Multifamily

JRK Property Holdings Buys 408-Unit Multifamily Community in Tempe, Arizona

by Amy Works November 10, 2020

TEMPE, ARIZ. — Los Angeles-based JRK Property Holdings has purchased 909 West, an apartment property located at 909 W. Grove Parkway in Tempe. MG Properties Group sold the asset for an undisclosed price. Built in 1999, 909 West features 408 units in a mix of one-, two- and three-bedroom floor plans in three- and four-story buildings. Community amenities include two swimming pools, a resident clubhouse, basketball court, fitness center, picnic area with gas grills and dog park. Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mark McFate of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction.

November 10, 2020

California Development Mixed-Use Multifamily Top Stories Western

CIM Group, Strada Complete 288-Unit Apartment Tower in Downtown Oakland

by John Nelson November 10, 2020

OAKLAND, CALIF. — CIM Group and Strada Investment Group have completed Eleven Fifty Clay Street, a 288-unit apartment community in downtown Oakland. The co-developers delivered the 16-story property between 11th and 12th streets near the city’s Old Oakland neighborhood. Rents range from $2,544 for a studio apartment to $5,059 for a three-bedroom unit, with some concessions available for prospective tenants. The onsite leasing office is open five days a week. Amenities at Eleven Fifty Clay include a fitness center, lobby coffee bar, conference rooms, coworking areas and bicycle storage. A rooftop deck features open-air lounge areas, partially covered dining areas, fire pits and grills. Eleven Fifty Clay Street also features street-level retail space, as well as a large outdoor patio and a 17,000-square-foot public plaza fronting 12th Street. The publicly accessible plaza has a half basketball court, outdoor seating, specialty retail stores and a repurposed shipping container that has a full kitchen set. Nearby amenities include the 12th Street BART rail station, AC Transit bus stations, restaurants, shops, hotels, Lake Merritt and San Francisco Bay. Suffolk Construction was the general contractor for Eleven Fifty Clay Street. Greystar currently manages the property on behalf of CIM and Strada. CIM Group is …

November 10, 2020

Acquisitions Florida Multifamily Southeast

Stoneweg Buys Tampa Bay Apartment Community for $114M

by Alex Tostado November 9, 2020

ST. PETERSBURG, FLA. — An affiliate of Stoneweg US has bought Trellis at the Lakes Apartments, a 688-unit multifamily complex in St. Petersburg, for $114 million. The asset is situated at 11401 Dr. Martin Luther King Jr. St. N., 15 miles east of downtown Tampa. Trellis at the Lakes offers one- and two-bedroom floor plans. Communal amenities include a fitness center, pool, media center and a courtyard. The seller, an affiliate of ESG Kullen, acquired the property in 2016 for $80.9 million and invested in capital improvements during its ownership. Mark Meland and Bryan Vega of Miami-based Meland Budwick PA provided legal services for the seller. Patrick Dufour, Ryan Crowley, Andrew Visnick and Pibu Aulakh of Newmark represented the seller in the transaction. Matt Williams, James Maynard, Steve Comly and Adam Randall of Newmark arranged acquisition financing on behalf of the buyer. Additionally, Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia secured a joint venture equity partner for Stoneweg’s acquisition. The unnamed life insurance company invested $36 million for the deal.

November 9, 2020

Acquisitions Georgia Multifamily Southeast

Waterton Purchases Four Multifamily Communities Around Atlanta Totaling 1,824 Units

by Alex Tostado November 9, 2020

ATLANTA — Waterton has acquired four multifamily communities in Alpharetta, Roswell, Norcross and Atlanta totaling 1,824 units. The seller(s) and sales prices were not disclosed. The properties include the 554-unit Deerfield Village in Alpharetta, the 668-unit Roswell Village in Roswell, the 382-unit Gwinnett Pointe in Norcross and the 220-unit Briarcliff Apartments in Atlanta. Each property is situated in the northern arch of Atlanta between Ga. Highway 400 and Interstate 85. The communities were built between 1989 and 2001. Chicago-based Waterton will implement upgrades across the portfolio to renovate amenity spaces, common areas and outdoor areas.

November 9, 2020

Development Florida Loans Multifamily Southeast

Futura, Linkvest Receive $52.5M HUD Construction Loan for Multifamily Project in Orlando’s Lake Nona

by Alex Tostado November 9, 2020

ORLANDO, FLA. — Joint venture partners Futura and Linkvest Capital have received a $52.5 million construction loan for the development of Futura at Nona Cove in Orlando. Berkadia originated the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan on behalf of the developers. The community will be situated within Lake Nona, a master-planned community featuring, retail space, office space, multifamily units, single-family homes and hotels. Tavistock Group is the master developer of Lake Nona. The 260-unit property will offer studio through three-bedroom floor plans ranging from 623 to 1,315 square feet. Communal amenities will include a two-story clubroom, fitness center, dog spa and park, coworking space and a pool. Construction at the 17-acre site has begun and the developers expect to deliver the community in the third quarter of 2022.

November 9, 2020

Acquisitions Multifamily Texas

Cantor Fitzgerald, CAF Management Buy 444-Unit Apartment Community in Irving

by Taylor Williams November 9, 2020

IRVING, TEXAS — A joint venture between affiliates of Cantor Fitzgerald Investors LLC and CAF Management LLC has purchased The Station at MacArthur, a 444-unit apartment community located in the Las Colinas district of Irving. The property features townhouse-style residences in one-, two- and three-bedroom formats with an average unit size of 1,031 square feet. Amenities include four pools, a two-story fitness center, business center and a pet park. The property was approximately 95 percent leased at the time of sale. The seller was not disclosed.

November 9, 2020

Loans Multifamily Texas

Colliers Provides Fannie Mae Acquisition Loan for 85-Unit Apartment Complex in Metro Dallas

by Taylor Williams November 9, 2020

DESOTO, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae green acquisition financing for The Corners Apartments, an 85-unit multifamily complex located in the southern Dallas suburb of DeSoto. The property was built in 1984 and renovated in 2019. Colliers provided the 12-year loan through a partnership with Old Capital Lending. The borrower was not disclosed.

November 9, 2020

Loans Michigan Midwest Multifamily Seniors Housing

Bernard Financial Group Arranges $11.5M Refinancing for Seniors Housing Property in Detroit

by Kristin Harlow November 9, 2020

DETROIT — Bernard Financial Group has arranged an $11.5 million loan for the refinancing of an 82-unit seniors housing property in Detroit. Walker & Dunlop provided the Freddie Mac loan, terms of which were undisclosed. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, OP Senior Limited Dividend Housing Association LLC.

November 9, 2020

Acquisitions Multifamily Seniors Housing Texas

The Ensign Group Acquires 82-Bed Skilled Nursing Facility in Amarillo

by Taylor Williams November 9, 2020

AMARILLO, TEXAS — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Medical Lodge of Amarillo, an 82-bed skilled nursing facility in Amarillo. The property was 45 percent occupied at the time of acquisition. This property brings Ensign’s portfolio to 227 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.

November 9, 2020

Acquisitions Delaware Multifamily Northeast

Greysteel Brokers Sale of 132-Unit Willows at Dover Apartments in Delaware

by Taylor Williams November 9, 2020

DOVER, DEL. — Greysteel has brokered the sale of Willows at Dover, a 132-unit apartment community in the state capital city. The townhouse-style property was built in 1976 and renovated in 2009. Amenities include a playground, clubhouse and onsite laundry facilities. Henry Mathies and Fletcher Hultman of Greysteel represented the seller, New Jersey-based investment firm The Ingerman Group, in the transaction. The duo also procured the buyer, an affiliate of Los Angeles-based BLDG Partners, which acquired the asset for approximately $19.5 million.

November 9, 2020

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