Multifamily

Unique Properties Negotiates $30M Sale of Park Cheesman Apartments in Denver

by Amy Works September 24, 2019

DENVER — Unique Properties/TCN Worldwide has brokered the sale of Park Cheesman Apartments, a multifamily property in Denver. A Los Angeles-based multifamily office acquired the asset from an undisclosed seller, which owned the property for the last 42 years. This price was $30 million, or $340,909 per unit. Located at 1177 Race St. adjacent to Cheesman Park, the property features 88 units with balconies, two stories of parking and a rooftop deck with views of the city. At the time of sale, Park Cheesman was 98 percent occupied. Marc Lippitt and Justin Herman of Unique Properties/TCN Worldwide handled the transaction.

September 24, 2019

Arizona Development Multifamily Western

Cushman & Wakefield Brokers $6.4M Sale of Multifamily Development Site in Phoenix

by Amy Works September 24, 2019

PHOENIX — Cushman & Wakefield has arranged the sale of a 1.52-acre land site within Roosevelt Row Arts District in Phoenix. An entity formed by Phoenix-based Alliance Residential acquired the site from Edgehill Investments for $6.4 million. The buyer plans to develop Broadstone Portland on the land, which is located at the northeast corner of Third and Portland streets. The planned 161-unit multifamily asset will feature studio, one- and two-bedroom units ranging from 620 square feet to 1,600 square feet. Additionally, the five-story property will feature street-level stop entrances on the top of two levels of podium parking and an elevated amenity deck with a resort-style swimming pool and fitness facility. Construction is slated to started in fourth-quarter 2019. ORB Architects is designing the project.

September 24, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Arranges $6.2M Sale of Royal Plaza Multifamily Asset in Colorado

by Amy Works September 24, 2019

PUEBLO, COLO. — Pinnacle Real Estate Advisors has facilitated the sale of Royal Plaza, an apartment complex located at 85 Scotland Road in Pueblo. An undisclosed buyer acquired the property for $6.2 million. The complex features 100 units in a mix of studio, one- and two-bedroom layouts. The undisclosed seller owned the property for four years and maintained 100 percent occupancy during its ownership. The buyer plans to replace the property’s roofs and continue renovating the units. Mike Krebsbach of Pinnacle Real Estate Advisors represented the buyer and seller in the transaction.

September 24, 2019

Loans Multifamily New Jersey Northeast

JLL Arranges $19.9M Construction Loan for Multifamily Development in Netcong, New Jersey

by Alex Patton September 24, 2019

NETCONG, N.J — JLL has arranged a $19.9 million construction loan for the development of 34 Bank, a 126-unit multifamily property located in Netcong, located approximately 40 miles west of New York City. M&T bank provided the three-year, floating-rate loan. The property will feature a mix of one- and two-bedroom floor plans and amenities such as a fully equipped fitness facility and electric car charging stations. The location is within walking distance to the Netcong Train Station, downtown Netcong and the Musconetcong River. Jon Mikula and Michael Klein of JLL arranged the loan on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments.

September 24, 2019

Acquisitions Massachusetts Multifamily Northeast

NPCG Brokers $1.3M Sale of Multifamily Property in Lowell, Massachusetts

by Alex Patton September 24, 2019

LOWELL, MASS. — Northeast Private Client Group (NPCG) has brokered the $1.3 million sale of Salem Street Apartments in Lowell, located approximately 25 miles northwest of Boston. The building is located near the UMass Lowell campus and offers six units of one- and two-bedroom apartments. Drew Kirkland and Francis Saenz of NPCG represented the seller, XYZ Atlantic Property LLC, in the transaction. The team also procured the buyer, Bird and Fish Realty LLC.

September 24, 2019

Development Illinois Midwest Multifamily Seniors Housing

Senior Lifestyle Corp. Breaks Ground on 200-Unit Community Near Chicago

by Kristin Harlow September 24, 2019

OAK BROOK, ILL. — Senior Lifestyle Corp., along with real estate investment firm Kaufman Jacobs, has broken ground on The Sheridan at Oak Brook, approximately 17 miles west of downtown Chicago. The five-story community will feature 127 independent living apartments, 59 assisted living apartments and 14 memory care residences. The 215,000-square-foot property will sit on 4.5 acres of land near shopping malls and dining options. The Sheridan at Oak Brook is the fourth joint venture development between Kaufman Jacobs and Senior Lifestyle, an owner, operator and developer. The community is scheduled for completion in early 2021.

September 24, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $23M Refinancing for Apartment Complex in Omaha

by Kristin Harlow September 24, 2019

OMAHA, NEB. — NorthMarq has arranged a $23 million Fannie Mae loan for the refinancing of ZAG Apartments in Omaha. Built in 2017, the 191-unit apartment complex is located at 5110 Mayberry St. The community features a 24-hour fitness center and outdoor lounge as well as close proximity to multiple city parks and bike trails. Josh Larsen of NorthMarq arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule.

September 24, 2019

Loans Midwest Multifamily Ohio

Ready Capital Provides $19.3M Acquisition Loan for Multifamily Property in Columbus, Ohio

by Kristin Harlow September 24, 2019

COLUMBUS, OHIO — Ready Capital has provided a $19.3 million loan for the acquisition, renovation and stabilization of a multifamily property within an Opportunity Zone in the North Rickenbacker submarket of Columbus. The Class B community spans 419,000 square feet and includes 376 units. Upon acquisition, the undisclosed borrower plans to upgrade all units and common areas. The nonrecourse, floating-rate loan features a 48-month term and a loan-to-cost ratio of 75 percent.

September 24, 2019

Market Reports Multifamily Texas Texas Market Reports

Strong Economy Propels Lubbock Multifamily Market Despite Uptick in Concessions

by Taylor Williams September 24, 2019

It’s an exciting time to be living in Lubbock, Texas. The amazing smells of Evie Mae’s Beef Ribs fill the air. McPherson, llano Estacado and English Wineries are producing gold medal wines, on point with anywhere in the country. The Texas Tech men’s basketball team was 30 seconds away from a national championship; the men’s track team won the NCAA Championship; and the Red Raiders’ Meat Judging Team continued its dominant reign. Winning has infected the community culture, translating into a strong local economy. Things are great for the local consumer, but how is that playing out for multifamily investors? Here, the message is mixed. We will begin by discussing the Lubbock economy as a whole, then the key numbers for the Lubbock multifamily market, followed by a general discussion. Economic Outlook The Lubbock economy continues to perform at record levels. Per the Bureau of Labor Statistics, the city’s unemployment rate in June was 3.2 percent. As amazing as this number is, it actually represents an increase from the unemployment experienced in the two previous months. Over the last 12 months, the Lubbock economy added an estimated 2,000 new jobs. Per the Lubbock National Bank Economic Report, some of the …

September 24, 2019

Acquisitions Multifamily South Carolina Southeast

Northland Investment Acquires Two Charleston Multifamily Communities Comprising 592 Units

by Alex Tostado September 23, 2019

CHARLESTON, S.C. — Northland Investment Corp. has acquired two multifamily communities in Charleston: Wharf 7 and The Standard. The 312-unit Wharf 7 is located on Daniel Island, 13 miles north of downtown Charleston. The community offers studio- through three-bedroom floor plans. Communal amenities include a saltwater pool, poolside TV lounges and grilling stations, hammock garden, fitness center with a separate yoga/spinning studio, community bikes and an event lawn with a terraced, outdoor amphitheater. The 280-unit The Standard is located on James Island, five miles southwest of downtown Charleston. The Standard offers communal amenities such as a saltwater pool with a tanning ledge and cabanas, picnic courtyard with grilling station and outdoor kitchen, public courtyard and a Lowcountry-inspired clubhouse. The seller and sales prices were not disclosed.

September 23, 2019

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