Multifamily

Presidio Bay Ventures Receives $120M in Construction Financing for Ventana Residences Multifamily Project in San Francisco

by Amy Works January 28, 2021

SAN FRANCISCO — Presidio Bay Ventures has received on $120 million in construction financing for the development of Ventana Residences, an apartment community located at 99 Ocean Ave. in San Francisco’s Outer Mission and Excelsior District. The project is a joint venture between Presidio Bay and American Realty Advisors. TDA Investment Group (TDA) and the AFL-CIO Housing Investment Trust (AFL-CIO HIT) provided the construction financing. Ventana Residences will offer 193 family-friendly apartments, with 48 designated as below-market-rate units, in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities will include a fitness center, co-working spaces, on-site childcare facilities, a two-level roof deck and a large-format, public-facing art program. Additionally, the project’s design incorporates sustainable elements including rooftop solar photovoltaic panels, all-electric appliances and individual utility submetering. Utilizing 100 percent union labor, the development of Ventana Residences will create more than 500 prevailing wage jobs and provide 25 percent on-site affordable housing, making the project the largest San Francisco community to be built under the city’s HOME-SF affordable housing development program.

January 28, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

Vendaval Plans 400-Unit Affordable Seniors Housing Community in Moreno Valley, California

by Amy Works January 28, 2021

MORENO VALLEY, CALIF. — Vendaval Corp. has unveiled plans for an affordable housing community for seniors and veterans in Moreno Valley, approximately 65 miles east of downtown Los Angeles. The property is situated on seven acres and will include more than 400 units. A name for the community was not released. Additional facilities will include entertainment venues, restaurants and other amenities totaling 30,000 square feet to support both residents and the surrounding community. The development will be self-sustaining, and programs will be free. Revenues from the apartment rentals and retail shops will cover the cost of providing rental assistance by the Department of Urban and Housing Development (HUD) and other programs. Affordable housing is scarce in California, and in Moreno Valley the average rent for a one-bedroom apartment runs north of $1,600 a month, according to Vendaval.

January 28, 2021

Green-Valley-Town-Center-Apts-Henderson-NV

Development Multifamily Nevada Western

American Nevada Co., Tradewind Properties Break Ground on Green Valley Town Center Apartments in Henderson, Nevada

by Amy Works January 28, 2021

HENDERSON, NEV. — American Nevada Co., in partnership with Tradewind Properties, has broken ground on Green Valley Town Center Apartments, a multifamily community located near the corner of Olympic Avenue and Mountain Vista Street in Henderson. Totaling 258,858 square feet, Green Valley Town Center Apartments will offer 300 units spread across 23 residential buildings in a mix of three-story buildings and carriage homes. Slated for delivery this fall, the community will feature a clubhouse, fitness room, pool, spa, dog park, fire pit lounge, putting green and pickleball court, as well as co-working space for at-home or remote workers. Pier Construction & Development is serving as general contractor for the project. Green Valley Town Center Apartments is the first partnership between American Nevada Co. and Northern Nevada-based Tradewind Properties.

January 28, 2021

Acquisitions Florida Loans Multifamily Southeast

Berkadia Provides $41.4M Acquisition Loan for Apartment Community in Tampa

by John Nelson January 27, 2021

TAMPA, FLA. — Berkadia has provided a $41.4 million loan for the acquisition of Bainbridge Ybor City, a 240-unit apartment community in Tampa’s Ybor City Historic District. Mitch Sinberg and Matthew Robbins of Berkadia’s South Florida mortgage banking team originated the Freddie Mac loan on behalf of the borrower, GMF Capital. Berkadia provided the 10-year, floating-rate loan, which features five years of interest-only payments. Wellington, Fla.-based Bainbridge Cos. developed Bainbridge Ybor City in 2017. The property is located at 1512 E. 12th Ave. in Ybor City, which is the only neighborhood on Florida’s west coast to be designated a National Historic Landmark District. The property features studio, one- and two-bedroom floor plans. Community amenities include a pool and sundeck, 24-hour fitness center, yoga studio and personal training room, clubroom with arcade and catering kitchen, elevator access and secure parking garage and greenways.

January 27, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Greystone Brown Brokers $31.7M Sale of Affordable Housing Property in Marietta, Georgia

by John Nelson January 27, 2021

MARIETTA, GA. — Greystone Brown Real Estate Advisors has brokered the $31.7 million sale of a 257-unit affordable housing property in Marietta. New York City-based Olive Tree Holdings sold the community, known as The Life at Windy Hill. Taylor Brown, Chandler Brown, Cory Caroline Sams, Barden Brown, and Bo Brown of Greystone Brown represented the buyer, San Francisco-based Fillmore Capital Partners, in the transaction. The Life at Windy Hill comprises one-, two-, and three-bedroom apartments averaging 1,379 square feet. It is located on 2751 SE Hammonton Road. The complex is a low-income housing tax credit (LIHTC) property and 40 percent of the units are income-restricted. Monthly rents range $661 to a little over $1,000, according to Apartments.com. Community amenities include a clubhouse, fitness center, business center and laundry facility, as well as a swimming pool and soccer field. The property is located in Cobb County, 19 miles north of downtown Atlanta.

January 27, 2021

Acquisitions Illinois Indiana Midwest Multifamily Nebraska Wisconsin

Newmark Negotiates $100M Sale of Manufactured Housing Community Across Five States

by Kristin Harlow January 27, 2021

ILLINOIS, INDIANA, KENTUCKY, NEBRASKA AND WISCONSIN — Newmark has negotiated the sale of the Midwest MHC Portfolio for $100 million. The portfolio spans 21 manufactured housing communities comprising 2,789 sites throughout Illinois, Indiana, Kentucky, Nebraska and Wisconsin. The portfolio was 83 percent occupied at the time of sale. Andrew Shih and Todd Fletcher of Newmark’s Manufactured Housing Group represented the undisclosed seller. Salt Lake City-based private investment group OZ Impact Funds was the buyer.

January 27, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $4.1M Sale of Multifamily Property in Melrose Park, Illinois

by Kristin Harlow January 27, 2021

MELROSE PARK, ILL. — Kiser Group has brokered the $4.1 million sale of Vinan Apartments in Melrose Park, a western Chicago suburb. The 64-unit multifamily property is located at 2901 Vinan Drive and spans eight buildings. It was fully leased at the time of sale. Matt Halper and Danny Mantis of Kiser represented the buyer and seller, both of which were undisclosed. The property sold for 97.6 percent of the list price, according to Kiser.

January 27, 2021

California Development Multifamily Western

Alliance Residential Opens 403-Unit Broadstone Archive Apartment Community in Santa Ana

by Amy Works January 27, 2021

SANTA ANA, CALIF. — Alliance Residential has completed the development of Broadstone Archive, a multifamily property located 1901 E. Dyer Road in Santa Ana. Broadstone Archive features 403 apartments in a mix of studio, one-, two- and three-bedroom layouts ranging from 598 square feet to 1,470 square feet. All units offer quartz countertops, built-in under-counter wine fridges, in-unit washers/dryers and Samsung stainless steel appliances. The property also features smart technologies including fobless amenity and building entry, keyless unit entry, Nest thermostats, Dwelo smart home technology and Google Fiber. Community amenities include communal and private co-working spaces; a rooftop terrace with fireplace; resident clubroom with full kitchen, multi-level bar lounge, outdoor kitchen and dining space; Crossfit-style fitness center; basketball courts; karaoke studio; and racing simulator. The five-story property is the second of three multifamily communities developed in Park & Paseo, an 18-acre master-planned community that will total 1,221 residential units, 18,000 square feet of retail space and 56,000 square feet of office space at completion. The project team includes Alliance Residential as general contractor, AO as architect, MJS Landscape, Fuscoe Engineering and Bells + Whistles. Greystar will manage the property.

January 27, 2021

Loans Multifamily Seniors Housing Washington Western

NorthMarq Arranges $35M Refinancing for Weatherly Inn Seniors Housing Community Tacoma, Washington

by Amy Works January 27, 2021

TACOMA, WASH. — NorthMarq has arranged a $35 million refinancing for Weatherly Inn, an independent living, assisted living and memory care community in Tacoma. Developed in the mid-1990s, the community is family owned and operated. It features 136 units. Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle office, arranged the Freddie Mac financing with a 10-year term and 30-year amortization.

January 27, 2021

Development Multifamily Texas

Wood Partners Completes 300-Unit Alta Cathedral Lakes Apartments in Metro Houston

by Taylor Williams January 27, 2021

SPRING, TEXAS — Multifamily developer Wood Partners has completed Alta Cathedral Lakes, a 300-unit apartment community in the northern Houston suburb of Spring. Units come in one-, two- and three-bedroom floor plans and feature stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities include a pool, fitness center, business center with coworking spaces and reserve-able conference rooms, dog park and wash, bike storage and an outdoor courtyard with a kitchen. Rents start at $1,070 per month for a one-bedroom unit, according to Apartments.com.

January 27, 2021

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