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Multifamily

Waters-Edge-at-Mansfield
AcquisitionsMultifamilyTexas

Buchanan Street Acquires 351-Unit Waters Edge at Mansfield Apartments in Grand Prairie, Texas

by Taylor Williams

GRAND PRAIRIE, TEXAS — California-based investment firm Buchanan Street Partners has acquired Waters Edge at Mansfield, a 351-unit apartment community located in the central metroplex city of Grand Prairie. Formerly known as Aura 3Fifty-One, the community was built on 13 acres in 2019 and was 93 percent occupied at the time of sale. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, business center and a resident clubhouse. Drew Kile and Joey Tumminello of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Trinsic Residential, in the transaction. Buchanan Street was self-represented.

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DevelopmentMidwestMultifamilyOhioSeniors Housing

Anthology Senior Living Opens 180-Unit Property in Suburban Cleveland

by Kristin Harlow

MAYFIELD HEIGHTS, OHIO — Anthology Senior Living, a new organization created by real estate development firm CA Ventures, has opened Anthology of Mayfield Heights in suburban Cleveland. The property is home to 180 independent living, assisted living and memory care residences. The community serves as the company’s first “Life Plan Community,” a new design strategy for seniors housing created in collaboration with national design firm HED. This type of community consists of a main building and a small arrangement of cottages. Courtyards enable residents to participate in outdoor activities such as swimming, pickleball, gardening, lounging and meditating. Indoors, residents have access to multiple dining options such as a bistro, pub, private dining and large dining room. Other amenities include a business center, clubhouse, fitness center, golf simulator, library, pottery room and theater.

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AcquisitionsMichiganMidwestMultifamily

Berkadia Brokers Sale of Four-Property Multifamily Portfolio in Kalamazoo, Michigan

by Kristin Harlow

KALAMAZOO, MICH. — Berkadia has brokered the sale of a four-property, 427-unit multifamily property in Kalamazoo for an undisclosed price. The properties include Embassy Terrace, Greenbriar, Carriage Green and Regency Square. Jason Krug, Corey Krug, Kevin Dillion, Rick Vidrio, Rick Brace and Charley Henneghan of Berkadia’s Great Lakes team represented the Michigan-based seller as well as the buyer, Chicago-based Tricap Residential Group.

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22-Chapel-Street-Brooklyn22-Chapel-Street-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Delshah Capital Tops Out 180-Unit Multifamily Project in Brooklyn

by Taylor Williams

NEW YORK CITY — Locally based developer Delshah Capital has topped out a 180-unit multifamily project at 22 Chapel St. in Brooklyn that will include 45 affordable housing residences. The 20-story building is being developed in partnership with START Treatment & Recovery Centers, New York’s largest independent drug treatment agency, and will also house 2,000 square feet of retail space and the offices of START. The property will also feature a rooftop pool, fitness center, playground and onsite parking. Locally based general contractor OTL Enterprises is handling construction of the project, which is slated for a late 2021 completion.

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LoansMultifamilyNew JerseyNortheast

Colliers Provides $5M Agency Loan for Refinancing of Apartment Complex in Camden, New Jersey

by Taylor Williams

CAMDEN, N.J. — Colliers Mortgage has provided a $5 million Fannie Mae loan for the refinancing of Lake Shore Club Apartments, an 80-unit apartment complex located in the Southern New Jersey city of Camden. The property was built in 1970 and consists of five two-story buildings. Colliers originated the 10-year loan for borrower DBG Gamma Investments LLC.

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Bella-Vida-Apts-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

NWI Vida Divests of Bella Vida Apartments in Las Vegas for $15M

by Amy Works

LAS VEGAS — NWI Vida LLC has completed the disposition of Bella Vida Apartments, a multifamily property in Las Vegas. An undisclosed buyer acquired the community for $15 million, or $208,333 per unit. Located at 1111 S. Cimarron Road, the property features 72 apartments. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the transaction.

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8770-8780-Galen-Ct-Thornton-CO
AcquisitionsColoradoMultifamilyWestern

Nexus Commercial Arranges $5.3M Acquisition of Multifamily Property in Thornton, Colorado

by Amy Works

THORNTON, COLO. — Nexus Commercial Realty has brokered the sale of an apartment community located at 8770-8780 Galen Court in Thornton. An undisclosed buyer acquired the asset for $5.3 million. The 38-unit property features 12 one-bedroom units and 26 two-bedroom units. The majority of the units have been updated, and select units feature balconies. The property includes two on-site laundry rooms and 54 off-street parking spaces for tenants. The buyer plans to manage the property, upgrade the remaining units and increase rents to market value.

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AcquisitionsFloridaMultifamilySoutheast

Passco Acquires Multifamily Community in Metro Tampa for $76.4M

by Alex Tostado

LAND O’ LAKES, FLA. — Passco Cos. has acquired Tapestry Cypress Creek, a 341-unit multifamily community in Land O’ Lakes, for $76.4 million. The property, which was delivered in 2019, offers one-, two- and three-bedroom floor plans. Unit interiors feature granite countertops, hurricane-impact windows, screened-in patios and balconies, washers and dryers, walk-in closets and stainless steel appliances. Communal amenities include a saltwater pool, clubhouse, 24-hour fitness center, club room and a dog park. The community is located at 2300 Tapestry Park Drive, 20 miles north of downtown Tampa. Patrick Dufour, Ryan Crowley, Andrew Visnick and Pibu Aulakh of Newmark represented the seller, Arlington Properties, in the transaction. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group originated acquisition financing on behalf of Passco.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Hawthorne Residential, Evolve to Develop 248-Unit Apartment Complex Near Raleigh

by Alex Tostado

WAKE FOREST, N.C. ­— A joint venture between Hawthorne Residential and Evolve Cos. has acquired a 23-acre site in Wake Forest to develop Hawthorne at the Forest, a 248-unit apartment community. The developer acquired the land from an undisclosed seller for $4.3 million. The asset is expected to deliver in 2022 and will be situated at 10728 Star Road, 14 miles north of downtown Raleigh. The property will offer one-, two- and three-bedroom floor plans with wood-style floors, energy-efficient GE appliances, washers and dryers, stone countertops and tile backsplashes. Communal amenities will include a saltwater pool, grilling area, 5,000-square-foot clubhouse, cyber café, fitness center, playground and a dog park. Caleb Troop, Ron Corrao and Eric Liebich of Capstone represented the buyers in the land transaction.

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District of ColumbiaMultifamilySoutheast

NMHC: 80.4 Percent of Renters Have Paid November Rent

by Alex Tostado

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) found that 80.4 percent of apartment households made a full or partial rent payment by Nov. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The most recent figure is a 110-basis point drop from November 2019, or a decrease of 131,712 households. November fared 100 basis points better compared to October 2020 when 79.4 percent of households made partial or full payment at Oct. 6. “November’s opening rent payment figures show that the additional support apartment residents received over the summer, coupled with generous, innovative approaches put into place by property owners and managers, continue to provide renters with some degree of security against the economic distress facing communities throughout the country,” says Doug Bibby, NMHC’s president. NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, Entrata and MRI Software.

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