Multifamily

CBRE Negotiates Sale of 656-Unit Apartment Community on Long Island

by Taylor Williams November 16, 2020

HAUPPAUGE, N.Y. — CBRE has negotiated the sale of Devonshire Hills, a 656-unit apartment community located in the Long Island city of Hauppauge. The community was developed as two separate properties in phases between 1966 and 1969 and combined in 2001. Units feature studio, one-, two- and three-bedroom floor plans, and amenities include two pools, tennis courts and two playgrounds. David Gavin and Eric Apfel of CBRE represented the seller, Bainbridge Cos., in the transaction. The duo also procured the buyer, Renaissance Management, a family office based in metro New York.

November 16, 2020

Fox-Ridge-Apartments-Lebanon-Pennsylvania

Loans Multifamily Northeast Pennsylvania Walker & Dunlop

Walker & Dunlop Provides $20.4M Fannie Mae Loan for Fox Ridge Apartments in Lebanon, Pennsylvania

by Taylor Williams November 16, 2020

LEBANON, PA. — Walker & Dunlop has provided $20.4 million in Fannie Mae permanent financing for Fox Ridge Apartments, a 170-unit multifamily community in Lebanon, located in between Harrisburg and Reading. The property features one- and two-bedroom units and amenities such as a clubhouse, fitness center and common outdoor green space. John Banas, Kris Wood. John Wilson, Rhett Saltiel, and Erik DiGirolamo of Walker & Dunlop provided the 10-year, fixed-rate loan to the borrower, multifamily owner-operator Boyd/Wilson.

November 16, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 204-Unit Heritage Park Apartments in Arlington

by Taylor Williams November 13, 2020

ARLINGTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Heritage Park, a 204-unit apartment community in Arlington. The garden-style property was built on seven acres in 1983 and features one- and two-bedroom units. Amenities include a pool, 24-hour fitness center, outdoor kitchen and grilling area, a new dog park and a newly renovated clubhouse. Tampa-based American Landmark Apartments sold the property to WAK Management Co. for an undisclosed price. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA, along with Nick Fluellen and Bard Hoover of Marcus & Millichap, represented both parties in the deal.

November 13, 2020

Acquisitions Georgia Multifamily North Carolina Southeast

JEM Holdings Sells Six Multifamily Properties in North Carolina, Georgia for $116.4M

by Alex Tostado November 13, 2020

NEW YORK CITY — JEM Holdings has sold four multifamily properties in North Carolina and two in Georgia for a combined $116.4 million. In North Carolina, Friedlam Partners acquired the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview in Charlotte, as well as the 176-unit Enclave @ Crabtree in Raleigh. Concordia Partners bought the 400-unit Marquis Gardens in Durham, N.C.; and the 232-unit Windsor Arms in Savannah, Ga. Sandhurst Apartment Management LLC purchased the 182-unit Woodhill in Augusta, Ga. Watson Bryant, Paul Marley and Taylor Bird of Cushman & Wakefield represented the New York City-based seller in the transactions.

November 13, 2020

Loans Multifamily Southeast Virginia

NorthMarq Provides $41.8M Refinancing Loan for Apartment Portfolio in Southern Virginia

by Alex Tostado November 13, 2020

NEWPORT NEWS AND PRINCE GEORGE, VA. — NorthMarq has provided a $41.8 million refinancing loan for a three-property apartment portfolio in Newport News and Prince George. The 10-year Freddie Mac loan features a fixed interest rate below 3 percent, five years of interest-only payments and a 30-year amortization schedule. The 724-unit portfolio comprises the 232-unit Reserve at Deer Run Apartments and the 272-unit Newport Commons Apartments in Newport News, as well as the 220-unit Jefferson Pointe Apartments in Prince George. Bob Harrington and Paul Whalen of NorthMarq originated the loan on behalf of the undisclosed borrower.

November 13, 2020

Acquisitions Massachusetts Multifamily Northeast

Waterton Acquires 503-Unit Apartment Community in Metro Boston

by Taylor Williams November 13, 2020

RANDOLPH, MASS. — Chicago-based investment firm Waterton has acquired Rosemont Square at 2 Chestnut West, a 503-unit apartment community located in the southern Boston suburb of Randolph. The property comprises 20 three- and four-story buildings that were constructed in phases between 1982 and 2012. Units feature one and two-bedroom floor plans. Amenities include a pool, outdoor grilling stations and multiple playgrounds. The transaction, the seller in which was not disclosed, marks Waterton’s first multifamily acquisition in the greater Boston market. Waterton will also implement a value-add program to select unit interiors, common area and amenity spaces and pieces of landscaping.

November 13, 2020

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Structures $31M in Financing for Renovation of Affordable Seniors Housing Property in Cleveland

by Kristin Harlow November 13, 2020

CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have structured $31 million in financing for the renovation of Carnegie Tower at Fairfax in Cleveland. Built in 1976, the affordable seniors housing property rises 12 stories and features 171 units. It is a project-based Section 8 building and is situated on two acres next to Cleveland Clinic. Units come in one- and two-bedroom floor plans and are reserved for residents age 62 and older. KBREC provided a $14 million HUD construction-to-permanent loan while KBCM sold $17 million of tax-exempt bonds. Additionally, KeyBank Community Development Corp. provided $10 million of low-income housing tax credit equity to purchase credits awarded to the project. Robbie Lynn, Kelly Frank, Ryan Olman and Sam Adams of KeyBank structured the financing on behalf of the borrower, Columbus-based National Church Residences. The project will preserve the building as affordable housing and ensure the long-term viability of the development, according to KeyBank.

November 13, 2020

Illinois Loans Midwest Multifamily

Associated Bank Provides $9.4M in Tax Credit Equity for Rehabilitation of Two Chicago Apartment Buildings

by Kristin Harlow November 13, 2020

CHICAGO — Associated Bank has provided an equity investment totaling $9.4 million of low-income housing tax credits and federal historic tax credits for the rehabilitation of Major Jenkins Apartments in Chicago’s Uptown neighborhood. The two apartment buildings, originally constructed in 1928, are connected and each rise four stories. Upon completion of the renovations, there will be 156 units designated for individuals who are homeless, at risk of homelessness, physically disabled or have chronic or mental illnesses. The units will be further broken down by resident income. There will be 40 units designated for residents earning up to 30 percent of the area median income (AMI), 54 units for those earning up to 50 percent of AMI and 62 units for those earning up to 60 percent of AMI. Completion is slated for the first quarter of 2022. Teresa Rubio of Associated Community Development LLC managed the equity investment on behalf of the borrower, nonprofit developer Mercy Housing Lakefront. Associated Bank partnered with RBC Community Investments for the financing.

November 13, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges Sale of Six-Property Multifamily Portfolio in Detroit for $9M

by Kristin Harlow November 13, 2020

DETROIT — Greystone Bel Real Estate Advisors has arranged the sale of the Whitmore Apartments Portfolio in Detroit for $9 million. The multifamily portfolio comprises six properties and 223 units in the Palmer Park district. The assets were built between 1928 and 1953. Nick Kirby and Cary Belovicz of Greystone Bel represented the seller, a family that had owned the portfolio since the 1960s. The duo also procured the undisclosed buyer.

November 13, 2020

Acquisitions California Hospitality Multifamily Western

Skya Ventures, Gelt Sell Marina Dunes RV Resort in Northern California for $28.5M

by Amy Works November 13, 2020

MARINA, CALIF. — A joint venture between Skya Ventures and Gelt has completed the sale of Marina Dunes RV Resort located at 3330 Dunes Drive in Marina. An undisclosed, publicly traded REIT acquired the asset for $28.5 million in an off-market transaction. Situated on 5.6 acres, the property features 96 sites, as well as upscale camping options with fully furnished tents, private yards and fully equipped campsites. The property features privately fenced patios with landscaping, off-street parking, upgraded utility pedestals and bollard streetlights, as well as individual telephone, cable, Wi-Fi and propane tanks at each site. Common area amenities include a clubhouse with game room, billiards, flat-screen television, fire pit, horseshoes and volleyball. Additionally, the property features a retail store and check-in office with an assortment of convenience store items and other merchandise. Jonathon McClellan, Kyle Baskin, Connor Outcalt and Steve Seligman of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal.

November 13, 2020

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