Multifamily

CBRE Arranges Sales of Two Phoenix Apartment Communities to California Investors

by Amy Works May 5, 2020

PHOENIX — CBRE has brokered the sales of two multifamily properties in Phoenix to separate California-based investors. NDX Investments II completed the disposition of 34 Arcadia, a newly renovated apartment complex located at 2934 N. 34th Place in Phoenix’s lower Arcadia neighborhood. Champion 34 Arcadia LLC acquired the asset for $5.9 million. The buyer is a first-time Phoenix multifamily investor from California. The community features 45 units in a mix of studio and one-bedroom floor plans, averaging 527 square feet. Interior upgrades include in-suite laundry, stainless steel appliances and upgraded countertops and bathrooms. California-based Goldstein Investment Co. acquired Idle Hours, a multifamily community in Phoenix, from Delaware-based Torino Holdings for $5.8 million in an all-cash transaction. Located at 1501 E. Rovey Ave. in Uptown Phoenix’s North Central Corridor, the 28-unit property was remodeled and repositioned in 2018 and features 800-square-foot, two-bedroom/one-bath floor plans. Interior upgrades include in-suite laundry, stainless steel appliances, quartz countertops and upgraded bathrooms. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyers and sellers in the transactions.

May 5, 2020

Miami Red Capital Rent and Occupancy RED Capital

Content Partner Features Florida Lument Multifamily RED Capital Group Southeast

Cresting Wave of Job Losses Upends Miami Multifamily Sector

by Sarah Daniels May 5, 2020

How will the COVID-19 fallout impact the Miami multifamily market? Although many investors are approaching markets known for leisure travel and cruise industries with caution these days, RED Mortgage Capital research posted last week indicates Fort Lauderdale/Broward County may offer a more attractive risk and reward profile than is commonly understood in the intermediate term, even under severe recessionary stress. Can the same be said of Miami as many of the same arguments apply? Let us stipulate that coronavirus has struck Magic City a particularly sharp blow. Miami relies on international tourism to a larger degree than most other domestic travel destinations and has experienced greater tourism revenue and job losses as a result. Travel industry consultants STR analyzed the top 25 tourist destinations in America and noted that Miami hotels recorded the largest decline in average daily hotel room rates in April (-56.8 percent from 2019), while the metro area’s hotel occupancy plunged to 20 percent from 95 percent in 2019. Employment data are available only through March at this writing, but even at this early stage, job losses were severe. The Miami-Miami Beach metropolitan division employed population fell 86,000 in March, a one-month decline of 6.5 percent. Job …

May 5, 2020

Loans Multifamily New York Northeast Student Housing

KeyBank Arranges $29.4M Loan for Refinancing of Student Housing Community Near University at Albany

by Alex Patton May 4, 2020

ALBANY, N.Y. — KeyBank Real Estate Capital has arranged a $29.4 million loan for the refinancing of Auden Albany Student Housing, a 322-bed community serving students attending the University at Albany in Upstate New York. The fixed-rate Fannie Mae loan is structured with a 12-year term and a 36-month interest-only period. The community features amenities including a fitness center, game room, yoga studio and clubhouse. Erik Storz and Pete Rand of KeyBank arranged the loan on behalf of the borrower, DMG Investments.

May 4, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $16.2M Refinancing Loan for Multifamily Community in Jacksonville

by Alex Tostado May 4, 2020

JACKSONVILLE, FLA. — Berkadia has provided a $16.2 million Fannie Mae loan for the refinancing of Creekwood Club in Jacksonville. The 176-unit multifamily community was built in 1975 and offers studio to three-bedroom floor plans ranging from 422 to 1,300 square feet. The 10-year loan features a fixed interest rate with partial interest-only payments at a 75 percent loan to value ratio. The property was 95 percent occupied at the time of refinancing. Communal amenities include a pool, clubhouse with stone fireplace, fitness center, billiard and media room, lighted tennis court, dog park and a playground. The property is located at 8343 Hogan Road, seven miles southeast of downtown Jacksonville. Charles Foschini and Christopher Apone of Berkadia originated the financing on behalf of the borrower, Westside Capital.

May 4, 2020

Acquisitions Colorado Multifamily Western

CBRE Brokers $90.7M Sale of Caliber at Flatirons Apartments in Broomfield, Colorado

by Amy Works May 4, 2020

BROOMFIELD, COLO. — CBRE has facilitated the $90.7 million sale of Caliber at Flatirons, an apartment property located at 13892 Del Corso Way in Broomfield. Greenwood, Indiana-based The Garrett Cos. sold the community to Oakmont Properties for $90.7 million. Dan Woodward, David Potarf and Matt Barnett of CBRE’s Denver office represented the seller, while Marc Ross and CBRE’s Sacramento multifamily team represented the buyer in the deal. Andrew Behrens of CBRE Capital Markets Debt & Structured Finance arranged financing for the transaction. Completed in 2019, Caliber at Flatirons offers 288 units in a mix of one-, two- and three-bedroom layouts. Situated on 16 acres, the property features 308,478 rentable square feet, a swimming pool, grilling locations, an outdoor fireplace with seating areas, a fitness center and yoga studio.

May 4, 2020

Development Midwest Missouri Multifamily

$41M Apartment Development to Open in Kansas City’s Stockyards District This Month

by Kristin Harlow May 4, 2020

KANSAS CITY, MO. — The Yards, a $41 million luxury apartment development, is scheduled to open in Kansas City’s Stockyards District this month. Located at 1660 Genessee St. in downtown Kansas City, the project features 232 apartment units and 3,150 square feet of retail space. The amenities, spread over approximately 9,500 square feet, includes a saltwater pool, outdoor area, community kitchen, activity lounge, fitness center and dog park. Residents can also use kayaks to access the Kansas River. Plans also call for a partnership with Amigoni Winery to create the first vineyard within an apartment community in Kansas City. Prospective residents can now schedule virtual tours and take advantage of two months of free rent and reduced fees. Monthly rental rates range from $825 to $1,650. Flaherty & Collins is the developer and KEM Studio is the architect.

May 4, 2020

Development Illinois Midwest Multifamily Seniors Housing

Skender Completes Construction of 60-Unit Senior Living Facility in Crystal Lake, Illinois

by Kristin Harlow May 4, 2020

CRYSTAL LAKE, ILL. — Skender has completed the construction of Residences of Crystal Lake, an affordable independent senior living facility in Crystal Lake. Turnstone Development owns the 60-unit, 63,000-square-foot property. Residents have access to a fitness area, theater room, community rooms, computer rooms, a gazebo and outdoor spaces. Residents must be age 55 or older and meet the annual income restriction. The project team included UrbanWorks, Groundwork, DKI and TH Associates. Turnstone is a nonprofit that has developed more than 1,680 affordable housing units in Illinois and Florida since 1998.

May 4, 2020

Arizona Development Multifamily Western

Hines Acquires 11 Acres in Phoenix for 325-Unit Multifamily Development

by Amy Works May 4, 2020

PHOENIX — Hines has purchased approximately 11 acres near the northwest corner of Happy Valley Road and 35th Avenue in Phoenix’s West Valley market. The Pederson Group sold the development site for $6.7 million. The buyer plans to develop a 325-unit multifamily property on the site. Totaling 318,000 square feet, the community will feature 161 one-bedroom, 140 two-bedroom and 24 three-bedroom apartment units. Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Arizona represented the seller, while Hines represented itself in the transaction.

May 4, 2020

Colorado Development Loans Multifamily Western

Green Pace Financial Arranges $44.5M in Construction Financing for Multifamily Project in Los Angeles

by Amy Works May 4, 2020

LOS ANGELES — Green Pace Financial, along with its affiliate Hoover Financial, has arranged $44.5 million in PACE-approved construction financing for Live, Work, Create Equity LLC. The loans will be used for the development of an apartment community in the Koreatown neighborhood of Los Angeles. The combined 80 percent loan-to-cost, non-recourse financing included $14.5 million in C-PACE energy saving financing. The balance of the C-PACE-approved financing for the project was a $30 million senior construction loan. One of Green Pace Financial’s private equity construction lenders provided those funds. Construction on the 126-unit multifamily property is slated to begin this summer.

May 4, 2020

Acquisitions California Multifamily Western

Berkadia Negotiates $7.3M Sale of The Sterling Apartments in San Diego

by Amy Works May 4, 2020

SAN DIEGO — Berkadia has arranged the sale of The Sterling, a colonial revival multifamily asset in San Diego. Chicago-based Highlands REIT acquired the community from San Diego-based SENTRE for $7.3 million. Located at 470 20th St., the fully renovated, 27-unit property holds a Mills Act historic designation as part of the historic Sherman Heights neighborhood. The building features 14 studios and 13 one-bedroom units, all of which have been fully renovated with retained style and detailing of the early 20th century. Select units feature bay windows and private balconies. Community amenities include park-like garden terraces, restored and decorated common areas, and colonial revival architecture. Ed Rosen, John Chu and Tyler Sinks of Berkadia’s San Diego office represented the seller in the deal.

May 4, 2020

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