifamily property located at 430 E. Cactus Road in Las Vegas’ Silverado Rancho submarket. An undisclosed buyer acquired the asset for $38.5 million, or $385,000 per unit. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction. Constructed in 2015, The Lennox features 100 units in a mix of one-, two- and three-bedroom and penthouse floor plans. The community offers a fitness center, resident clubhouse, Wi-Fi lounges, resort-style pool and luxury home finishes.

February 14, 2022

Acquisitions Multifamily Washington Western

Castle Lanterra Properties Divests of 108-Unit Lumen Apartment Complex in Everett, Washington

by Amy Works February 14, 2022

EVERETT, WASH. — New York-based Castle Lanterra Properties has completed the disposition of Lumen, a multifamily community in Everett. An undisclosed private investor acquired the asset for $36.7 million. Castle Lanterra originally purchased the property in 2018 for $22.6 million. The 108-unit property features fully equipped kitchens, upgraded cabinets/countertops, state-of-the-art appliances, washer/dryer connections and walk-in closets. Community amenities include a large rooftop deck, barbecue area, clubhouse, garage with ample parking and ground-floor retail space, which a Mexican restaurant currently occupies. Castle Lanterra completed interior renovations and unit upgrades, as well as an overhaul of the amenity space, which included adding a community room, expanding the fitness center and improving the rooftop deck.

February 14, 2022

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