Multifamily

Cushman & Wakefield Brokers $51M Sale of Multifamily Community Near Augusta

by Alex Tostado January 6, 2020

GROVETOWN, GA. — Cushman & Wakefield has brokered the $51 million sale of Riverstone Apartment Homes, a 328-unit multifamily community located in Grovetown. NorthRock Cos. acquired the complex located 101 Halton Drive, 11 miles from downtown Augusta. Cushman & Wakefield’s Taylor Bird, Robert Stickel and Nelson Abels represented the seller, Mesa Capital Partners, in the transaction. Built in 2014, Riverstone Apartment Homes is located near Interstate 20 and Ga. State Route 388 and includes a dog park, clubhouse, car care center, fitness center, playground and pool.

January 6, 2020

Acquisitions Alabama Multifamily Southeast

NKF Arranges Sales of Suburban Multifamily Assets Across Alabama Totaling $23.5M

by Alex Tostado January 6, 2020

BIRMINGHAM, ALA. — Newmark Knight Frank (NKF) Multifamily Capital Markets has arranged the sales of three Alabama multifamily communities totaling $23.5 million. Bo Flurry and Justin Uffinger in NKF’s Birmingham office, along with the firm’s National Affordable Housing group, represented the sellers in all three transactions. The deals include Birmingham-based The Gateway Cos. selling Liberty Square, a 168-unit apartment community in Montgomery, to Missouri-based Zimmerman Properties for $9.3 million. Built in 2003, the property was 90 percent occupied at the time of sale. The other deals include Birmingham-based Durham & Associates selling the Carondolet apartment complex in Mobile to an entity managed by Birmingham-based Dobbins Group for $11.6 million. Built in the mid-1970s, Carondolet was 92 percent occupied at the time of sale. Lastly, Birmingham-based Oak Manor Partners sold the Williamsburg Townhomes apartment complex in Gadsden to an undisclosed investor based in California. Constructed in 1973, the community was 95 percent occupied when it sold for $2.6 million.

January 6, 2020

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Negotiates $1.7M Sale of Apartment Building in Suburban Minneapolis

by Kristin Harlow January 6, 2020

SAINT LOUIS PARK, MINN. — Marcus & Millichap has negotiated the sale of Idaho Flats in Saint Louis Park for $1.7 million. The 12-unit apartment building is located at 1328 Idaho Ave. in the Eliot neighborhood of Saint Louis Park, a western suburb of Minneapolis. Built in 1964, the asset was remodeled in 2019. It includes 11 one-bedroom units totaling 750 square feet each and one studio totaling 250 square feet. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap brokered the sale on behalf of the undisclosed buyer and seller.

January 6, 2020

Acquisitions California Multifamily Western

Gelt Sells 232-Unit Monterra Ridge Apartments in Santa Clarita for $62.5M

by Amy Works January 6, 2020

SANTA CLARITA, CALIF. — Los Angeles-based Gelt, a real estate investment and asset management firm, has completed the disposition of Monterra Ridge Apartments, a 232-unit multifamily community located in Santa Clarita. Culver City, Calif.-based BAG Investments acquired the property for $62.5 million. Built in 1985, Monterra Ridge is located at 28085 Whites Canyon Road. The pet-friendly property features 16 buildings totaling 88 one-bedroom/one-bathroom units and 144 two-bedroom/two-bathroom units. Community amenities include covered parking, a fitness center, sand volleyball court, clubhouse with a community room, swimming pool and spa. Gelt acquired the property in June 2015 for $45.5 million and implemented a capital improvement program that included renovating approximately 65 percent of the unit interiors with new cabinetry faces and fixtures, stainless steel appliances, vinyl-plank flooring in the living room and new ceiling fans, among other upgrades. Gregory Harris, Kevin Green and Joseph Grabiec from Institutional Property Advisors, a division of Marcus & Millichap, represented both sides of the transaction.

January 6, 2020

Acquisitions Multifamily Washington Western

Bell Partners Buys 222-Unit Alexan Marymoor Multifamily Asset in Redmond, Washington

by Amy Works January 6, 2020

REDMOND, WASH. — Bell Partners, on behalf of its Fund VII investors, has acquired Alexan Marymoor, an apartment community in Redmond, for an undisclosed price. The buyer plans to rename the property Bell Marymoor Park, as well as manage it. Built in 2019, Bell Marymoor Park features 222 apartments with stainless steel appliances, vinyl-plank flooring, quartz countertops, tile backsplashes and in-unit washers and dryers. Community amenities include a rooftop treehouse with grilling stations, a bar, fireplace and sun-nooks; an arboretum; a bike repair station and storage; a conference center; and a fitness center. This is Bell Partners’ second acquisition in the Seattle metro area, following the purchase of Bell Overlake in September 2019.

January 6, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 132-Unit Seniors Housing Community in Metro Phoenix

by Amy Works January 6, 2020

SUN CITY, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Woodmark at Sun City, a 132-unit assisted living and memory care community located Sun City, an unincorporated municipality in metro Phoenix. A publicly traded REIT sold the property to an undisclosed buyer, which plans to install a privately owned, Southern California-based operator. The price was not disclosed. Built in 2000, The Woodmark at Sun City is a two-building campus in a residential area of the Salt River Valley. Ben Firestone, Michael Segal, Alex Florea and Amy Sitzman of Blueprint handled the sale.

January 6, 2020

Development Seniors Housing Texas

Frontier Management Breaks Ground on 120-Unit Seniors Housing Property Near Houston

by John Nelson January 6, 2020

SPRING, TEXAS — Frontier Management has broken ground on The Landing at Augusta Woods, a 120-unit seniors housing community located at 7727 August Pines Drive in Spring, a northern suburb of Houston. The property, which will include 75 units for active adults and 45 assisted living units, is set to open in early 2021. The project team includes general contractor Regent Construction, architect Jeffrey DeMure & Associates and construction lender UCB. Frontier Management will operate Landing at Augusta Woods, joining the more than 100 seniors housing communities in its management portfolio.

January 6, 2020

Acquisitions Florida Multifamily Southeast

Continental Realty Sells Multifamily Property on Florida’s Space Coast for $55.3M

by Alex Tostado January 3, 2020

ROCKLEDGE, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold Polo Glen Apartments, a 252-unit multifamily community, to an undisclosed buyer for $55.3 million. Located at 3603 Middleburg Lane in Rockledge, Polo Glen is situated on the Space Coast near Cocoa Beach. Scott Ramey and Patrick Dufour of Newmark Knight Frank’s Multifamily Capital Markets team represented CRC in the transaction. Constructed in 2008, the complex offers one-, two- and three-bedroom floor plans. CRC acquired Polo Glen in 2016 for $38 million from Atlanta-based Pollack Shores Real Estate Group. CRC implemented capital improvements during its ownership, including painting the community exterior and renovating interior units, the clubhouse, leasing office, business center and fitness center, which now features a Peloton bike studio.

January 3, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

FourPoint Arranges Sale of 446-Bed Student Housing Community Near Savannah College of Art and Design

by Alex Tostado January 3, 2020

SAVANNAH, GA. — FourPoint Investment Sales Partners has arranged the sale of The Hue, a 446-bed student housing community located at 646 W. Bay St. in Savannah, near the Savannah College of Art and Design. The property offers amenities including a pool, sundeck, fitness center, art studio and study areas. Chris Epp, Chris Bancroft, Meredith Wolff McGrath, Matthew Chase and Craig Miller of FourPoint arranged the transaction on behalf of the seller, Atlanta-based CF Real Estate Services. Blue Vista Capital Management purchased The Hue for an undisclosed price.

January 3, 2020

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

NKF Arranges Sale of 98-Unit Seniors Housing Community in Doylestown, Pennsylvania

by Alex Patton January 3, 2020

DOYLESTOWN, PA. — Newmark Knight Frank (NKF) has arranged the sale of and financing for Solana at Doylestown, a 98-unit seniors housing community in Doylestown, located approximately 35 miles north of Philadelphia. Solana at Doylestown opened in 2014 and provides assisted living and memory care services. The property was 96 percent occupied at the time of sale. Ryan Maconachy and Chad Lavender of NKF represented the seller, Atlanta-based Formation Development Group. A joint venture between LCS Senior Living and Nuveen acquired the property for an undisclosed price. Sarah Anderson and Brittany Robinson, also of NKF, secured the financing on behalf of the buyer.

January 3, 2020

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