Multifamily

Interra Realty Brokers Three Multifamily Sales Totaling $5.5M in Chicago

by Kristin Harlow October 4, 2019

CHICAGO — Interra Realty has brokered the sales of three multifamily properties in Chicago’s Edgewater and Rogers Park neighborhoods for a combined $5.5 million. Each of the properties, located at 5547 N. Lakewood Ave., 1619 W. Lunt Ave. and 7423 N. Rogers Ave., were fully occupied at the time of sale. In the first transaction, Interra’s Craig Martin represented the seller, the estate of Victoria Altman, as well as the buyer, a joint venture led by Joe Hayes and Mike Cavanaugh. In the second sale, Martin and Brian DiBasilio of Interra represented the private parties. In the third transaction, Martin represented the private buyer as well as the sellers, Gary and Bella Goland.

October 4, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

SLIB Brokers Sale of Two Seniors Housing Communities in Wilkes-Barre, Pennsylvania

by Alex Patton October 3, 2019

WILKES-BARRE, PA. — Senior Living Investment Brokerage (SLIB) has brokered the sale of Little Flower Manor and St. Luke’s Villa, both in Wilkes-Barre, which is located approximately 100 miles north of Philadelphia. Little Flower Manor is a 133-bed skilled nursing facility with an attached 60-unit personal care building called St. Therese Residence. One mile away is St. Luke’s Villa, a 50-bed skilled nursing, 48-unit personal care, and 31-unit independent living community. The Diocese of Scranton sold the properties to a local nonprofit buyer for an undisclosed price. Toby Siefert and Ryan Saul of SLIB handled the transaction.

October 3, 2019

Acquisitions Multifamily Nevada Western

Green Leaf Partners Acquires 203-Unit Multifamily Asset in Sparks, Nevada

by Amy Works October 3, 2019

SPARKS, NEV. — Green Leaf Partners has purchased Waterstone at Kiley Ranch, an apartment community located in the Reno-Sparks area of Nevada. The asset is located at 815 Kiley Parkway within the 800-acre Kiley Ranch master-planned community. Initially developed as a for-sale condominium property in 2007, the community was later converted to 100 percent rental units. Waterstone at Kiley Ranch features 203 units in a mix of four floorplans featuring multi-story one- and two-bedroom apartments. The units include high-end amenities such as stainless steel appliances, granite countertops, full-size washer-dryer sets, high ceilings, premium finishes and direct-access garages. Aiman Noursoultanova of CBRE’s Reno office represented the seller in the deal. Troy Tegeler of CBRE Debt and Structured Finance assisted in financing the deal for the buyer, and Marc Ross of CBRE’s Sacramento office provided advisory assistance on the transaction.

October 3, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $61.6M Financing for Seniors Housing Expansion Project in Abington, Pennsylvania

by Alex Patton October 3, 2019

ABINGTON, PA. — HJ Sims has arranged $61.6 million in financing for an expansion project at Rydal Park, a continuing care retirement community in Abington, located approximately 10 miles north of Philadelphia. The expanded property will be rebranded as Rydal Waters, and will sit on 33 acres and comprise 84 two-bedroom cottages. The project also includes a clubhouse, and the location is walking distance to restaurants, a grocery store and a rail station. The financing for the expansion is a draw-down, bank-held, tax-exempt loan with three years of interest-only payments and a 30-year amortization schedule. Presby’s Inspired Life, an affiliate of HumanGood, operates the community. The first phase of construction is scheduled for completion in 2020.

October 3, 2019

Acquisitions Indiana Midwest Multifamily

Colliers Brokers Sale of 44-Unit Apartment Complex in Portage, Indiana

by Kristin Harlow October 3, 2019

PORTAGE, IND. — Colliers International has brokered the sale of Portage Park Apartments in Portage for an undisclosed price. Built in 2000, the 44-unit apartment complex is located at 3555 Ash St. The three-building property is 95 percent leased. Matt Jones of Colliers represented the undisclosed seller. Chicago-based Quinn Family LLC purchased the asset.

October 3, 2019

Acquisitions Multifamily Texas

Fogelman, DRA Acquire 390-Unit Apartment Community in Houston

by Taylor Williams October 3, 2019

HOUSTON — A joint venture between multifamily investment firm Fogelman Partners and New York-based DRA Advisors has acquired Retreat at Steeplechase, a 390-unit multifamily community in Houston. Built in 1998 on the city’s northwest side, the property offers one-, two- and three-bedroom units and amenities such as a pool and a clubhouse. The new ownership will implement a value-add program to the unit interiors, exteriors and amenity spaces of the property, which was 94 percent occupied at the time of sale.

October 3, 2019

Acquisitions Multifamily North Carolina Southeast Student Housing

Preiss Sells Three Student Housing Communities Near North Carolina State University

by Alex Tostado October 3, 2019

RALEIGH, N.C. — The Preiss Co. has sold three student housing communities serving North Carolina State University in Raleigh. Dispositions include University Village at 2505, a 288-bed community developed in 2012; Campus West at Tryon, a 162-bed community developed in 2014; and The College Inn, a 440-bed community developed in 2004. Ryan Lang, Brandon Buell and Jack Brett of Newmark Knight Frank represented the seller in the transaction. Chicago-based Inland acquired the portfolio for an undisclosed amount. University Village at 2505 offers four-bedroom, fully furnished units with shared amenities including a clubhouse, 24-hour fitness center, computer lab, study room and beach volleyball court. Campus West at Tryon offers three-bedroom units with bed-to-bath parity alongside shared amenities including a lounge area, outdoor grilling areas and picnic space. The College Inn offers two-, three- and four-bedroom, fully furnished units with shared amenities including a fitness center, swimming pool, grill and patio area, a media and game room, and an internet cafe.

October 3, 2019

Acquisitions Florida Loans Multifamily Southeast

Berkadia Secures Sale, Financing of New Multifamily Property in Panama City Beach

by Alex Tostado October 3, 2019

PANAMA CITY BEACH, FLA. — Berkadia has arranged the sale of Vantage at Panama City Beach, a 288-unit, garden-style multifamily community. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, business center, internet café, swimming pool, covered pool lounge, outdoor grills, picnic areas, large and small breed dog parks, dog wash facilities, a 24-hour fitness center and 24-hour concierge. The property was built in 2018 and is three miles from the beach. David Etchison and Cole Whitaker of Berkadia represented the seller, Vantage Communities, in the transaction. The sales price was not disclosed, but Mitch Sinberg and Matthew Robbins of Berkadia originated a $42.6 million acquisition loan on behalf of the buyer, Cardone Capital. The Freddie Mac loan features a 10-year term with a fixed interest rate and five years of interest-only payments.

October 3, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of Multifamily Asset in Alvin, Texas

by Taylor Williams October 3, 2019

ALVIN, TEXAS — Marcus & Millichap has arranged the sale of Oaks at Mustang, a 125-unit multifamily asset in Alvin, located south of Houston. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the buyer, a limited liability company, in the off-market transaction. Other terms of sale were not disclosed.

October 3, 2019

Loans Multifamily Texas

Ready Capital Provides $12.5M Bridge Loan for Dallas Multifamily Property

by Taylor Williams October 3, 2019

DALLAS — Ready Capital has provided a $12.5 million bridge loan for the acquisition, renovation and stabilization of a 144-unit multifamily property located in the Lake Highland submarket of Dallas. Upon acquisition, the sponsor will implement a capital improvement plan and renovate existing units to maximize net operating income and increase property value. Ready Capital closed the non-recourse, fixed-rate loan, which featured a 60-month term, declining prepayment and a facility to provide future funding for the capital expenditures.

October 3, 2019

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