Multifamily

Sortis Provides Funding for $59.8M Opportunity Zone Project in Near Seattle

by Amy Works September 3, 2019

TUKWILA, WASH. — Sortis Holdings Inc. (SOHI), a Portland-based private equity firm, has provided equity funding for Tukwila Village Phase II, a mixed-income senior living development in Tukwila, approximately 10 miles south of Seattle. Sortis invested capital from its $100 million Sortis Opportunity Zone Fund alongside project sponsor Bryan Park, a Puyallup, Wash.-based developer that has developed, owns and operates more than 5,000 senior living apartments in Washington. Nonprofit operator Sustainable Housing for Ageless Generations (SHAG) will operate the community. “By 2050, the population of individuals who are 65 and older in the U.S. is projected to double, yet rising rents and lack of supply have reduced the availability of affordable, high-quality housing in desirable locations for this population,” says Paul Brenneke, Sortis founder. “We believe delivering a high-quality project with attractive investment returns while simultaneously providing an affordable housing option to low-income seniors is a win-win.” The two-phase project is situated on approximately 5.8 acres. Phase II comprises 204 apartment units exclusively for seniors, six live/work units, approximately 8,300 square feet of commercial/retail space and structured parking. Once Phase II is complete in late 2020, the combined project will be the third-largest senior living development in Washington, according to …

September 3, 2019

Development Florida Multifamily Southeast Student Housing

RISE, Nova Southeastern University Open On-Campus Student Housing Community in Fort Lauderdale

by Alex Tostado September 3, 2019

FORT LAUDERDALE, FLA. — A public-private partnership between RISE: A Real Estate Co. and Nova Southeastern University has opened Mako Hall, a 608-bed living/learning community on the university’s campus in Fort Lauderdale. The development offers a mix of one-, two- and four-bedroom, apartment-style units. Shared amenities include lounge areas, open and semi-private study rooms and an outdoor courtyard with hammocks, table tennis and grilling areas. Nova Southeastern is a private university that has 20,793 enrolled students.

September 3, 2019

Acquisitions Alabama Georgia Multifamily Seniors Housing Southeast

Shepherd Living Sells Two Senior Living Properties in Georgia, Alabama

by Alex Tostado September 3, 2019

POOLER, GA. AND MADISON, ALA. — Shepherd Living has sold Shepherd Living at Savannah Quarters in metro Savannah and Shepherd Living at The Range in Madison, both 104-unit senior living communities. Savannah Quarters is located at 101 Shepherd Way in Pooler, about 15 miles west of downtown Savannah. The Range is located at 10801 County Line Road, 15 miles southwest of downtown Huntsville. All Shepherd Living communities offer more than 15,000 square feet of spa and wellness space, more than 10 acres of green space, greenhouses and a monthly farmers market. Atlas Senior Living acquired the properties and rebranded them under its Madison brand. Ari Adlerstein and Ari Dobkin of Meridian Capital arranged the sale and acquisition financing for the transaction. The sales prices were not disclosed.

September 3, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $21.8M Sale of Multifamily Property in Metro Atlanta

by Alex Tostado September 3, 2019

DULUTH, GA. — Berkadia has arranged the $21.8 million sale of Villas at Duluth, a 164-unit multifamily property 26 miles northeast of downtown Atlanta in Gwinnett County. The property offers one- through four-bedroom floor plans averaging 1,400 square feet. Communal amenities include a fitness center, playground, pet park, soccer field, swimming pool and a barbecue area. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia represented the seller, New York-based The Walden Group, in the transaction. The buyer was Atlanta-based Benimax.

September 3, 2019

Features Multifamily Seniors Housing

InterFace Seniors Housing Panel: Connecting with Families is as Important as Operations

by Alex Tostado September 3, 2019

ATLANTA — For seniors housing operators, connecting to families is just as important as running a facility, according to Josh Crisp, founder and president of Knoxville, Tenn.-based Solinity Senior Living. Crisp urges his sales team to connect with prospective families to build trust so the company can educate the families. Crisp says he wants his team members to know a resident’s life story “so they can connect on a deeper level and help them transition to your community.” Crisp’s comments came during a panel titled “Operating Successfully in a Challenging Environment: How to Maximize Occupancy and Beat the Competition in Your Market,” at InterFace Seniors Housing Southeast. Traci Bild, CEO and president of Bild & Co. was the moderator of the panel. Panelists included Crisp; John Rauls, vice president of Southeastern Retirement Management; Jessica Heck, chief strategy officer of Blake Management Group; and Kevin Isakson, director of sales and marketing for Isakson Living. Hosted by France Media’s InterFace Conference Group and Seniors Housing Business at the InterContinental Buckhead Atlanta, the one-day conference was held Wednesday, Aug. 28 and attracted 436 professionals from all corners of the industry. Participants gathered to network and attend a variety of panel discussions that focused on timely …

September 3, 2019

Market Reports Multifamily Texas Texas Market Reports

Up To the Challenge: Dallas Apartment Market Absorbs Record Levels of New Supply

by Taylor Williams September 2, 2019

In 2019, Dallas/Fort Worth (DFW) once again represents the nation’s top metro for job creation and net migration. These market conditions are occurring at an opportune time as more than 26,000 multifamily units have been completed throughout the market this year, marking a record wave of annual deliveries. This influx of new apartments will increase the metro’s rental inventory by 3.3 percent, yet robust demand for new supply allows net absorption to match delivery volume, lowering overall vacancy by 20 basis points. Prolonged Absorption Over the past three years ending in June, DFW’s apartment stock expanded by 10 percent, or 74,000 units, yet vacancy adjusted moderately during this period. Unit availability hovered in the high-4 to high-5 percent range, with demand supported by the creation of 400,000 jobs, robust in-migration and the widening gap between a monthly mortgage payment and average rent. The extended period of strong leasing velocity was highlighted by the second quarter of 2019, when a record 12,000 apartments were absorbed. Performance during this three-month stretch lowered vacancy by 90 basis points on a quarter-over-quarter basis. With employment growth slated to further improve during the second half of this year — the result of corporate relocations and …

September 2, 2019

Acquisitions Georgia Multifamily Southeast

Vista Realty Partners Sells Two Multifamily Communities in Metro Atlanta for $70M

by Alex Tostado August 30, 2019

ATLANTA — Vista Realty Partners has sold the 280-unit Longwood Vista Apartments and the 324-unit Lakeside Vista Apartments for a total of $70 million. Longwood Vista offers one-, two- and three-bedroom floor plans. The property is located at 2300 Global Forum Blvd. in northeast Atlanta. Communal amenities include a car care center, business center, clubhouse, conference room, swimming pool and a fitness center. Lakeside Vista is located at 2100 Ellison Lakes Drive in Kennesaw, 26 miles northwest of downtown Atlanta. The property offers one- through three-bedroom floor plans and communal amenities including a clubhouse, business center, storage space, fitness center, swimming pool, playground and a tennis court. Atlanta-based Vista Realty Partners developed both communities in 2006 using Low-Income Housing Tax Credits. Fairfield Residential, which specializes in affordable housing, was the buyer.

August 30, 2019

Acquisitions Alabama Multifamily Southeast Student Housing

Capstone Sells Student Housing Community Near University of Alabama

by Alex Tostado August 30, 2019

TUSCALOOSA, ALA. — Capstone Real Estate Investments (CREI) has sold Landmark Apartments, a student housing community located near the University of Alabama in Tuscaloosa. CREI purchased the asset in January 2018 before beginning extensive renovations. Terms of the transaction and the identity of the buyer were not disclosed. Landmark Apartments offers one-, two- and three-bedroom units. Shared amenities include a 24-hour fitness center, business center and printing station, a game room, yoga studio, swimming pool, an outdoor fireplace and grilling station, a tanning bed, lounge, hot tub, sauna, steam room and a pet park.

August 30, 2019

Acquisitions Loans Maryland Multifamily Seniors Housing Southeast Virginia

Capital Funding Provides $36.9M Acquisition Financing for Two Mid-Atlantic Skilled Nursing Facilities

by Alex Tostado August 30, 2019

DUNN LORING, VA., AND SILVER SPRING, MD. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in Dunn Loring and Silver Spring. The properties include the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The Portopiccolo Group, manages both properties. Tim Eberhardt of Capital Funding originated the acquisition financing, which included a $30.6 million senior loan, $3.8 million mezzanine loan and a $2.5 million accounts receivable line of credit for working capital needs. The financing provided Portopiccolo with 90 percent of total transaction costs as well as a $2.7 million reserve for post-closing renovations.

August 30, 2019

Acquisitions Multifamily Texas

Greystone Arranges Sale of 232-Unit Multifamily Asset in Killeen

by Taylor Williams August 30, 2019

KILLEEN, TEXAS — Greystone has arranged the sale of The Willows Apartments, a 232-unit multifamily asset located in the Central Texas city of Killeen. Built in 1983, the property features one-, two- and three-bedroom units and amenities such as a pool and an outdoor picnic area. Nicholas Brown of Greystone represented the seller and procured the out-of-state buyer in the transaction. Both parties requested anonymity.

August 30, 2019

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