SAN DIEGO — ACI Apartments has arranged the sale of a 38,576-square-foot multifamily complex located in San Diego’s North Park neighborhood. KA Enterprises acquired the community from Arcadia Six LLC for $13.8 million. Situated on a 24,393-square-foot lot at 4602 Kansas St., the property features 47 apartments in a mix of 18 one-bedroom/one-bath, three two-bedroom/one-bath and 26 two-bedroom/two-bath units. Additionally, the community features gated access, a swimming pool, off-street parking and carports. Anton Burman of ACI Apartments represented the buyer, while David Andrews of ACRE represented the seller in the deal. Eugene Marini provided acquisition and asset management. Annemarie Lococo of Chicago Title served as the escrow officer for the transaction.
SEATTLE — Taylor Street Capital Partners (TSCP) has secured a total of $5 million in refinancing for two multifamily properties in Seattle. In the first transaction, TSCP arranged a $3.5 million cash-out Freddie Mac refinancing for undisclosed owners of a 23-unit multifamily asset in downtown Seattle. The firm negotiated the loan on the behalf of out-of-state clients looking to withdraw equity for capital improvements and asset appreciation. In the second transaction, TSCP arranged a $1.5 million cash-out Freddie Mac refinancing for the out-of-state owners of a 12-unit multifamily asset in downtown Seattle. The firm negotiated the loan for the owners who are looking to withdraw equity for capital improvements and asset appreciation.
STRATFORD, CONN. — CBRE has negotiated the sale of Avalon Stratford, a 130-unit apartment community in Stratford, located in the southern part of the state. The property was built in 2014 and offers amenities such as a pool, fitness center, outdoor grilling areas and a playground. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Stuart MacKenzie of CBRE represented the owner, AvalonBay Communities, in the transaction. The team also procured Pennsylvania-based Merion Realty Partners as the buyer.
SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years. Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy (WHC) to preserve and create up to 1,300 affordable units at the Crystal House multifamily property in Arlington. WHC purchased Crystal House recently using Amazon’s capital. Rents at the property will be significantly lowered to target households earning less than 80 percent of the area median income (AMI). The conversion of existing apartments to affordable units began on Jan. 1 and will continue over the next five years. A 99-year covenant ensures that Crystal House will remain affordable for the long term. Arlington County has lost approximately 14,400 privately owned, affordably priced housing units since 2000, according to the county’s government. In addition, the Seattle-based online retail giant has committed $185.5 million in below-market loans and grants to King County Housing Authority (KCHA) to preserve up …
The impact of COVID-19 on the multifamily sector may not have been as severe as its effect on the retail or office asset classes, but there are still many ways that those professionals active in the multifamily space adapted to pandemic-driven changes. Some of these adjustments, such as virtual apartment tours, are likely permanent. Here are four pandemic-related trends expected to influence the multifamily sector in 2021, according to a roundup of Midwest-based real estate experts. Incorporating biophilic design With the COVID-19 pandemic encouraging Americans to stay outdoors for gatherings in effort to reduce transmission of the virus, there is a greater emphasis on the outdoors and nature. Expect multifamily developers to focus more on bringing the outdoors in via building designs, floor plans and amenities. Large outdoor terraces and rooftop amenity areas are becoming increasingly prevalent in new projects, particularly those in urban environments. At Optima Lakeview, a Chicago-area multifamily project currently under construction, developer Optima Inc. incorporated a landscaped interior atrium that will run through the building’s core and bring in natural light. “Green spaces not only improve the air quality for our residents but also those living near our buildings because vertical gardens filter pollutants and carbon …
SAN ANTONIO — Walker & Dunlop has brokered the sale of Collection at Overlook, a 411-unit multifamily community in San Antonio. The garden-style property was built on 16 acres in 1984 and consists of 31 two- and three-story buildings. Amenities include a pool, resident clubhouse, business center and a fitness center. Forest Bass and Matt Pohl of Walker & Dunlop represented the buyer and seller, both of which requested anonymity, in the transaction. Tom Toland and Matt Newton of Walker & Dunlop secured acquisition financing for the deal through Freddie Mac’s Multifamily Green Advantage program. The loan was structured with a 10-year term and five years of interest-only payments. The new ownership will implement a value-add program to upgrade units and meet Freddie Mac’s energy saving requirements.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Trinity at Left Bank, a 337-unit apartment community in Fort Worth. Built in 2019, the property features one- and two-bedroom units with an average size of 835 square feet. Amenities include a pool, clubroom, business center, rooftop terrace, package locker system and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Austin-based Endeavor Real Estate Group, in the transaction. The team also procured the buyer, Virginia-based Weinstein Properties.
WHITE SETTLEMENT, TEXAS — Dallas-based Darwin German Real Estate Investments has acquired Oak View Apartments, a 270-unit multifamily property in White Settlement, a western suburb of Fort Worth. The community was built on 2.3 acres in 2018 and was 93 percent occupied at the time of sale. Oak View features one- and two-bedroom units and amenities such as a pool and a fitness center. Darwin German purchased the asset from the locally based developer for an undisclosed price.
LOS ANGELES — In a 50-50 joint venture, Lendlease and Aware Super, an Australian superannuation fund, have acquired a 3.5-acre, transit-oriented, mixed-use development site at 3401 S. La Cienega Blvd. in Los Angeles. La Cienega Properties sold the 156,380-square-foot site for $92 million. The team plans to develop a 500,000-square-foot mid-rise project offering 260 multifamily residential units, 250,000 square feet of creative office space and ground-floor retail space. The site offers transit access to the beach and downtown Los Angeles, as well as the Exposition Corridor Bike Path. Lendlease aims to submit an application to the City of Los Angeles this year and plans to commence development in 2023, with completion slated for 2025. The site currently houses 1,144 self-storage units, totaling 86,897 rentable square feet, which will provide a steady in-place income stream for the partnership during the development planning. Upon completion, the project, which is the partnership’s first Los Angeles development, will have an estimated value of $600 million. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the deal.
WILTON, CONN. — CBRE has brokered the $34.7 million sale of Avalon Wilton on Danbury Road, a multifamily asset in Wilton, located in the southern part of the state. Built in 2011, the Class A property features 100 units with granite countertops and stainless steel appliances. Amenities include a pool, fitness center, outdoor grilling stations and a playground. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie of CBRE represented the seller, AvalonBay Communities, in the transaction. The team also procured Clarion Partners as the buyer.