Multifamily

Timberlane Partners Sells 127-Unit The Hudson Apartments in Seattle for $38.7M

by Amy Works April 16, 2019

SEATTLE — Timberland Partners has completed the disposition of The Hudson, a multifamily property located at 2450 Aurora Ave. N. in Seattle’s Queen Anne neighborhood. A private family acquired the asset for $38.7 million. Dylan Simon and Jerrid Anderson of Colliers International’s Seattle Multifamily team represented the seller in the deal. Built in 1987, The Hudson underwent extensive renovations from 2014 to 2016. Modernization of the building included unit finishes and upgraded amenities, such as a fully-equipped gym, large deck with community barbecue, and a bike maintenance and storage area.

April 16, 2019

California Loans Multifamily Western

Marcus & Millichap Arranges $50.5M to Refinance Two Multifamily Assets in Southern California

by Amy Works April 16, 2019

ORANGE COUNTY AND LOS ANGELES, CALIF. — Marcus & Millichap Capital Corp. has secured a total of $50.5 million in capital to refinance two multifamily properties in Southern California. In the first transaction, the firm arranged $27.5 million to refinance a 136-unit apartment asset in Orange County. The low-leverage loan, 55 percent loan-to-value, was structured with five years of interest-only payments. For the second transaction, Marcus & Millichap Capital Corp. secured $23 million for the refinancing of a 69-unit multifamily property in Los Angeles. The loan was leveraged at 65 percent and structured with a five-year fixed interest rate.

April 16, 2019

Acquisitions Multifamily New York Northeast

Hodges Ward Elliot Brokers $88M Sale of Two Multifamily Buildings in the Bronx

by David Cohen April 15, 2019

NEW YORK CITY — Hodges Ward Elliot has brokered the $88 million sale of two multifamily buildings in the Bronx. The 10-story properties span a combined 400,000 square feet and are located at 2001-2045 Story Ave. in the Castle Hill section of the Bronx. Daniel Parker, Paul Gillen and Ariel Tambor of Hodges Ward Elliot represented the seller, Related Fund Management, in the transaction. The buyer was Abraham Fruchthandler.

April 15, 2019

Acquisitions Multifamily Texas

The Multifamily Group Brokers Sale of 224-Unit Portfolio in Fort Worth

by Taylor Williams April 15, 2019

FORT WORTH, TEXAS — The Multifamily Group (TMG) has brokered the sale of a two-property portfolio in the Western Hills submarket of Fort Worth. Terrace on Calmont was built in 1960 and offers 127 units, and Calmont Place was built in 1982 and totals 97 units. Paul Yazbeck and Jon Krebbs of TMG represented the seller, DFW-based Bella Asset Management. The buyer was 168 Realty Group.

April 15, 2019

Development Multifamily Southeast Virginia

Dominion Realty, Amzak Capital Break Ground on $47.6M Apartment Complex in Richmond

by Alex Tostado April 15, 2019

RICHMOND, VA. — Dominion Realty Partners (DRP) and Amzak Capital Management have broken ground on Boulders Lakeside, a $47.6 million apartment project in Richmond. The 248-unit asset is situated on 24 acres within a Qualified Opportunity Zone. Boulders Lakeside is expected to open to its first residents in mid-2020 and be finalized in late 2020. Community amenities will include a swimming pool, green activity lawn, automated package delivery system, fitness center, designer club area and a game room. Interior amenities will feature lake views, large kitchen prep islands, oversized windows, sliding glass doors, private unit balconies, exterior storage and keyless unit entry. Roger Edwards and Justin Good of HFF arranged equity placement for the development, and Citizens Bank will provide construction financing. The design team includes architect Rule Joy Trammell + Rubio, general contractor Armada Hoffler Construction and civil engineer RK&K.

April 15, 2019

Acquisitions Georgia Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $47M Sale of New Multifamily Community in Atlanta’s West Midtown

by Alex Tostado April 15, 2019

ATLANTA — Walker & Dunlop has arranged the $47 million sale of Westside Heights, a 282-unit multifamily community in West Midtown Atlanta. The asset was built in 2017 and is located near the Atlanta BeltLine. The property offers one- and two-bedroom floor plans and features community amenities such as a complimentary continental breakfast and coffee bar, swimming pool, clubhouse, fitness center, conference room, rooftop lounge and package receiving services. Pat Jones and Chris Goldsmith of Walker & Dunlop represented the buyer, Canadian-based Starlight U.S. Multi-Family, in the transaction. The seller was not disclosed. David Gahagan and Niki Perez, also with Walker & Dunlop, arranged acquisition financing through a life insurance company on behalf of the buyer.

April 15, 2019

Acquisitions Midwest Multifamily Nebraska

Investors Realty Brokers $9.2M Sale of Apartment Property in Lincoln, Nebraska

by Kristin Harlow April 15, 2019

LINCOLN, NEB. — Investors Realty Inc. has brokered the sale of Williamsburg Apartments in Lincoln for $9.2 million. The 11-building, 138-unit complex is located at 3400 Serenity Circle. The property was constructed between 1978 and 1984. John Heine and R.J. Neary of Investors as well as Todd Watson of Century Sales & Management LLC represented the seller. The buyer, a private investor, purchased the asset as part of a 1031 tax-deferred exchange.

April 15, 2019

California Development Multifamily Seniors Housing Western

Meta Housing Breaks Ground on $51.4M Affordable Seniors Housing Community in Los Angeles

by Amy Works April 15, 2019

LOS ANGELES — Meta Housing Corp., a Los Angeles-based developer, in a joint venture partnership with Western Community Housing, a Southern California-based nonprofit corporation, has broken ground on Vermont Corridor Apartments. The six-story, transit-oriented, affordable community is located in the Koreatown neighborhood of Los Angeles. The $51.4 million project will provide affordable housing for seniors age 62 and older earning between 25 and 60 percent of area median income. Of the 72 units to be built at the property, 36 will include supportive services funded through the County of Los Angeles’ Measure H and subsidized rents for residents experiencing varying levels of homelessness. These units were constructed with funding from Proposition HHH from the City of Los Angeles and a partnership with the Housing Authority of the City of Los Angeles (HACLA), the Los Angeles Housing and Community Investment Department (HCID) and the County of Los Angeles. “Affordable seniors housing is extremely difficult to find in Los Angeles,” says Kasey Burke, president of Meta Housing. “Los Angeles needs more affordable alternatives for older residents, and we are delivering that alternative in this project. This is a great example of public-private partnership working together to improve the community and the lives …

April 15, 2019

Acquisitions Arizona Multifamily Western

IPA Directs $30M Sale of 265-Unit Multifamily Community in Arizona’s Southeast Valley

by Amy Works April 15, 2019

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Modern on Gilbert, a multifamily community located at 1800 E. Covina St. in Mesa. S2 Capital acquired the property from a joint venture between Modern Residential Co. and Henley USA for $30 million, or $113,208 per unit. Developed in 1980, Modern on Gilbert is situated on more than 19 acres and features 265 apartments, a new clubhouse, fitness center, business center and package delivery center. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

April 15, 2019

Kentucky Loans Multifamily Seniors Housing Southeast

PGIM Provides $15.3M Financing for Two New Seniors Housing Communities in Kentucky

by Alex Tostado April 12, 2019

DANVILLE AND RUSSELL, KY. — PGIM Real Estate Finance has provided two refinancing loans for seniors housing communities in Kentucky totaling $15.3 million. The first property, Morning Pointe Danville, is a 60-unit assisted living and memory care facility that was built in 2017. PGIM provided a $7.5 million, 10-year, fixed-rate loan for the 90 percent-occupied asset, which is located in Danville near a regional medical center and 35 miles south of downtown Lexington. Amenities include a fitness center, library, beauty salon, lounges and numerous common areas. The second property is The Lantern at Morning Pointe Russell, a 44-unit memory care facility constructed in 2017 in Russell. PGIM provided a $7.8 million, 10-year, fixed-rate loan for The Lantern, which was built in 2017 and is 97.7 percent occupied. Amenities include a fitness center and security. The borrower was Tennessee-based Independent Healthcare Properties LLC, which develops, owns and operates senior care facilities under the Morning Pointe and Lantern brands.

April 12, 2019

Newer Posts

Older Posts