Multifamily

NKF Negotiates $8.4M Sale of Kentom Apartments in Denver’s Capitol Hill Neighborhood

by Amy Works March 16, 2020

DENVER — Newmark Knight Frank (NKF) Multifamily has arranged the sale of The Kentom Apartments, a four-story, Victorian-era building located in Denver’s Capitol Hill neighborhood. Denver-based Classic Properties sold the property to New York-based Urban American Management for $8.4 million, or $264,063 per unit. Built in 1908, the 32-unit property offers units with exposed brick, clawfoot bathtubs, Victorian chandeliers, original woodwork, front and rear entries to each unit, French doors, bay windows, working fireplaces and balconies. The units average 855 square feet, and the property features on-site resident storage. Justin Hunt, Andy Hellman, Ryan Cohn and Katie Hufnagel of NKF Multifamily represented the seller in the deal. The acquisition is Urban American Management’s second acquisition in metro Denver.

March 16, 2020

Features Loans Multifamily

Managing Volatility, Disruption Is Crucial to Multifamily Debt Market, Says Freddie Mac’s Martinez

by Taylor Williams March 16, 2020

As markets, consumers and businesses react to the novel coronavirus, lenders and mortgage bankers across the country find themselves reflecting on the volatility that characterized the multifamily debt market in 2019 and wondering just how similar 2020 could be. To be sure, market uncertainty is par for the course during presidential election years, and the market event related to coronavirus is creating additional anxiety. The multifamily debt markets are also working to move away from the LIBOR index as a benchmark for pricing loans to a new index, creating the need for adjustment within the industry when that move takes effect in 2021. But beyond those factors, lenders and mortgage bankers anticipate continued strength in multifamily loan production fueled by strong fundamentals and low interest rates. These topics formed the basis of discussion for much of the Mortgage Bankers Association and CREFC’s Multifamily Housing Convention & Expo, held February 9-12 in San Diego. The event afforded ample opportunities for publications that cover the industry to meet individually with multifamily finance professionals and gauge their outlooks on the health and prospective performance of the market in 2020. Rebusinessonline.com took advantage of those opportunities to sit down and talk with Rich Martinez, …

March 16, 2020

Development Florida Multifamily Seniors Housing Southeast

Stevens Construction Completes Five-Story Renovation of Seniors Housing Community in Venice, Florida

by Alex Tostado March 13, 2020

VENICE, FLA. — Stevens Construction has completed a renovation of The Lofts, a five-story, 80,000-square-foot assisted living and memory care building within Village On The Isle, a nonprofit continuing care retirement community in Venice. Renovations were done floor by floor to minimize impact on residents. Stevens replaced interior finishes, upgraded the façade and reworked the unit floor plan options. Stevens Construction also replaced the plumbing, mechanical and electrical systems of the 35-year-old building. The Stevens Construction team included Dan Adams, Jon Zander, Mark Battaglia and Sue Ziegenfus. RLPS Architects provided the design.

March 13, 2020

Development Illinois Midwest Multifamily

NHP Foundation Reopens Chicago’s Historic Mark Twain Property

by Kristin Harlow March 13, 2020

CHICAGO — The NHP Foundation has reopened The Mark Twain, a historic single-room occupancy (SRO) affordable housing development on Chicago’s Near North Side. The $54.3 million renovation project consisted of 148 apartments, each equipped with rehabilitated private bathrooms and new private kitchenettes. Other upgrades included new plumbing, mechanical and electrical systems; a rooftop deck; restoration of the vintage façade and lobby; and 9,600 square feet of upgraded retail space on the ground floor. Rental assistance in the form of project-based vouchers will be provided by the Chicago Housing Authority (CHA) for each of the units at Mark Twain, ensuring long-term affordability. Fifty residents who lived at the property before the project began have returned to the renovated building. The remaining apartments will be leased to persons on the CHA waitlist. The city’s contribution included issuance of $27.3 million in multifamily housing revenue bonds, a $5 million multifamily loan and $1.3 million in low-income housing tax credits that generated $12.7 million in equity. The NHP Foundation acquired the property in 2016 as part of the city’s SRO Preservation Initiative. Since its passage in 2014, the initiative has led to the preservation of 11 buildings, consisting of more than 1,400 units. Architect …

March 13, 2020

Acquisitions Illinois Midwest Multifamily

Origin Investments Buys 120-Unit Apartment Building in Chicago’s West Loop for $65.8M

by Kristin Harlow March 13, 2020

CHICAGO — Origin Investments has purchased Monroe Aberdeen Place, a 120-unit apartment building in Chicago’s West Loop. The transaction, made on behalf of Origin’s IncomePlus Fund, was valued at $65.8 million. Developed in 2018, the property features 25 three-bedroom units, 92 two-bedroom units and three one-bedroom units. Floor plans average 1,118 square feet. Kiser Group represented Origin Investments in the off-market transaction. Michigan Avenue Real Estate Group, the property’s original developer, sold the asset, which was 99 percent leased at the time of sale.

March 13, 2020

Indiana Loans Midwest Multifamily

Mag Mile Capital Arranges $4.3M Acquisition Loan for Three Mobile Home Properties in Indiana

by Kristin Harlow March 13, 2020

SHIPSEWANA, GALVESTON AND RUSSIAVILLE, IND. — Mag Mile Capital has arranged a $4.3 million loan for the acquisition of three mobile home properties in Indiana. The three parks are located in Shipsewana, Galveston and Russiaville and contain a total of 183 home sites. Rob Bernstein and Matt Weilgus of Mag Mile arranged the five-year loan with an interest rate of 5.5 percent. Aran Capital was the borrower.

March 13, 2020

Acquisitions Multifamily Nevada Western

Tower 16 Capital Partners Sells 228-Unit Apartment Community in Las Vegas

by Amy Works March 13, 2020

LAS VEGAS — San Diego-based Tower 16 Capital Partners has completed the disposition of Altura on Duneville, a multifamily property located in Las Vegas. An undisclosed buyer acquired the asset for $35.5 million. Located at 5050 Duneville St., the community features 228 one- and two-bedroom apartments. Community amenities include two swimming pools and on-site daycare. Tower 16 Capital Partners originally acquired the property in 2018 for $24 million. During the company’s two-year hold, it implemented exterior and interior unit renovations and added new amenities, including a new leasing office, gym, business center and game room.

March 13, 2020

California Loans Multifamily Student Housing Western

CBRE Secures $18.5M Loan for Five-Property Student Housing Portfolio in Santa Barbara

by Amy Works March 13, 2020

SANTA BARBARA, CALIF. — CBRE has arranged an $18.5 million loan for The Hive Isla Vista, a five-property student housing portfolio near the campus of University of California, Santa Barbara. Brad Wilmot of CBRE’s Los Angeles office secured the floating-rate loan with a three-year initial term on behalf of the borrower, Los Angeles-based M&A Real Estate Partners. The planned use of the funds was not disclosed. The portfolio totals 35,868 square feet and is comprised of five student housing properties, all within walking distance of the campus. Community amenities include fitness centers, gated access and swimming pools.

March 13, 2020

Features Hospitality Industrial Midwest Multifamily Northeast Office Retail Southeast Texas Western

Coronavirus Resources for the Commercial Real Estate Industry

by Jaime Lackey March 13, 2020

REBusinessOnline has compiled a number of commercial real estate industry reports and webinars to help readers find the information they need regarding coronavirus (COVID-19) and commercial real estate. The reports are organized by relevance and timeliness. (This page is no longer updated as of June 1, 2020.) Interested in coronavirus-related news items posted by REBusinessOnline? Click here for the feed. Interested in commercial real estate-related webinars focusing on responses to the pandemic? Click here for the list. Webinars Student Housing Business Up Close with Bill Bayless (05/04/2020) How to Maintain Leasing Velocity in Today’s Environment (04/30/2020) COVID-19 & the Impact on Student Housing: The CEO Perspective (04/17/2020) The Impact of COVID-19 on Student Housing (03/25/2020) Marcus & Millichap Marcus & Millichap Special Update: Multifamily Legislation (05/13/2020) The Shape of Things to Come: How Will the Economy and Retail Real Estate Look After the Global Health Crisis? (05/18/2020) InterFace Conference Group Seniors Housing Marketing and Sales During the Pandemic and Beyond (Upcoming 05/20/2020) California Retail Reboot — How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus? (05/21/2020) Atlanta Retail Reboot (05/08/2020) Texas Retail Reboot (05/07/2020) The Short- and Long-term Impact of COVID-19 on Healthcare and Medical Office Real Estate (04/14/2020, Fee is …

March 13, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 176-Unit Casa Bella Apartments in Dallas

by Taylor Williams March 13, 2020

DALLAS — Marcus & Millichap has brokered the sale of Casa Bella, a 176-unit apartment community in Dallas. According to apartments.com, the property was built in 1974, features one-, two-, three- and four-bedroom units and offers amenities such as a pool, playground and outdoor grilling area. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor. Both parties requested anonymity.

March 13, 2020

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