Multifamily

Olympus Property Sells Cactus Forty-2 Apartments Near Phoenix for $56M

by Amy Works May 10, 2021

PARADISE VALLEY, ARIZ. — Fort Worth, Texas-based Olympus Property has completed the sale of Cactus Forty-2, a multifamily property located in Paradise Valley, a northeast suburb of Phoenix. Los Angeles-based Ezralow Co. acquired the community for $56 million. David Folger and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction. Located at 4242 E. Cactus Road, Cactus Forty-2 offers 200 apartments in a mix of studio, one- and two-bedroom units featuring nine-foot ceilings, hardwood-inspired flooring, stainless steel kitchen appliances, granite countertops, marble bath vanities, large soaking tubs, in-unit washers/dryers and private patios or balconies on some units. On-site amenities include a pool and spa, outdoor kitchen, fireplace and gathering place, fitness center, clubhouse, pet park, covered parking and gated access.

May 10, 2021

Acquisitions Alaska Multifamily Seniors Housing Western

SLIB Negotiates $32.5M Sale of Seniors Housing Community in Anchorage, Alaska

by Amy Works May 10, 2021

ANCHORAGE, ALASKA — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 116-unit assisted living and memory care community in Anchorage. The community opened in December 2019. The 82,813-square-foot facility sits on 2.7 acres of land, with an adjacent 2.7-acre plot available for purchase. The community’s developer sold the asset to a national REIT for $32.5 million. The new owner will use a third-party operator. The REIT also is considering a joint-venture independent living expansion at the property. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.

May 10, 2021

Affordable Housing California Development Multifamily Western

Aedis Real Estate, C.W. Driver Break Ground on 98-Unit Affordable Housing Project in Los Angeles

by Amy Works May 10, 2021

LOS ANGELES — Aedis Real Estate Group and C.W. Driver Cos. have broken ground on Hope on Hyde Park, an affordable transitional housing community in Los Angeles. The development is supported by the Los Angeles County Department of Health Services and Brilliant Corners, a nonprofit. Situated along the Crenshaw Corridor, the five-story property will offer 98 studio and one-bedroom modular units, ranging in size from 400 square feet to 480 square feet, for residents experiencing chronic homelessness. Units will feature modern design, hardwood flooring, contemporary furniture and floor-to-ceiling windows. Community amenities will include a central courtyard, outdoor community space, on-site parking for social services staff, bike storage for residents, residential and support services and ground-floor retail space, as well as access to the new K Line, an 8.5-mile light rail that connects the Crenshaw district to Leimert Park, Inglewood and the Los Angeles International Airport. KTGY is serving as architect for the project, which is slated for completion in summer 2022.

May 10, 2021

Loans Multifamily Seniors Housing Washington Western

Grandbridge Arranges $11.2M in Seniors Housing Loan Modifications

by Jeff Shaw May 10, 2021

SEATTLE and GAITHERSBURG, Md. — Grandbridge Real Estate Capital arranged $11.2 million in financing across three modification loans. Artin Anvar arranged the interest rate reduction (IRR) modifications through HUD’s IRR program. The first transaction, totaling $984,721, was secured by Hilltop Manor, a 35-unit assisted living community in Seattle. The loan features a 20-year term and 20-year amortization. The second transaction, totaling $955,717, was secured by Spring Manor, a 54-unit memory care facility in Seattle. The loan features a 20-year term and 20-year amortization. The largest transaction, totaling $9.2 million, was secured by AirPark Apartments, a 108-unit affordable housing community in Gaithersburg. “Our clients continue to take advantage of the historically low interest rates by using the HUD IRR, HUD 223(a)7, and 223(f) financing options to lower debt service for their multifamily seniors housing properties,” says Anvar.

May 10, 2021

Development Multifamily Southeast Virginia

Breeden Breaks Ground on $66M Multifamily Project in Virginia Beach

by Julia Sanders May 7, 2021

VIRGINIA BEACH, VA. — The Breeden Co., a locally based real estate development firm, has broken ground on The Pinnacle on 31st Street, a $66 million multifamily project situated on 2.3 acres in Virginia Beach. The Pinnacle on 31st Street will offer 240 one-, two- and three-bedroom luxury apartments, including several penthouse layouts. Units will range in size from 775 to 1,391 square feet and will be available in early 2023. Community amenities will include a clubhouse with a resort-style lobby, coworking spaces, 24-hour fitness center, multiple rooftop lounges, rooftop dog park, pool with a lazy river and multiple lounge areas. Breeden Construction will serve as general contractor on the project. The Breeden Co.’s property management division will operate The Pinnacle on 31st Street once construction is complete.

May 7, 2021

Acquisitions California Multifamily Top Stories Western

CBRE Arranges $155.7M Sale of Presidio View Apartments in San Diego’s Mission Valley

by Julia Sanders May 7, 2021

SAN DIEGO — CBRE has arranged the sale of Presidio View, a 350-unit apartment community located in the Mission Valley area of San Diego. Griffis Residential LLC acquired the asset from AEW Capital Management for $155.7 million. Presidio View is situated on approximately 6.9 acres at 1440 Hotel Circle North and includes a variety of one-, two- and three-bedroom floorplans with an average unit size of 928 square feet. Archstone built the property in 2007. (Archstone was acquired by AvalonBay Communities Inc. and Equity Residential in 2013.) Features include 9-foot ceilings, walk-in closets, in-unit washer/dryers, storage and private balconies. Community amenities include a swimming pool, resident lounge, fitness center, clubhouse, business center and electric car charging stations. “It’s very rare to be able to acquire a well-maintained, 2007-vintage asset of this scale in a primary San Diego location like Mission Valley,” says Kevin Mulhern, a broker with CBRE. “There were more than 40 investor tours and 25 offers, and the competition to acquire the property was very intense.” Mulhern, Stewart Weston and Dean Zander of CBRE’s San Diego office represented the seller in the transaction. Presidio View is located on the western end of Mission Valley and has access to …

May 7, 2021

Loans Midwest Multifamily Wisconsin

MidHudson Provides $24.5M in Preferred Equity for Development of 44-Story Apartment Tower in Milwaukee

by Kristin Harlow May 7, 2021

MILWAUKEE — MidHudson LLC has provided $24.5 million in preferred equity for the development of The Couture, a $191 million apartment tower in Milwaukee. The 44-story, 322-unit project will connect the Milwaukee lakefront to downtown through public plazas and pedestrian bridges. Barrett Lo Visionary Development (BLVD) is the developer. Plans call for 42,000 square feet of restaurant and retail space as well as a hub for the Milwaukee Streetcar. JLL is the Multifamily Accelerated Processing (MAP) lender and Baird arranged the equity placement. MidHudson’s investment included $11.7 million from its HUD Reserve Funding Program and $12.8 million of additional preferred equity. MidHudson is a specialty finance firm focused exclusively on projects and developers that use FHA senior debt. A timeline for construction was not released.

May 7, 2021

Acquisitions Illinois Midwest Multifamily

Golub & Co., Petiole Asset Management Acquire 492-Unit Lakehaven Apartments in Suburban Chicago

by Kristin Harlow May 7, 2021

CAROL STREAM, ILL. — Golub & Co. and Petiole Asset Management have acquired Lakehaven Apartments in Carol Stream, a western suburb of Chicago. The purchase price was undisclosed. Built in 1984, the 492-unit apartment community consists of 41 buildings. Units range in size from 700 to 1,100 square feet. Amenities include a clubhouse, pool, fitness center and dog park. Adam Short, Ania Najder and Kristin Nason of Golub & Co. and Chris Lord of Petiole led the acquisition. Marty O’Connell, Danny Kaufman, Wick Kirby and Kevin Girard of JLL represented the seller, Lakehaven Apartments LLC.

May 7, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

Century Housing Opens 160-Unit Affordable Seniors Housing Community in Long Beach, California

by Amy Works May 7, 2021

LONG BEACH, CALIF. — Century Housing, in partnership with the City of Long Beach and The Long Beach Community Investment Company, will host a grand opening May 7 at The Beacon, an affordable housing community for seniors and veterans in Long Beach, just south of Los Angeles. “There’s no denying that this past year has been a very difficult and painful year on many, many levels,” says Brian D’Andrea, senior vice president with Century. “This development represents a source of light and hope for all of us, including the more than 200 residents who now call The Beacon home along with the larger Long Beach community.” “We are committed to continuing the investment of our resources in developments like The Beacon that fill the vital need for additional affordable housing in the city,” adds Patrice Wong, chair of The Long Beach Community Investment Company, which approved more than $12 million in funding for the project in 2017. The Beacon is a transit-oriented development that includes 160 affordable and supportive homes. The site is located across from the Metro Blue Line light rail and bus lines that operate along both Long Beach Boulevard and East Anaheim Street. “The Beacon is a …

May 7, 2021

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Acquires El Centro Post-Acute Center in California

by Amy Works May 7, 2021

EL CENTRO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired El Centro Post-Acute Center, a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center. El Centro is located in Imperial County near the border with Mexico. The facility has been added to CareTrust’s existing master lease with San Diego-based Bayshire Senior Communities, which sourced the off-market transaction and turned to CareTrust to finance and close the deal. Terms of the transaction were not disclosed. Scott Kirby, Bayshire’s CEO, found the El Centro opportunity after the facility had fallen out of contract with a previous buyer. “The seller had aggressive timing expectations after suffering through significant turnover within their management team, a recent COVID outbreak, the general fatigue of operating the facility for 20 years and a sale transaction that went south,” says Kirby. Dave Sedgwick, CareTrust’s president and chief operating officer, notes that Imperial County appears to be significantly under-bedded, with only 250 skilled nursing beds to absorb the 9,500 annual discharges from its two hospitals and over 25 percent of local Medicare referrals being sent more than an hour away to Yuma and San Diego. Care Trust has committed $150,000 for initial capital improvements to …

May 7, 2021

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