Multifamily

Bascom Group Sells Fifty101 Apartments in Las Vegas to Apartment Ventures for $21.6M

by Amy Works September 13, 2021

LAS VEGAS — The Bascom Group has completed the disposition of Fifty101, a multifamily community located at 5101 O’Bannon Drive in Las Vegas. Apartment Ventures acquired the asset for $21.6 million. The 90-unit community consists of 16 one-bedroom apartments, 50 two-bedroom units and 24 three-bedroom/two-bath layouts in a variety of floor plans. The Bascom Group had completed property-wide renovations, including capital improvements in dual-pane windows and public update upgrades and select unit renovations. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction.

September 13, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Joint Venture Acquires 718-Unit Workforce Housing Portfolio in East Orange, New Jersey

by Taylor Williams September 13, 2021

EAST ORANGE, N.J. — A joint venture between Boston-based investment firm The Davis Cos., New York City-based Spaxel and Atalaya Capital Management has acquired a 718-unit workforce housing portfolio in East Orange, about 15 miles west of Manhattan. The portfolio consists of 11 buildings that were 96 percent occupied at the time of sale. Steven Kohn, John Alascio, Brian Whitmer, Chuck Kohaut, Jessica Ke and T.J. Sullivan represented Spaxel and Atalaya Capital Management in structuring a joint venture with The Davis Cos. The new ownership will implement a value-add program.

September 13, 2021

Development Multifamily New Jersey Northeast Seniors Housing

CHA Partners Nears Completion of 123-Bed Seniors Housing Community in East Hanover, New Jersey

by Taylor Williams September 13, 2021

EAST HANOVER, N.J. — New Jersey-based developer CHA Partners is nearing completion of LIVIA, a 123-bed senior living community in East Hanover, about 30 miles west of New York City. The 100,000-square-foot facility will offer skilled nursing, memory care, assisted living and long-term care/rehabilitation services. Amenities will include restaurant-style dining options, outdoor courtyards, a theater, game room, full-service bar/lounge, beauty salon, and a café. CHA Partners expects the facility to be operational before the end of the month.

September 13, 2021

Loans Multifamily Southeast Tennessee

Parkview Financial Provides $42.5M Loan for Multifamily Development in Nashville’s Germantown District

by Julia Sanders September 10, 2021

NASHVILLE, TENN. — Parkview Financial has provided a $42.5 million construction loan for the development of Artist Lofts, a multifamily property located at 1217-31 2nd Ave. N in the Germantown submarket of Nashville, about one mile outside of downtown. The non-recourse loan has a 24 month-term with two three-month extensions. Situated on a 0.9-acre parcel, the Artist Lofts project will offer 210 multifamily units, 3,800 square feet of ground-floor retail space and a parking garage with 250 spaces. The property will include one five-story building with a unit mix of 51 studios averaging 612 square feet; 110 one-bedroom units averaging 710 square feet; and 49 two-bedroom units averaging 996 square feet. Community amenities will include a clubhouse and lounge, fitness center, pool and sundeck, dog park and leasing center. The borrower, an entity doing business as Monroe Germantown Holdings LLC, acquired the infill site at the end of 2020 and has completed the entitlement and permitting process. Construction is now underway and is slated for completion by fall 2023.

September 10, 2021

Florida Loans Michigan Multifamily South Carolina Southeast

KeyBank Secures $40.2M Refinancing for Three Apartment Properties in Southeast, Michigan

by Julia Sanders September 10, 2021

CLEVELAND — KeyBank Real Estate Capital has secured $40.2 million in Fannie Mae financing for three multifamily properties in Michigan, South Carolina and Florida. Dirk Falardeau and David Pyc of KeyBank structured the fixed-rate refinancing on behalf of the borrower, The Benchmark Group, a New York-based real estate developer, investor and manager. The properties include Autumn Woods in Sterling Heights, Mich.; Huntington Place in Columbia, S.C.; and Village at University Square in Tampa, Fla. Built in 1973, Autumn Woods is a 286-unit affordable housing community with 42 one- and two-story buildings on 30 acres of land. The community offers one-, two- and three-bedroom floorplans. Community amenities include playgrounds and a basketball court. Located at 44401 Bridal Lane, the property is situated about 22.4 miles south of Detroit and is near Lake Saint Clair, as well as golf courses such as Clinton River Park. Autumn Woods is also 3.4 miles from the University of Detroit Mercy and nine miles from Baker College of Clinton Township. Built in 1998, Huntington Place includes eight one- and three-story buildings on 17 acres of land. The 192-unit community includes two- and three-bedroom options. Located at 1003 True St., the property is situated five miles from …

September 10, 2021

Georgia Loans Multifamily Southeast

ASC Arranges $17.3M Bridge Loan for Apartment Community in Metro Atlanta

by Julia Sanders September 10, 2021

JONESBORO, GA. — American Street Capital (ASC) has arranged a $17.3 million bridge loan for Flint River, a 200-unit multifamily community located in Jonesboro, about 18.3 miles south of downtown Atlanta. Thorofare Capital, a correspondent debt fund lender, provided the loan to the undisclosed current owner of Flint River. Built in 1971, Flint River Apartments includes 17 buildings on 13 acres with a mix of one-, two- and three-bedroom apartments. Community amenities include a putting green, swimming pool, playground, leasing office, laundry facilities and 353 surface parking spaces. The property was 85 percent occupied at closing. Under the previous ownership, one of the buildings in the property burned down. Igor Zhizhin of ASC originated the non-recourse bridge loan that included a three-year, interest-only term and supported the sponsor’s entire capital improvements plan, including rebuilding the burned down building. Planned improvements include an upgraded leasing office and fitness center.

September 10, 2021

Acquisitions Multifamily Washington Western

Virtu Investments Acquires BLU Bellevue Multifamily Community in Washington for $109M

by Amy Works September 10, 2021

BELLEVUE, WASH. — Continental Properties has completed the sale of BLU Bellevue, an apartment property located in downtown Bellevue. Virtu Investments acquired the community for $109 million, or $1,004 per square foot. Built in 2020 by Continental Properties, BLU Bellevue features 135 apartments, a rooftop terrace, 24-hour fitness center, pet facilities, parking garage with electric charging stations, and 360-degree cityscape and mountain views. Units feature floor-to-ceiling, triple-pane windows; air conditioning; walk-in closets with custom, built-in shelving; and biometric wall safes. Philip Assouad, Giovanni Napoli, Ryan Dinius, Sidney Warsinske and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 10, 2021

Acquisitions Multifamily Washington Western

Thayer Manca Residential Divests of Citizen & Oake Apartments in Lakewood for $60M

by Amy Works September 10, 2021

LAKEWOOD, WASH. — Seattle-based Thayer Manca Residential has completed the sale of Citizen & Oake, an apartment community in Lakewood. An undisclosed buyer purchased the property for $60 million. Thayer Manca originally acquired the property in 2016 for $32.9 million and completed $4.8 million in renovations. Located at 5406 82nd St. SW, Citizen & Oake features 231 apartments and a 5,000-square-foot clubhouse with a fitness center, office space, community kitchen, game room and lounge, outdoor grills and firepits. The property also offers a secure package locker room, pet park and 40 solar panels. Interior renovations were completed in 227 units and the property received a full rebranding.

September 10, 2021

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Brokers Sale of 186-Unit Luxury Apartment Complex in Indianapolis

by Kristin Harlow September 10, 2021

INDIANAPOLIS — Cushman & Wakefield has brokered the sale of Notch at Nora, a 186-unit luxury apartment complex in Indianapolis. The sales price was undisclosed. The recently completed development is located at the corner of 86th Street and Westfield Boulevard. Amenities include a pool, dog park, fitness center, grilling area and direct access to the Monon Trail. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield represented the seller, locally based TWG Development. Becovic Management was the buyer.

September 10, 2021

Acquisitions Illinois Midwest Multifamily

SVN Arranges $10M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow September 10, 2021

CHICAGO — SVN | Chicago Commercial has arranged the sale of a portfolio of multifamily units in Chicago’s West Rogers Park neighborhood for $10 million. The portfolio consists of eight contiguous buildings located at 6705-37 N. California Ave. with 94 units. Jeffrey Baasch of SVN represented the seller. An out-of-state private family fund was the buyer.

September 10, 2021

Newer Posts

Older Posts