Multifamily

Harbor Group International Buys Henry Apartments in Pomona, New York, for $54M

by Taylor Williams June 22, 2021

POMONA, N.Y. — An affiliate of Harbor Group International LLC (HGI) has purchased The Henry, a 169-unit luxury apartment community in Pomona, about 40 miles north of New York City, for $54 million. Built in 2001 and recently renovated, the property’s units feature stainless steel appliances, tile backsplashes and granite countertops. Amenities include a resident clubroom, pool and sundeck, billiards room, fitness center and basketball courts. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer of CBRE represented the seller, a joint venture between Spirit Investment Partners and The Bascom Group, in the transaction, and procured the affiliate of HGI as the buyer.

June 22, 2021

Acquisitions Midwest Minnesota Multifamily

Colliers Brokers $44.7M Sale of Apartment Complex in Suburban Minneapolis

by Kristin Harlow June 22, 2021

GOLDEN VALLEY, MINN. — Colliers MSP has brokered the $44.7 million sale of Hello Apartments in Golden Valley, a western suburb of Minneapolis. Constructed in 2017, the Class A apartment complex features 172 units. Amenities include a rooftop deck, pool and volleyball court. Ted Bickel, Jeff Budish, Lauren Panzer and Lacey O’Connor of Colliers represented the seller, Continental Property Group. Utah-based Peak Capital Partners was the buyer.

June 22, 2021

Loans Lument Midwest Multifamily Ohio

Lument Provides $17.4M Loan for Refinancing of Cincinnati Multifamily Property

by Kristin Harlow June 22, 2021

CINCINNATI — Lument has provided a $17.4 million Fannie Mae loan for the refinancing of Ivy Hills Apartments in Cincinnati. Originally built in 1996, the multifamily property includes 164 units across 31 buildings. The occupancy rate was 92.3 percent as of March 2021. Steven Cox of Lument originated the 12-year loan, which features a fixed interest rate, five years of interest-only payments and a 30-year amortization schedule. The undisclosed borrower acquired the asset in early 2020 and has since invested approximately $1.8 million to renovate 60 units. The borrower plans to spend an additional $1.7 million throughout 2021 to renovate 50 more units.

June 22, 2021

Acquisitions Company News Florida Midwest Ohio Seniors Housing Southeast Top Stories

Holiday Retirement Sells Operations Business to Atria, 86 Communities to Welltower for $1.6B in Megadeal

by John Nelson June 22, 2021

LOUISVILLE, KY., WINTER PARK, FLA., AND TOLDEO, OHIO — In a massive blockbuster deal for seniors housing, the seventh-largest operator of seniors housing in the United States (Atria Senior Living) will acquire the third-largest (Holiday Retirement), with the largest owner in the country (Welltower) buying up a large portfolio of the affected assets. Atria, a privately held seniors housing operator based in Louisville, has agreed to buy the operations business of Winter Park-based Holiday Retirement. Meanwhile, Toledo-based REIT Welltower (NYSE: WELL) will buy the 86 properties that Holiday owns and self-manages for slightly less than $1.6 billion. Holiday currently manages 240 communities in 43 states, largely in the independent living sector. The combined company will employ more than 19,000 staffers to serve over 45,000 residents. The new firm will manage 447 communities across 45 states and seven Canadian provinces. The newly combined entity will be the second-largest seniors housing operator in the country, behind only Brookdale Senior Living. After the transaction, Atria will manage more than 250 “nearly identical” communities and higher end properties such as the recently opened Atria Newport Beach in Southern California, as well as luxury urban properties that Atria is co-developing in a joint venture with …

June 22, 2021

Market Reports Multifamily New York Northeast Northeast Market Reports

Opportunities Abound for Buyers and Sellers in New York City’s Multifamily Market

by Taylor Williams June 22, 2021

By Lev Mavashev, founder and principal, Alpha Realty Last year in 2020 and even now well into 2021, the COVID-19 pandemic has many New York City property owners feeling like deer in headlights. Should I push forward? Take a step back? Or should I just freeze and brace for impact from the worst disaster to strike the world in living memory? While little is certain in these uncertain times, for New York’s multifamily owners considering their future beyond 2021, values might drastically be impacted by the following factors. Rising Property Taxes New York will never move forward unless its real estate industry moves forward. Next to finance and, increasingly, big tech, the industry is the biggest driver of the state economy, and its 12-month enforced hiatus has cost the state $1.6 billion in lost tax revenue. The state can’t just print money to make up that shortfall, so it is doing one of the only things that is certain in life: issuing taxes. From hikes in property taxes to capital gains, personal income to corporate tax, both the city and state are creating a clear roadmap to recouping what’s been lost. Property taxes will definitely be going up for the …

June 22, 2021

Acquisitions California Multifamily Western

Waterford Property Buys Two Multifamily Communities in Pasadena for $335.1M

by Amy Works June 21, 2021

PASADENA, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Residences at Westgate and The Hudson in Pasadena for $335.1 million. The partnership acquired the 513 units to provide housing affordability as part of an innovative workforce housing finance program created in 2020 by CSCDA. Residence at Westgate, located at 31 S. DeLacey Ave., was purchased for $237 million, and The Hudson, located at 678 E. Walnut St., was acquired for $98.1 million. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented both parties in the Residences at Westgate transaction. Blake Rogers, Hunter Combs, Alexandra Caniglia and Javier Rivera of Walker & Dunlop represented both parties for The Hudson’s sale. The Residences at Westgate, which was developed in 2015, features 340 apartments and 20,521 square feet of retail space. The Hudson, which was built in 2018, offers 173 apartments and 11,409 square feet of retail space. At the time of acquisition, both communities were approximately 96 percent occupied. Since January, Waterford and CSCDA have acquired six multifamily communities in Southern California, totaling 2,022 units of housing and more than $1 billion of acquisition value as part of the essential housing …

June 21, 2021

Loans Mixed-Use Multifamily Oregon Retail Western

Alliant Credit Union Provides $13M Loan for Mixed-Use Building in Portland, Oregon

by Amy Works June 21, 2021

PORTLAND, ORE. — Alliant Credit Union has provided a $13 million permanent loan with $9.5 million in initial funding to refinance debt on a mixed-use building in Portland. The name of the borrower was not released. The financing included a cash-out of equity and an earn-out provision structured as a reimbursement based on the borrower’s capital improvement budget. Additionally, the loan structure ensures the loan-to-value ratio for the property will remain below 65 percent. Built in the late 1990s, the five-story, 129,398-square-foot building features 85 apartments and 26,402-square-foot of fully leased, ground-floor retail space, which H-Mart Asian Grocery occupies. The Class B property also features on-site parking. Peter Margolin of Alliant originated the loan, while Casey Davidson of JLL Capital Markets referred the transaction to Alliant.

June 21, 2021

Development Multifamily Texas

Legacy Partners, Bridge Investment Break Ground on 361-Unit Apartment Community in Metro Dallas

by Taylor Williams June 21, 2021

RICHARDSON, TEXAS — Legacy Partners and Bridge Investment Group have broken ground on Ovation at Galatyn Park, a 361-unit apartment community in the northeastern Dallas suburb of Richardson. Designed by WDG, the property will offer one-, two- and three-bedroom units that will range in size from 570 to 1,700 square feet. Amenities will include a fitness center, bike storage and repair shop, outdoor kitchen, sky lounge, coworking space and a grab-and-go convenience mart. Completion is slated for spring 2023. Rents will start at $1,400 per month for a one-bedroom unit.

June 21, 2021

Georgia Loans Multifamily Southeast

Newmark Secures $82M Refinancing Loan for 788 West Midtown Condo Property in Atlanta

by Julia Sanders June 21, 2021

ATLANTA — Newmark, on behalf of McKinley Homes, has secured an $82 million loan for the refinancing of 788 West Midtown, a 279-unit luxury condominium building located in Atlanta’s West Midtown neighborhood. Jordan Roeschlaub, Dustin Stolly, Chris Kramer, Nick Scribani and Ben Kroll of Newmark arranged the financing through Cerberus. Located close to Georgia Tech and Atlantic Station, 788 West Midtown is located at 788 W. Marietta St. NW. Roughly 40 percent of the condos at 788 West Midtown are sold and sales velocity is averaging more than four per month, according to Newmark. Based in Peachtree Corners in metro Atlanta, McKinley Homes is a land developer and builder specializing in real estate development and vertical construction.

June 21, 2021

Acquisitions Multifamily Student Housing Texas

Newmark Brokers Sale of 384-Bed Rio West Student Housing Near UT Austin

by Taylor Williams June 21, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of Rio West, a 384-bed student housing community located less than a quarter of a mile from the University of Texas at Austin’s campus. The property offers a private parking garage, onsite management and maintenance services, a complimentary coffee bar, private study lounges, a resort-style pool with an outdoor patio and grilling stations and a 24/7 fitness center. Ryan Lang and Jack Brett of Newmark represented the seller, Virginia-based ILM Capital LLC, in the transaction. The buyer and sales price were not disclosed.

June 21, 2021

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