Multifamily

Electra Capital Funds $16.9M Acquisition Loan for Apartment Complex in Charleston

by Julia Sanders September 28, 2021

CHARLESTON, S.C. — Electra Capital has provided a $16.9 million bridge loan for the acquisition of Avalon at North Charleston III, a 145-unit apartment complex in Charleston. Carolina Multifamily Investments, a privately held real estate investment firm based in Chalfont, Penn., acquired the garden-style apartment community for $22.4 million. The seller was not disclosed. Located at 7604-7749 Warsaw Road, Avalon at North Charleston III is a newly renovated townhome community offering one- and two-bedroom apartments ranging from 688 square feet to 1,196 square feet. The community was formerly known as Willow Ridge. Renovations include updated kitchens with white shaker cabinetry, granite countertops, black appliances and plank flooring throughout the main level. Bathrooms have been updated with white shaker vanities, lighting and rain showers. Avalon is located about 1.3 miles from the Charleston Air Force Base and 4.3 miles from Charleston International Airport.

September 28, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates $28.2M Sale of Multifamily Property in Kent, Washington

by Amy Works September 28, 2021

KENT, WASH. — Marcus & Millichap has arranged the sale of The Blvd, an apartment community in Kent. The property traded hands for $28.2 million. The names of the seller and buyer were not released. Situated on seven acres at 2138 S 272nd St., The Blvd features 136 apartments in a mix of 15 studio units, 69 one-bedroom units and 52 two-bedroom units. The property totals 106,850 square feet of net rentable area. George Miller of Marcus & Millichap represented the seller in the deal.

September 28, 2021

Development Indiana Midwest Multifamily Seniors Housing

Capitol Seniors Housing Breaks Ground on 164-Unit Active Adult Community Near Indianapolis

by Kristin Harlow September 28, 2021

NOBLESVILLE, IND. — Capitol Seniors Housing has broken ground on The Outlook at Hamilton Town Center, a 164-unit active adult community in Noblesville near Indianapolis. The 145,000-square-foot, four-story community will serve residents aged 55 and older. The property will be situated adjacent to Hamilton Town Center, an outdoor shopping, dining and entertainment destination. Amenities will include a pool, clubhouse, library, theater and fitness studio. Element Architects and Core Construction make up the project team. Completion is slated for early 2023.

September 28, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $34M Sale of Apartment Property in Rochester, Minnesota

by Kristin Harlow September 28, 2021

ROCHESTER, MINN. — JLL Capital Markets has arranged the $34 million sale of Red44, a 159-unit apartment property in Rochester. Built in 2017, Red44 comprises studio, one- and two-bedroom units averaging 850 square feet. Amenities include a pool, rooftop lounge, patio area with grills, clubhouse, fitness center, dog run and heated underground parking. Mox Gunderson, Adam Haydon, Dan Linnell and Josh Talberg of JLL represented the sellers, Roers Investments, Reuter Walton Development and North Bay Cos. Champaign, Illinois-based Regency Multi-Family was the buyer.

September 28, 2021

Loans Midwest Multifamily Wisconsin

Dwight Capital Provides $22.7M HUD-Insured Loan for Refinancing of Wisconsin Apartment Complex

by Kristin Harlow September 28, 2021

FITCHBURG, WIS. — Dwight Capital has provided a $22.7 million HUD-insured loan for the refinancing of The Fairways Apartments in Fitchburg, a southern suburb of Madison. The 369-unit apartment complex is comprised of 14 buildings and is situated on Nine Springs Golf Course. Amenities include a pool, common areas and two tennis courts. Brandon Baksh of Dwight originated the loan, which benefited from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified. The borrower was undisclosed.

September 28, 2021

Loans Multifamily Texas

PCCP Funds $70.7M Acquisition Loan for Houston Apartment Community

by Taylor Williams September 28, 2021

HOUSTON — Los Angeles-based PCCP LLC has funded a $70.7 million acquisition loan for Millennium High Street, a 340-unit apartment community in the River Oaks area of Houston. Built in 2013, the property consists of four residential buildings, a parking garage and 26,304 square feet of retail space on a 6.3-acre site. The unit mix comprises 229 one-bedroom residences, 91 two-bedroom apartments and 20 three-bedroom units with an average size of 901 square feet. Units feature stainless steel appliances, contemporary countertops and individual washers and dryers. Amenities include a pool, fitness center, dog park and a rooftop lounge. The borrower was Miami-based Galium Capital. The seller was a partnership between The Dinerstein Cos. and Coventry Real Estate Advisors that also developed the property. Millennium High Street was 93 percent occupied at the time of the loan closing.

September 28, 2021

Development Multifamily Northeast Pennsylvania Student Housing

Aspen Heights Breaks Ground on 651-Bed Multifamily Project in State College, Pennsylvania

by Taylor Williams September 28, 2021

STATE COLLEGE, PA. — Aspen Heights Partners, an Austin-based developer of apartment and student housing communities, has broken ground on Aspen East Penn, a 651-bed multifamily project in State College, home of Penn State University. The two-building property will be located less than a mile from campus and will house 24,299 square feet of ground-floor retail space. In addition, Aspen East Penn will feature one-, two-, three-, four- and five-bed floor plans across its 262 units, 28 of which will be reserved as workforce housing. Amenities will include a pool, courtyard and an outdoor terrace. Completion is slated for 2023.

September 28, 2021

Acquisitions Multifamily New York Northeast

JLL Arranges $88.5M Sale of Residential Development Site in Queens

by Taylor Williams September 28, 2021

NEW YORK CITY — JLL has arranged the $88.5 million sale of a 76,000-square-foot residential development site located within a Qualified Opportunity Zone in the Long Island City area of Queens. The site is zoned to allow a total buildable area of 444,000 square feet. Bob Knakal, Stephen Palmese, Brendan Maddigan and Jonathan Hageman of JLL represented the seller, an undisclosed private investor, in the transaction. Christopher Peck, Andrew Scandalios, Rob Hinckley, Jeff Julien and Nicco Lupo of JLL arranged an equity partnership with Bridge Investment Group on behalf of the buyer, a joint venture between The Domain Cos., L+M Development Partners and The Vorea Group.

September 28, 2021

Development Multifamily New Jersey Northeast

Partnership Begins Leasing 150-Unit Apartment Complex in Old Bridge, New Jersey

by Taylor Williams September 28, 2021

OLD BRIDGE, N.J. — A partnership between developers BNE Real Estate Group, LPZ and Sterling Properties has begun leasing 99 Bridge, a 150-unit apartment complex in Old Bridge, about 35 miles south of New York City. The property features one- and two-bedroom units with quartz countertops, stainless steel appliances, espresso cabinetry and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, outdoor grilling areas, game room, dog park, package lockers and a children’s play area. Monthly rents start at $2,280 for a one-bedroom unit.

September 28, 2021

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $4.1M Sale of Connecticut Multifamily Property

by Taylor Williams September 28, 2021

NEW BRITAIN, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $4.1 million sale of City Place Apartments, a 53-unit multifamily property with retail and restaurant space in New Britain, a southern suburb of Hartford. The sales price equates to $74,107 per unit and a cap rate of 7.35 percent. The buyer and seller were not disclosed. NEPCG represented both parties in the transaction.

September 28, 2021

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