Multifamily

Universe Holdings Acquires Multifamily Property in Toms River, New Jersey, for $60M

by Taylor Williams June 28, 2021

TOMS RIVER, N.J. — Multifamily investment and management firm Universe Holdings has acquired Mariners Cove, a 225-unit townhome community in the coastal New Jersey city of Toms River, for $60 million. Built in 1972 and renovated in 2013, the waterfront property features two-bedroom units, about 90 percent of which offer water views. Amenities include a fitness center, playground and a pet play area, according to Apartments.com. Spencer Yablon of CBRE represented both Universe Holdings and the undisclosed seller in the transaction. Mariners Cove was 98 percent occupied at the time of sale.

June 28, 2021

Acquisitions Affordable Housing Massachusetts Multifamily Northeast

Michaels Organization Buys 201-Unit Mixed-Income Housing Property in Springfield, Massachusetts

by Taylor Williams June 28, 2021

SPRINGFIELD, MASS. —The Michaels Organization has purchased Bergen Circle Apartments, a 201-unit mixed-income housing property in Springfield, located in the western part of the state. MassHousing provided Michaels with a $13.3 million construction loan along with a $7.9 million repair loan to fund a renovation program that will include HVAC upgrades, new flooring and appliances and new window installation. The community offers two-, three- and four-bedroom apartments, 118 of which are restricted to households earning up to 50 percent of the area median income (AMI). Fifty-two units restricted to those earning up to 80 percent of AMI. The remaining units are rented at market rates. The general contractor for the renovation program is Michaels Construction; the architect is Urban Practice.

June 28, 2021

Loans Multifamily New York Northeast

Ariel Property Advisors Arranges $12.4M Loan for Refinancing of Multifamily Asset in The Bronx

by Taylor Williams June 28, 2021

NEW YORK CITY — Ariel Property Advisors has arranged a $12.4 million loan for the refinancing of a 36-unit multifamily building in The Bronx. Eli Weisblum of Ariel Property Advisors led the debt placement for the newly constructed building. The borrower and direct lender were not disclosed.

June 28, 2021

Acquisitions Company News Illinois Midwest New York Northeast Seniors Housing Top Stories

Ventas Agrees to Acquire Independent Living Owner New Senior Investment Group in $2.3B Deal, Including 103 Properties

by John Nelson June 28, 2021

CHICAGO AND NEW YORK CITY — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire New Senior Investment Group (NYSE: SNR), a New York City-based owner of independent living communities across the country. The deal between these two seniors housing real estate investment trusts (REITs) is valued at $2.3 billion, including $1.5 billion of debt. The transaction will bolster the number of independent living communities for Ventas, which as of March 31 owned (fully or partially) 1,200 properties. As of first-quarter 2021, 48 percent of Ventas’ portfolio was classified as independent living. Post acquisition, Ventas expects independent living will comprise 58 percent of its portfolio. New Senior currently owns 103 properties across 36 states, with a large concentration clustered in California, North Carolina, Florida and Oregon. The portfolio was a little more than 80 percent occupied as of May 31, and the average age of residents was 81. The only New Senior property that isn’t independent living is Watermark at Logan Square, a continuing care retirement community located in Philadelphia. The acquisition will deepen Ventas’ relationship with seniors housing operators such as Atria Senior Living and Holiday Retirement, which announced last week their plans to merge …

June 28, 2021

Build-to-Rent Georgia Market Reports Multifamily Southeast Southeast Market Reports

Investors are ‘Swarming’ Atlanta’s Multifamily Market, Driving Pricing Up

by John Nelson June 28, 2021

Atlanta is a hot spot for investing in multifamily assets as the market emerges from the COVID-19 pandemic. The apartment market’s fundamentals, including occupancy and rent growth, have held up considerably well, making the market extremely attractive to buyers. Because the Atlanta market has an abundance of capital looking to be deployed, prices are being driven up significantly and cap rates driven down. Multifamily has outperformed many other commercial real estate sectors during the pandemic, considered a “hot-ticket asset class” by investors, which leads to new capital swarming the Atlanta apartment market. Many multifamily properties are now routinely trading at a sub-4 percent cap rate, indicative of the vast amount of available capital and the confidence that investors have in the product type. However, rather than clearing the market and searching for as many prospective buyers as they can, sellers are looking at a smaller subset of dominant, well-known investors that they know will deliver and get the transaction done. They are seeking six to 12 well-recognized, established players that can execute a deal at top prices. It is an extremely competitive process, and all buyers know they have to swing high on pricing. Oftentimes, no one broker is selected …

June 28, 2021

Acquisitions Multifamily Oregon Western

MG Properties Group Buys New 324-Unit Multifamily Community Near Portland

by Amy Works June 25, 2021

HILLSBORO, ORE. — MG Properties Group has expanded its Portland-area multifamily portfolio with the purchase of Zera at Reed’s Crossing, an apartment property in Hillsboro. North America Sekisui House and Holland Partner Group sold the asset for an undisclosed price. Built in 2021, Zera at Reed’s Crossing features 324 garden-style apartments. The community is approximately 10 minutes from two of the area’s largest employers: Nike and Intel. MG Properties Group acquired 13 communities in the past year totaling over 3,900 units and $1.3 billion in combined value. The company is targeting additional acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado and Nevada. Mark Washington, Joseph Smolen and Mark Petersen of Eastdil Secured represented the seller. Lee Redmond and Greg Stampley of Eastdil Secured arranged acquisition financing through an affiliate of Apollo Global Management for the buyer.

June 25, 2021

Development Multifamily Oregon Seniors Housing Western

Greystone Communities Plans $124.2M Expansion at Friendsview Seniors Housing Project in Newberg, Oregon

by Amy Works June 25, 2021

NEWBERG, ORE. — Greystone Communities plans to break ground July 8 on an expansion project at Friendsview, a continuing care retirement community (CCRC) in the Portland suburb of Newberg. Yamhill County Hospital Authority issued $124.2 million in bond financing, underwritten by Ziegler, for the project. The community was founded in 1961 and boasts affordable CCRC living, with average monthly fees of $2,500. The expansion will bring new amenities to current residents across three new components named Springbrook Meadows North, Sutton Terrace at University Village and Charles Beals Plaza. “Replacing the health center with new residential care units, while keeping the per diem rates in a similar range, was a large part of this puzzle,” says Stuart Jackson, senior vice president of client services at Greystone Communities. The new Springbrook Meadows North neighborhood will include 14 duplex buildings housing 28 entrance-fee independent living cottage units and an expansion to the community center. The cottages will be an average of 1,535 square feet and will range between $2,670 and $3,330 in monthly fees and between $386,000 and $555,000 in entrance fees. Sutton Terrace at University Village will be constructed on the main campus and will feature a new five-story building housing 96 …

June 25, 2021

Affordable Housing California Loans Lument Multifamily Seniors Housing Western

Lument Closes $28M Loan for Affordable, Age-Restricted Apartment Community in Sacramento

by Amy Works June 25, 2021

SACRAMENTO, CALIF. — Lument has closed a $28 million bridge loan to facilitate the refinancing and limited partner buyout of Greenfair Apartments, an age-restricted, low-income apartment property located in Sacramento. Aaron Wooler of Lument led the transaction on behalf of the borrower, Western America Properties, an affordable housing owner/developer. The firm specializes in acquiring, rehabilitating, preserving and managing HUD-insured, Section 8 apartment communities. Western America Properties originally acquired Greenfair Apartments in 2001 and subsequently renovated the 386-unit property. All units at the property benefit from project-based Section 8 housing assistance payment (HAP) contracts. The bridge loan will enable the sponsor to focus on obtaining permanent financing, renewing its HAP contracts and continuing to provide housing for low-income seniors.

June 25, 2021

Development District of Columbia Mixed-Use Multifamily Retail Southeast

BKV Group Opens Beckert’s Park Mixed-Use Project in D.C.’s Capitol Hill District

by Julia Sanders June 25, 2021

WASHINGTON, D.C. — BKV Group has opened Beckert’s Park, a 2.8-acre mixed-use project featuring 325 apartments and a new 60,000-square-foot Safeway grocery store, in the Capitol Hill neighborhood of Washington, D.C. Located at the corner of 14th Street and D Street SE, the development has replaced a parking lot and existing Safeway store that stood on the site for nearly 50 years. BKV Group worked with developer Foulger-Pratt to create a design for the Beckert’s Park project. The building is a single structure that includes residential units, the upgraded Safeway store and 8,000 square feet of commercial space. Additionally, the property offers underground parking for residents and Safeway customers. Residences at Beckert’s Park include studio, one-, two- and three-bedroom units ranging from 495 to 1,706 square feet, some with private outdoor space. All apartment units feature quartz countertops, customizable closets and in-unit laundry, and some include moveable kitchen islands and double sinks in the primary bathrooms. Community amenities include an outdoor pool, seating, cabanas, dining areas and grilling stations. Indoor amenities include a lobby with lounge seating and coworking space; clubroom with catering kitchen; game room; fitness center; golf simulator and a pet-washing station. Also, a multifunctional indoor sport court …

June 25, 2021

Acquisitions Mississippi Multifamily Southeast Student Housing

Newmark Arranges $16.5M Sale of 366-Bed Student Housing Community Near Ole Miss

by Julia Sanders June 25, 2021

OXFORD, MISS. — Newmark has arranged the $16.5 million sale of Lafayette Place, a 366-bed student housing community located at 1711 Anderson Road near the University of Mississippi campus in Oxford. The community offers fully furnished units with bed-to-bath parity. Shared amenities include a clubhouse, resort-style saltwater pool, an outdoor grilling area, a beach volleyball court, 24-hour computer lab with study areas, and a fully-equipped 24-hour fitness center. Renovations were recently completed on 41 percent of the property’s units, which included the addition of new granite countertops, hardwood-style flooring and new appliances, faucets and sinks. The property’s clubhouse was also recently updated. Ryan Lang, Jack Brett and Bo Flurry of Newmark represented the undisclosed seller in the transaction. The buyer was DLP Holdings. This is the second student housing transaction Newmark has executed in Oxford this year, following the sale of the nearby The Retreat at Oxford.

June 25, 2021

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