Multifamily

Greystar Acquires 150-Unit Griffis at Lowry Apartment Community in Denver for $45.7M

by Amy Works August 30, 2019

DENVER — Irvine, Calif.-based Greystar has purchased Griffis at Lowry, a multifamily property located at 9649 E. Fifth Ave. in Denver’s Lowry neighborhood. Denver-based Griffis Residential sold the asset for $45.7 million. Built in 2011, Griffis at Lowry consists of eight rental buildings situated on 6.2 acres. Originally planned as a condominium development, the 150 units feature an average size of 1,130 square feet, in-unit full-size washers/dryers, at least nine-foot ceilings and attached garages in select floorplans. Approximately 40 percent of the units were renovated prior to the community’s sale. At the time of sale, occupancy was more than 97 percent. The property is located within the redevelopment of the former Lowry Air Force Base, an 1,800-acre site that includes 500 acres of residential use, 800-plus acres of recreational and open space, 1.8 million square feet of office space, 130,000 square feet of retail space and a 160-acre educational campus. David Potarf, Dan Woodward, Matt Barnett and Jake Young of CBRE represented the seller in the transaction.

August 30, 2019

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix Market Demand Sustains Multifamily Devleopment

by Taylor Williams August 30, 2019

Multifamily rental demand in Metro Phoenix has been supported by higher education, while job growth has bolstered construction in the core and neighboring suburbs. Arizona State University has transformed the multifamily properties surrounding its large campuses in Tempe, Downtown Phoenix, Glendale and Mesa. The multifamily rental assets in the West Valley submarket have also been rejuvenated by Grand Canyon University. Thanks to these institutions and several others in the Greater Phoenix area, the growing skilled labor force has benefitted from job growth by supporting several Fortune 500 companies that have continued to increase their presence throughout the region. The recent expansions allow more graduates to remain in the Phoenix area and attract many new professionals to the market, ultimately enhancing rental demand in Phoenix and its neighboring suburbs. The rising number of residences has compressed vacancy rates in the metro as thousands of units are absorbed annually. This market demand will support the continued rise in rental prices and spur apartment development in the upcoming years. Apartment development has continued its strong pace in Phoenix. The metro is expanding its rental supply with about 8,250 units finalizing in 2019. Of this year’s deposit, roughly 2,600 units will be added to …

August 30, 2019

Acquisitions Florida Multifamily Southeast

Northland Investment Sells Multifamily Community in Fort Myers for $53M

by Alex Tostado August 29, 2019

FORT MYERS, FLA. — Northland Investment Corp. has sold Iona Lakes, a 350-unit multifamily community in Fort Myers, for $53 million. The complex was built in 1986 and comprises 50 two-story buildings, a clubhouse and a 24-hour laundry facility. The property offers one-, two- and three-bedroom floor plans averaging 811 square feet. Communal amenities include a billiards room, fitness center, grill area, mini golf, pet park, swimming pool and a spa. Cardone Capital acquired the asset for $151,429 per unit.

August 29, 2019

Acquisitions Multifamily Oregon Western

Greystar Sells 264-Unit Avana Orenco Station Apartments in Hillsboro, Oregon

by Amy Works August 29, 2019

HILLSBORO, ORE. — Greystar has completed the disposition of Avana Orenco Station, a 264-unit multifamily property located at 6710 NE Vinings Way in Hillsboro. Jackson Square Properties purchased the asset free and clear of existing financing for an undisclosed amount. The 12-building community features 156 one-bedroom, 100 two-bedroom and eight three-bedroom units, averaging 925 square feet. Unit features include quartz countertops, stainless steel appliances, plank flooring in the living spaces, nine-foot ceilings and full-size washers/dryers. Community amenities include a swimming pool, spa, grilling areas, fire pit, gazebo, fitness center, community lounge, Wi-Fi, pool table, business center and dog park. Ira Virden and Carrie Kahn of JLL Capital Markets represented the seller.

August 29, 2019

Acquisitions Michigan Midwest Multifamily

Berkadia Brokers $32.5M Sale of Multifamily Property in Michigan

by Kristin Harlow August 29, 2019

FARMINGTON HILLS, MICH. — Berkadia has brokered the sale of Hillside Forest, a 252-unit multifamily property in Oakland County’s Farmington Hills. Built in 1986, the community features one- and two-bedroom floor plans. Amenities include a 24-hour fitness center, clubhouse, pool, jogging trail and tennis courts. Kevin Dillon, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan, Corey Krug and Carly Dietz of Berkadia represented the seller, Michigan-based Berger Realty Group Inc. Affiliates of Highgate Capital Group, based in Chicago, purchased the asset. Robert Falese of Berkadia originated $26.8 million in acquisition financing on behalf of the borrower. The 10-year Freddie Mac loan features a fixed interest rate of 3.87 percent and a loan-to-value ratio of 80 percent.

August 29, 2019

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Provides $12.8M Financing for Skilled Nursing Facility in Illinois

by Kristin Harlow August 29, 2019

AURORA, ILL. — Walker & Dunlop Inc. has provided $12.8 million in bridge financing for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, approximately 40 miles west of downtown Chicago. The debt was structured and provided by Walker & Dunlop’s bridge lending program, which utilizes its balance sheet to offer short-term, nonrecourse loans for properties that are being repositioned as part of a new business strategy. Led by Joshua Rosen, the Walker & Dunlop team structured the financing to cover 100 percent of the acquisition cost in addition to working capital and capital expenditures for the owner, Cascade Capital Group. The loan includes a nine-month term, flexible prepayment options and full-term, interest-only payments. The plan is to replace the loan with HUD financing in early 2020.

August 29, 2019

Acquisitions Multifamily New York Northeast

Rosewood Realty Group Arranges $10.5M Sale of Manhattan Multifamily Building

by Alex Patton August 29, 2019

NEW YORK CITY — Rosewood Realty Group has arranged the $10.5 million sale of 495 Amsterdam Avenue, a five-story multifamily building in Manhattan. Built in 1900, the 9,975-square-foot property features eight four-bedroom apartments and three retail spaces that are leased to a spa and electronics and clothing retailers. Aaron Jungreis of Rosewood Realty Group represented the buyer, Rudd Realty Management, in the transaction. Jungreis also represented the seller, 162 West 84th Street Corp.

August 29, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 205-Unit Apartment Community in Waco

by Taylor Williams August 29, 2019

WACO, TEXAS — Marcus & Millichap has brokered the sale of Village Square, a 205-unit multifamily community in Waco. Built in 1983, the property features amenities such as a pool, outdoor grilling area, volleyball court, onsite laundry facilities and access to walking and biking trails. Sean Scott, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the San Antonio-based seller and procured the Dallas-based buyer in the transaction. Both parties were limited liability companies that requested anonymity.

August 29, 2019

Acquisitions Multifamily Texas

Limited Liability Company Acquires 72-Unit Apartment Complex in Mineral Wells, Texas

by Taylor Williams August 29, 2019

MINERAL WELLS, TEXAS — IPI Properties 25 LLC has acquired Cedar View Apartments, a 72-unit complex in Mineral Wells, located about 50 miles west of Fort Worth. Built in 2005, the property consists of 18 single-story residential building, a leasing/office building and a maintenance building. Amenities include a fitness center, business center, playground, clubhouse and onsite laundry facilities. Dougherty Mortgage arranged $1.7 million in Fannie Mae financing on behalf of the new owner. The acquisition loan carried a 12-year term and a 30-year amortization schedule.

August 29, 2019

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 914-Unit Multifamily Property in in Norwood, Massachusetts

by Alex Patton August 28, 2019

NORWOOD, MASS. — CBRE has brokered the sale of Commons at Windsor Gardens, a 914-unit multifamily property in Norwood, a southern suburb of Boston. The property consists of 77 buildings with floorplans including 682 apartments and 232 townhomes. The Windsor Gardens commuter rail station is located onsite, offering a direct line to Boston. Simon Butler and Biria St. John of CBRE represented the seller, Windsor Gardens Propco LLC, in the transaction. The CBRE team also procured the buyer, which was undisclosed.

August 28, 2019

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