Multifamily

Farco Properties Buys Multifamily Development Site Near USC in Los Angeles for $5M

by Amy Works May 17, 2021

LOS ANGELES — Farco Properties has acquired an 0.29-acre development site located near the University of Southern California (USC) in Los Angeles. A private seller sold the property for $5 million. Located at 647 W. 28th St., the multifamily site provides a development opportunity on the area’s “Fraternity/Sorority Row” within walking distance of USC. The site, which is currently unentitled and used as a parking lot, is within a designated opportunity zone and is classified as a tier 3 transit-oriented community. Farco Properties plans to develop a multifamily property on the site. Laurie Lustig-Bower and Kamran Paydar of CBRE represented the seller in the transaction.

May 17, 2021

Acquisitions Multifamily Washington Western

New Standard Equities Acquires Two-Property Apartment Portfolio in Bremerton, Washington for $20M

by Amy Works May 17, 2021

BREMERTON, WASH. — Los Angeles-based New Standard Equities has purchased Cedar Glen and Maple Manor, two adjacent multifamily communities in Bremerton. An undisclosed individual/personal trust sold the assets for $20 million. The buyer has rebranded the 144-unit portfolio as Indigo Apartment Homes and plans to implement a $3.3 million capital improvement program at the community. The portfolio includes Cedar Glen Apartments at 2511 Magnuson Court and Maple Manor Apartments at 2700 Maple St. Cedar Glen was built in 1989 and Maple Manor was constructed in 1978. Timothy Ufkes and Nate Kiger of the Ufkes Group of Marcus & Millichap’s Seattle office represented the seller and buyer in the deal.

May 17, 2021

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Secures $18.5M Acquisition Loan for Alturas Embry Hills Apartments in Doraville, Georgia

by Julia Sanders May 17, 2021

DORAVILLE, GA. — Berkadia has secured $18.5 million in acquisition financing for Alturas Embry Hills, a 140-unit, garden-style multifamily property in Doraville. Josh Finley of Berkadia’s Atlanta office originated the Freddie Mac loan on behalf of the buyer, New York-based Quad Property Group. The seller was Liquid Capital based out of New York. The 10-year loan features five years of interest-only payments, 30-year amortization schedule and a 75 percent loan-to-value ratio. Upon acquiring the property, Quad Property Group plans to spend over $1 million on interior and exterior upgrades. Located at 3544 Old Chamblee Tucker Road, Alturas Embry Hills was originally built in 1966. It has since been rebranded as Summit Embry Hills. The apartment complex underwent exterior renovations between 2018 to 2020 and features a mix of one-, two- and three-bedroom floorplans. The property has access to nearby retail shops and is close to Interstate 285. The property is currently 97 percent occupied.

May 17, 2021

Acquisitions Colorado Multifamily Seniors Housing Western

Marcus & Millichap Brokers $8.3M Sale of Seniors Housing Community in Lakewood, Colorado

by Amy Works May 17, 2021

LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of The Homestead at Lakewood, a seniors housing property located at 2121 Wadsworth Blvd. in Lakewood. An undisclosed buyer acquired the property for $8.3 million. Greg Parker and Greg Price of Marcus & Millichap’s Denver office represented the seller, a private investor, in the deal. Phillip Gause of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer. Constructed in 1999 under the Low-Income Housing Tax Credit program, The Homestead at Lakewood features 58 units in a mix of studio, one- and two-bedroom units and offers both assisted living and independent living options. Community amenities include housekeeping services, daily activities, a small library, outdoor space, a beauty salon and restaurant-style dining.

May 17, 2021

Acquisitions Multifamily Seniors Housing Texas

Healthpeak Sells 10-Property Senior Living Discovery Portfolio to Lone Star Funds for $334M

by Taylor Williams May 17, 2021

DALLAS AND DENVER — Healthpeak Properties Inc. (NYSE: PEAK) has sold a 10-property portfolio of Discovery Senior Living properties in Florida, Texas and Georgia to Lone Star Funds, a Dallas-based private equity firm. Healthpeak sold the 1,428-unit portfolio for $334 million. Although the Denver-based REIT disclosed the sale during its first-quarter earnings report, the buyer and any further details weren’t released at that time. Healthpeak is selling the bulk of its seniors housing portfolio in a move to exit the industry in favor of life sciences and medical office real estate. Discovery Senior Living retained management and daily operational responsibilities for the Discovery Village communities following the transaction.

May 17, 2021

Acquisitions Multifamily Texas

REEP Equity Buys 171-Unit Apartment Community in Houston

by Taylor Williams May 17, 2021

HOUSTON — San Antonio-based REEP Equity has purchased Residences 2727, a 171-unit apartment complex in Houston. The property sits on 3.7 acres and offers one- and two-bedroom units averaging 917 square feet. Amenities include a pool, fitness center, pet park and a resident lounge. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL arranged fixed-rate acquisition financing through NexBank on behalf of REEP Equity, which will implement a value-add program that will include the addition of a business center.

May 17, 2021

Loans Multifamily Texas

MMCC Arranges $18M Acquisition Loan for Multifamily Property in Corpus Christi

by Taylor Williams May 17, 2021

CORPUS CHRISTI, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18 million acquisition loan for a 250-unit multifamily property in Corpus Christi. Jamie Safier of MMCC structured the nonrecourse loan with a 10-year term, a fixed interest rate of 3.77 percent and five years of interest-only payments. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. The direct lender and property name were also not disclosed.

May 17, 2021

Alvista-Willow-Creek-Meriden-Connecticut

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates $34.8M Sale of Alvista Willow Brook Apartments in Meriden, Connecticut

by Taylor Williams May 17, 2021

MERIDEN, CONN. — CBRE has negotiated the $34.8 million sale of Alvista Willow Brook, a 180-unit apartment community in Meriden, located roughly midway between Hartford and New Haven. Built in 2005, the property offers amenities such as a fitness center, pool and a leasing office. A CBRE team of Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the seller, an affiliate of Phoenix Realty Group, in the deal. The team also procured the buyer, Beachwold Residential.

May 17, 2021

Indiana Loans Midwest Multifamily

CBRE Provides $56.7M Loan for Acquisition of Two Multifamily Communities in Metro Indianapolis

by Kristin Harlow May 17, 2021

GREENWOOD, IND. — A fund sponsored by CBRE Global Investors has provided a $56.7 million loan for the acquisition of two multifamily communities in Greenwood, a suburb approximately 15 miles south of Indianapolis. The floating-rate loan features an initial term of three years and can be extended up to two additional years. It also includes future funding to finance the borrower’s planned capital improvement program at the properties. The first asset, Barton Farms, includes 262 units and is located at 1630 Saddle Lane. The second property, Bexley Village, is located two miles away at 700 Bexley Place and includes 276 units. Both garden-style communities feature pools, fitness centers, clubhouses and outdoor grilling areas. The borrower was undisclosed.

May 17, 2021

Loans Multifamily New York Northeast Retail

Columbia Pacific Provides $39.1M Loan for Multifamily, Retail Asset in Manhattan

by Taylor Williams May 17, 2021

NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million, 36-month bridge loan for 68-70 Spring Street, a 24,357-square-foot multifamily and retail asset in Manhattan’s SoHo neighborhood. The undisclosed borrower will use the funds to support lease-up of the eight-story building, which includes 10 apartments with two- and three-bedroom floor plans.

May 17, 2021

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