PATERSON, N.J. — Love Funding Corp. has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartments. Both properties are located in Paterson, a northwestern suburb of New York City. The borrower was Roizman Development. The lender provided the developer with low-rate, nonrecourse financing for the duration of construction and for a subsequent 40-year term. Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing 300 units. The apartment complex will be the second phase of the Riverside Terrace Master Redevelopment Plan. Inglese Architecture + Engineering is serving as the design architect, and ETC Cos. LLC is the general contractor. S.H.N.I.R. Apartment Management Corp. will be the operator. Riverside Senior Apartments is slated for completion in June 2021. Riverside Village Family apartments is slated for completion in January 2022.
LA MESA, CALIF. — Universe Holdings has purchased Serena Vista, an apartment property located in La Mesa, a city nine miles east of downtown San Diego. 5810 Amaya LLC, an affiliate of Cirrus Asset Management, sold the community for $34.4 million, or $313,181 per unit. Built in 1971 on 5.1 acres, Serena Vista features 110 apartments in a mix of three floor plans, a pool and sundeck, two laundry facilities and private fenced backyards. Christopher Zorbas and Alexander Garcia Jr. of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 397 East 49th Street, a 34-unit multifamily property in Brooklyn. The four-story building was completed in 1927 and offers studio, one-, two-, three- and four-bedroom floor plans. Shaun Riney, Daniel Greenblatt and Zalman Yarmush represented the buyer and seller in the transaction. Both parties requested anonymity.
GRESHAM, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and memory care community in Gresham, an eastern suburb of Portland. This undisclosed property features a total of 135 units. The community was built in 1988 and expanded in 1998. The facility is approximately 103,090 square feet and is situated on approximately 4.1 acres of land. The seller is a Portland based owner-operator divesting of its only senior living community. The buyer is a regional owner-operator seeking to grow its Pacific Northwest portfolio. The price was not disclosed. The buyer plans to implement multiple capital improvement projects, including the addition of a bistro, movie theater and other common area improvements. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.
MORGAN HILL, CALIF. — Artis Senior Living has acquired 176,269 square feet within the Evergreen Village mixed-use development in Morgan Hill, a city at the southern tip of Silicon Valley. Artis plans to build a memory care community on the four-acre site, though details and a timeline have not yet been released. Frans Construction Inc. is the general contractor on the site and MH Engineering Co. is the civil engineer. Evergreen Devco Inc., a retail and multifamily development company in the West, is building Evergreen Village on 20.4 acres. The project will include a hotel, restaurant, the memory care development, and a public art component. Site improvements for the development are scheduled for completion in April 2020. “Having Artis Senior Living pick up the four-acre housing parcel so quickly, it’s incredibly encouraging and affirms that Evergreen Village is well underway with the site improvement work,” says Rogg Collins, principal of Evergreen Devco. Gary Hansen of Cushman & Wakefield represented Evergreen in the site sale, and Robert Clifford of Lee & Associates represented Artis. McLean, Va.-based Artis’ nationwide portfolio includes 25 assisted living communities in operation or under construction, and more than 20 communities in various stages of planning and development.
Many of today’s headlines about multifamily housing have focused on the market’s two extremes: homelessness and high-end penthouses. Meanwhile, a crisis has been growing in the “missing middle;” there is a shortage of affordable rental housing for middle-class workers like teachers, firefighters and police officers. In recent years, middle-income families have been struggling with flat wages and rising childcare, education and healthcare costs. Not only are families being priced out of homeownership, but they’re finding fewer rental units in their price range. Indeed, rents have been rising, particularly in cities with booming economies. Nationwide, only 37 percent of all available units rent out at or below $1,200 per month, according to the National Low Income Housing Coalition (NLIHC) Out of Reach report and the Joint Center for Housing Studies of Harvard University. Yet only in 13 states do workers earn an average of at least $22.96 per hour, the amount required to comfortably afford a $1,200/month apartment. Charlotte is short 34,000 affordable housing units and Salt Lake City lacks 54,000. In total, there is a need for hundreds of thousands more affordable rental units. The problem is a matter of supply as well as demand. Formidable obstacles currently impede the …
MOUNT PLEASANT, S.C. — A joint venture between Middle Street Partners LLC and Trei Real Estate has broken ground on Atlantic Beach House, a 224-unit multifamily community in Mt. Pleasant. Communal amenities will include a clubhouse, saltwater pool, fitness center, coffee lounge, dog park, golf cart charging stations, storage units, outdoor kitchens and covered bike parking. Unit interiors will feature 42-inch cabinetry, kitchen islands, tile backsplashes, stainless steel appliances, walk-in closets and private balconies. The property is situated on eight acres near Sullivan’s Island and Charleston Harbor. Mt. Pleasant is located nine miles north of downtown Charleston. Dallas-based Humphreys & Partners Architects designed the community, and Jacksonville-based Live Oak Contracting is the general contractor. Patterson Real Estate Group arranged construction financing on behalf of the joint venture through Northwestern Life Insurance Co. A timeline for completion was not disclosed.
MEMPHIS, TENN. — Continental Realty Group and MLG Capital have sold The Park at Forest Hill, a 601-unit apartment community in Memphis, for $64 million. The property was built in two phases in 2002 and 2007 at 8285 Irene Blvd., in Memphis’ Germantown submarket. The community offers one- and two-bedroom floor plans with rents ranging from $715 to $1,075 per month. Communal amenities include a pool, dog park, clubhouse, playground, fitness center and picnic tables. Continental Realty and MLG purchased the property in 2016 for $39.1 million. The partnership implemented $3.1 million worth of upgrades, which included upgrading select units with items such as new vinyl plank flooring, stainless steel appliances, kitchen and bathroom cabinet fronts and all new unit hardware. The buyer was not disclosed.
MACON, GA. — Marcus & Millichap has arranged the $21 million sale of a 296-unit apartment portfolio in Macon. Both the buyer and seller were undisclosed limited liability companies. The first property is Anthos at Hidden Lake, a 144-unit property located at 180 Hidden Lake Court. The community offers one-, two- and three-bedroom floor plans, as well as amenities including a fitness center, pool and a playground. The second property is Anthos at Shadowood West, a 152-unit property also offering one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, playground and a volleyball court. Anthos at Shadowood West is situated at 4334 W. Highland Drive. Mason Taylor, Cole Carros and Nate McDaniel of Marcus & Millichap represented the seller in the transaction. The team also procured the buyer.
OKLAHOMA CITY — A partnership between investment firm GMF Capital and Oklahoma-based Vesta Capital has acquired Sycamore Farms, a 398-unit apartment community in Oklahoma City. Built in 1998, the property offers one-, two- and three-bedroom units ranging in size from 692 to 1,300 square feet. Amenities include two pools, a 24-hour fitness center, outdoor grilling and picnic areas, a business center and a dog park. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured a $33.8 million Freddie Mac acquisition loan for the deal on behalf of the buyer. That loan carried a 10-year term, a fixed interest rate and five years of interest-only payments.