Multifamily

Lutz Real Estate, Northern Equities Complete $70M Conversion of Detroit’s Albert Kahn Building into Apartments

by Kristin Harlow July 22, 2021

DETROIT — Lutz Real Estate Investments and Northern Equities Group have completed the $70 million conversion of The Albert Kahn Building in Detroit into a multifamily property named The Kahn Apartments. The 11-story, 320,000-square-foot office building was constructed by The Fisher Brothers and designed by famed architect Albert Kahn. It first opened its doors in 1931 and later became listed on the National Register of Historic Places. The building was home to Kahn’s architectural firm for 90 years and once housed Saks Fifth Avenue on the first floor. The building now features 206 apartment units ranging in size from 530 to 1,317 square feet. The penthouse units include interior stairwells. Kraemer Design Group designed the interiors and paid homage to the building’s Art Deco architecture. Amenities include a workspace area and library as well as a media room with large screen TVs. There is also a pet spa, 3,000-square-foot fitness center and outdoor rooftop deck. Farmington Hills-based Beztak will serve as property manager. Monthly rents start at $1,535. The Fisher Brothers built carriage bodies for emerging automobile manufacturers in the early 1900s. General Motors purchased their company in 1926. The brothers resigned from GM in 1944 to devote their …

July 22, 2021

Acquisitions Colorado Multifamily Western

Manulife Investment Acquires TriVista on Speer Multifamily Property in Denver for $144.5M

by Amy Works July 22, 2021

DENVER — Manulife Investment Management, on behalf of a third-party managed account, has purchased TriVista on Speer, a multifamily property located at 1350 Speer Blvd. in Denver’s Golden Triangle neighborhood. An undisclosed seller sold the community for $144.5 million. Completed in 2019, the seven-story TriVista on Speer features 322 apartments with an average unit size of 985 square feet. All units include designer kitchens with granite and quartz countertops, in-home washers/dryers, high ceilings and oversized windows with mountain and city views. Community amenities include a rooftop pool and spa; two courtyards with firepits and bocce ball courts; a chef’s kitchen; a two-story fitness center with a yoga/spin studio; and a pet spa/grooming station. Brady O’Donnell and Jill Haug of CBRE arranged an acquisition loan through MetLife for the buyer.

July 22, 2021

Acquisitions Multifamily Nevada Western

Western Wealth Capital Enters Las Vegas Market, Buys 216-Unit San Michele Apartments

by Amy Works July 22, 2021

LAS VEGAS — Western Wealth Capital has purchased San Michele Apartment Homes in Las Vegas for an undisclosed price. The transaction marks the investor’s entrance into the Las Vegas market. Originally constructed in 1997, San Michele Apartment Homes features 216 units. The community is situated approximately eight miles from the Las Vegas Strip and five miles from the city’s Summerlin neighborhood. The seller was not disclosed.

July 22, 2021

Features Student Housing

InterFace Panel Predicts Wave of Student Housing Investment Sales Transactions in Second Half of 2021

by Katie Sloan July 22, 2021

AUSTIN, TEXAS — In 2020, the COVID-19 pandemic brought an unexpected interruption to the student housing investment sales market. Following a strong leasing season for fall 2021, executives are seeing increased interest from buyers and sellers in the space, leading many to wonder what the next two quarters of 2021 will look like. In a discussion led by Kieran O’Shea, managing director of Eastdil Secured, at the InterFace Student Housing conference in Austin, Texas, last week, a group of industry-leading owners and brokers offered up their predictions on the expected transaction volumes through the end of the year and took a closer look at who is buying and selling in the space today. Based on sales volume and pipeline, Teddy Leatherman, senior director with JLL, predicted that the period from now until the end of the year will exhibit the busiest sales transaction volume seen by the sector in recent years. “When you add up the very impressive performance of the sector, the attractive underlying fundamentals of the space and the very attractive yield premium seen today, we expect to see an opening of the floodgates and a breakthrough of pent-up demand, which has been building over the course of …

July 22, 2021

Acquisitions California Multifamily Seniors Housing Western

TMG Negotiates $7.2M Sale of Bernardine Senior Independent Living in San Bernardino, California

by Amy Works July 21, 2021

SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living in San Bernardino, approximately 57 miles east of downtown Los Angeles. A Los Angeles-based private investment group sold the community for $7.2 million, which equates to $102,000 per unit and $206 per square foot. The buyer was a private investment group based in the San Gabriel Valley. Bryan LaBar and Otto Ozen of TMG represented the seller. “Due to the low price per unit and high-quality construction, the buyer pool was large,” says LaBar. “To maximize the value of this community, we aggressively marketed it to our robust pool of 1031 exchange buyers as well as an expansive network of private and high-net-worth investors, we were able to drive the value.” Built in 1984, Bernardine Senior Independent Living is a four story, 71-unit apartment community. The property comprises 36,200 square feet of rentable space on a one-acre site.

July 21, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $43.6M in Financing for Multifamily Property in Glendale, Arizona

by Amy Works July 21, 2021

GLENDALE, ARIZ. — Ready Capital has closed $43.6 million in financing for the acquisition, renovation and stabilization of an apartment community located in Glendale’s South West Valley submarket. Upon purchase, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, refine curb appeal, upgrade exteriors and improve landscaping that will help drive the 307-unit, Class B property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment, an earn-out option and a facility to provide future funding for capital expenditures.

July 21, 2021

Development Multifamily Texas

Encore Multifamily to Develop 386-Unit Project in San Antonio’s Pearl District

by Taylor Williams July 21, 2021

SAN ANTONIO — Dallas-based Encore Multifamily, a division of Encore Enterprises, will develop Encore Lower Broadway, a 386-unit project on a 4.2-acre site at the corner of East Grayson and North Alamo streets in San Antonio’s Pearl District. Units will feature one- and two-bedroom floor plans with an average size of 836 square feet. Amenities will include a pool, rooftop deck, dog park, fitness center, a clubhouse with an entertainment kitchen, coffee bar, media lounge, business center with a conference room, communal workspaces and a 24-hour package delivery system. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia arranged $15.7 million in equity for the project, and Citizens Bank provided a $51 million construction loan. The groundbreaking is scheduled for August. Completion is slated for December 2023.

July 21, 2021

Loans Multifamily Texas

Colliers Provides Agency Loan for Refinancing of Affordable Housing Property in Fort Worth

by Taylor Williams July 21, 2021

FORT WORTH, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Sedona Village, a 172-unit affordable housing property in Fort Worth. The property was built in 2012 and consists of five three-story buildings and a single one-story maintenance building. Colliers Mortgage originated the loan, which carried a 15-year term and a 30-year amortization schedule, on behalf of the borrower, Fort Worth Housing Solutions.

July 21, 2021

Affordable Housing Development Illinois Midwest Multifamily

The Community Builders Plans $102M Affordable Housing Project in Chicago

by Kristin Harlow July 21, 2021

CHICAGO — The Community Builders has unveiled plans to develop a $102 million, 20-story affordable housing project in Chicago’s Loop. The high-rise development has been selected as the winner of the City of Chicago’s C40 Reinventing Cities competition, which encourages carbon neutral and sustainable development. The 207 rental units will range from studio to two-bedroom and are restricted to tenants earning between 30 to 80 percent of area median income (AMI). Slated to occupy city-owned land at the corner of Van Buren Street and Plymouth Court, the project was selected via a request for proposals process, which was issued last year through the international C40 Reinventing Cities competition. Designed by Studio Gang along with DesignBridge and JAQ Corp, the “Assemble Chicago” project was selected over three other net-zero proposals due to its superior design, commitment to affordability, family-sized units, development team experience, proposed purchase price and community feedback, according to the city. The site is currently occupied by a vacant parking garage and vacant land. Located at the nexus of multiple transit lines, the building will include a two-level podium with a food hall for minority-owned restaurants, a produce grocer and wellness clinic. Plans also call for approximately $2 million in improvements for …

July 21, 2021

Acquisitions Multifamily Washington Western

Main Street Flats in Bellevue Trades Hands for $232.5M

by Amy Works July 20, 2021

BELLEVUE, WASH. — Hines and a subsidiary of funds managed by Oaktree Capital have purchased Main Street Flats, a multifamily complex located at 1050 Main St. in Bellevue. According to the King County records, the property traded hands for $23.2.5 million. The name of the seller was not released. Developed by Alamo Manhattan in 2015, Main Street Flats features 425 apartments in a mix of studio, one- and two-bedroom layouts, a rooftop terrace, fitness center, resident lounge and 12,000 square feet of ground-floor retail space. The acquisition follows Hines’ recently announced Main Street Place, a 6.75-acre mixed-use development in downtown Bellevue. The project is slated to open in 2023.

July 20, 2021

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