Multifamily

Capstone Brokers $14M Sale of Bouldercrest Apartments in Knoxville

by Julia Sanders June 1, 2021

KNOXVILLE, TENN. — Capstone Apartment Partners has brokered the $14 million sale of Bouldercrest Apartments, a 180-unit multifamily community located along Interstate 640 in Knoxville. Adam Klenk, Tyler Mayo, Luke Searcy and Jordan Arand of Capstone represented the buyer, an entity doing business as Bouldercrest GP, in the transaction. The Northeast-based firm plans to modernize unit interiors and enhance the community’s amenity package. Built in 1986, Bouldercrest Apartments includes studio, one- and two-bedroom apartment homes with fully equipped kitchens, vaulted ceilings, washer/dryer connections, walk-up attic storage and a patio or balcony. The community was 96.1 percent occupied at the time of sale.

June 1, 2021

Development Multifamily Oregon Western

Ethos Development Breaks Ground on 166-Unit brookLAND Apartment Community in Southeast Portland

by Amy Works June 1, 2021

PORTLAND, ORE. — Portland-based Ethos Development has broken ground on brookLAND, a multifamily property located in the Brooklyn neighborhood of southeast Portland. The five-story, 128,000-square-foot development will feature 166 apartments and a tea shop integrated into the building’s common space. Units will be available in a variety of floor plans, including five three-bedroom units and two studios affordable to residents earning 60 percent of area median income. Additionally, the transit-oriented property will feature 28 micro studios that provide market-rate affordability due to efficient design. Community amenities will include a five-story atrium, fitness studio, sauna, building lounge, workspaces and a roof deck. The project team includes Portland-based Hacker Architects and Portland-based R&H Construction.

June 1, 2021

Acquisitions Colorado Multifamily Western

CBRE Brokers Sale of 181-Unit Lofts at Red Mountain in Glenwood Springs, Colorado

by Amy Works June 1, 2021

GLENWOOD SPRINGS, COLO. — CBRE has arranged the sale of Lofts at Red Mountain, a multifamily property located in Glenwood Springs. The developers — Illinois-based Stoneleigh Cos. and Texas-based Realty Capital — sold the asset for an undisclosed price. The name of the buyer was not released. Located at 300 Wulfsohn Road, Lofts at Red Mountain features 181 apartments in a mix of one-, two- and three-bedroom units with quartz countertops, customizable Elfa closet systems and full-size, in-unit washers/dryers. Community amenities include a club room with billiards, an outdoor lounge with fire pits, bike storage, a fitness center, barbecue pavilion, self-service dog wash and a Zen lounge with hanging swings and daybeds. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE represented the sellers in the deal. Troy Tegeler of CBRE Capital Markets’ Debt & Structured Finance team arranged acquisition financing for the buyer.

June 1, 2021

Content Partner Development Features Illinois Industrial Midwest Multifamily Ohio Walker & Dunlop Wisconsin

Multifamily Sector Sees Positive Indicators from Healthy Midwest Economy

by Sarah Daniels June 1, 2021

Focus on the Midwest Amid a global pandemic and its economic repercussions, the American Midwest has remained a place of comparative stability — and opportunity. Wide-open spaces and lower costs of living attract businesses and workers alike. Warehouses, distribution centers and transportation corridors bustle thanks to shifting supply chains and surges in deliveries. Educated workforces and leading universities and research centers nourish hubs in tech and life sciences. In short, there’s a lot in “flyover country” for the multifamily industry to like in 2021. An overview follows of the region stretching from Minnesota to Ohio and from Michigan to Kentucky. Why is the Midwest a good value for multifamily investors today and why is it well positioned for the post-COVID-19 recovery? Read on to learn more. Beneath-the-Radar Metropolitan Areas Blossom Even before COVID-19, Midwestern cities have been attracting people and businesses. Across industries, the Midwest hosts some of America’s largest employers: Kroger (Cincinnati), Salesforce (Indianapolis), Cardinal Health, Nationwide Insurance, Honda of America (Columbus), as well as Target, U.S. Bancorp, General Mills, 3M and Medtronic (all in Minneapolis-St. Paul). Thirteen companies in the Fortune 1000 have set up shop in Milwaukee, and 15 have operations in Columbus. The region has much …

June 1, 2021

Acquisitions Arizona Loans Multifamily Western

Tower Capital Arranges $28M in Acquisition Financing for Multifamily Property in Glendale, Arizona

by Amy Works May 28, 2021

GLENDALE, ARIZ. — Tower Capital has arranged $28 million in acquisition financing for an apartment community located in Glendale. The firm provided a 10-year permanent acquisition loan with a five-year fixed interest rate and one year of interest-only payments. The name of the borrower was not released. The 276-unit property features a residential clubhouse, two swimming pools, a fitness facility and covered parking. The community features 28 one-bedroom/one-bath units, 208 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, with an average size of approximately 858 square feet. The borrower acquired the asset in an off-market transaction and plans to upgrade the property’s exterior and common areas.

May 28, 2021

Development Multifamily Nevada Seniors Housing Western

Oakmont Finishes 31-Unit Memory Care Expansion at Seniors Housing Community in Las Vegas

by Amy Works May 28, 2021

LAS VEGAS — Oakmont Senior Living has completed an expansion and renovation project at Oakmont of Las Vegas, which included the new construction of 31 memory care units. “Memory care is an essential part of continuity of care and important to families who don’t want to uproot their loved ones should they need to transition to this type of care,” says Melon Rivera, executive director at Oakmont of Las Vegas. The community already offered independent living and assisted living. In addition to the new memory care neighborhood, the multi-million-dollar renovation project at Oakmont of Las Vegas included the addition of a movie theater, bistro and wellness center. The on-site beauty salon received its own makeover with upgraded and new equipment. Other community-wide enhancements included new carpeting, tile flooring, fresh paint, a refinished roof and new fire-alarm system.

May 28, 2021

Development Multifamily Seniors Housing Texas

Watermark, Hines to Develop 222-Unit Seniors Housing Community in Houston

by Taylor Williams May 28, 2021

HOUSTON — Watermark Retirement Communities and Hines have unveiled plans for The Watermark at Houston Heights, a 222-unit independent living, assisted living and memory care community in Houston’s Greater Heights neighborhood. The seven-story property will be the tallest building in the neighborhood and will feature views of the downtown Houston skyline. Two of the floors will be fully dedicated to amenity space. The development is scheduled for completion in January 2022. Project partners include Munoz + Albin Architecture & Planning as the design architect; Looney & Associates as the interior designer of common spaces; TBG Landscape Architects as the landscape architect; and Harvey Builders as the general contractor.

May 28, 2021

Loans Multifamily Texas

NorthMarq Provides $10.6M Agency Loan for Houston Multifamily Acquisition

by Taylor Williams May 28, 2021

HOUSTON — NorthMarq has provided a $10.6 million Fannie Mae acquisition loan for Coral Island Apartments, a 316-unit multifamily property located on the city’s southwest side. According to Apartments.com, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, tennis court, basketball court, playground and walking trails. Travis Fite of NorthMarq originated the loan, which was structured with a 10-year term and a 30-year amortization schedule. The buyer was an undisclosed 1031 exchange investor. The seller was not disclosed.

May 28, 2021

Acquisitions Georgia Multifamily Southeast

Marcus & Millichap Brokers $31.8M Sale of Multifamily Community in Metro Atlanta

by Julia Sanders May 28, 2021

KENNESAW, GA. — Marcus & Millichap has brokered the sale of Lewis House at Kennesaw, a 132-unit apartment property located in the Atlanta suburb of Kennesaw. The property sold for $31.8 million, which equates to approximately $240,530 per unit. Walt Gill of True North Cos. built the Lewis House at Kennesaw. The Class A property was less than 30 percent occupied when it was brought to market. The community is located adjacent to several recreational and entertainment venues, including a new $10 million recreation center, a new 4,400-seat amphitheater and a 33-acre community park. The Lewis House is approximately 2.2 miles from Kennesaw State University. The property features a unique “big house” design concept that is single-family-home-like in appearance while providing apartment amenities and services to its residents. John Brigel of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller and procured the buyer, an undisclosed limited liability company. John Leonard of Marcus & Millichap assisted in closing the transaction.

May 28, 2021

Affordable Housing Development Georgia Multifamily Southeast

Tapestry, Columbia Residential Open $19M Affordable Seniors Housing Community in Decatur, Georgia

by Julia Sanders May 28, 2021

DECATUR, GA. — Decatur-based Tapestry Development Group and Atlanta-based Columbia Residential have opened Stride Senior Residences, a $19 million mixed-income seniors housing community in Decatur. The property offers income-restricted and market-rate units, with 80 percent of the residences affordable to seniors at 60 percent of area median income. Currently, 88 of the 90 units are leased, including all the affordable units. The property is located at 651 Decatur Village Drive, about 2.2 miles north of downtown Decatur. The community is also close to stores, restaurants, professional services options, DeKalb Medical Center, MARTA bus lines and the MARTA Decatur station. Amenities include a shared community park, fenced community garden, movie theater room, fitness center, computer center, community room with a kitchen and free Wi-Fi in common areas. The new community is situated at Scott Boulevard and North Decatur Road within Decatur Crossing, a 26-acre mixed-use development by Atlanta-based Fuqua Development. Decatur Crossing’s three phases contain approximately 94,000 square feet of commercial space, including three grocery stores, 14,000 square feet of office space and over 950 apartments. Tapestry Development Group and Columbia Residential assembled the land in December 2017 and broke ground in May 2019. The developers had the Stride project certified …

May 28, 2021

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