Multifamily

Tryko Partners Buys Three Skilled Nursing Facilities in Virginia

by Alex Tostado March 2, 2020

ALEXANDRIA, RICHMOND AND COLONIAL BEACH, VA. — Tryko Partners has acquired three skilled nursing facilities in Virginia as part of a planned geographic expansion in the Mid-Atlantic for the Brick, N.J.-based private equity investment firm. The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach. Each property provides post-hospital care, short-term rehabilitation and long-term residential care. Tryko plans to invest nearly $9 million in renovations and programming enhancements at the facilities. Woodbine has the largest licensed capacity in Virginia, according to Tryko. The 94,000-square-foot facility, situated on a nearly four-acre parcel, consists of two interconnected buildings offering both private and semi-private rooms, as well as a dedicated ventilator unit. Lexington, which has been rebranded as Canterbury Rehabilitation & Healthcare Center, is a 69,358-square-foot, two-story building on a five-acre parcel. The facility offers both private and semi-private rooms. Westmoreland is the only licensed nursing facility in Westmoreland County. Situated on approximately four acres, the one-story, 25,000-square-foot building includes three patient wings with private and semi-private rooms, including a rehabilitation wing. Tryko has retained the …

March 2, 2020

Development Multifamily New York Northeast Seniors Housing

Renaissance Management Acquires Long Island Multifamily Property for $232.5M

by Alex Patton March 2, 2020

PATCHOGUE, N.Y. — Renaissance Management, a New York-based investment firm, has acquired La Bonne Vie, a 915-apartment community on Long Island for $232.5 million. The property features 626 market-rate apartments and 289 age-restricted (55-plus) apartments and amenities such as indoor and outdoor pools, a gym, libraries and tennis courts. The buildings were completed in the mid-1970s and 1980s and have been preserved in their original conditions. Jeffrey Dunne, Jeremy Neuer and Gene Pride led a CBRE team that represented the building owners, an undisclosed consortium of partnerships, in the transaction. Shawn Rosenthal, Jason Gaccione and Thomas Didio of the Midtown Manhattan Debt & Structure Finance group arranged the financing for Renaissance Management’s acquisition and future planned renovations of La Bonne Vie. The team secured a $200.7 million senior loan from TPG Real Estate Finance. The three-year loan includes the option for three one-year extensions.

March 2, 2020

Development Hawaii Multifamily Western

Alaka’i Development Selects Moss Construction for $82M Multifamily Project in West Oahu

by Amy Works March 2, 2020

EWA, HAWAII — Alaka’i Development, a Hawaii-based developer, has awarded Moss Construction an $82 million contract for The Element, a multifamily community located in Ewa in West Oahu. Designed by KTGY Architects, the 325,000-square-foot project will include 13 three-story residential buildings, offering a total of 318 units. Amenities will include a clubhouse with leasing and maintenance offices, a swimming pool and two-story fitness center. The Element will also have affordable housing options and easy access to the new Honolulu Authority Rapid Transportation (HART) station at the University of Hawaii West Oahu, which will allow residents to commute via rail to downtown Honolulu. The project is scheduled to begin leading in fall 2010 with completion in 2021. The Element is one of the first two rental apartment projects planned for D.R. Horton’s 11,750-home master-planned community called Ho’opili, which is located on 1,550 acres in Ewa.

March 2, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $3.5M Sale of Tucson East Apartments in Arizona

by Amy Works March 2, 2020

TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of Tucson East Apartments, a multifamily property in Tucson. A limited liability company sold the asset for $3.5 million. The buyer was an undisclosed limited liability company. Developed in 1982, Tucson East Apartments features 52 apartments in a mix of 41 one-bedroom/one-bath units and 11 two-bedroom/two-bath apartments. Unit interiors feature fully equipped kitchens with dishwashers and disposals, an intercom system linked to the community front gate and private patios or balconies. Community amenities include a heated swimming pool, spa, resident clubhouse, on-site leasing office and laundry center. Additional community amenities include photovoltaic solar panels, solarized resident hot water and reserved covered parking for select units. Hamid Panahi and James Crawley of Marcus & Millichap’s Tucson office, along with Michael Hubl of the firm’s Phoenix office, represented the seller and procured the buyer in the deal.

March 2, 2020

Acquisitions Florida Multifamily Southeast

Newmark Knight Frank Arranges $58M Sale of Multifamily Community in Fort Lauderdale

by Alex Tostado February 28, 2020

FORT LAUDERDALE, FLA. — Newmark Knight Frank (NKF) has arranged the $58 million sale of Serramar Apartments, a 302-unit multifamily community in Fort Lauderdale. The property, which was 95 percent occupied at the time of sale, was built in 1986. The property comprises 23 two-story buildings offering one- and two-bedroom floor plans. Communal amenities include a recently renovated clubhouse, business center, basketball court, two swimming pools and a fitness center. The seller, Bar Invest Group, acquired the property in 2016 and invested $44 million in upgrades and renovated 25 percent of the units. Hampton Beebe and Avery Klann of NKF represented the seller in the transaction. Milbrook Properties purchased the asset.

February 28, 2020

Development Georgia Multifamily Southeast

Quintus to Open $49M Apartment Complex in Metro Atlanta’s Gwinnett County

by Alex Tostado February 28, 2020

DULUTH, GA. — Atlanta-based Quintus Corp. is set to open The Rey on Reynolds, a $49 million, 286-unit apartment complex in Duluth. The community is slated to open to residents in May and will offer one- and two-bedroom floor plans ranging in rents from $1,255 to $1,870 per month, according to Apartments.com. Communal amenities will include a two-story ﬁtness and wellness center, pool, private courtyard with an outdoor ﬁtness area, grilling area, outdoor living room with ﬁre pit, bocce ball court, giant Jenga and an open lawn. The Rey on Reynolds, named for its location on Steve Reynolds and Satellite boulevards, is the first phase of The Rey, which will also feature a mixed-use development offering retail and restaurant space adjacent to the apartments as part of Phase II, which Knoll Development will develop. Atlanta-based Rees Design Associates was the architect, and Atlanta-based Quintus Housing Group served as the general contractor. BB&T, now known as Truist Bank, provided construction financing. The Gwinnett Place Community Improvement District (CID) has been upgrading infrastructure around Steve Reynolds and Satellite boulvards, according to Kelly Keappler of Quintus Corp. The CID also aided in the vision for the streetscape and architecture of both the multifamily …

February 28, 2020

Acquisitions Multifamily Texas

Bellaire Partners Buys 216-Unit OakRidge Apartment Homes in San Antonio

by Taylor Williams February 28, 2020

SAN ANTONIO — Bellaire Partners, a California-based investment firm, has purchased OakRidge Apartment Homes, a 216-unit community in northeast San Antonio. The property features one- and two-bedroom units averaging 692 square feet and amenities such as a pool, fitness center, business center, resident clubhouse and a playground. Moses Siller and Zar Haro of JLL represented the seller, Regional Investment & Management, in the transaction. Mark Brandenburg of JLL arranged an undisclosed amount of acquisition financing through NexBank on behalf of the buyer. The loan was structured with a five-year term and a fixed interest rate.

February 28, 2020

Development Multifamily Seniors Housing Texas

Civitas, PremCap Open 89-Unit West Fork at Weatherford Seniors Housing Community

by Taylor Williams February 28, 2020

WEATHERFORD, TEXAS —Civitas Senior Living and PremCap Senior Living have opened West Fork at Weatherford, located west of the Dallas-Fort Worth (DFW) metroplex. The 75,800-square-foot community offers 70 assisted living apartments and 19 memory care suites. The community is located near Weatherford’s historic downtown and directly adjacent to Medical City Weatherford.

February 28, 2020

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

R.D. Olson Construction Breaks Ground on Bolsa Row Mixed-Use Project in Westminster, California

by Amy Works February 28, 2020

WESTMINSTER, CALIF. — R.D. Olson Construction has broken ground for the ground-up construction of Bolsa Row, a mixed-use development in Westminster’s Little Saigon District. Situated on a six-acre lot, Bolsa Row will include a 225,000-square-foot apartment complex, retail space, a five-story full-service hotel and a variety of community spaces to create a social hub and cultural landmark. Located at the intersection of Bolsa Avenue and Brookhurst Street, Bolsa Row will serve as the gateway to Little Saigon District — the Vietnamese heart of Orange County — and home to the nation’s largest Vietnamese-American population. The property will feature a 1940s renaissance and French colonial architectural theme, with a replica of the Bến Thành Market clock tower, an iconic landmark of old Vietnam. Bolsa Row will feature a 148-room Wyndham Hotels & Resorts property with 48,000 square feet of banquet space and a 700-stall subterranean parking structure. The five-story multifamily property will comprise 200 units in a mix of studio, one- and two-bedroom layouts and a variety of community amenities, including a courtyard, pool, spa, fitness studio, recreation space, clubhouse and 37,500 square feet of attached retail space. Development partners include the Pham family, IP Westminster LLC, KTGY Architecture + Planning, …

February 28, 2020

California Loans Multifamily Western

Ready Capital Closes $8.9M Loan for Multifamily Property in Los Angeles

by Amy Works February 28, 2020

LOS ANGELES — Ready Capital has closed a $8.9 million loan for the renovation and lease-up of a 10-unit multifamily property in the Westwood submarket of Los Angeles. The undisclosed sponsor will implement capital expenditures to convert the traditional multifamily units into 34 co-living suites and lease up the property. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the financing includes a facility to provide future funding for capital expenditures and interest and operating shortfalls.

February 28, 2020

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