Multifamily

JB Partners Buys Cabana on Washington Apartments in Phoenix for $45.3M

by Amy Works February 3, 2021

PHOENIX — JB Partners has purchased Cabana on Washington, a transit-oriented apartment complex located in Phoenix, from Greenlight Communities for $45.3 million, or $200,442 per unit. The purpose-built, “attainable housing” property features 226 apartments, with units averaging 603 square feet. The location is within walking distance of the Valley Metro light rail, which offers access to Phoenix Sky Harbor Airport, downtown Phoenix, North Tempe and Arizona State University. Situated on six acres, the property was built in 2020. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

February 3, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Brokers Sale of 140-Unit Apartment Building in Hackensack, New Jersey

by Taylor Williams February 3, 2021

HACKENSACK, N.J. — The Kislak Company Inc. has brokered the $3.3 million sale of The Overlook, a 140-unit apartment building in the Northern New Jersey community of Hackensack. The property offers one- and two-bedroom units, most of which have private patios and garages. Daniel Lanni of Kislak represented the undisclosed seller in the transaction. The newly constructed building was fully occupied at the time of sale.

February 3, 2021

Development Hawaii Maryland Mixed-Use Multifamily Nevada Southeast Texas Top Stories Western

Howard Hughes Corp. to Add 2 MSF of New Development Across Four Master-Planned Communities

by Kristin Harlow February 3, 2021

HOUSTON — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to add approximately 2 million square feet of new development across four of its master-planned communities in Las Vegas; Cypress, Texas; Columbia, Md.; and Honolulu. At Summerlin, which is located along the western rim of the Las Vegas valley, Howard Hughes has planned 1700 Pavilion, a 10-story office building. The Class A property will span 267,413 square feet and offer views of the entire valley. Additionally, the company will build Tanager Echo, the second phase of the Tanager luxury apartments. The 295-unit apartment complex will be situated on nearly three acres. Touchless entry and enhanced air filtration will be featured throughout both projects, which will be built simultaneously. Construction is expected to begin in the second quarter with completion slated for late 2022. At Bridgeland in Cypress, Texas, Howard Hughes has started construction of Starling at Bridgeland. The 358-unit apartment project is the first multifamily development to be built in Bridgeland Central, the 900-acre future town center. Starling at Bridgeland will incorporate extensive fitness features and will be located within walking distance of Josey Lake. Completion is slated for summer 2022. Howard Hughes is set to break ground this …

February 3, 2021

Acquisitions Mississippi Multifamily Southeast

Carter Multifamily Acquires Apartment Community Near Jackson, Mississippi for $26.6M

by John Nelson February 2, 2021

RIDGELAND, MISS. — Carter Multifamily has acquired The Gables, a 168-unit apartment community in suburban Jackson, for approximately $26.6 million. The property is located just north of downtown Jackson and approximately two miles off Interstate 55 in the suburb of Ridgeland. The seller was not disclosed. The Gables features one-, two- and three-bedroom floorplan options. Community amenities include a resort-style pool and spa, gated entry, detached garages, outdoor grilling areas, fitness center and an onsite laundry facility. The buyer intends to enchance the community’s amenity package and complete interior and exterior upgrades. Carter Multifamily is private, value-add multifamily investment firm based in Tampa.

February 2, 2021

Acquisitions Florida Loans Lument Multifamily Southeast

Lument Provides $22M Acquisition Loan for Daytona Beach Apartment Community

by John Nelson February 2, 2021

DAYTONA BEACH, FLA. — Lument has provided a $22 million Fannie Mae acquisition loan for a multifamily community in Daytona Beach. The 288-unit property, The Park at Via Roma, was acquired by an unnamed sponsor that has a multifamily portfolio of approximately 2,800 units located throughout the Southeast. Trey Palmedo of Lument’s Nashville office originated the 10-year loan, which features a 30-year amortization schedule, 75 percent loan-to-value (LTV) ratio and five years of interest-only payments. The Park at Via Roma has 56 studio units, 56 one-bedroom units, 96 two-bedroom units and 80 three-bedroom units across 29 buildings. Common amenities include two swimming pools, tennis courts, a fitness center, clubhouse and onsite laundry. The community was originally built in 1974 and was renovated in 2017.

February 2, 2021

Affordable Housing Illinois Loans Midwest Multifamily

UnitedHealth Group Provides $15.4M for Construction of Mixed-Income Housing Project in Chicago

by Kristin Harlow February 2, 2021

CHICAGO — UnitedHealth Group has provided $15.4 million in construction financing for 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. Of the apartment building’s 53 units, 68 percent will be designated as affordable for households earning up to 80 percent of the area median income. The remaining 32 percent of units will be market-rate. Twenty of the units will receive public housing subsidies, enabling residents to pay income-based rent equal to 30 percent of their adjusted gross incomes. Amenities will include a resident lounge, fitness center, dog wash and bike storage. The four-story development will also include 3,500 square feet of ground-floor retail space. National Affordable Housing Trust and The Community Builders Inc. (TCB) are the developers. TCB will also provide onsite resident services, such as workforce development, youth development and health and wellness. Construction is underway with completion slated for the first quarter of 2022.

February 2, 2021

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Originates $11M HUD-Insured Loan for Refinancing of Seniors Housing Property Near Minneapolis

by Kristin Harlow February 2, 2021

BLOOMINGTON, MINN. — Colliers Mortgage has originated an $11 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington on Lyndale. The 96-unit seniors housing property is located in Bloomington, just south of Minneapolis. The loan, which is fully amortized over 36 years, lowered the interest rate and provided substantial annual savings, according to Colliers.

February 2, 2021

Acquisitions Colorado Multifamily Western

Summit Communities Acquires Boulder Crossroads Multifamily Community in Denver for $55.5M

by Amy Works February 2, 2021

DENVER — Summit Communities has purchased Boulder Crossroads Apartments, a multifamily property in Denver, for $55.5 million, or $172,360 per unit. The name of the seller was not released. Built in 1970 at 7500 Dakin St., Boulder Crossroads offers 322 apartments. The buyer plans to execute a strategic value-add renovation program at the property, which was lightly renovated prior to sale. Bill Morkes and Craig Stack of Colliers International represented the seller and procured the buyer.

February 2, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $46.7M Sale of Grove Deer Valley Apartments in Phoenix to Private Buyer

by Amy Works February 2, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Grove Deer Valley, a multifamily property located in Phoenix. A private buyer acquired the community from a partnership between RedHill Realty Investors and Shelter Asset Management for $46.7 million, or $224,759 per unit. Built in 1996 on nine acres, The Grove Deer Valley features 208 apartments in a mix of one-, two- and three-bedroom layouts. All units offer full-size washers/dryers, walk-in closets and private patios or balconies with extra outside storage. Community amenities include controlled access gated entry, a fitness center, resort-inspired swimming pool, entertainment area with gas barbecue grills and fire pit, a locker system for packages and community dog park. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 2, 2021

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Brokers $43.4M Sale of Multifamily Portfolio in Bristol, Connecticut

by Taylor Williams February 2, 2021

BRISTOL, CONN. — Connecticut-based Chozick Realty has brokered the $43.4 million sale of a 12-building, 496-unit multifamily portfolio in Bristol. The properties were built in the 1960s and 1970s and range in size from 12 to 60 units. Steve Pappas of Chozick Realty represented the seller, Harvest Properties, in the transaction. Pappas also procured a New York-based owner-operator, which will implement a value-add program, as the buyer.

February 2, 2021

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