Multifamily

JLL Arranges Financing for Development of 253-Unit Multifamily Project in Ann Arbor

by Kristin Harlow September 16, 2021

ANN ARBOR, MICH. — JLL Capital Markets has arranged $17.8 million in joint venture equity and $39.9 million in construction financing for Avant, a 253-unit multifamily project in Ann Arbor. With an anticipated completion date of April 2023, Avant will include one-, two- and three-bedroom units averaging 1,029 square feet with a mix of flats and townhomes. Amenities will include a dog park, clubhouse, pool, walking trail, fitness center, bike parking and personal storage. Matthew Schoenfeldt of JLL represented the development team, S.R. Jacobson Development Corp. and ARCO Construction, and arranged the equity partnership with a life insurance company. Flagstar Bank provided the 42-month, floating-rate construction loan.

September 16, 2021

Acquisitions Connecticut Multifamily Northeast

FPA Multifamily Buys 192-Unit Hillcroft Village Apartments in Danbury, Connecticut

by Taylor Williams September 16, 2021

DANBURY, CONN. — California-based FPA Multifamily has purchased Hillcroft Village, a 192-unit apartment complex in Danbury, about 70 miles north of New York City. The property was built on 10.5 acres in 1971. Units feature an average size of 988 square feet, as well as individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, playground and a resident clubhouse. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, a venture partner of Timberline Real Estate Ventures LLC, in the transaction. The team also procured FPA Multifamily as the buyer.

September 16, 2021

Development Multifamily New Jersey Northeast

JMF Properties Begins Leasing 110-Unit Apartment Complex in Glen Ridge, New Jersey

by Taylor Williams September 16, 2021

GLEN RIDGE, N.J. — JMF Properties has begun leasing Clarus Glen Ridge, a 110-unit apartment complex in Glen Ridge, located in Northern New Jersey’s Essex County. The property offers one- and two-bedroom units and amenities such as a fitness center, theater room, parlor with a wet bar, business center, dog park and storage lockers. Rents start at roughly $2,600 per month for a one-bedroom unit. Construction began in May 2019.

September 16, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $21.4M Sale of Jersey City Multifamily Portfolio

by Taylor Williams September 16, 2021

JERSEY CITY, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has arranged the $21.4 million sale of a portfolio of five multifamily properties totaling 134 units in Jersey City. Niko Nicolaou of Gebroe-Hammer represented the seller, Coltown Properties, and procured the buyer, West of Hudson Properties, in the transaction. Brad Domenico of Progress Capital arranged an undisclosed amount of acquisition financing on behalf of the new ownership.

September 16, 2021

Acquisitions California Multifamily Western

Gelt Acquires The Oasis Anaheim Apartment Community in California for $146.5M

by Amy Works September 15, 2021

ANAHEIM, CALIF. — Gelt, a Los Angeles-based, value-add real estate investor, has purchased The Oasis Anaheim, a transit-oriented apartment property in the northeast area of Anaheim. Redhill Realty Investors sold the asset for $146.5 million. Built in 2009 on 5.2 acres, The Oasis Anaheim features 312 apartments spread across two four- and five-story buildings in a mix of loft, townhome, one- and two-bedroom layouts. On-site amenities include a resort-style pool, fitness center/yoga studio, clubhouse, recycling services, a business center, barbecue grills and 626 parking spaces. The community is located at 3530 E. La Palma Ave. Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis of JLL represented the buyer and seller in the transaction.

September 15, 2021

California Colorado Loans Multifamily Seniors Housing Western Wyoming

Capital Funding Group Provides $262.6M Refinancing for Skilled Nursing Portfolio in Colorado, California, Wyoming

by Amy Works September 15, 2021

BALTIMORE — Capital Funding Group, a Baltimore-based lender, has provided a $262.6 million term loan to refinance a 29-asset long-term care portfolio. Spanning Colorado, California and Wyoming, the portfolio includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. The borrower is a privately owned real estate investment group. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group.

September 15, 2021

Acquisitions Multifamily New Mexico Western

HiCap Management Sells Two-Property Multifamily Portfolio in Albuquerque

by Amy Works September 15, 2021

ALBUQUERQUE, N.M.— HiCap Management has completed the sale of a two-property apartment portfolio in Albuquerque. A private buyer acquired the two assets, totaling 196 units, for an undisclosed price. The portfolio includes the 136-unit Chelsea Village Apartments and the 60-unit Marquee Village Apartments. Chelsea Village Apartments was built in phases between 1964 and 1968 and Marquee Village was built in 1950. Chelsea Village consists of 13 two-story buildings and offers a mix of one-, two- and three-bedroom layouts, while Marquee Village consists of two two-story buildings with a mix of one- and two-bedroom townhouses. HiCap renovated the common spaces and upgraded selected units at the properties, which the company acquired in 2017 and 2018. Erik Olson and Billy Eagle of CBRE represented the seller and buyer in the deal.

September 15, 2021

Acquisitions Maryland Multifamily Southeast

JLL Arranges Sale of 347-Unit Apartment Tower in Baltimore’s Inner Harbor District

by Julia Sanders September 15, 2021

BALTIMORE — JLL has arranged the sale of 225 North Calvert, a 347-unit, 17-story apartment tower in the Inner Harbor district of downtown Baltimore. Broadshore Capital Partners, in a joint venture with an undisclosed investment partner, purchased the property for an undisclosed price. Scott Clukies of Broadshore led the firm on the sales transaction. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the seller, CP Capital US, formerly known as HQ Capital Real Estate. 225 North Calvert features a mix of one- and two-bedroom residences designed with floor-to-ceiling windows, balconies and an in-unit washers and dryers. Community amenities include a rooftop terrace with a swimming pool and lounge area, community game room, multimedia theater, health club, a pet exercise area and grooming stations. The property is located close to the National Aquarium, Oriole Park at Camden Yards and the Baltimore Ravens home arena, M&T Bank Stadium. The apartment community is also situated adjacent to Mercy Hospital. In 1967, 225 North Calvert was constructed as an office building, and in 2018, CP Capital completed a renovation converting the property to a Class A apartment tower. In addition to 347 apartment residences, the building also provides 9,535 square feet of …

September 15, 2021

Acquisitions Affordable Housing Arkansas Multifamily Southeast

DLP Capital Acquires 200-Unit Affordable Housing Community in Jonesboro, Arkansas

by Julia Sanders September 15, 2021

JONESBORO, ARK. — DLP Capital has acquired Stadium Place, a 200-unit affordable housing property located in Jonesboro. The addition of the community increases the number of DLP Capital-owned apartment homes in the greater Memphis area to 568 units. The sales price and seller were not disclosed. The buyer plans to rebrand the property as DLP Jonesboro. Built in 2000, DLP Jonesboro includes one-, two- and three-bedroom units across 10 buildings. Community amenities include a swimming pool, fitness center, playground, picnic areas and a basketball court. DLP Capital plan to make external and internal renovations and improvements throughout the community, including maintenance on HVAC systems, landscaping and drainage and replacing the roofs. Located at 3719 Stadium Blvd., the property is located near downtown Jonesboro’s major retail centers and restaurants and about 1.6 miles from Arkansas State University. The property is close to major highway routes and is about 70.6 miles from Memphis.

September 15, 2021

Development Multifamily North Carolina Southeast

PCCP, Abode to Develop Three Built-to-Rent Residential Communities Near Downtown Raleigh

by Julia Sanders September 15, 2021

RALEIGH, N.C. — PCCP LLC, in a joint venture with Abode Communities LLC, plans to develop three build-to-rent (BTR) communities near downtown Raleigh totaling 73 detached homes. The three inﬁll communities will include a mix of single-family homes and townhomes, complete with a variety of neighborhood amenities. The three properties will be located within a half-mile from Raleigh’s central business district. The joint venture closed on its ﬁrst site, Abode at Hargett, in August of this year. The two companies expect to acquire the remaining two sites — Abode at Courtland in Raleigh’s Mordecai District and Abode at North State in the city’s historic Oakwood district — by the beginning of 2022. Abode Communities is an operator of BTR and SFR communities and is based in Raleigh. PCCP is a real estate finance and investment management firm based in Los Angeles.

September 15, 2021

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