Multifamily

Kiser Group Arranges $3.5M Condo Deconversion Sale in Chicago’s Rogers Park

by Kristin Harlow December 1, 2020

CHICAGO — Kiser Group has arranged the deconversion sale of a 28-unit multifamily building in Chicago’s Rogers Park neighborhood for $3.5 million. The property is located at 1319-27 W. Sherwin Ave. The three-story building was originally constructed as apartments in 1962. It was converted to condos after trading hands in 2008. Andy Friedman, Jake Parker, Danny Logarakis and Rick Ofman of Kiser represented the buyer, a private investor. The 1319 West Sherwin Condominium Association was the seller. The buyer plans to update finishes and convert the units back into apartments. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner. “Like many condo deconversions, this building had a bulk owner,” says Parker. “We negotiated an offer that worked for everyone, which translated to overwhelming association support for the sale.” A bulk owner means that one entity owns several units and treats them like a multifamily rental property.

December 1, 2020

Arizona Development Multifamily Western

Related Group Selects McShane to Construct 286-Unit The Manor Scottsdale Apartments in Arizona

by Amy Works December 1, 2020

SCOTTSDALE, ARIZ. — The Related Group has selected McShane Construction Co. to build The Manor Scottsdale, an apartment community located on 6.5 acres in Scottsdale. Totaling 286 units, the property will feature three-, four- and five-story wood-frame buildings with units in studio, one-, two- and three-bedroom layouts. Thirty-two units will be penthouse apartments and 19 units will offer mountain views. Additionally, 24 of the units will be kosher apartments. Community amenities will include a poker/card room, arcade, fitness center, spinning/yoga room, golf simulator, salt sauna, wellness room, grotto room, lounge, pool, spa, barbecue areas, tot lot and open-air courtyards. Humphreys & Partners Architects is architect of record. Completion is slated for December 2022.

December 1, 2020

California Development Multifamily Western

Cityview Breaks Ground on 123-Unit Mixed-Use Community in Mid-City Los Angeles

by Amy Works December 1, 2020

LOS ANGELES — Cityview, a multifamily investment management and development firm, has started construction of 5935 Pico, a mixed-use community adjacent to the Carthay Square neighborhood in Mid-City Los Angeles. Slated for completion in fourth-quarter 2022, the seven-story property will feature 123 multifamily units including 13 affordable apartments, 3,340 square feet of retail space and two levels of subterranean parking. The community will offer 27 studio, 75 one-bedroom and 21 two-bedroom floor plans, all featuring stainless steel appliances, Nest thermostats, vinyl flooring, quartz countertops and in-unit washers/dryers. Community amenities will include a rooftop pool and spa, barbecue areas, dog lawn, tables with firepits, screening projector, outdoor fitness lawn, fitness center, leasing office, club room, lobby and mail room. Cityview purchased the site, which previously housed a shopping center, from AMREAL 5935 Pico Investors LLC in January 2019. The development team includes WPIC Construction, Togawa Smith Martin, Nadia Geller Designs and Labib Funk + Associates.

December 1, 2020

Acquisitions Multifamily Washington Western

Sack Properties Acquires 114-Unit Chateau Woods Apartments Near Seattle

by Amy Works December 1, 2020

WOODINVILLE, WASH. — Sack Properties has purchased Chateau Woods, a 114-unit multifamily property located in Woodinville, approximately 20 miles northeast of Seattle. BPM Real Estate Group sold the asset for $45.7 million, or $401,316 per unit. Built in 2008, Chateau Woods features 59 one-bedroom units and 55 two-bedroom units, with an average unit size of 978 square feet and 36 percent of the units include a den. The elevator-served property features a resident clubhouse, 24-hour fitness center, bike storage and outdoor courtyards with dining and barbecue areas. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Pacific Northwest Institutional Property Advisors represented the buyer. Charles Halladay, Peter Smyslowski, Chris Gandy and Matt Cimino of JLL Capital Markets arranged financing for the buyer.

December 1, 2020

Acquisitions Georgia Multifamily Southeast

Fogelman, Thackeray Purchase 255-Unit Apartment Complex in Savannah

by Alex Tostado November 30, 2020

SAVANNAH, GA. — A joint venture between Fogelman Properties and Thackeray Partners has purchased Legends of Chatham, a 255-unit apartment complex in Savannah, for $39.5 million. The property offers one-, two- and three-bedroom floor plans, which were 90 percent occupied at the time of sale. Rents at the community range from $1,035 per month to $1,475. The buyers expect to upgrade unit interiors, the clubhouse, fitness center and landscaping, as well as redesign the pool area. Developed in 2015, Legends of Chatham is situated at 1426 Chatham Parkway, six miles southwest of downtown Savannah. Mark Boyce, Blake Coffey, Andrew Mays and Paul Vetter of Berkadia represented the seller, Georgia-based United Residential Properties LLC, in the transaction. John Bray of Berkadia arranged acquisition financing on behalf of the buyers through an undisclosed lender.

November 30, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 53-Unit Apartment Complex in Northeast Dallas

by Taylor Williams November 30, 2020

DALLAS — Marcus & Millichap has arranged the sale of Village Oaks, a 53-unit apartment complex that is situated on 3.5 acres at 9920 Forest Lane in northeast Dallas. Nick Fluellen, Bard Hoover and Joey Murry of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio also secured the buyer, an individual/private trust.

November 30, 2020

Development Multifamily New York Northeast Seniors Housing

Racanelli Construction Completes $12.6M Seniors Housing Project on Long Island

by Taylor Williams November 30, 2020

CORAM, N.Y. — Racanelli Construction Co. has completed construction of All American Assisted Living at Coram, a $12.6 million seniors housing project located in the Long Island hamlet of Coram. Kaplan Development Group owns the 58,000-square-foot property, which offers assisted living, memory care and respite care services. Engelbrecht & Griffin Architects designed the project. The number of units was not disclosed.

November 30, 2020

Development Hospitality Illinois Midwest Multifamily

Magellan Development Group Rebrands Vista Tower Project as St. Regis Chicago

by Kristin Harlow November 30, 2020

CHICAGO — Magellan Development Group LLC has rebranded its 101-story project, previously known as Vista Tower, into The St. Regis Chicago. Magellan has partnered with St. Regis Hotels & Resorts and The Alinea Group. The project features both hospitality and condominium space. The 191-room hotel will feature several dining options, including a fine dining restaurant, a restaurant and lounge overlooking the Chicago River and a sky bar with outdoor terrace. Amenities include an indoor pool, spa, fitness room, ballroom and meeting rooms. The condominiums will be named The Residences at The St. Regis Chicago. Residents of the 393 condominiums will have access to a resident-only amenity floor. Located on the 47th floor, this space will feature a sky terrace with outdoor pool, lounge, demonstration kitchen, fitness center, conference center, golf lounge and children’s activity room. Designed by Jeanne Gang of Studio Gang, the 101-story tower is the third-tallest building in Chicago. Residents will begin to take occupancy in December with full completion slated for the third quarter of 2021. Condos are priced from $1 million to $18.5 million.

November 30, 2020

Loans Midwest Missouri Multifamily

Berkadia Provides $20.5M Refinancing for Multifamily Property in Kansas City

by Kristin Harlow November 30, 2020

KANSAS CITY, MO. — Berkadia has provided a $20.5 million Fannie Mae loan for the refinancing of Summit Crossing Phase II in Kansas City. The townhome-style multifamily property consists of 204 units across all phases. Amenities include two playgrounds, two pools, a business center, pickleball court, soccer field and fitness center. John Schorgl of Berkadia originated the loan on behalf of the borrower, Missouri-based Worcester Investments. The 10-year loan features a fixed interest rate with three years of interest-only payments and a 30-year amortization schedule.

November 30, 2020

Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $4.5M in Financing for Workforce Housing Project in Northampton, Massachusetts

by Taylor Williams November 30, 2020

NORTHAMPTON, MASS. — MassHousing has provided $4.5 million in financing for the development of North Commons at Village Hill, a 53-unit workforce housing project that will be located in the Central Massachusetts city of Northampton. The financing consisted of $3.1 million in taxable permanent financing and $1.4 million in financing from the Agency’s Workforce Housing Initiative. The borrower was The Community Builders. The property will feature eight studio units, 19 one-bedroom apartments, 22 two-bedroom residences and four three-bedroom apartments. A construction timeline was not disclosed.

November 30, 2020

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