Multifamily

CBRE Negotiates $95.5M Sale of Strata Apartments in Malden, Massachusetts

by Taylor Williams February 8, 2021

MALDEN, MASS. — CBRE has negotiated the $95.5 million sale of Strata, a 295-unit apartment community located in the northern Boston suburb of Malden. The sales price equates to approximately $324,000 per unit. The property, which was 100 percent occupied at the time of sale, is situated on 8.4 acres and offers one-, two- and three-bedroom units with an average size of 892 square feet. Amenities include a pool, outdoor grilling areas and fire pits and a fitness center. Simon Butler, Biria St. John and John McLaughlin of CBRE the seller, Boston-based Taurus Investment Holdings, and procured the buyer, an affiliate of The Green Cities Company of Portland, Oregon.

February 8, 2021

Development Healthcare Life Sciences Loans Massachusetts Multifamily Northeast Office

Joint Venture to Develop 194,000 SF Life Sciences Facility, 450-Unit Apartment Building in Boston

by Taylor Williams February 8, 2021

BOSTON — A joint venture between affiliates of Magellan Development Group, RAS Development, Cypress Equity Investments and USAA Real Estate will develop a 194,000-square-foot life sciences facility and a 450-unit apartment building in the Somerville area of Boston. The development represents the first phase of the master plan for the revitalization of Union Square, a project that will ultimately span 2.4 million square feet of commercial and residential space. The project also includes the addition of an MBTA Green Line station. Daniel Kaufman, Frederic Wittmann and Brett Paulsrud of JLL arranged construction financing through Bank OZK for both the life sciences and the multifamily components of the project.

February 8, 2021

Loans Massachusetts Multifamily Northeast

Berkadia Provides $17.5M Fannie Mae Loan for Refinancing of Boston Multifamily Portfolio

by Taylor Williams February 8, 2021

BOSTON — Berkadia has provided a $17.5 million Fannie Mae loan for the refinancing of a portfolio of 11 multifamily properties totaling 89 units in Boston. The properties are primarily located in the Dorchester and Mattapan areas on the city’s south side. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 12-year, fixed-rate loan on behalf of the borrower, BT Holland Real Estate.

February 8, 2021

Affordable Housing Development Massachusetts Multifamily Northeast

The Neighborhood Developers Underway on 77-Unit Affordable Housing Project Near Boston

by Taylor Williams February 8, 2021

EVERETT, MASS. — The Neighborhood Developers, a Massachusetts-based nonprofit organization, is underway on construction of an affordable housing project in Everett, a northern suburb of Boston. The project will add 77 units for seniors age 62 and above, as well as a 4,000-square-foot healthcare facility, to the local supply. The project also includes six townhomes that will be listed for sale at below-market prices. A completion date was not disclosed.

February 8, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.5M Sale of Multifamily Portfolio in Chicago’s Lincoln Square

by Kristin Harlow February 8, 2021

CHICAGO — Interra Realty has brokered the $9.5 million sale of a multifamily portfolio in Chicago’s Lincoln Square neighborhood. The portfolio includes: 4621-25 N. Lincoln Ave., a building with 25 apartment units and four ground-floor retail spaces; and 2243-51 W. Eastwood Ave., a 16-unit apartment building. The properties were originally built in the 1920s. The apartment units feature new tile flooring and cabinetry as well as stainless steel appliances. Joe Smazal of Interra represented the seller, a venture of New York-based Pioneer Acquisitions LLC. Smazal also represented the buyer, a venture led by Jeff Weinberg of Chicago-based Drexel Properties. The buyer assumed the existing CMBS financing.

February 8, 2021

Acquisitions California Multifamily Seniors Housing Western

Bayshire Senior Communities Acquires Two Seniors Housing Properties in Southern California

by Amy Works February 8, 2021

CARLSBAD AND RANCHO MIRAGE, CALIF. — Bayshire Senior Communities, a boutique senior living owner and operator, has acquired Brookdale Carlsbad and Brookdale Rancho Mirage, renaming the two communities as Bayshire Carlsbad and Bayshire Rancho Mirage. Both properties are continuing care retirement communities, each featuring 90 independent and assisted living units, 24 memory care units and 45 skilled nursing units. Carlsbad is located north of San Diego, and Rancho Mirage is part of the Inland Empire. Bayshire is an owner-operator headquartered in Escondido, a suburb of San Diego.

February 8, 2021

Acquisitions Colorado Multifamily Western

Praedium Group Purchases Transit-Oriented Gateway Arvada Ridge Apartments in Colorado

by Amy Works February 8, 2021

ARVADA, COLO. — New York-based The Praedium Group has purchased Gateway Arvada Ridge, a multifamily property in Arvada, a suburb of Denver. Terms of the transaction were not released. Constructed in 2019, the four-story Gateway Arvada Ridge features 296 apartments located along air-conditioned interior corridors. Units offer quartz countertops, stainless steel appliances, large kitchen islands, walk-in closets and floor-to-ceiling windows. Community amenities include a swimming pool and spa; a two-story clubhouse with game room and billiards; fitness center with spin studio; pet park and spa; community grilling areas; and a bike wash/repair shop. Additionally, the property features 534 parking spaces, including 12 direct-access garages, 12 carriage building garages, 75 breezeway garages, 48 detached satellite garages, 47 carports and 340 open spaces.

February 8, 2021

Acquisitions Arizona Multifamily Western

Berkadia Brokers $23M Sale of The Madison Multifamily Property in Downtown Mesa, Arizona

by Amy Works February 8, 2021

MESA, ARIZ. — Berkadia has arranged the sale of The Madison, a garden-style apartment community located in Mesa. Southern California-based Westgrove Partners sold the asset to an undisclosed buyer for $23 million. Located at 520 N. Mesa Drive, The Madison features 96 apartments in a mix of two-, three- and four-bedroom floor plans with oversized private patios or balconies and washers/dryers. Community amenities include a fully renovated clubhouse/leasing center, swimming pool, laundry facility, covered parking and an outdoor area with grilling stations. Dan Cheyne, Ric Holway and Mark Forrestor of Berkadia’s Phoenix office represented the seller in the deal.

February 8, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

Livingston Street Capital Buys King City Senior Village Independent Living Property Near Portland

by Amy Works February 8, 2021

KING CITY, ORE. — An affiliate of Livingston Street Capital has acquired King City Senior Village, an independent living community in the Portland suburb of King City. This is the first West Coast addition to the firm’s active adult and independent living portfolio. The property was recently renovated. The number of units and other details were not disclosed. “We’re focused on identifying core, core-plus and light value-add communities throughout the country that facilitate the lifestyles today’s 55+ residents desire, based on our expertise in the active adult and independent living sectors,” says Peter Scola, founder and co-CEO of Livingston Street Capital. “King City Senior Village is well aligned with this strategy, due to its appealing location and established emphasis on providing a range of wellness-minded activities and engaging social programs. “King City was originally established as an age-restricted community in the 1960s and maintained its reputation throughout the years as an ideal location for retirement. The property is situated in the picturesque Pacific Northwest, just 10 miles from downtown Portland, providing exceptional suburban living with easy access to the city.” Located near several convenient retail amenities and the communities of Tigard, Beaverton and Portland, King City Senior Village consists of …

February 8, 2021

District of Columbia Market Reports Multifamily Southeast Southeast Market Reports

D.C.’s Multifamily Market is Poised for a Quicker Than Average Bounce Back in 2021

by John Nelson February 8, 2021

Like many other markets across the country, the Washington, D.C., multifamily market was hit hard by the COVID-19 pandemic. Vacancy is up and asking rents are down. However, Washington’s unique renter class, made up heavily of students and young professionals, and the region’s main economic drivers will fuel a quick post-COVID-19 recovery. As we close out 2020, multifamily investors have reason to remain confident in a quick bounceback in 2021. Once the virus hit, many offices switched to a remote work environment, and many of the local universities switched to remote learning. We know that this fueled an exodus of renters from the city to their parents’ basements, to greener pastures in the suburbs or to areas with a lower cost of living. At one of our market-rate listings in a core neighborhood of Northwest D.C., property managers reported an immediate 10-basis-point increase in vacancies the day that George Washington University closed its campus for the fall 2020 semester. Entering the fourth quarter, the Washington MSA recorded the highest vacancy rate on record, breaking 6 percent for the first time, according to research from CoStar Group. Average asking rents are down approximately 3 percent this year, and the pain is …

February 8, 2021

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