Multifamily

Nuveen Real Estate Sells 1,184-Unit Palomino Park Apartments in Southeast Denver for $435M

by Amy Works June 17, 2021

DENVER — Nuveen Real Estate has completed the sale of Palomino Park Apartments, located at 6700 Palomino Parkway in the Highlands Ranch submarket of southeast Denver. An undisclosed buyer acquired the asset for $435 million. Totaling 1,184 units, Palomino Park consists of three villages: Blue Ridge, Green River and Red Canyon, each offering its own identity and 4,000-square-foot clubhouse. The acquisition also includes access to the Colorado Club, a 26,000-square-foot recreation center situated on a 30-acre central park within the master-planned community. The park serves as an amenity for the three apartment villages, as well as the two for-sale, owner-occupied villages within the 106-acre master-planned development. Matthew Lawton, Jordan Robbins and Pamela Koster of JLL Capital Markets represented the seller in the transaction. Andy Scott, Whitaker Johnson and Robert Bova of JLL arranged $282.7 million in acquisition financing for the buyer.

June 17, 2021

California Loans Multifamily Seniors Housing Western

Ziegler Arranges $297M Financing for Ensō Village Seniors Housing Development in Sonoma County

by Amy Works June 17, 2021

HEALDSBURG, CALIF. — Ziegler has arranged $297 million in bond financing for the development of Ensō Village, a continuing care retirement community in the Sonoma County city of Healdsburg. The borrower is Kendal Corp., which is developing the property. The California Public Finance Authority issued the tax-exempt bonds. Ensō Village is located on approximately 16 acres and will feature 221 independent living apartments, 30 assisted living apartments and 24 memory support apartments. Of the 221 independent living apartments, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are moderate-income apartments. “Clearly the groundbreaking concept of a Zen-inspired retirement community embodying Zen and Quaker values, with a net zero energy footprint that shows care for the planet and for residents, has resonated with depositors,” says Mary Muñoz, senior managing director, Ziegler Senior Living Finance. “The community achieved 95 percent presales in record time, and bond investor appetite for the transaction exceeded all expectations.”

June 17, 2021

Acquisitions California Multifamily Western

Bridge Partners Buys Harvest at Fiddyment Ranch Apartments in Roseville, California for $111M

by Amy Works June 17, 2021

ROSEVILLE, CALIF. — Bridge Partners has purchased Harvest at Fiddyment Ranch, a multifamily community located in Roseville, from Roseville-based USA Properties Fund for $111 million. Located at 1900 Blue Oaks Blvd. within the Fiddyment Ranch master-planned community, the 300-unit property was 97 percent leased at the time of sale. The community offers a mix of one-, two- and three-bedroom apartments, ranging from 771 square feet to 1,258 square feet. Community amenities include a clubhouse and game room, fitness center, heated pool and spa, dog park and playground. Marc Ross of CBRE represented the seller in the transaction. Andrew Behrens of CBRE’s San Francisco office organized an acquisition loan on behalf of the buyer.

June 17, 2021

Gardens-Hidden-Creek-Colorado-Springs-CO

Acquisitions Colorado Multifamily Western

Capstone Negotiates $17.5M Acquisition of Gardens at Hidden Creek Multifamily Property in Colorado Springs

by Amy Works June 17, 2021

COLORADO SPRINGS, COLO. — Capstone has brokered the purchase of The Gardens at Hidden Creek, an apartment community located in Colorado Springs. The property traded for $17.5 million. The names of the seller and buyer were not released. Located at 1111-1123 Verde Drive, The Gardens at Hidden Valley feature 125 units in a mix of 19 studios, 82 one-bedroom/one-bath, 23 two-bedroom/two-bath and one three-bedroom/one-bath layouts. On-site amenities include a pool, cybercafé, picnic area, fitness center, barbecue area and clubhouse. Adam Riddle and Patrick Knowlton of Capstone represented the buyer in the deal.

June 17, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 321-Unit Alexan Henderson Apartments in Dallas

by Taylor Williams June 17, 2021

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Alexan Henderson, a 321-unit apartment community in the Knox-Henderson area of Dallas. The property was built in 2017 and offers amenities such as a resort-style pool, rooftop lounge, coworking space and a dog park with two pet spas. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond of IPA represented the seller, Trammell Crow Residential, in the transaction. The team also procured the buyer, Nuveen Real Estate.

June 17, 2021

Acquisitions Multifamily Oklahoma Texas

HLC Equity Acquires High Meadows Apartments in Durant, Oklahoma, for $21M

by Taylor Williams June 17, 2021

DURANT, OKLA. — HLC Equity, a national investment and management firm, has acquired High Meadows, a 208-unit apartment complex in Durant, located near the Texas-Oklahoma border. The property, which was built in 2007, fetched a sales price of $21 million. High Meadows offers one-, two- and three-bedroom units, according to Apartments.com. Amenities include a pool, fitness center, community clubhouse, playground, basketball court, dog parks and large communal outdoor areas. The seller was not disclosed.

June 17, 2021

Florida Loans Multifamily Southeast

Berkadia Secures $58.7M Refinancing for Advenir at San Tropez Apartments in South Florida

by Julia Sanders June 17, 2021

PEMBROKE PINES, FLA. — Berkadia has secured the $58.7 million refinancing for Advenir at San Tropez, a 480-unit apartment community in Pembroke Pines. Charles Foschini and Christopher Apone of Berkadia originated the Freddie Mac loan on behalf of the borrower, an entity doing business as Advenir at San Tropez LLC. The fixed-rate, seven-year loan was structured with a partial interest-only payment period and a 70 percent loan-to-value ratio. Advenir at San Tropez is located at 7840 NW 3rd St. and was built in 1975. The property has one- and two-bedroom units that range from 625 to 850 square feet. Community amenities include laundry facilities, barbecue and picnic areas and three swimming pools. The apartment community is situated near the Boulevard Heights neighborhood of Pembroke Pines, and adjacent to the property is both the North Perry Airport and Broward College-South Campus. The apartment complex is also 4.8 miles from the Seminole Hard Rock Hotel & Casino and 15 miles from Fort Lauderdale–Hollywood International Airport.

June 17, 2021

Affordable Housing Development Georgia Multifamily Southeast

Wendover Housing Partners to Open $28M Hartland Station Affordable Housing Project in Atlanta

by Julia Sanders June 17, 2021

ATLANTA — Wendover Housing Partners LLC will open in August 2021 Hartland Station, a new mixed-income affordable housing community in Atlanta. Located at 2074 Fleet St. SW in the city’s Sylvan Hills neighborhood, Hartland Station is situated four miles south of downtown Atlanta and 6.8 miles from Hartsfield-Jackson Atlanta International Airport. The community features 131 one-, two- and three-bedroom units with rents starting at $888 a month. Community amenities include a business center, fitness center, activity room with kitchen, splash pad and a playground for children. The $28 million project was financed in part by nearly $1 million in Low Income Housing Tax Credit (LIHTC) equity from the Georgia Department of Community Affairs, and Invest Atlanta provided $1.5 million in Housing Opportunity Bonds. Funding was also provided from $18.8 million in tax-exempt bonds and $1.3 million in grant funding from the Metropolitan Parkway Tax Allocation Bond District. Slocum Platts Architects provided design services for the project, and Roger B. Kennedy Construction was the general contractor. Based in Altamonte Springs, Fla., Wendover Housing Partners is a privately held real estate development, investment and management company that specializes in the development of single-family and multifamily homes, apartment communities, seniors housing and transit-oriented …

June 17, 2021

Development Multifamily New York Northeast Seniors Housing

E.W. Howell Completes 90-Unit Seniors Housing Community on Long Island

by Taylor Williams June 17, 2021

HUNTINGTON STATION, N.Y. — E.W. Howell Construction Group has completed Sunrise of Huntington, a 90-unit seniors housing community on Long Island. The 108-bed property offers assisted living and memory care services. Units come in studio, one- and two-bedroom formats. Amenities include a wellness center, activity room and a salon. The property is the 11th on Long Island for owner-operator Sunrise Senior Living.

June 17, 2021

Acquisitions Multifamily Northeast Pennsylvania

CBRE Negotiates $13M Sale of Philadelphia Apartment Building

by Taylor Williams June 17, 2021

PHILADELPHIA — CBRE has negotiated the $13 million sale of a 35-unit apartment building in Philadelphia’s Northern Liberties neighborhood. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Trinity Realty Cos., in the transaction. The buyer, Pittsburgh-based Hudson Cos., has rebranded the property from Liberty Flats to Hudson Liberties.

June 17, 2021

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