Multifamily

Carter Sells 23-Story High-Rise Apartment Community in Downtown Tampa to Blaze Partners

by Alex Tostado March 6, 2020

TAMPA, FLA. — Atlanta-based Carter has sold Nine15 Apartments, a 23-story, 362-unit community in downtown Tampa. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a 3,500-square-foot fitness center, sky lounge, pool, business center, clubhouse, car charging stations and 9,000 square feet of street-level retail space. Nine15 is situated on one acre within the Arts and Entertainment District, two blocks from the Tampa Riverwalk. Carter delivered the community in 2017. Walker & Dunlop represented the seller in the transaction. Charleston-based Blaze Partners LLC acquired the asset for an undisclosed price.

March 6, 2020

Development Multifamily Texas

KWA Construction Tops Out 390-Unit Cooper Apartments in Fort Worth

by Taylor Williams March 6, 2020

FORT WORTH, TEXAS — Locally based general contractor KWA Construction has topped out The Cooper, a 390-unit apartment project located in Fort Worth’s Medical District. Designed by architecture firm GFF and developed by Dallas-based Lang Partners, The Cooper will feature studio, one-, two- and three-bedroom units, as well as townhomes. Amenities will include a pool, fitness center with a yoga studio, outdoor grilling area, media center, clubhouse, business center and a coffee bar. Completion is slated for this fall.

March 6, 2020

Development Multifamily Texas

Allied Orion Begins Leasing 281-Unit Riverhaus Creekside Apartments Near San Antonio

by Taylor Williams March 6, 2020

NEW BRAUNFELS, TEXAS — Houston-based development and management firm Allied Orion Group has begun leasing Riverhaus Creekside, a 281-unit apartment community in the San Antonio suburb of New Braunfels. Floor plans feature one-, two- and three-bedroom units ranging in size from 722 to 1,440 square feet. Riverhaus Creekside offers amenities such as a pool, fitness center, dog park and a resident clubhouse with a cyber lounge. Move-ins are expected to begin later this month.

March 6, 2020

Development Multifamily Texas

JK & JY Development Breaks Ground on 268-Unit Residential Project in Metro Dallas

by Taylor Williams March 6, 2020

CARROLLTON, TEXAS — JK & JY Development LLC has broken ground on The View Condominiums, a 268-unit residential project in the northern Dallas suburb of Carrollton that will also include 31,000 square feet of retail and restaurant space. Designed by locally based firm Humphreys & Partners Architects, the property will offer amenities such as a pool, social lounge, fitness center, game room, business center and a fully equipped kitchen and bar. Construction is expected to be complete by early 2022.

March 6, 2020

Loans Multifamily Texas

PCCP Provides $46M Acquisition Loan for Two Newly Built Apartment Properties in Austin

by Taylor Williams March 6, 2020

AUSTIN, TEXAS — PCCP LLC has provided a $46 million acquisition loan for Indie and Candela, two adjacent apartment communities totaling 258 units in Austin. Indie was completed in mid-2018, totals 139 units and includes ground-floor retail space. Candela was completed in mid-2019 and features 119 units and various amenities on the ground floor. The seller was Transwestern Development Co. The borrower was not disclosed.

March 6, 2020

Development Illinois Midwest Multifamily

Lendlease, John Buck Co. Begin Pre-Leasing Two-Tower Apartment Development in Chicago

by Kristin Harlow March 6, 2020

CHICAGO — Lendlease Development, along with co-developer The John Buck Co. and partner Intercontinental Real Estate Corp., have begun pre-leasing at Porte, a two-tower apartment development in Chicago’s West Loop. Designed by G|R|E|C Architects, the community is scheduled to welcome its first residents in late spring. Porte offers studio, one-, two- and three-bedroom units ranging in size from 546 to 1,591 square feet. Monthly rents start at $2,170. Two-bedroom townhomes measure 1,469 to 2,036 square feet with monthly rents starting at $7,240. Each tower will have its own ground-floor lobby and amenity suite, including a fitness center, entertainment lounge, game room, communal kitchen, coworking space and dog run. The towers will be connected by a two-story podium topped with a pool deck. The word “porte” means door in French. “Porte is designed to serve as a door to all the West Loop has to offer,” says John Buck.

March 6, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

Love Funding Provides Two Construction Loans Totaling $55.6M for Seniors Housing Projects in Paterson, New Jersey

by Alex Patton March 6, 2020

PATERSON, N.J. — Love Funding Corp. has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartments. Both properties are located in Paterson, a northwestern suburb of New York City. The borrower was Roizman Development. The lender provided the developer with low-rate, nonrecourse financing for the duration of construction and for a subsequent 40-year term. Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing 300 units. The apartment complex will be the second phase of the Riverside Terrace Master Redevelopment Plan. Inglese Architecture + Engineering is serving as the design architect, and ETC Cos. LLC is the general contractor. S.H.N.I.R. Apartment Management Corp. will be the operator. Riverside Senior Apartments is slated for completion in June 2021. Riverside Village Family apartments is slated for completion in January 2022.

March 6, 2020

Acquisitions California Multifamily Western

Universe Holdings Acquires Serena Vista Multifamily Asset in Metro San Diego

by Amy Works March 6, 2020

LA MESA, CALIF. — Universe Holdings has purchased Serena Vista, an apartment property located in La Mesa, a city nine miles east of downtown San Diego. 5810 Amaya LLC, an affiliate of Cirrus Asset Management, sold the community for $34.4 million, or $313,181 per unit. Built in 1971 on 5.1 acres, Serena Vista features 110 apartments in a mix of three floor plans, a pool and sundeck, two laundry facilities and private fenced backyards. Christopher Zorbas and Alexander Garcia Jr. of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

March 6, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $2.9M Sale of Multifamily Building in Brooklyn

by Alex Patton March 6, 2020

NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 397 East 49th Street, a 34-unit multifamily property in Brooklyn. The four-story building was completed in 1927 and offers studio, one-, two-, three- and four-bedroom floor plans. Shaun Riney, Daniel Greenblatt and Zalman Yarmush represented the buyer and seller in the transaction. Both parties requested anonymity.

March 6, 2020

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Arranges Sale of 135-Unit Seniors Housing Community in Gresham, Oregon

by Amy Works March 6, 2020

GRESHAM, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and memory care community in Gresham, an eastern suburb of Portland. This undisclosed property features a total of 135 units. The community was built in 1988 and expanded in 1998. The facility is approximately 103,090 square feet and is situated on approximately 4.1 acres of land. The seller is a Portland based owner-operator divesting of its only senior living community. The buyer is a regional owner-operator seeking to grow its Pacific Northwest portfolio. The price was not disclosed. The buyer plans to implement multiple capital improvement projects, including the addition of a bistro, movie theater and other common area improvements. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.

March 6, 2020

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