Multifamily

Flaherty & Collins Breaks Ground on $35M Apartment Complex in La Porte, Indiana

by Kristin Harlow September 24, 2020

LA PORTE, IND. — Flaherty & Collins Properties has broken ground on The Banks, a $35 million apartment complex in La Porte, about 30 miles west of South Bend. In addition to 194 apartment units, The Banks will feature 5,000 square feet of retail space and will be situated on four acres within the larger NewPorte Landing development. Amenities will include a pool, outdoor courtyard, bark park, fitness center and bike storage. Lake City Bank served as construction lender and Foss purchased tax credits for the project. The La Porte Redevelopment Commission is supporting the project with tax-increment financing. Completion is slated for the first quarter of 2022.

September 24, 2020

Development Healthcare Midwest Minnesota Multifamily Seniors Housing

Kraus-Anderson Begins $15M Expansion of Healthcare Facility in Madison, Minnesota

by Kristin Harlow September 24, 2020

MADISON, MINN. — Kraus-Anderson has begun the construction of a $15 million expansion at Madison Healthcare Services in western Minnesota. The healthcare facility was originally constructed in 1952. The 52,639-square-foot renovation and expansion will include 37 new skilled nursing units, 12 assisted living units and 12 underground car parking spaces. Designed by HGA Architects, the project is slated for completion in summer 2022. Madison Healthcare Services provides skilled nursing, outreach specialty services, home care services, independent living, therapy services and a critical access hospital.

September 24, 2020

Loans Midwest Multifamily Office Ohio

BridgeCore Provides $8M Bridge Loan for Office-to-Apartment Conversion in Downtown Cleveland

by Kristin Harlow September 24, 2020

CLEVELAND — BridgeCore Capital has provided an $8 million bridge loan for the acquisition of a historic office building in downtown Cleveland. The undisclosed borrower plans to convert the building, currently 42 percent occupied, into a 436-unit apartment property with a mix of office and retail space. The loan features a 12-month term with a fully funded reserve for interest and a 65 percent loan-to-value ratio. Akron-area businessman Agostino Pintus and his business partner Kenny Wolfe purchased the Rockefeller Building for $13.3 million, according to Cleveland.com.

September 24, 2020

California Content Partner Lument Multifamily RED Capital Group Western Western Feature Archive Western Market Reports

In Search of Relative Value in Orange County’s Apartment Sector

by Sarah Daniels September 24, 2020

Orange County offers residents all the key elements of the American dream. Its virtues are numerous and faults few. Indeed, Moody’s Analytics ranks the quality of life in the OC 10th highest among the 378 U.S. metros it reports on, just a half-step behind leaders Santa Barbara and Santa Cruz. Orange County is a terrific place to live, but is it a good place to invest? Gauging by observed capitalization rate trends, one may conclude that county apartment properties are highly prized gems. Class A trophy properties trade to going-in yields in the 4.00 percent to 4.10 percent area, and Class B and C garden complexes are typically priced to yields in the mid-4s, all only 25 basis points or so behind Los Angeles and the San Francisco Bay Area comparisons. But judging from transaction velocity, one might draw a different conclusion. Only six Orange County multifamily properties of 50 units or more have changed hands since mid-year 2019, and not a single sale has closed since February. Even by the cautious norms of the moment, this stands out as a market in search of price discovery. Slow transaction velocity can be ascribed, in part, to the prevailing buy and …

September 24, 2020

Acquisitions Multifamily Texas

FourPoint Brokers Sale of 372-Unit Ethos Apartments in South Austin

by Taylor Williams September 23, 2020

AUSTIN, TEXAS — FourPoint Investment Sales Partners has brokered the sale of Ethos Apartments, a 372-unit multifamily community in Austin. Built in 2014, the property offers one-, two- and three-bedroom units. Amenities include a pool, business center, fitness center, walking trails, a clubhouse, pet play area and outdoor picnic areas. Kevin Dufour and Kyle Peco of FourPoint represented the undisclosed seller in the transaction. Bluestone Properties, a Los Angeles-based investment firm, purchased the asset for an undisclosed price.

September 23, 2020

Development Loans Multifamily Texas

Pearlstone Partners to Develop 113-Unit Multifamily Project in Austin

by Taylor Williams September 23, 2020

AUSTIN, TEXAS — Pearlstone Partners will develop Cascade Condominiums, a 113-unit multifamily project that will be located in the heart of historic Old West Austin. Designed by Mark Hart Architecture, the property will house two commercial units and offer amenities such as a pool, fitness center, coworking space and a resident clubhouse. Bartlett Cocke served as the general contractor for the project, and Austin-based Prospect Real Estate is the listing agent. Presales are expected to begin in October, with prices ranging from $280,000 to 635,000 per unit. Connecticut-based Knighthead Funding provided a $26.5 million construction loan for the project.

September 23, 2020

Development Florida Multifamily Southeast Student Housing

BCDC, 908 Group Break Ground on 294-Bed Student Housing Community Near University of Florida

by Alex Tostado September 23, 2020

GAINESVILLE, FLA. — A joint venture between Batson-Cook Development Co. (BCDC) and 908 Group has broken ground on Gator Walk, a 294-bed student housing development located near the University of Florida campus in Gainesville. The community will comprise a six-story residential tower offering one-, two-, three-, four- and five-bedroom units; and three three-story townhomes offering six-bedroom units. All units will be fully furnished and will feature bed-to-bath parity. Communal amenities will include a rooftop deck with a pool, fitness center, private study spaces, computer room and a social lounge with a kitchen, TVs and gaming areas. Cadence Bank provided construction financing. The project’s development team includes general contractor ARCO/Murray and architect Design Styles Architecture. The community is scheduled for completion in fall 2022.

September 23, 2020

Loans Multifamily Southeast Virginia

NKF Provides $57.6M Refinancing Loan for Multifamily Complex in Virginia Beach

by Alex Tostado September 23, 2020

VIRGINIA BEACH, VA. — Newmark Knight Frank (NKF) has provided a $57.6 million Freddie Mac refinancing loan for Coastline Apartments, a 600-unit multifamily complex in Virginia Beach. George Wisecarver and Steven Leitch of NKF originated the loan on behalf of the borrower, a partnership between Blackfin Real Estate Investors and GMF Capital. Terms of the loan were not disclosed. The property comprises 34 two-story buildings, which were originally developed in 1970 and renovated in 2016 and earlier this year. Coastline Apartments offers one-, two- and three-bedroom floorplans featuring remodeled kitchens, washers and dryers, walk-in closets, crown molding and private balconies or screened-in patios. Communal amenities include a clubhouse, pool, sundeck, multiple playgrounds, a dog park and 24-hour emergency maintenance. The community is located at 631 Lake Edward Drive, 13 miles west of downtown Virginia Beach.

September 23, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 42-Site Manufactured Housing Property in South Houston

by Taylor Williams September 23, 2020

HOUSTON — Marcus & Millichap has arranged the sale of Coachlite Mobile Home Park, a 42-site manufactured housing community located at 7114 Dixie Drive on the south side of Houston. The property spans 113,692 square feet. Jeff Taylor and Will Shealy of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

September 23, 2020

Loans Midwest Minnesota Multifamily

Hunt Real Estate Capital Provides $43M Refinancing for Multifamily Asset in Minneapolis

by Kristin Harlow September 23, 2020

MINNEAPOLIS — Hunt Real Estate Capital, a division of ORIX Real Estate Capital, has provided a $43 million Fannie Mae loan for the refinancing of Ironclad Apartments in the Downtown East area of Minneapolis. The 172-unit, luxury multifamily community opened last year. The loan refinances construction debt. It features a fixed interest rate and a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule.

September 23, 2020

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