Multifamily

LMC Breaks Ground on 212-Unit Apartment Building in Elmhurst, Illinois

by Kristin Harlow November 26, 2019

ELMHURST, ILL. — LMC, a wholly owned subsidiary of Lennar, has broken ground on The Flynn, a 212-unit apartment building in Elmhurst. First move-ins are slated for January 2021. Situated at 183 N. Addison Ave., the eight-story development is less than three miles from interstates 290 and 294. Floor plans will range from 565 to 1,745 square feet. Amenities will include a sky deck terrace, clubroom, dog run, fitness center and bike lounge. This is LMC’s seventh community in the greater Chicago area, joining properties such as The Marlowe and The Emerson.

November 26, 2019

Loans Multifamily Oklahoma Texas

Alliant Credit Union Provides $61.9M Acquisition Loan for Tulsa Multifamily Portfolio

by Taylor Williams November 26, 2019

TULSA, OKLA. — Alliant Credit Union has provided a $61.9 million acquisition loan for a seven-property, 1,540-unit multifamily portfolio in Tulsa. The loan was structured with an 80 percent loan-to-value ratio. The borrower was not disclosed. Gershon Friedman of Meridian Capital’s Chicago office placed the debt with Alliant Credit Union.

November 26, 2019

Loans Multifamily New York Northeast Seniors Housing

Meridian Capital Group Arranges $60M Refinancing of National Seniors Housing Portfolio

by Alex Patton November 26, 2019

NEW YORK CITY — New York-based Meridian Capital Group has arranged a $60 million loan to refinance two portfolios of memory care assets across Ohio, Georgia, South Carolina, Colorado, California and Tennessee. In the first transaction, Meridian arranged $27.5 million for four memory care facilities totaling 264 beds in Ohio and Georgia. The five-year loan features a fixed interest rate and limited personal guarantees. In the second transaction, the Meridian team arranged a $32.5 million loan for memory care facilities totaling 264 beds in South Carolina, Colorado, California and Tennessee. A balance sheet lender provided the five-year, non-recourse loan with a fixed rate. Further details on the properties, locations and borrowers were not disclosed. Ari Adlerstein, Ari Dobkin and Josh Simpson of Meridian negotiated the two transactions.

November 26, 2019

Acquisitions Multifamily Texas

Rastegar Property Acquires 50-Unit Multifamily Asset in North Austin

by Taylor Williams November 26, 2019

AUSTIN, TEXAS — Rastegar Property Co. has acquired Highland Heights, a 50-unit multifamily asset located near Interstate 35 and U.S. Highway 290 in North Austin. The property offers one- and two-bedroom units and amenities such as an outdoor courtyard and onsite laundry facilities. The seller was not disclosed. Rastegar will implement a value-add program at the property.

November 26, 2019

Acquisitions Multifamily Texas

Limited Liability Company Sells 18-Unit Apartment Property in Austin

by Taylor Williams November 26, 2019

AUSTIN, TEXAS — 3405 Helms Street LLC has sold 34@Helms Apartments, an 18-unit multifamily property in Austin. The property is located about six blocks from the University of Texas at Austin and two miles from the downtown area. The property recently underwent a capital improvement plan that upgraded the units’ hardware, backsplashes and cabinets. Muskin Commercial LLC brokered the sale of the asset to the buyer, Helms Eagle LLC.

November 26, 2019

Acquisitions Loans Multifamily North Carolina Southeast

KeyBank Secures $34.6M Acquisition Financing for New Multifamily Property in Asheville

by Alex Tostado November 25, 2019

ASHEVILLE, N.C. — KeyBank Real Estate Capital has provided $34.6 million in Freddie Mac financing for the purchase of a new multifamily community in Asheville. The borrower, an affiliate of Waypoint Real Estate Investments, a national real estate investment firm based in Boca Raton, Fla., will acquire Skyland Exchange Apartment Homes. Trevor Ritter and Joe Fadus of KeyBank structured the financing. Built in 2019, Skyland Exchange Apartment Homes is a 290-unit multifamily property comprising seven four-story buildings on 11 acres of land at 12 Sky Exchange Drive. The complex is located seven miles south of downtown Asheville and features one-, two-, and three-bedroom layouts, as well as a saltwater pool, outdoor lounge area, fitness center and a clubhouse.

November 25, 2019

Development Multifamily Texas

CRG Development Breaks Ground on 242-Unit Apartment Project in Fort Worth

by Taylor Williams November 25, 2019

FORT WORTH, TEXAS — CRG Development has broken ground on 401 Hemphill Apartments, a 242-unit community located in the Near Southside neighborhood of Fort Worth. The property will offer amenities such as a pool, fitness center, coworking space, outdoor grilling stations and a 277-space parking garage. Lamar Johnson Collaborative designed the project, and Cadence McShane is the general contractor. Completion is scheduled for the second quarter of 2021.

November 25, 2019

Acquisitions Multifamily Washington Western

Rise, Aegon Real Assets Buy Two Multifamily Properties in Metro Seattle Totaling $161.3M

by Amy Works November 25, 2019

KENT AND EVERETT, WASH. — Rise Properties Trust and Aegon Real Assets have purchased two multifamily assets located in metro Seattle totaling $161.3 million. The joint venture acquired the 366-unit Mosaic Hills Apartments in Kent for $81 million and the 336-unit Colby Creek Apartments in Everett for $80.3 million. These transactions conclude more than $300 million of Seattle-area acquisitions for the joint venture in 2019. Seattle-based Thrive Communities will manage the properties. Including Mosaic Hills Apartments and Colby Creek Apartments, RISE owns approximately 4,000 units across 22 multifamily properties in the Pacific Northwest.

November 25, 2019

Acquisitions Mixed-Use Multifamily Oregon Retail Western

C.E. John Co. Divests of The George Besaw Building in Portland for $23.6M

by Amy Works November 25, 2019

PORTLAND, ORE. — Vancouver, Wash.-based developer C.E. John Co. has completed the sale of The George Besaw, a multifamily and retail property located at 2323 NW Savier St. in Portland. An undisclosed buyer acquired the asset for $23.6 million. Located in Northwest Portland’s Alphabet District, The George Besaw features 51 apartment residences above three floors of retail space. Current retail tenants include Pine State Biscuits, Life of Pie, Moberi and The Barbers. The building was completed in 2018. Clay Newton, Jordan Carter and Tyler Linn of Kidder Mathews represented the seller in the transaction.

November 25, 2019

Development Illinois Midwest Multifamily

Albion Residential Completes 265-Unit Apartment Development in Oak Park, Illinois

by Kristin Harlow November 25, 2019

OAK PARK, ILL. — Albion Residential has completed Albion Oak Park in suburban Chicago. The 265-unit luxury apartment development is located at 1000 Lake St. Floor plans range from studios to three-bedroom units. The property features 7,000 square feet of retail space on the ground floor. Amenities include 20,000 square feet of outdoor space in addition to a wellness center, podcast studio, pet spa and indoor dog room. A 7,000-square-foot lobby is open to the public. Albion developed the project in partnership with Wilton Investment Management. CIBC and Associated Bank provided financing. Village Green manages the property. Clark Construction was the general contractor for the project. Monthly rental rates start at $1,750.

November 25, 2019

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