Multifamily

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

Acquisitions Multifamily Texas

NorthMarq Brokers Sale of 270-Site Manufactured Housing Community in Mission, Texas

by Taylor Williams January 27, 2021

MISSION, TEXAS — NorthMarq has brokered the sale of Circle T RV & Mobile Home Park, a 270-site manufactured housing community located in the Rio Grande Valley city of Mission. Jared Bosch, Don Vedeen and Chris Michl of NorthMarq represented the seller, Boston Road MHP Inc., and the buyer, Lewis RR Properties Ltd., in the transaction. The sales price was not disclosed.

January 27, 2021

Development Multifamily Northeast Pennsylvania

Southern Land to Develop $180M Multifamily Building in Philadelphia

by Taylor Williams January 27, 2021

PHILADELPHIA — Nashville-based Southern Land Co. has acquired land at 1620 Sansom St. in the Rittenhouse neighborhood of Philadelphia for the development of a $180 million multifamily building. The property will rise 28 stories and will feature 306 units and 32,000 square feet of commercial space. Ken Wellar, Corey Lonberger and Mark Duszak of Rittenhouse Realty Advisors brokered the $24.5 million sale of the land.

January 27, 2021

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 294-Unit Apartment Community in New Haven

by Taylor Williams January 27, 2021

NEW HAVEN, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Westville Village Apartments, a 294-unit multifamily community in New Haven. Built on eight acres in 2008, the property offers amenities such as a clubhouse, fitness center, game room and outdoor courtyards. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

January 27, 2021

Loans Multifamily New York Northeast

NorthMarq Provides $44.5M Agency Loan for Refinancing of Queens Multifamily Property

by Taylor Williams January 27, 2021

NEW YORK CITY — NorthMarq has provided a $44.5 million Freddie Mac loan for the refinancing of Briarwood Gardens, a 514-unit multifamily property located in the Jamaica area of Queens. The property was built in the 1950s and offers studio, one- and two-bedroom units, as well as a playground, dog park and onsite laundry facilities. Robert Ranieri of NorthMarq originated the fixed-rate loan. The borrower was not disclosed.

January 27, 2021

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