Multifamily

OG Capital Purchases Waterfront Multifamily Community Near Birmingham for $9.4M

by Julia Sanders July 16, 2021

RIVERSIDE, ALA. — An affiliate of OG Capital LLC, a Birmingham-based real estate investment firm, has purchased Riverbend Apartments, a 144-unit apartment community in Riverside. Built in 1980, the property sits about 40 miles east of Birmingham and overlooks the Coosa River and its Lake Logan Martin Reservoir. A Delaware-based entity doing business as OG Riverbend LLC purchased the property from a firm doing business as Riverbend Apartments Ltd. for $9.4 million. Located at 417 Riverbend Road, the community is 3.9 miles from Honda Manufacturing of Alabama, a $2 billion, 4.2 million-square-foot plant that directly employs nearly 6,000 workers. Riverbend, which will soon be rebranded as RiverHouse, includes one-, two- and three-bedroom apartment homes, a community pool and clubhouse. Additionally, the property has more than 4,000 feet of waterfront and offers residents a private boat launch, swimming and water sports. OG Capital plans to renovate the entire property and amenity package by improving and expanding the existing fitness center and adding new community docks, fire pits and grill stations. Arlington Properties Inc. will manage the community.

July 16, 2021

Development Indiana Midwest Multifamily

TWG to Develop $41M Apartment Community in Westfield, Indiana

by Kristin Harlow July 16, 2021

WESTFIELD, IND. — TWG has unveiled plans to develop a $41 million apartment community within the Chatham Hills master development in Westfield, about 25 miles north of Indianapolis. The project will consist of 250 total units spread across two buildings. Units will vary in size from 750 to 1,400 square feet, and monthly rents will range from $1,100 to $1,750. Amenities will include a pool, grilling area, dog park, lounge area, yoga studio, business center and fitness center. First Financial Bank is providing project financing. Construction is expected to begin this month, and the first units are scheduled to open in summer 2023.

July 16, 2021

Loans Midwest Minnesota Multifamily

Greystone Originates $11.2M HUD-Insured Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow July 16, 2021

MOORHEAD, MINN. — Greystone has originated an $11.2 million HUD 223(f) loan for the refinancing of South Shore Landing Apartments in the western Minnesota town of Moorhead. Constructed in two phases in 2016 and 2019, the 93-unit property consists of four buildings. Amenities include a clubhouse, fitness center, game room, pet park, heated parking garage and barbecue areas. Dan Sacks and Ilan Bassali of Greystone structured the 35-year loan, which is fully amortizing and features a fixed interest rate. Northridge Group was the borrower.

July 16, 2021

Illinois Loans Midwest Multifamily

Colliers Mortgage Provides $7.9M Loan for Refinancing of Apartment Complex in Aurora, Illinois

by Kristin Harlow July 16, 2021

AURORA, ILL. — Colliers Mortgage has provided a $7.9 million Fannie Mae loan for the refinancing of Marywood Apartments in Aurora. The 116-unit apartment complex, constructed from 1967 to 1971, includes 10 garden-style buildings. Amenities include onsite laundry facilities and a playground. The 10-year loan is fully amortizing. Marywood Housing LLC was the borrower.

July 16, 2021

Arizona Development Multifamily Western

High Street Residential Breaks Ground on 310-Unit Smith & Rio Multifamily Community in Tempe

by Amy Works July 16, 2021

TEMPE, ARIZ. — High Street Residential has broken ground on Smith & Rio, an apartment property located at 1979 E. Rio Salado Parkway in Tempe. Situated on 3.4 acres, the five-story development will feature 310 apartments in a mix of studio, one- and two-bedroom floor plans, including a selection of one-bedroom options with additional den/home office space. Residents will have access to amenities including a fifth-floor sky lounge; two outdoor courtyards; a dog park and pet lounge; a large work-from-home area with individual workspaces; pool; spa; fitness center; and water features throughout the outdoor spaces. Construction is slated for completion in 2023.

July 16, 2021

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers $10M Sale of Vacant Transitional Care Facility on Texas Panhandle

by Taylor Williams July 16, 2021

TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the $10 million sale of a transitional care facility located in the Texas Panhandle region. The property name and location were not released. Mainstreet developed the 70-unit property, which is located within a larger medical park, but never opened it. A local investor acquired the property with the intent of opening it as a post-acute hospital and has structured a lease with a national healthcare system based in Southern California. The seller was undisclosed seller.

July 16, 2021

Acquisitions California Multifamily Western

MWest Holdings Sells Hollywood Tower Apartments in Los Angeles for $20.1M

by Amy Works July 16, 2021

LOS ANGELES — MWest Holdings has completed the sale of Hollywood Tower, a landmark multifamily asset located in Los Angeles’ Hollywood neighborhood. A family partnership acquired the property for $20.1 million, or $386,538 per unit. Built in 1929 and extensively renovated in 2010, the eight-story Hollywood Tower features 51 apartment units in a mix of studio, one- and two-bedroom layouts with vintage French Norman architectural details and modern fixtures and finishes. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

July 16, 2021

Affordable Housing Loans Multifamily Texas

Colliers Provides $5.8M Agency Refinancing for Metro Houston Affordable Housing Property

by Taylor Williams July 16, 2021

CONROE, TEXAS — Colliers Mortgage has provided a $5.8 million Fannie Mae loan for the refinancing of Bellshire Apartments, a 311-unit affordable housing property located in the northern Houston suburb of Conroe. The community was originally built between 1974 and 1978 and renovated between 2017 and 2019. Colliers Mortgage originated the 10-year loan on behalf of the borrower, an entity doing business as Merced-Bellshire LLC.

July 16, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $9.8M Loan for Multifamily Property Acquisition in Phoenix

by Amy Works July 16, 2021

PHOENIX — Ready Capital has closed $9.8 million in financing for the acquisition, renovation and stabilization of an 84-unit, Class B apartment community located in the Central Mesa submarket of Phoenix. Upon purchase, the undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors and upgrade the property exteriors and amenities to help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan with a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

July 16, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $22.6M Sale of Multifamily Property in Newton, New Jersey

by Taylor Williams July 16, 2021

NEWTON, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $22.6 million sale of Merriam Gateway Apartments, a 101-unit multifamily building in Newton, about 60 miles west of New York City. The unit mix comprises eight studios, three studios with lofts, 75 one-bedroom apartments and 15 two-bedroom apartments. In addition, the property houses 10,000 square feet of commercial space. Joseph Keenan of Kislak represented the seller, an entity doing business as Merriam Gateway Apartments Inc., in the transaction. Justin Lupo, also with Kislak, procured the buyer, an affiliate of Blue Diamond Equities LLC. The property, which has since been rebranded as The Cobbler Lofts, was roughly 95 percent occupied at the time of sale.

July 16, 2021

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