Multifamily

Middle Street, Trei Break Ground on $55M Multifamily Community in Metro Charleston

by Alex Tostado March 5, 2020

MOUNT PLEASANT, S.C. — A joint venture between Middle Street Partners LLC and Trei Real Estate has broken ground on Atlantic Beach House, a 224-unit multifamily community in Mt. Pleasant. Communal amenities will include a clubhouse, saltwater pool, fitness center, coffee lounge, dog park, golf cart charging stations, storage units, outdoor kitchens and covered bike parking. Unit interiors will feature 42-inch cabinetry, kitchen islands, tile backsplashes, stainless steel appliances, walk-in closets and private balconies. The property is situated on eight acres near Sullivan’s Island and Charleston Harbor. Mt. Pleasant is located nine miles north of downtown Charleston. Dallas-based Humphreys & Partners Architects designed the community, and Jacksonville-based Live Oak Contracting is the general contractor. Patterson Real Estate Group arranged construction financing on behalf of the joint venture through Northwestern Life Insurance Co. A timeline for completion was not disclosed.

March 5, 2020

Acquisitions Multifamily Southeast Tennessee

Continental Realty Group, MLG Capital Sell Apartment Community in Memphis’ Germantown District for $64M

by Alex Tostado March 5, 2020

MEMPHIS, TENN. — Continental Realty Group and MLG Capital have sold The Park at Forest Hill, a 601-unit apartment community in Memphis, for $64 million. The property was built in two phases in 2002 and 2007 at 8285 Irene Blvd., in Memphis’ Germantown submarket. The community offers one- and two-bedroom floor plans with rents ranging from $715 to $1,075 per month. Communal amenities include a pool, dog park, clubhouse, playground, fitness center and picnic tables. Continental Realty and MLG purchased the property in 2016 for $39.1 million. The partnership implemented $3.1 million worth of upgrades, which included upgrading select units with items such as new vinyl plank flooring, stainless steel appliances, kitchen and bathroom cabinet fronts and all new unit hardware. The buyer was not disclosed.

March 5, 2020

Acquisitions Georgia Multifamily Southeast

Marcus & Millichap Arranges $21M Sale of Apartment Portfolio in Macon, Georgia

by Alex Tostado March 5, 2020

MACON, GA. — Marcus & Millichap has arranged the $21 million sale of a 296-unit apartment portfolio in Macon. Both the buyer and seller were undisclosed limited liability companies. The first property is Anthos at Hidden Lake, a 144-unit property located at 180 Hidden Lake Court. The community offers one-, two- and three-bedroom floor plans, as well as amenities including a fitness center, pool and a playground. The second property is Anthos at Shadowood West, a 152-unit property also offering one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, playground and a volleyball court. Anthos at Shadowood West is situated at 4334 W. Highland Drive. Mason Taylor, Cole Carros and Nate McDaniel of Marcus & Millichap represented the seller in the transaction. The team also procured the buyer.

March 5, 2020

Acquisitions Multifamily Oklahoma Texas

GMF, Vesta Capital Acquire 398-Unit Sycamore Farms Apartments in Oklahoma City

by Taylor Williams March 5, 2020

OKLAHOMA CITY — A partnership between investment firm GMF Capital and Oklahoma-based Vesta Capital has acquired Sycamore Farms, a 398-unit apartment community in Oklahoma City. Built in 1998, the property offers one-, two- and three-bedroom units ranging in size from 692 to 1,300 square feet. Amenities include two pools, a 24-hour fitness center, outdoor grilling and picnic areas, a business center and a dog park. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured a $33.8 million Freddie Mac acquisition loan for the deal on behalf of the buyer. That loan carried a 10-year term, a fixed interest rate and five years of interest-only payments.

March 5, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 225-Unit Julian at South Pointe Apartments Near Fort Worth

by Taylor Williams March 5, 2020

MANSFIELD, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of The Julian at South Pointe, a 225-unit apartment community located in the Fort Worth suburb of Mansfield. The property was built on 9.7 acres in 2019 and features one- and two-bedroom units with stainless steel appliances, granite countertops, tile backsplashes and washer and dryer hook-ups. Amenities include a pool, fitness center, clubhouse, outdoor grilling area and a pet park. Drew Kile, Will Balthrope and Joey Tumminello of IPA represented the seller, a partnership between Carleton Cos. and M.R. Development Corp., in the transaction. The trio also procured the buyer, Short Real Estate.

March 5, 2020

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates $12.5M Sale of Seniors Housing Community in Arlington

by Taylor Williams March 5, 2020

ARLINGTON, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the $12.5 million sale of Greenfield Residences of Arlington, a 178-unit independent living community located in the center of the Dallas-Fort Worth metroplex. The property was built on 5.8 acres in 2002 and features 24 studio units, 130 one-bedrooms residences and 24 two-bedroom units. A publicly traded investor sold the property to a locally based owner-operator that will implement a value-add program. Matthew Alley and Patrick Burke of SLIB handled the transaction.

March 5, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Negotiates Sale of 143-Bed Skilled Nursing Facility in Yuma, Arizona

by Amy Works March 5, 2020

YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a skilled nursing facility in Yuma. The property features 77 units totaling 143 licensed beds. It was built in 1964 with renovations in 2011 and 2018, totaling 44,076 square feet on 2.9 acres of land. The name of the facility was not disclosed. The seller is a national REIT looking to divest this asset due to it being a geographic outlier in its portfolio. The buyer is a regional operator with strong presence and track record in Arizona. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

March 5, 2020

Illinois Loans Midwest Multifamily

Greystone Provides $12.1M Fannie Mae Loan for Refinancing of Multifamily Property in Chicago

by Kristin Harlow March 5, 2020

CHICAGO — Greystone has provided a $12.1 million Fannie Mae loan for the refinancing of Germain House in Chicago’s River West neighborhood. The building was converted from office space to 36 apartment units in 2018. Amenities include a fitness center, clubhouse, pool, bike room and rooftop deck. Clint Darby of Greystone originated the 10-year loan with four years of interest-only payments and a 30-year amortization. The permanent loan represents an exit from construction financing. The borrower was 925 Chicago Investment Partners LLC.

March 5, 2020

Development Multifamily New York Northeast

SL Green to Develop 215,000 SF Residential Building in Manhattan

by Alex Patton March 5, 2020

NEW YORK CITY — SL Green Realty Corp. has entered into a 99-year ground lease with the owner of 126-132 Nassau Street, a construction site in Lower Manhattan. The developer plans to build a 215,000-square-foot residential building at the site after demolishing an existing 98,412-square-foot office building. Additional details of the construction plans were not disclosed. However, this land acquisition follows several recently completed SL Green mixed-use projects in New York City, including a student residence hall at 33 Beekman St.; a student residence hall at 180 Broadway in Brooklyn; and a multifamily building at 185 Broadway in Brooklyn.

March 5, 2020

Features Multifamily Seniors Housing

Charles Turner: Labor is Largest Crisis Facing Seniors Housing

by Jeff Shaw March 5, 2020

LOS ANGELES — There is a deficit in seniors housing and it has nothing to do with occupancy rates, investment dollars or development opportunities. It’s the labor shortage, according to Charles Turner, a longtime industry veteran and current CEO of Kare, an application that pairs understaffed seniors housing communities with temporary workers. Turner made the comments as keynote speaker at France Media’s InterFace Seniors Housing West conference, held Feb. 20 at the Omni Los Angeles. “We all know what’s coming in the next decade — an onslaught of baby boomers aging into seniors housing — but what many don’t realize is that the number of caregivers is actually declining,” he said to the audience of about 250 attendees. “I wish I could say I have all the solutions to the labor problems. I don’t.” Citing a study by New York-based senior care researcher PHI, Turner mentioned there will be a national shortage of around 150,000 paid caregivers by 2030, which may compound as older caregivers also age out of the workforce and transition from worker to would-be resident. Though these forward-looking numbers are scary, Turner believes the problems plaguing today’s seniors housing caregivers were scarier. “Caregiving today has high employee turnover,” he …

March 5, 2020

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