Multifamily

Pathway to Living Completes Renovation of Assisted Living Community in Kentwood, Michigan

by Kristin Harlow May 9, 2019

KENTWOOD, MICH. — Pathway to Living has completed a $2.1 million renovation of Azpira Place of Breton, an 81-unit assisted living and memory care community in Kentwood near Grand Rapids. Pathway acquired the property, formerly known as Elmcroft of Kentwood, in February 2018. Pathway’s improvements to the property included upgraded common areas with new paint, carpeting and furniture; a remodeled community room and the addition of a fireplace in the dining room. Pathway also added an exercise room. All units received new paint, carpet and remodeled kitchenettes. The memory care portion received new windows, artwork and furniture.

May 9, 2019

Market Reports Midwest Midwest Market Reports Multifamily Wisconsin

Construction Is Booming for Milwaukee Multifamily Market

by Kristin Harlow May 9, 2019

It is widely acknowledged among commercial real estate professionals in the Milwaukee market that we are in the midst of a renaissance of sorts — certainly the most exciting period in the past few decades to be actively involved in the industry. From the Harbor District to the Deer District (the newly branded area around Fiserv Forum), new neighborhoods and exciting destinations are sprouting up. This resurgence continues to attract residents and developers who are quickly creating the critical mass necessary to make Milwaukee a viable 18-hour city. On the multifamily front, new supply that has come online in the past few years is driving both average rental rates and overall vacancy higher. As of the first quarter of 2019, the average rental rate in the metro Milwaukee market increased 0.8 percent from the previous quarter to $1,075, continuing an upward trend that saw a 2.2 percent annual increase at year-end 2018, according to real estate data provider CoStar. The vacancy rate hovered around 5.9 percent during this same period, slightly higher than the year-end 2018 level of 5.6 percent, but lower than the recent high of 6.1 percent established in 2017. The average rental rate in the first quarter …

May 9, 2019

Florida Loans Multifamily Southeast

Grandbridge Provides $33.2M Refinancing for BayVue Apartments in Tampa

by Alex Tostado May 8, 2019

TAMPA, FLA. — Grandbridge Real Estate Capital has provided a $33.2 million refinancing loan for BayVue Apartments, a 368-unit, garden-style apartment community in Tampa. The Freddie Mac loan features a 10-year term, floating rate term and 30-year amortization schedule. BayVue Apartments is situated near Tampa International Airport and was built in 1988. The property comprises 29 two-story buildings spanning 23.4 acres. Community amenities include a clubhouse, two swimming pools, fitness center, business center, racquetball court and a car wash center. Alan Tapie of Grandbridge originated the loan on behalf of the undisclosed borrower.

May 8, 2019

Acquisitions Connecticut Multifamily Northeast

Rittenhouse Arranges Sale of 140-Unit Apartment Community Near Wilmington, Delaware

by Taylor Williams May 8, 2019

ELSMERE, DEL. — Philadelphia-based Rittenhouse Realty Advisors has arranged the sale of Parklynn Apartments, a 140-unit multifamily complex located in Elsmere, a western suburb of Wilmington. The garden-style property is located near a major shopping center and several employment hubs, including Wilmington VA Medical Center and the University of Delaware-Wilmington campus. Units include hardwood floors, oversized closets and onsite laundry facilities. The buyer and seller were not disclosed.

May 8, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Greystone Funds $7.1M Acquisition of Skilled Nursing Facility in Connecticut

by Taylor Williams May 8, 2019

PLAINFIELD, CONN. — Greystone has provided $7.1 million in bridge financing for the acquisition of Colonial Health & Rehab, a 90-bed skilled nursing facility in Plainfield, located near the Rhode Island border. The borrowers were owner-operators Curtis Rodowicz and Robert Darigan. Lisa Fischman of Greystone originated the loan, with the expectation that it will eventually be converted to FHA-insured financing. The nonrecourse loan features a 35-year term and fixed interest rate.

May 8, 2019

Acquisitions Affordable Housing California Multifamily Western

Wells Fargo Bank Closes $57.5M Sale of Affordable Housing Projects in California

by Amy Works May 8, 2019

LOS ANGELES COUNTY AND WEST SACRAMENTO, CALIF. — New York City-based Manatt represented Wells Fargo Bank in its $57.5 million sale of 11 Low-Income Housing Tax Credit (LIHTC) projects in Los Angeles County and West Sacramento. Anita Sabine, Alison Weinberg-Fahey, Carl Grumer, Neil Faden, Simone Gross and Ben Ryzak of Manatt handled the transaction.

May 8, 2019

Acquisitions Multifamily Nevada Western

Continental Realty Advisors Sells 400-Unit Tesoro Ranch Apartments in Henderson, Nevada

by Amy Works May 8, 2019

HENDERSON, NEV. — Denver-based Continental Realty Advisors (CRA) has completed the disposition of Tesoro Ranch Apartments, a multifamily property in Henderson. CRA improved the property with upgrades to common areas and amenities, as well as a light renovation to most of the units. Constructed in 2007, Tesoro Ranch Apartments features 400 multifamily units and is adjacent to the $1.4 billion Union Village Integrated Health Village development along Boulder Highway in Henderson. CRA renovated the community’s clubhouse/leasing center, fitness center and pool area. Additional details of the transaction were not released.

May 8, 2019

Acquisitions Multifamily Texas

JLL Negotiates Sale of 341-Unit Apartment Community in East Dallas

by Taylor Williams May 8, 2019

DALLAS — JLL has negotiated the sale of Bristol Square, a 341-unit apartment community located at 1720 John West Road in east Dallas. The property offers one- and two-bedroom units with hardwood floors, walk-in closets, washers and dryers and balconies or patios. Amenities include a pool and onsite laundry facilities. Zar Haro, Moses Siller, Jorg Mast and David Fersing of JLL represented the seller, McGuire Family Properties, in the transaction. The buyer was Dallas-based WindMass Capital.

May 8, 2019

Loans Multifamily Texas

NXT Capital Provides $21M Acquisition Loan for New Houston Apartment Property

by Taylor Williams May 8, 2019

HOUSTON — Chicago-based NXT Capital has provided a $21 million loan for the acquisition of a newly built multifamily property in Houston. The Class A community features a pool, fitness center, business center, outdoor grilling stations, conference room and storage units. Greg Young and David Cortez of Grandbridge Real Estate Capital placed the loan through NXT Capital. The borrower and property name were not disclosed.

May 8, 2019

Loans Multifamily Texas

CBRE Arranges Acquisition Financing for 272-Bed Student Housing Asset in Austin

by Taylor Williams May 8, 2019

AUSTIN, TEXAS — CBRE has arranged an undisclosed amount of permanent financing for the acquisition of 21 Pearl, a 272-bed student housing community serving the University of Texas at Austin. The 135-unit property was completed in 2013 and was 96 percent occupied at the time of the loan closing. Benjamin Roelke and Ian Walker of CBRE arranged the financing on behalf of TEXLA Housing Partners and a private equity fund managed by Crow Holdings Capital. A life insurance company provided the loan, which features full-term interest-only payments along with a flexible prepayment structure. 21 Pearl is the joint venture’s first acquisition.

May 8, 2019

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