FAIRBANKS, ALASKA — Live Oak Bank has provided a $15 million construction loan for owner-operator Frontier Partners LLC to support the development of a 68-unit assisted living community in Fairbanks. The community will consist of 50,680 square feet and will be situated on 7.8 acres. The debt was structured into two loans utilizing the SBA 504 program. The interim construction loan will be held by Live Oak Bank in the amount of $10.2 million, and the second bridge loan prior to the 504 Debenture will be in the amount of $4.8 million.
MATTHEWS, N.C. — Preferred Apartment Communities Inc. has acquired Solis Chestnut Farm, a 256-unit Class A multifamily community in Matthews, about 11.7 miles from Charlotte. The price and seller were not disclosed. Located at 3005 Chestnut Grove Lane, Solis Chestnut Farm offers studio, one-, two- and three-bedroom units ranging from 620 to 1,480 square feet. The monthly rent is $1,384 to $2,104. Community amenities include a pool, grill, bike storage, game room, conference room and courtyard. The unit features include in-unit washers/dryers, granite countertops and stainless steel appliances.
FISHERS, IND. — JVM Realty Corp. has acquired The Mark at Fishers District, a 260-unit luxury apartment community in Fishers, a northern suburb of Indianapolis. The company has also acquired Fishers District, an 18-acre development with 98,186 square feet of fully leased retail and restaurant space. A dual-branded Hyatt House and Hyatt Place hotel is also on the site but was not part of the sale. JVM plans to use its in-house management and marketing teams for the residential component, but will engage a national expert in retail services to assist with management of the retail portion. George Tikijian and Hannah Ott of Cushman & Wakefield represented the seller, Thompson Thrift. The sales price was not disclosed.
FLINT TOWNSHIP, MICH. — LRC Commercial has acquired Lux off Linden in Flint Township for $3.5 million. The 92-unit multifamily property is located at 1440 Linden St. LRC plans to update the units and add 90 storage units. Trinity AAA will manage the asset. Waller Group represented LRC in the transaction, which accounts for LRC’s fourth acquisition in the state of Michigan.
HOUSTON — Houston-based investment firm Nitya Capital has acquired a portfolio of nine multifamily properties totaling 2,555 units that are located in six different cities within the Dallas-Fort Worth (DFW) metroplex. Nitya Capital, which acquired the portfolio from locally based investment firm Raven Multifamily, plans to upgrade the properties with about $15 million in capital improvements to unit interiors and amenity spaces. Taylor Snoddy, James Roberts and Phillip Wiegand of NorthMarq brokered the sale. Steve Whitehead and William Hancock, also with NorthMarq, arranged an undisclosed amount of floating-rate acquisition financing on behalf of the new ownership.
AUSTIN, TEXAS — Newmark has negotiated the sale of Northstar Apartments, a 200-unit multifamily community located near The Domain mixed-use development in North Austin. Built in 1986, the property’s units feature granite countertops, glass backsplashes, stainless steel or black appliances and private balconies/patios. Amenities include a pool, outdoor grilling area, fitness center, dog park and a clubhouse with a kitchen and lounge. Jim Young of Newmark represented the seller, Houston-based Nitya Capital, in the transaction. The buyer, California-based Langdon Street Capital, plans to implement a value-add program.
GLEN MILLS, PA. — Erickson Senior Living has completed Evergreen Pointe, an expansion at Maris Grove, a continuing care retirement community (CCRC) in the western Philadelphia suburb of Glen Mills. The project, which is part of a multi-year plan to grow and renovate the CCRC, added a 76,000-square-foot assisted living building to the property. In addition to its continuing care neighborhood, Maris Grove has three independent living neighborhoods, with more than 1,200 independent living apartments on an 87-acre campus. Evergreen Pointe’s designer was architectural firm SFCS.
AcquisitionsContent PartnerFeaturesLeasing ActivityLoansMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasWalker & DunlopWestern
Small-Balance Multifamily: Sizable and Resilient
While new-builds and top-of-the-line, large-scale developments typically attract the most buzz in the multifamily world, the vast majority of apartment properties in the United States have fewer than 100 units. These smaller properties play a vital role in delivering affordable and workforce rental housing inventory to the U.S. population. While the commercial real estate industry may refer to this sector of the multifamily market as “small,” make no mistake, “small” multifamily is not insignificant or inferior — it’s sizable and resilient. As other commercial real estate sectors paused during COVID-19, smaller multifamily properties and small-balance lending thrived. What does the future hold for this market? The Small Multifamily Market Defined The small multifamily market is highly fragmented with no clear definition of what constitutes “small” among capital sources. Generally, market statistics define the “small” multifamily sector by at least one of two measures: Unit count between five and 99 units; and/or Principal loan balance at origination between $1 million and $10 million[1] Strong Demand and Operating Fundamentals While the pandemic negatively impacted many areas of commercial real estate, with offices, retail shops and hotels largely shuttered across the U.S., the multifamily market remained resilient. Despite the past year’s challenges, multifamily …
TAMPA, FLA. — Tampa-based Carter Funds has sold 16 multifamily properties in the Southeast for a total of $394 million. The company purchased the properties throughout 2019 for $274 million. The buyer was not disclosed. Carter Funds completed exterior and interior unit renovations to the assets. Exterior renovations included enhancements to community amenities, including the addition of sports courts and gaming areas, updated pool decks, new seating areas and outdoor kitchens. Interior renovations included installing kitchen finishes, new flooring, bathroom remodels and upgraded appliances and lighting.
WARRENVILLE, ILL. — McShane Construction Co. has completed Everton Flats in Warrenville, a western suburb of Chicago. Atlantic Residential was the developer for the 259-unit luxury apartment project, which spans three buildings on a 10-acre site. Amenities include a community room, fitness center, pool, grilling area and playground. The development includes detached parking garages and surface parking lots. HKM provided architectural services.