Multifamily

Sea Breeze Buys Del Sol Apartments in Northern California for $25.2M

by Amy Works April 8, 2020

SEASIDE, CALIF. — Sea Breeze LLC has purchased Del Sol Apartments, a three-parcel multifamily community located in Seaside in Monterey County. San Jose-based 1050 1. 12th St. LLC sold the asset for $25.5 million. Built between 1964 and 1974 on 3.1 acres, the 12-building, 98,105-square-foot community features 121 apartments. The property has undergone a variety of capital improvements, including all new decks and balconies, new double-pane windows, retrofitted garages, office upgrades and a new heating system. Eduardo Cerna of Marcus & Millichap represented the seller and procured the buyer in the transaction.

April 8, 2020

California Development Multifamily Western

Meta Housing Breaks Ground on 65-Unit Affordable Multifamily Project in Orange County

by Amy Works April 8, 2020

WESTMINSTER, CALIF. — Los Angeles-based Meta Housing Corp., in a joint venture partnership with Western Community Housing, has broken ground on Westminster Crossing, an affordable and permanent supportive housing multifamily community located ta 7122 Westminster Blvd. in Westminster. The $42 million development will provide 65 units with fully equipped kitchens with dishwashers, private bathrooms and a mix of hardwood and carpet flooring. Additionally, the project will include 89 parking spaces, 10 bicycle parking spaces, a community garden, outdoor lounge with barbecue area, synthetic turf play area and a children’s play area. The community spaces will include a homework room, conference rooms, art studio/maker space, gym/fitness/dance room and a community room, as well as management and service-provider offices. Upon completion in fall 2021, John Stewart Co. will manage the three-story property. The development team includes Meta Housing and Western Community Housing as co-developers and general partners, KPRS Construction Services as general contractor, IMG as construction manager, Y&M Architects as architect and MJS as landscape architect. Meta Housing partnered with the City of Westminster, Orange County, California Housing Finance Agency, U.S. Department of Housing and Urban Development, Capital One Bank, California Community Reinvestment Corp. and Red Stone Equity Partners to finance the …

April 8, 2020

Acquisitions Multifamily Northeast Pennsylvania Student Housing

MultiVersity Housing Partners Acquires 94-Bed Student Housing Community in Pittsburgh

by Alex Patton April 8, 2020

PITTSBURGH — MultiVersity Housing Partners has acquired Union on 5th, a 94-bed student housing community located near Duquesne University and the University of Pittsburgh, for an undisclosed price. The property features 35 fully furnished units in two- and three-bedroom floor plans. Renovations are planned for the property and will include a redesign of the lobby, the relocation of the office and leasing area, the addition of study space, hallway renovations, the construction of additional beds and the addition of a new package locker system. MultiVersity Property Management will oversee renovations and has been tapped to manage the community. Ryan Lang, Brandon Buell and Jack Brett of NKF Student Housing represented MultiVersity in the transaction. The seller was undisclosed.

April 8, 2020

Atlanta Rent & Occupancy Forecast Under COVID-19 Stress

Content Partner Features Georgia Lument Multifamily RED Capital Group Southeast

Atlanta Economic Juggernaut Encounters COVID-19 Roadblock

by Sarah Daniels April 8, 2020

In January, the Atlanta market was ticking like a fine Swiss watch. With leadership from its robust crew of business, education, healthcare, accommodations and leisure services industries, the economy cruised into 2020 with a full head of steam. Although moderately slower than regional peers, Atlanta’s pace of job creation was considerably faster than state and national averages, contributing to falling unemployment — the metro rate was only 3.2 percent in January, the lowest ever for the first month of the year — and strong absorption of office space in blossoming Midtown. Construction projects large and small transformed the landscape at a formidable pace, molding urban neighborhoods in a grand style rarely seen in 21st century America. Multibillion dollar developments like Centennial Yards and the ambitious mass-transit-inspired Atlanta Beltline project promised to enhance the urban living environment while preserving Atlanta’s renowned quality of life. No commercial real estate segment was more active than multifamily. Last year, apartment properties valued at nearly $8 billion exchanged hands, establishing a metro series record. In addition, construction of more than 17,000 units is underway — assets with stabilized value of about $2.5 billion — and another 25,000 units are planned. Late-decade property performance was among …

April 8, 2020

Development Multifamily Southeast Student Housing Virginia

Eyzenberg & Co. Structures Ground Lease and Selects Greystar to Develop a 424-Unit Student Housing Property Near Virginia Tech

by Alex Tostado April 7, 2020

BLACKSBURG, VA. — Greystar will redevelop an 11.5-acre site near Virginia Tech University into 424 student housing units. Sturbridge Square Apartments currently sits at the property, which is located at 1001 University City Blvd., one mile north of campus. The developer expects to break ground on the development this summer, with completion slated for fall 2022. Sturbridge Square Apartments currently comprises 11 buildings. The new community will offer six buildings offering one- through four-bedroom floor plans as well as townhomes. Communal amenities will include green recreational space, a half basketball court, swimming pool and a picnic area. David Eyzenberg of Eyzenberg & Co. with help from analyst Fan Yu structured the ground-lease on behalf of Sturbridge Square LLC and procured Greystar to develop the student housing community. BSB Design Inc. is serving as the architect of the redevelopment.

April 7, 2020

Development Florida Loans Multifamily Seniors Housing Southeast

LV Lending Provides $4.2M Refinancing for Seniors Housing Development Site on Florida’s Space Coast

by Alex Tostado April 7, 2020

CAPE CANAVERAL, FLA. — LV Lending, a local private lender, has provided a $4.2 million refinancing loan for a 7.7-acre vacant site in Cape Canaveral, a town on Florida’s Space Coast. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-story, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the mortgage broker.

April 7, 2020

Development Multifamily Texas

Embrey Receives Financing for 338-Unit Multifamily Redevelopment Project in San Antonio

by Taylor Williams April 7, 2020

SAN ANTONIO — Locally based developer Embrey Partners has received financing from Wells Fargo for the construction of a 338-unit multifamily community at the historic Borden Creamery property, located adjacent to the Pearl District in San Antonio. Construction is scheduled to begin in July with the demolition of a self-storage facility currently on the 5.1-acre site. Humphreys & Partners is designing the project, completion of which is slated for July 2023. The Borden building will be preserved in a separate project by AREA Real Estate LLC to include 60,000 square feet of office and retail commercial space. Embrey’s development pipeline currently includes more than 6,000 new units.

April 7, 2020

Acquisitions Multifamily Texas

Multifamily Property Group Acquires 128-Unit Apartment Community in Arlington

by Taylor Williams April 7, 2020

ARLINGTON, TEXAS — Multifamily Property Group, a California-based private equity firm, has acquired 2121 Apartments, a 128-unit community in Arlington. The property features one-, two- and three-bedroom units with tile backsplashes, walk-in closets and private patios or balconies. Amenities include a pool, tennis court, fitness center and a lounge and café bar. Dougherty Mortgage arranged a 12-year acquisition loan through a partnership with Old Capital Lending for the transaction.

April 7, 2020

Acquisitions Colorado Multifamily Western

Birge & Held Acquires Centennial Aspen Apartments in Colorado for $50.5M

by Amy Works April 7, 2020

ASPEN, COLO. — Marcus & Millichap has brokered the sale of Centennial Aspen Apartments, a three-story multifamily property located in Aspen. Birge & Held acquired the community for $50.5 million, or $338,926 per unit. Moshe Safdie, a world-renowned architect, designed the property, which was completed in 1986. The 11-building, 149-unit property is located at the base of Smuggler Mountain within a 15-minute walk from downtown Aspen. Community amenities include storage, laundry facilities, a playground and assigned parking. Greg Price and Jason Hornik of Marcus & Millichap’s Denver office represented the local seller and procured the buyer in the transaction.

April 7, 2020

Development Loans Multifamily New Mexico Western

CBRE Arranges $49.7M in Construction Financing for South Meadows Apartments in Santa Fe

by Amy Works April 7, 2020

SANTA FE, N.M. — CBRE has secured $49.7 million in construction financing for the development of South Meadows, a market-rate multifamily apartment complex in Santa Fe. Peter Gineris and Chad Ricks of CBRE’s Capital Markets’ Debt & Structured Finance team originated the loan through the firm’s FHA lending platform on behalf of Storm River, the owner/developer. The loan for the Class A, garden-style apartment project is funded through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) new construction mortgage insurance program. The transaction provides an interest-only construction period of 27 months with a 40-year, non-recourse and fully amortizing permanent loan. Located at 2800 S. Meadows Blvd., the development will feature 10 three-story residential buildings, offering a total of 240 units, and a single-story clubhouse/leasing office. Community amenities will include a pool and spa with ramada; picnic and barbecue areas with grills; dog park; bike racks; mail center; fob access to amenity areas; detached garages; carports; a maintenance building; and secured perimeter fencing. Each unit will feature stainless steel, energy-efficient appliances, pantries, kitchen islands, entry closets, storage units, USB outlets, washers/dryers, oversized bathtubs, walk-in shower stalls, walk-in closets, nine-foot ceilings, crown molding, hard-surface premium flooring, private patio/balcony and ceiling …

April 7, 2020

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