Multifamily

Welltower Shakes Up Portfolio, Commits to Nearly $2.75B in Transactions

by Alex Tostado August 1, 2019

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has expanded its senior living portfolio to the tune of 15 properties worth $949 million across the country. Simultaneously, the healthcare REIT giant exited its partnership with seniors housing operator Benchmark Senior Living, selling its 48-property portfolio to an undisclosed buyer for $1.8 billion. The 48 properties that Benchmark operates total 4,137 units and are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. As part of the recapitalization, Benchmark will invest in improvements at the properties. Benchmark will continue to manage the portfolio under a new management agreement with the new capital partner. Ted Flagg of the JLL Capital Markets team represented Welltower in the Benchmark transaction. With the new acquisitions, Welltower expanded its footprint by entering into or expanding partner agreements with senior living operators Balfour Senior Living, Sunrise Senior Living and Discovery Senior Living. The three partnerships yielded 14 properties in Maryland, Colorado, California and Texas. Welltower acquired six properties from Balfour, including Balfour’s flagship Balfour at Riverfront in Denver and the recently opened Lavender Farms, for $308 million. The other four properties are situated in the Denver and Boulder metro areas. Additionally, Welltower has the option to …

August 1, 2019

The Pier at CCU is located near Coastal Carolina University.

Features Multifamily Student Housing

Is Pedestrian-to-Campus Still the Future of Student Housing Development?

by Jeff Shaw August 1, 2019

One of the most crucial questions in today’s student housing development market is the question of location. A number of prominent companies have made the ability to be walkable to campus a big issue when it comes to a property’s resale value. Other developers, meanwhile, eschew walkable locations in favor of value for tenants. For a time, a big industry trend was amenity-laced properties located a few miles from campus, selling a lifestyle, and typically an oversized pool, in exchange for a slightly longer campus commute. More recently, a countertrend has emerged, with builders catering to students looking to walk across the street to class. “Beachfront property” is often the preferred term for developers of this mindset. Is close proximity still the dominant trend? A group of student housing developers and architects debated the topic during a panel discussion at the 11th annual InterFace Student Housing conference, held in April in Austin, Texas. David Senden, principal of KTGY Group Architecture + Planning, served as moderator and opened with a simple question: What exactly is urban infill, and what is cottage product? Todd Gaines, vice president of development at Austin-based Aspen Heights Partners, answered that his definition of urban infill is …

August 1, 2019

Acquisitions Florida Multifamily Southeast

JLL Brokers $30.3M Sale of Multifamily Community in Broward County

by Alex Tostado July 31, 2019

DAVIE, FLA. — JLL has arranged the $30.3 million sale of The Gardens of Nova, a 140-unit value-add multifamily community in Davie. The Gardens of Nova offers 16 garden-style buildings with two-bedroom floor plans averaging 1,173 square feet. Communal amenities include a business center, fitness center, coffee bar, swimming pool, outdoor kitchen and sun deck. The property is located at 6857 College Court, directly across the street from the 545-acre South Florida Education Center (SFEC). Maurice Habif, Simon Banke and Victor Garcia of JLL represented the seller, Grand Peaks Properties Inc., in the transaction. Robbins Property Associates purchased the asset.

July 31, 2019

Acquisitions Multifamily North Carolina Southeast

Redwood Capital Purchases 245-Unit Lowrie Apartment Complex in Charlotte

by Alex Tostado July 31, 2019

CHARLOTTE, N.C. — Redwood Capital Group has purchased Lowrie, a 245-unit apartment complex in Charlotte’s Ballantyne neighborhood. The community offers amenities such as a saltwater swimming pool; grilling areas; dog-friendly rooftop lounge with outdoor TV; 3,000-square-foot fitness center with free weights, touch screen treadmills, stair climbers, recumbent bikes and Woodway self-propelled treadmill; yoga studio; and a 4,700-square-foot clubhouse with a catering kitchen, billiards, TV area, mail room and co-working business center. Ballantyne is a master-planned community 12 miles south of downtown Charlotte. The Bissell Cos. developed the area to include a top-rated golf course, more than 200 eateries and shops, and 16 miles of walking trails and bike paths. The sales price was not disclosed.

July 31, 2019

Acquisitions Multifamily New Jersey Northeast

CBRE Brokers $146M Sale of Multifamily Portfolio in New Jersey

by Alex Patton July 31, 2019

EAST ORANGE, NEWARK, ASBURY PARK AND TRENTON, N.J. — CBRE has brokered the sale of a 1,035-unit multifamily workforce housing portfolio in New Jersey for $146 million. The portfolio benefits from high occupancy, 4.1 percent average annual rent growth and high resident retention. “The market demand for this type of property is as strong as we have experienced,” said Jeffrey Dunne of CBRE. ” Renter demand for well-maintained Class B apartments is also at historic levels and expected to continue for years ahead.” The sale included a generational collection of seven multifamily high-rise and garden properties, for a total of 1,035 units in the following locations: In East Orange, Washington Towers is a 14-story building with 197 units; Executive House is a 23-story building with 228 units; Ambassador Towers is a nine-story building with 161 units; Munn Heritage is a seven-story building with 75 units. In Newark, Parkview Gardens is a four-story building with 24 units. In Asbury Park, Munroe Towers is a 15-story building with 261 units. In Trenton, Lafayette House is a 12-story building with 89 units. Dunne, Gene Pride, Eric Apfel, Nat Gambuzza, John Veniero and John McFadden of CBRE represented the owner, Murnick Property Group, in …

July 31, 2019

Loans Massachusetts Multifamily Northeast

Fortis Receives $87.5M Construction Loan for Multifamily Property in Boston

by Alex Patton July 31, 2019

BOSTON — Fortis Property Group has received an $87.5 million construction loan for LaGrange Street Residential Development, a 170-unit multifamily property in Boston. The project will include street-level retail. Apollo Global Management provided the loan. The property will offer studio, one- and two-bedroom apartments, 22 of which will be rented at below-market rates. Construction is underway, slated for completion in late 2021. Stantec is the architect of the project and Zarifi is the interior designer.

July 31, 2019

Acquisitions Multifamily Texas

Cohen-Esrey Acquires Two Apartment Communities Totaling 630 Units in DFW

by Taylor Williams July 31, 2019

DALLAS AND FORT WORTH, TEXAS — Cohen-Esrey Apartment Investors has acquired two apartment communities totaling 630 units in Dallas and Fort Worth. South Pointe Apartments in Dallas features 372 units and amenities such as a pool, fitness center, spa, playground and a racquetball court. Lofton Place in Fort Worth totals 258 units and offers amenities such as a pool, fitness center, playground and a tennis court. Both properties were built in the 1980s and subsequently renovated. The seller(s) was not disclosed.

July 31, 2019

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Brokers $6.9M Sale of Vacant Multifamily Property in Manhattan

by Alex Patton July 31, 2019

NEW YORK CITY — Ariel Property Advisors has brokered the sale of 440 West 36th Street, a vacant multifamily property in Manhattan, for $6.9 million. The site spans 14,862 buildable square feet and currently houses an 8,562-square-foot building. Matthew Gillis, Michael Tortorici and Howard Raber represented the seller in the transaction. Angela Huang of Chase Global Realty LLC procured the buyer.

July 31, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Arranges $2.8M Sale of Assisted Living Facility in Mount Vernon, Texas

by Taylor Williams July 31, 2019

MOUNT VERNON, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mount Vernon House, a 50-unit assisted living community in Mount Vernon, approximately 100 miles east of Dallas. The 41,000-square-foot property sits on 2.5 acres and was constructed in 1994. A local doctor acquired the community from an independent owner-operator for $2.8 million, or $56,000 per unit. The community was approximately 58 percent occupied at the time of sale. Matthew Alley of SLIB arranged the transaction.

July 31, 2019

Loans Multifamily New York Northeast

NorthMarq Arranges $4M Loan for Refinancing of Mixed-Use Property in Brooklyn

by Alex Patton July 31, 2019

NEW YORK CITY — NorthMarq has arranged a $4 million cash-out refinance of a 8,799-square-foot multifamily property in Brooklyn. The property, 66 Nassau Avenue, is five stories with ground floor retail. The loan was structured with a 10-year term, a 4 percent fixed interest rate and a 25-year amortization schedule. The property was originally acquired in 2000 and was later demolished and redeveloped in 2018.

July 31, 2019

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