Multifamily

Kisco Buys 139-Unit Seniors Housing Community in Irvine, California

by Amy Works December 23, 2020

IRVINE, CALIF. — Kisco Senior Living has acquired Atria Park of Woodbridge, a 139-unit seniors housing community in Irvine, approximately 40 miles southeast of downtown Los Angeles. Healthpeak sold the 103,000-square-foot property for an undisclosed price. The seller recently completed a $9 million renovation at the community that converted some assisted living units into a memory care neighborhood. In addition to taking over management duties from Atria Senior Living, Kisco plans to rename the community Woodbridge Terrace of Irvine as part of the results of a resident poll. The executive director will remain in place at the community, and Kisco Senior Living plans to hire two new sales directors to help increase occupancy. “We have a large presence throughout California, and we saw this as an opportunity to expand our footprint in Southern California,” says Andy Kohlberg, CEO of Kisco Senior Living. “We are committed to retaining staff at the community and working with Healthpeak and Atria Senior Living to make this transition as seamless as possible.” Kisco Senior Living owns and operates 20 additional communities in California, North Carolina, Florida, Virginia and Utah.

December 23, 2020

Acquisitions Connecticut Multifamily Northeast

JLL Negotiates $53M Sale of Sheffield SoNo Apartments in Norwalk, Connecticut

by Taylor Williams December 23, 2020

NORWALK, CONN. — JLL has negotiated the $53 million sale of Sheffield SoNo, a 136-unit waterfront apartment community in Norwalk that includes ground-floor office space. Built in 2007, the property features one- and two-bedroom units with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies in select units. Amenities include a heated pool, 24-hour fitness center, outdoor grilling area, resident clubhouse and concierge services. Jose Cruz, Michael Oliver, Steve Simonelli, Michael Oliver, Kevin O’Hearn, Drew Saunders and Nicholas Stefans of JLL represented the seller, a partnership between Avenue Realty Capital and Spirit Investment Partners. The buyer was not disclosed.

December 23, 2020

Development Multifamily New Jersey Northeast

Local Developer to Convert Historic Courthouse in Flemington, New Jersey, into 206-Unit Apartment Building

by Taylor Williams December 23, 2020

FLEMINGTON, N.J. — Local developer Jack Cust will undertake a project in Flemington, about 60 miles west of New York City, that will convert the historic Courthouse Square into a 206-unit multifamily building with 20,000 square feet of retail and restaurant space. The project is part of a larger effort to redevelop and revitalize the town’s business districts and improve walkability via new zoning ordinances and promotion of shovel-ready development sites. Cust will also renovate and expand the Union Hotel, which has been in operation since 1814, with an additional 85 rooms. Redevelopment of Liberty Village, the 162,000-square-foot outlet mall, is also expected to be part of the long-term plan. Global design firm Stantec is currently compiling visual recommendations for the design of the revitalized downtown area. Their conceptual work utilizes stakeholder feedback, and the firm will offer visual recommendations in early 2021. Completion of the separate multifamily redevelopment project is slated for 2022.

December 23, 2020

Washington-Crossing-Woburn-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 205-Unit Washington Crossing Apartments in Woburn, Massachusetts

by Taylor Williams December 23, 2020

WOBURN, MASS. — CBRE has brokered the sale of Washington Crossing, a 205-unit apartment community in Woburn, a northern suburb of Boston. Built in 2003, the property consists of four residential buildings, a clubhouse and multiple freestanding carports. Units average 1,063 square feet, and amenities include a heated pool, fitness center, business center and a theater room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction. The team also procured the buyer, CWMA Baystate LLC.

December 23, 2020

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

Redevelopment Authority Selects Tryko Partners for Seniors Housing Project in Pittsburgh

by Taylor Williams December 23, 2020

PITTSBURGH — The Urban Redevelopment Authority of Pittsburgh has tapped New Jersey-based Tryko Partners to redevelop the former Fairywood School into a 46-unit affordable housing community for seniors age 62 and older. The majority of the units (39) will be reserved for renters earning 60 percent or less of the area median income. The new community will feature one-bedroom units surrounded by walkable green space. A community building will allow residents to take advantage of financial literacy, nutrition and exercise programs, health screenings and other support services. The Pennsylvania Housing Finance Agency provided 9 percent low-income housing tax credits for the project. A construction timeline was not disclosed.

December 23, 2020

Loans Multifamily Southeast Virginia

Berkadia Arranges $75M Refinancing Loan for Multifamily Community in Northern Virginia

by Alex Tostado December 22, 2020

MANASSAS, VA. — Berkadia has arranged a $75 million refinancing loan for Arcadia Run, a 616-unit multifamily community in Manassas. Allianz Real Estate of America provided the 20-year loan, which features a fixed interest rate below 2.5 percent. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and a firepit. The asset is situated at 11775 Boltania Drive, 37 miles southwest of downtown Washington, D.C. Andy Ahlers of Berkadia arranged the loan on behalf of the borrower, California-based Arcadia Run LLC.

December 22, 2020

Acquisitions Affordable Housing Maryland Multifamily Southeast

NHP Foundation Purchases 63-Unit Townhome Property in Suburban Maryland to Preserve as Affordable Housing

by Alex Tostado December 22, 2020

FREDERICK, MD. — The NHP Foundation (NHPF) has purchased Overlook Manor, a 63-unit townhome community in Frederick. The Low-Income Investment Fund, a national nonprofit financial institution, provided a $10 million acquisition loan to the New York City-based buyer. NHPF plans to preserve the property as affordable housing. Units will include new kitchen and bathroom components, HVAC systems, water heaters, windows, lighting fixtures and flooring. NHPF also expects to upgrade the exterior, including installing new roofs, patching the parking lot and expanding the first floors of the three end units to install units in compliance with the American Disability Association (ADA). The renovations are slated to begin in the third quarter of 2021. NHPF will utilize a $20 million loan from several sources, such as HUD, short-term tax-exempt bonds and Low-Income Housing Tax Credits. Originally built in 1985, Overlook Manor is located at 1208 Alban Court, equidistant to Baltimore and Washington, D.C. The seller and sales price were not disclosed.

December 22, 2020

Company News Multifamily Texas

Private Equity Firm Thoma Bravo Acquires Texas-Based RealPage for $10.2B

by Taylor Williams December 22, 2020

CHICAGO AND RICHARDSON, TEXAS — Chicago-based private equity firm Thoma Bravo has acquired RealPage (NASDAQ: RP), the Richardson, Texas-based provider of property management software, in a deal valued at $10.2 billion. The price tag includes the assumption of the debt of RealPage, which was founded in 1998 and serves owners worldwide that have more than 19 million apartments in their combined portfolios. Under the terms of the agreement, RealPage stockholders will receive $88.75 in cash per share of RealPage common stock upon closing of the transaction. The purchase price represents a premium of 30.8 percent over RealPage’s closing stock price of $67.83 on Dec. 18, 2020. The stock price of RealPage opened at $87.65 per share on Tuesday, Dec. 22, up from $53.65 a year ago. According to The Wall Street Journal, software providers have performed well during the pandemic as more companies have pivoted to digital marketing of goods and services. As a technology specialist within the private equity space, Thoma Bravo was drawn to this operational trend. RealPage CEO Steve Winn echoed this notion in an interview with the Journal, saying, “we were able to do quite well during the pandemic because there was a rush by our industry to go …

December 22, 2020

Acquisitions Affordable Housing Multifamily Texas

Steele Properties Buys Affordable Housing Complex in Dallas for $57.7M

by Taylor Williams December 22, 2020

DALLAS — Denver-based Steele Properties, in partnership with the Dallas Housing Finance Corp., has purchased Ridgecrest Terrace Apartments, a 250-unit affordable housing community. The sales price was $57.7 million. The property was built in 1969 on 16.2 acres and features one-, two- and three-bedroom units, as well as a playground and communal activity room. The new ownership will invest approximately $77,000 per unit in capital improvements, including new kitchens, appliances, cabinetry, toilets, flooring and fixtures, as well as mechanical system upgrades. The property’s parking lot, sidewalks, fencing and amenity spaces will also be upgraded.

December 22, 2020

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $8.1M Sale of Multifamily Complex in Maplewood, Minnesota

by Kristin Harlow December 22, 2020

MAPLEWOOD, MINN. — Marcus & Millichap has arranged the $8.1 million sale of Cobblestone Court in Maplewood near Minneapolis. The 74-unit multifamily complex was built in 1968. The three-building property sits on 2.4 acres. Amenities include a pool, picnic area, playground and onsite laundry facilities. Units average 715 square feet. Within the last three years, 42 of the 74 units have received upgrades such as new appliances, countertops and flooring. Evan Miller and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a St. Paul-based property management company. The duo also procured the undisclosed buyer.

December 22, 2020

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