SOUTH ELGIN, ILL. — Dwight Capital has provided a $47.4 million HUD 223(f) loan for the refinancing of Springs at South Elgin, a 300-unit apartment property. Built in 2018, the asset consists of 15 townhome-style buildings. Amenities include a clubhouse, car care center, fitness center, pet park, pool and barbecue area. Josh Sasouness and Kevin Lifshitz of Dwight originated the loan on behalf of the borrower, Continental Properties. The loan includes a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points since the property is Energy Star-certified.
WEST DUNDEE, ILL. — Pensam has acquired 1900 at Canterfield, a 260-unit apartment community in West Dundee, a far northwest suburb of Chicago. Built in 2018, the property consists of 18 buildings on 23 acres. Amenities include a clubhouse, fitness center, conference room, outdoor lounge area and pool. The seller and sales price were undisclosed. A multifamily real estate investment firm based in Miami, Pensam has invested more than $3 billion in 35,000 multifamily assets across the country.
OMAHA, NEB. — NorthMarq has arranged an $8 million loan for the refinancing of Maple Ridge Apartments, a 174-unit multifamily community in Omaha. Bill Mork of NorthMarq arranged the 15-year loan, which features a fixed interest rate of approximately 3 percent and a 30-year amortization schedule. A life insurance company provided the loan on behalf of the undisclosed borrower.
WHITTIER, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Posada, a 77-unit assisted living and memory care community in Whittier, a suburb of Los Angeles. The facility was built in 1984 with a renovation in 2017. It totals 41,658 square feet on approximately 0.72 acres of land. The seller was a regional owner-operator looking to divest from the senior care space. The buyer is a local owner-operator that plans on making some renovations to the property. The price was not disclosed. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.
PALM DESERT, CALIF. — Hunt Capital Partners and developer D.L. Horn & Associates have closed on more than $8.5 million in federal Low Income Housing Tax Credits equity financing for the acquisition and rehabilitation of an affordable multifamily project in Palm Desert. The Hovley Gardens project consists of 16 two-story, walk-up residential buildings offering a total of 163 units, as well as a community building. The unit mix includes 72 two-bedroom units, 72 three-bedroom units, 18 four-bedroom units and one three-bedroom manager’s unit. Eighteen of the units will be restricted to households earning up to 30 percent of area median income (AMI), 55 units will be restricted to households earning up to 45 percent of AMI, 82 units will be for households earning up to 50 percent of AMI and seven units will be for households earning up to 60 percent of AMI. Units renovations will include upgraded cabinets, countertops, sinks, faucets and flooring. Twelve units will be converted to fully accessible and the five existing accessible units will be modified to be compliant with current regulations. Community upgrades will include improvements to the building systems, commons areas and community spaces. The project team includes ConAm Management Corp., Multi-Family Builders, …
CHICAGO — Chicago-based Harrison Street has entered into a series of transactions under which the company agreed to purchase 24 seniors housing assets and sell 14 medical office properties for a total transaction volume of approximately $1.6 billion. The 24 Class A seniors housing properties comprise 2,195 assisted living and memory care units across California and Nevada. The purchase price was roughly $1.2 billion. Healthpeak Properties Inc. was the seller of 12 communities, while Gallaher Cos. was the seller of the other 12 properties. Oakmont Management Group operates all 24 assets, many of which have either been recently completed or are currently under construction. The Healthpeak portfolio maintained an average occupancy rate of 96 percent from 2016 to 2019, according to Harrison Street. The properties average four years in age. In 2020, Healthpeak established and began executing a plan to dispose of its seniors housing properties, except for its continuing care retirement communities. “The assets we are acquiring are managed by a leading operator and are located in attractive markets backed by solid demographics, high barriers to entry and historically high occupancy rates,” says Michael Gordon, global chief investment officer at Harrison Street. Additionally, Harrison Street has agreed to sell …
By Bob Basen, Executive Vice President, Coldwell Banker Commercial Real Estate Solutions The High Desert’s multifamily market remained surprisingly strong during the pandemic. Historic low vacancies in the High Desert apartment market, combined with low cap rates in Los Angeles and Orange counties, have made this market a favorite for “down the hill” investors. With the exception of three substantial multifamily projects in Hesperia, there has been no real apartment development in the High Desert since the mid-2000s. The recently completed The Villas, a 96-unit, age-restricted project developed by Eagle Hesperia 55 LP, has had phenomenal success with a waiting list prior to completion. With the success of this project, there will be a second phase containing another 96 units. Frontier Homes’ Las Casitas Apartment Homes and the 200-unit West Main Villas, developed by Bruno Mancinelli, were also very successful with two-bedroom apartments renting for more than $1,600 per month. This is a number that was unheard of prior to these projects. With those kinds of rents, we can and should expect to see increased apartment development in the High Desert. Hesperia has decreased its development impact fees, which may have spurred the above-mentioned developments within that city. There are currently …
AUSTIN, TEXAS — North Carolina-based investment firm Bell Partners has acquired Lenox Springs and Lenox Meadows, two adjacent multifamily assets in Austin totaling 619 units. Bell Partners will merge these properties with its 330-unit Bell Southpark property, which neighbors Lenox Springs and Lenox Meadows, to create a 949-unit community that will be located roughly 10 miles from downtown Austin. Lenox Springs and Lenox Meadows were built in 2018 and 2021, respectively, and Bell Southpark was built in 2018. The new community will feature multiple resort-style pools, grills and fireplace features, as well as fitness and wellness studios and green spaces.
CEDAR PARK, TEXAS — Arizona-based investment firm Sterling Real Estate Partners has sold Muir Lake, a 332-unit luxury multifamily property in Cedar Park, a northwestern suburb of Austin. Built in 2014 by developer Larry Peel, the waterfront community is located within the 189-acre Lakeline Park master-planned community, which includes walking trails, sport fields, water activities and festival/event areas. Units feature studio, one- and two-bedroom floor plans and are furnished with granite countertops, stainless steel appliances, full-sized washers and dryers and private balconies/patios. Amenities include a pool, outdoor lounge, business center, billiards room, fitness center, dog park and a boat and canoe dock. Matt Pohl, Forrest Bass and Spencer Roy of Walker & Dunlop brokered the deal. An affiliate of Chicago-based Walton Street Capital provided a $61.4 million acquisition loan to the buyer, a partnership between Old Three Hundred Capital and ArrowMark Partners. Marko Kazanjian, Chris McColpin and Andrew Cohen of JLL placed the debt. Muir Lake was 96 percent occupied at the time of sale.
KISSIMMEE, FLA. — Capstone Apartment Partners has brokered the $55.2 million sale of Monterosso Apartments, a new 216-unit multifamily community located in the Orlando suburb of Kissimmee. The four-story property is situated at the intersection of North John Young Parkway and West Osceola Parkway. Brian Hunsicker, Jad Richa, Tom Huffsmith and Nasser Al-Hafi of Capstone represented the seller, Fore Property Co., and procured the buyer, PassiveInvesting.com, in the transaction. At $255,699 per unit, this transaction marks the highest price per multifamily unit ever sold in Osceola County, according to Capstone. Built in 2019, Monterosso Apartments was approximately 94 percent occupied at the time of sale. The community includes studio, one-, two- and three-bedroom apartment homes with wood-style flooring, quartz countertops, stainless steel appliances, washers and dryers and a patio or balcony. The average size for each unit is 983 square feet. Community amenities include a resort-style swimming pool, fitness center, picnic/grilling area, clubhouse, pet spa, elevators and rentable garages. Monterosso Apartments is located at 3050 La Spezia Circle and is approximately 9.6 miles from Walt Disney World, 22.2 miles from downtown Orlando and 31.7 miles from Altamonte Springs. PassiveInvesting.com is a South Carolina-based private equity real estate investment firm focused …