Multifamily

CBRE Brokers $415M Sale of Multifamily Building on Manhattan’s Upper East Side

by Taylor Williams July 19, 2022

NEW YORK CITY — CBRE has brokered the $415 million sale of 160 Riverside Boulevard, a 455-unit multifamily building on Manhattan’s Upper East Side. The building sits between West 67th and West 68th streets and overlooks the Hudson River. According to Apartments.com, the property offers studio, one-, two- and three-bedroom units that range in size from 498 to 1,797 square feet and amenities such as a fitness center, clubhouse, package handling system and a playground. Darcy Stacom led a CBRE team that represented the seller, Equity Residential, in the transaction. The buyer was locally based investment firm A&E Real Estate. Square Mile Capital Management provided $285.8 million in acquisition financing for the deal.

July 19, 2022

Acquisitions Multifamily Texas

Western Wealth Capital Buys 151-Unit Multifamily Property in Carrollton, Texas

by Taylor Williams July 19, 2022

CARROLLTON, TEXAS — Canadian investment firm Western Wealth Capital has purchased Embry Apartment Homes, a 151-unit multifamily property located in the northern Dallas suburb of Carrollton. The property was built in 1985 and expanded in 1995. According to Apartments.com, the one- and two-bedroom units range in size from 713 to 1,200 square feet, and amenities include a pool, fitness center, clubhouse, outdoor grilling stations, business center and a pet play area. The new ownership plans to implement a value-add program.

July 19, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 129-Unit Multifamily Portfolio in Irving

by Taylor Williams July 19, 2022

IRVING, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of a portfolio of five multifamily properties totaling 129 units in Irving. The properties — Nursery Apartments, Irvington Place, Arbor Vista, Sunnylane and Oakland — were all built between 1950 and 1961 and had a collective occupancy rate of 98 percent at the time of sale. Yonnic Land of TMG represented the seller in the transaction, and Greg Miller of TMG represented the buyer. Both parties requested anonymity.

July 19, 2022

Acquisitions Florida Multifamily Southeast

Middleburg, Stockbridge Acquire Indigo Champions Ridge Apartments in Central Florida for $100.5M

by John Nelson July 19, 2022

DAVENPORT, FLA. — Vienna, Va.-based Middleburg Communities and private equity partner Stockbridge have acquired Indigo Champions Ridge, a 300-unit luxury apartment community located at 1005 Champions Ridge Drive in Davenport, which is about midway between Orlando and Tampa. Brett Moss, Tyler Swidler, Cole Whitaker and Matt Mitchell of Berkadia’s Orlando and Tampa offices represented the Georgia-based sellers, Red Clay Development Partners and Atlantic Residential, in the $100.5 million transaction. Middleburg will take over management, operations and leasing responsibilities at Indigo Champions Ridge, which was completed earlier this year and features resort-style amenities, a modern clubhouse and high-end finishes. Adam Bieber of Bellwether Enterprise structured the joint venture between Middleburg and Stockbridge, as well as an undisclosed amount of acquisition financing through Synovus Bank.

July 19, 2022

Loans Multifamily Texas

Lument Provides Acquisition Loan for 104-Unit Nest Apartments in San Marcos, Texas

by Taylor Williams July 19, 2022

SAN MARCOS, TEXAS — New York City-based Lument has provided a bridge loan of an undisclosed amount for the acquisition of The Nest, a 104-unit apartment complex in San Marcos. Built on five acres in 1975, the community consists of 23 buildings with 10 one-bedroom units, 92 two-bedroom residences, one three-bedroom apartment and one four-bedroom unit. Amenities include a pool, basketball court, turf soccer field and a dog park. John Sloot and Colin Cross of Lument originated the three-year, floating-rate loan on behalf of the undisclosed borrower, which plans to renovate the property. John Brickson of McKinney Realty Capital arranged the debt.

July 19, 2022

Acquisitions Maryland Multifamily Southeast

CRC Sells Riverstone at Owings Mills Apartments in Baltimore County for $92.9M

by John Nelson July 19, 2022

OWINGS MILLS, MD. — Continental Realty Corp. (CRC) has sold Riverstone at Owings Mills, a 324-unit apartment community located at 4700 Riverstone Drive in Owings Mills. Carter Funds purchased the property for $92.9 million, which is approximately $31 million more than what CRC paid for the community in 2016. Christine Espenshade and Robert Garrish of Newmark represented the Baltimore-based seller in the transaction. Situated at the northwest part of Baltimore County adjacent to Owings Mills Town Center, Riverstone features a newly renovated fitness center, clubhouse, leasing office and pool deck. According to Apartments.com, the property features one- to three-bedroom units ranging in size from 692 to 1,419 square feet.

July 19, 2022

Georgia Loans Multifamily Southeast

CBRE Arranges $60M Refinancing for Two Multifamily Communities in Metro Atlanta

by John Nelson July 19, 2022

COLLEGE PARK AND LITHONIA, GA. — CBRE has arranged $60 million across two cash-out loans for the refinancing of two metro Atlanta apartment communities: the 404-unit Embarcadero Club in College Park and the 256-unit Walden Brook in Lithonia. Paul Ahmed and Mackenzie Lampman of CBRE arranged the 10-year, fixed-rate loans on behalf of the borrower, Ventron Realty, which has owned the two communities since 2006. The direct lender was not disclosed. Built in 1974, Embarcadero Club has units averaging 855 square feet in size and amenities including a pool, fitness center, business center, clubhouse with a conference room, dog park and a playground. Built in 2003, Walden Brook’s units average 1,114 square feet in size and amenities include picnic areas and grills, a pool, fitness center, business center, playground and walking trails.

July 19, 2022

Loans Multifamily New York Northeast

Newmark Arranges $61.2M Acquisition Loan for Manhattan Multifamily Portfolio

by Taylor Williams July 19, 2022

NEW YORK CITY — Newmark has arranged a $61.2 million acquisition loan for a portfolio of three multifamily properties totaling 94 units in Manhattan’s Chelsea neighborhood. The pre-war buildings are located at 301 W. 22nd St., 300 W. 21st St. and 229 W. 20th St. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Dan Morin and Andrew Harwood of Newmark arranged the loan through Slate Asset Management on behalf of the borrower, Slate Property Group. The new ownership plans to upgrade unit interiors and modernize the buildings’ façades, lobbies and common areas.

July 19, 2022

Affordable Housing Development Massachusetts Multifamily Northeast

WinnCos. Completes $49.3M Renovation of Metro Boston Affordable Housing Property

by Taylor Williams July 19, 2022

PEABODY, MASS. — Local developer WinnCos. has completed the $49.3 million renovation of The Tannery, a 284-unit affordable housing community in Peabody, a northeastern suburb of Boston. WinnCos. acquired the historic property, which was originally built in the 1800s to house a leather tanning facility prior to its conversion to residential use, in 2019. Today, The Tannery features units that are reserved for households earning 30, 60 or 80 percent or less of the area median income (AMI). Bank of America provided $25 million in low-income housing tax credit equity for the project.

July 19, 2022

Development Loans Midwest Minnesota Multifamily

CEDARst Closes $170M in Capital to Develop Apartment Project in Minneapolis

by Kristin Harlow July 19, 2022

MINNEAPOLIS – CEDARst Cos., a national multifamily developer, has closed $170 million in capital with plans to develop 358 apartment units above 40,000 square feet of retail space along North Sixth Avenue in the North Loop neighborhood of Minneapolis. CEDARst has invested nearly $250 million of capital in the North Loop over the past two years, having successfully developed the Duffey, its first development in the submarket consisting of 188 apartment units, located at the corner of North Sixth and North Washington avenues. CEDARst’s second development, Duffey 2.0, consists of both an adaptive reuse and ground-up component. It is located within a landmark overlay and required approval from the National Park Service for the procurement of historic tax credits at the state and federal level. This represents CEDAR’s seventh tax credit development. In addition to syndicating over $30 million of tax credits, CEDARst partnered with ULLICO on a $101 million construction loan and Pearlmark on a $12 million structured finance investment. The remaining $27 million was CEDARst equity. Pat Minea and Dan Trebil of Northmarq arranged the financing on behalf of CEDARst. CEDARst has already broken ground and plans to complete the development by the end of 2023. BKV is …

July 19, 2022

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