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Multifamily

AcquisitionsMultifamilySouth CarolinaSoutheast

Joint Venture Acquires 124-Unit Multifamily Community in Columbia, South Carolina

by Alex Tostado

COLUMBIA, S.C. — A joint venture between Lexerd Capital Management and LMS Harbison has acquired The Lakes at Harbison, a 124-unit multifamily community in Columbia. The complex, which has been renamed The Lory of Harbison, was originally built in 1980 and sits on nine acres. The property offers one-, two- and three-bedroom floor plans ranging in size from 950 to 1,230 square feet. Communal amenities include a cyber café, pool, fitness center, basketball court, clubhouse, playground and a tennis court. The asset is situated at 100 Fairforest Road, 10 miles northwest of downtown Columbia. Further details of the transaction were not disclosed.

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DevelopmentMultifamilyTexas

Sabot Development to Build 325-Unit Multifamily Project in San Antonio

by Taylor Williams

SAN ANTONIO — Austin-based Sabot Development will build Elmira at Myrtle, a 325-unit multifamily project in San Antonio that will also contain 14,000 square feet of ground-floor retail and restaurant space. Plans currently call for an elevated pool in addition to other unspecified amenities. Gensler is the project architect, and Cadence McShane is the general contractor. Construction is expected to begin in the first quarter of 2021.

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AcquisitionsMultifamilyTexas

Berkadia Arranges Sale of 240-Unit Regency Square Apartments in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Berkadia has arranged the sale of Regency Square, a 240-unit apartment community in Corpus Christi. The property features one-, two- and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Kelly Witherspoon and Justin Cole of Berkadia represented the seller, Minnesota-based S&H Realty Management, in the transaction. The buyer was Texas-based 3CM Multifamily.

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LoansMultifamilyTexas

Arbor Provides $4M Fannie Mae Loan for Refinancing of Multifamily Property in Laredo, Texas

by Taylor Williams

LAREDO, TEXAS — New York-based Arbor Realty Trust Inc. has provided a $4 million Fannie Mae loan for the refinancing of Monaco Boulevard Apartments, a multifamily property in the Rio Grande Valley city of Laredo. The community was built in 2013 and totals 44 units. Jared Stein of Arbor provided the loan, which carries a 10-year term, fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.

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DevelopmentMassachusettsMultifamilyNortheastSeniors Housing

Casa Underway on 26-Unit Senior Living Community in Shrewsbury, Massachusetts

by Alex Patton

SHREWSBURY, MASS. — Massachusetts-based Casa Builders and Developers is underway on construction of Wyman Farms, a 26-unit senior living community in Shrewsbury, an eastern suburb of Worcester. The property will feature 13 duplex-style residences with two bedrooms each that will be restricted to residents age 55 and older. The property is located near UMass Memorial Medical Center University Campus, multiple golf courses and retailers such as Wegmans, Walmart and Whole Foods Market. The project is slated for completion in 2022.

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DevelopmentMidwestMultifamilyOhio

Pizzuti, Capital University Partner on 145-Unit Apartment Project in Columbus

by Kristin Harlow

COLUMBUS, OHIO — The Pizzuti Cos. and Capital University have formed a joint venture to redevelop an existing surface parking lot located along South Grant Avenue near the university’s law school in Columbus. Plans call for a six-story building with 145 apartment units, 7,000 square feet of rooftop amenity space and 3,500 square feet of ground-floor restaurant space. The third phase of Library Park, the project will feature a wellness center, cycle studio, coworking spaces and an onsite restaurant and bar serving both residents and the public. The rooftop will feature an outdoor courtyard complete with a pool and clubhouse. Pizzuti recently broke ground on Phases I and II of Library Park. Lupton Rausch Architects Inc. designed Phase III and Corna Kokosing will serve as general contractor. Construction will begin immediately with completion slated for fall 2021. Phase I is currently in lease-up and Phase II is scheduled for completion in October.

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AcquisitionsArizonaMultifamilySeniors HousingWestern

Blueprint Negotiates Sale of 160-Bed Skilled Nursing Facility in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 160-bed skilled nursing facility in Mesa. The property was recently renovated and expanded, and is located near multiple medical centers that refer residents to the facility. A buyer with an existing footprint in the market acquired the asset for an undisclosed price. The transaction is part of a series of sales that Blueprint arranged for LTC properties, which is divesting its entire portfolio of Preferred Care facilities. Blueprint estimates the combined sales will total $78 million.

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LoansMultifamilyNortheastPennsylvania

Greystone Provides $76.7 Million Fannie Mae Loan for Refinancing of Multifamily Property Near Philadelphia

by Alex Patton

HUNTINGTON VALLEY, PA. — Greystone has provided a $76 million Fannie Mae loan for the refinancing of Meadowbrook Apartments, a 531-unit multifamily property in Huntingdon Valley, a northern suburb of Philadelphia. Located at 1700 Huntingdon Pike, the property was constructed in 1968 and features studio, one-, two- and three-bedroom units.. The borrower was Lindy Properties. Dan Sacks of Greystone originated the loan, which carries a 10-year term with interest-only payments.

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breakwater-lynn-mass
DevelopmentMassachusettsMultifamilyNortheast

Dolben Co. Underway on 331-Unit Waterfront Apartment Complex in Lynn, Massachusetts

by Alex Patton

LYNN, MASS. — Dolben Co. Inc., a Massachusetts-based developer, is underway on Breakwater, a 331-unit apartment complex that will be located in the northern Boston suburb of Lynn. Dolben is constructing the 481,201-square-foot project on a site located at 254 Lynnway. The property overlooks Lynn Harbor and was previously vacant for 35 years. The community will feature studio, one-, two- and three-bedroom floor plans, ranging from approximately 560 square feet to 1,300 square feet. Amenities will include a fitness center, game room and an outdoor lounge and harbor walk. HDS Architecture designed the project, and Callahan Construction Managers is the general contractor. Construction is slated for completion in March 2022.

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AcquisitionsMultifamilyNew JerseyNortheast

Marcus & Millichap Arranges $14M Sale of Multifamily Building in West New York, New Jersey

by Alex Patton

WEST NEW YORK, N.J. — Marcus & Millichap has arranged the $14 million sale of Jaclyn 40, a 40-unit multifamily building in West New York, New Jersey. Located at 5817 Jefferson Ave., the 36,000-square-foot property offers convenient access to Manhattan, Newark Airport and multiple rail stations. Fahri Ozturk, Richard Gatto and Joseph Belgiovine of Marcus & Millichap represented the seller, a private owner, in the transaction. The team also procured the buyer, another private investor. Both parties requested anonymity.

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