Multifamily

Raintree Partners Acquires Five Multifamily Properties in Southern California for $142M

by Amy Works November 30, 2020

ORANGE COUNTY, CALIF. — Orange County-based Raintree Partners has purchased a portfolio of five multifamily communities in Southern California from a private seller for $142 million. Totaling 551 units, the properties are located in four submarkets: Glendale, Hollywood and Canoga Park in Los Angeles County, and Camarillo in Ventura County. Raintree plans to implement a value-add renovation plan across the four Los Angeles County properties, which will include intensive upgrades to exteriors, amenity areas and unit interiors. Additionally, the firm plans to complete a light refresh at the Camarillo asset. The portfolio includes: Mountain View Apartments, a 106-unit community at 659 Las Posas Road in Camarillo Imperial Manor Remmet & Strathern Apartments, a 64-unit property located at 8101-811 Remmet Ave. and 21601-21609 Strathern St. in Canoga Park Perigee Apartments, a 200-unit asset located at 21041 Parthenia St. in Canoga Park Imperial Crest Apartments, a 44-unit complex at 1120-1124 Thompson Ave. in Glendale Canyon Drive Manor Apartments, a 137-unit community located at 1738 N. Canyon Drive in Hollywood Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal. Greg Reed and Kristen Croxton of Capital One arranged financing, which Fannie Mae provided.

November 30, 2020

Acquisitions California Multifamily Western

Advanced Real Estate Purchases Solare Apartment Complex in Santa Ana for $64M

by Amy Works November 30, 2020

SANTA ANA, CALIF. — Advanced Real Estate Services has acquired a multifamily property in Santa Ana for $64 million with the buyer assuming an existing loan of approximately $37 million. Formerly called Solare, the property will be rebranded as River House. Situated next to the Santa Ana River and Riverview Golf Course, the community features 240 apartments, two swimming pools, a fitness center and a playground. Individual units offer fireplaces, balconies and central air conditioning. The property was built in 1987. Advanced plans to implement a $10 million renovation project at the property. The plans include new windows, roofs, wood siding repair, a modern paint scheme and landscaping. Additionally, the company plans to upgrade the unit interiors with new flooring, cabinets, counters, fixtures and paint. Tyler Leeson of Marcus & Millichap and Stewart Weston of CBRE brokered the transaction. The name of the seller was not released.

November 30, 2020

Acquisitions California Multifamily Western

Sares Regis Group Buys 111-Unit Multifamily Community in San Mateo

by Amy Works November 30, 2020

SAN MATEO, CALIF. — Sares Regis Group of Northern California (SRGNC) has acquired Mode, an apartment property located at 2089 Pacific Blvd. in San Mateo. Land and Houses sold the property for an undisclosed price. Totaling 108,700 square feet, the two-building community features 111 apartments, a dog run, fitness center, yoga studio, resident clubhouse with kitchen, business center, two outdoor courtyards with barbecue and picnic areas, resident storage with bicycle space, solar roofing, a leasing center and 219 parking spaces. SRGNC has received conditional approval to convert eight of the current two-bedroom units into 16 studios in conjunction with improvements to apartment interiors and common areas. The conversion will increase the total number of apartments to 119, with 12 designated as affordable, in a mix of studio, one-, two- and three-bedroom layouts. Construction on the new studio units is slated to begin during the first quarter of 2021. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of Institutional Property Advisors represented the seller, while SRGNC was self-represented in the deal. Jesse Weber of CBRE’s Northern California Multifamily Debt & Structured Finance team arranged debt for the buyer.

November 30, 2020

Acquisitions Multifamily South Carolina Southeast

Berkadia Negotiates $33.3M Sale of Multifamily Community in North Charleston

by Alex Tostado November 25, 2020

NORTH CHARLESTON, S.C. — Berkadia has negotiated the $33.3 million sale of Palmetto Creek Townhomes, a 260-unit multifamily community in North Charleston. The property offers one-, two- and three-bedroom floor plans, 75 percent of which were recently renovated. According to Apartments.com, rents range from $1,000 per month to $1,175. Communal amenities include a pool, fitness center, playground and a grilling area. Palmetto Creek is situated at 3311 Mountainbrook Ave., 16 miles northwest of downtown Charleston. Mark Boyce and Blake Coffey of Berkadia represented the seller, Dallas-based Lurin Capital, in the transaction. Washington, D.C.-based Brick Lane acquired the asset.

November 25, 2020

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $77.1M Bond Financing for Seniors Housing Expansion in Dallas

by Taylor Williams November 25, 2020

DALLAS — Ziegler has arranged $77.1 million of bond financing for Presbyterian Village North, a continuing care retirement community in North Dallas. The proceeds of the bonds will finance an expansion project that will add 112 new independent living units in a five-story building named The Hawthorne. The community sits on a 66-acre campus and currently consists of 89 buildings with 253 independent living units, 101 assisted living units, 44 memory care units and a health center operating 106 skilled nursing beds. Of the 97 units being marketed, 72 percent are already pre-sold. The project also includes renovations to the community’s existing common areas.

November 25, 2020

Acquisitions Multifamily Texas

Colliers Negotiates Sale of 230-Unit Ridge at Trinity Apartments in Southeast Dallas

by Taylor Williams November 25, 2020

DALLAS — Colliers International has negotiated the sale of Ridge at Trinity Apartments, a 230-unit affordable housing community in southeast Dallas. The property, which consists of 19 buildings on 17.4 acres, was built in 1970 and renovated between 2015 and 2019. Amenities include a leasing office, onsite laundry facilities and open green spaces with playgrounds. Mark Allen and Courtland Charles of Colliers represented the seller, affordable housing owner-operator Hope Housing, in the transaction. The buyer and sales price were not disclosed.

November 25, 2020

Iowa Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides Three HUD Loans Totaling $18.8M for Age-Restricted Properties in Iowa, Minnesota

by Kristin Harlow November 25, 2020

CEDAR FALLS AND MARSHALLTOWN, IOWA, AND AUSTIN, MINN. — Colliers Mortgage has provided three HUD 223(a)(7) loans totaling $18.8 million for the refinancing of three age-restricted multifamily properties in Iowa and Minnesota. The properties, totaling 162 units, include Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. The market-rate communities are restricted to residents age 62 and older. The refinancing enabled the undisclosed borrowers to reduce the interest rates and mortgage insurance premiums on the loans, creating substantial annual savings, according to Colliers.

November 25, 2020

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $10.4M Bridge Loan for Skilled Nursing Facility in Boonville, New York

by Taylor Williams November 25, 2020

BOONVILLE, N.Y. — Greystone has provided a $10.4 million bridge loan for the refinancing of Sunset Nursing & Rehabilitation Center, a 120-bed skilled nursing facility in Boonville, about 70 miles northwest of Syracuse. The property was built in phases between 1964 and 1985 and renovated in 2008. Fred Levine of Greystone originated the loan on behalf of the borrowers, Sunset PropCo LLC and Sunset Operating LLC.

November 25, 2020

Development Massachusetts Multifamily Northeast Seniors Housing

Partnership Breaks Ground on 42-Unit Seniors Housing Project in East Boston

by Taylor Williams November 25, 2020

BOSTON — A partnership between East Boston Community Development Corp. (EBCDC) and Affirmative Investments has broken ground on Grace Apartments, a 42-unit affordable seniors housing development in East Boston. Designed by locally based architecture firm DiMella Shaffer, Grace Apartments will feature one- and two-bedroom units ranging from 496 to 722 square feet. Completion is scheduled for spring 2022.

November 25, 2020

Acquisitions Arizona Loans Multifamily Western

Berkadia Negotiates $49.2M Sale of Raven Multifamily Property in Phoenix

by Amy Works November 25, 2020

PHOENIX — Berkadia has arranged the sale of Raven, a garden-style multifamily property located in Phoenix. A private Arizona investor sold the asset for $49.2 million. Located at 3606 E. Baseline Road, Raven features 192 apartments in a mix of one-, two- and three-bedroom layouts offering full-size washers/dryers, nine-foot ceilings, spacious closets and private patios or balconies. Completed in 2001, the property also includes a swimming pool and 24-hour fitness center. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office represented the seller, and the Berkadia team secured acquisition financing through Freddie Mac for the undisclosed buyer.

November 25, 2020

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