Multifamily

CBRE Directs Sale of 94-Unit Multifamily Property in Richland, Washington

by Amy Works December 18, 2018

RICHLAND, WASH. — CBRE has arranged the sale of 575 Columbia, a 77,700-square-foot multifamily property located along the Columbia River in Richland. Evergreen Housing Development Group sold the property for an undisclosed price. Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Portland office represented the seller in the deal. The name of the buyer was not released. Built in 2017, 575 Columbia features 58 one-bedroom units and 36 two-bedroom units with nine-foot ceilings, quartz countertops and ample storage. Community amenities include a resident pool and lounge, as well as a fitness center.

December 18, 2018

Features Seniors Housing

Skilled Nursing Occupancy Increases Slightly, May Be First Sign of Recovery

by Jeff Shaw December 18, 2018

ANNAPOLIS, Md. — The skilled nursing occupancy rate saw a slight uptick in the third quarter of 2018, increasing 14 basis points to 82.2 percent, according to data from the National Investment Center for Seniors Housing & Care (NIC). Despite the increase, occupancy is still a full percentage point below year-earlier rates and has been on a sharp slide for the last three to four years. NIC is an Annapolis-based nonprofit data firm serving the seniors housing industry. The skilled nursing occupancy data is gleaned from 1,449 reporting facilities in 47 states. NIC experts expressed surprise at the increase, given that occupancy typically declines or stays flat between the second and third quarter of a year. The increase may be the first signs of recovery on the horizon. “The 83 to 87 age cohort over the last couple years was decreasing as far as growth rate. Starting 2018 that cohort is now growing,” says Bill Kauffman, senior principal at NIC. “From a seasonality perspective we generally do not see an increase from the second quarter to the third quarter. That’s notable. We won’t call it a new trend yet — we want to see more data over the next year, …

December 18, 2018

Acquisitions Georgia Multifamily Southeast

The Walden Group Sells Apartment Complex in Atlanta to Emma Capital for $35.7M

by Alex Tostado December 17, 2018

ATLANTA — The Walden Group has sold Avenues 85, a 392-unit apartment community in Atlanta, to Emma Capital for $35.7 million. Built in 1967, Avenues 85 offers a barbecue area, package service, fitness center, pool and a racquetball court. The two-story complex is located about 11 miles northeast of downtown Atlanta. Tyler Averitt of Cushman & Wakefield represented the seller in the transaction.

December 17, 2018

Loans Multifamily New Jersey Northeast

Arbor Originates $10.4M Refinancing for Single-Family Residential Portfolio in New Jersey

by David Cohen December 17, 2018

NEW JERSEY — Arbor Realty Trust has originated a $10.4 million loan through Freddie Mac for the refinancing of New Jersey SFR portfolio, a 78-unit, 33-property portfolio in Jersey City, Newark, Paterson and Bayonne. Stephen York of Arbor’s New York City Office secured the financing for the borrower, who was undisclosed. Terms of the financing included a 10-year, fixed-rate loan with a 30-year amortization schedule. A majority of the properties in the portfolio were acquired in the past two years and have been recently renovated.

December 17, 2018

California Development Loans Multifamily Seniors Housing Western

Lancaster Pollard Provides $36M HUD Financing for 145-Unit Seniors Housing Development Near Los Angeles

by Amy Works December 17, 2018

FOUNTAIN VALLEY, CALIF. — Lancaster Pollard has provided $36 million in fixed-rate, HUD-insured financing for the construction of Park View Estates. The 145-unit seniors housing community will be located in Fountain Valley, approximately 35 miles southeast of Los Angeles. Welbrook Senior Living and Sunshine Retirement Living are developing the property, which is adjacent to Fountain Valley Regional Hospital. Once completed, the community will offer 106 assisted living units and 39 memory care units. The project is scheduled for completion in 2020. Jason Dopoulos led the transaction for Lancaster Pollard.

December 17, 2018

Arizona Loans Multifamily Western

Hunt Real Estate Capital Funds $22.5M in Acquisition Financing for Two Multifamily Properties in Arizona

by Amy Works December 17, 2018

PHOENIX AND GLENDALE, ARIZ. — Hunt Real Estate Capital has funded agency loans totaling approximately $22.5 million for the acquisition of two multifamily properties: Canyon Woods Apartments in Phoenix and Shadow Rose Apartments in Glendale. The borrowers for both transactions are The Barone Group and its strategic partners. Duke Stone of Churchill Capital Co. represented the borrowers on both transaction. Bear Holdings Group provided acquisition, investment and asset management services. Built in 1984, Canyon Woods Apartments features 224 apartments spread across 12 two-story buildings, a swimming pool, spa, picnic/playground area and laundry facility. Hunt Real Estate Capital provided a Freddie Mac loan facility featuring a 12-year term with six years of interest-only payments. The borrower plans to implement a $2 million value-add capital improvements program at the property. Shadow Rose Apartments, built in 1985, features 148 apartments across 14 two-story buildings, a swimming pool, spa, playground, laundry facility and clubhouse. Hunt Real Estate Capital funded a Fannie Mae loan facility featuring a 12-year term with nine years of interest-only payments. Additionally, the transaction qualified for Fannie Mae’s Green Rewards loan program where the borrower will implement certain water-saving improvements to lower future utility expenses — in return, the borrower was …

December 17, 2018

Loans Midwest Multifamily Ohio

Dougherty Provides $6.8M Refinancing for Apartment Building in Cleveland

by Kristin Harlow December 17, 2018

CLEVELAND — Dougherty Mortgage LLC has provided a $6.8 million Fannie Mae loan for the refinancing of Perry Payne Apartments in downtown Cleveland. The 148-unit apartment building includes amenities such as a rooftop deck, fitness center, self-storage suites and on-site laundry. The 10-year loan includes a 30-year amortization schedule. Perry Payne Ltd. was the borrower.

December 17, 2018

Acquisitions Illinois Midwest Multifamily

Interra Brokers $3.2M Sale of Multifamily Building in Chicago

by Kristin Harlow December 17, 2018

CHICAGO — Interra Realty has brokered the sale of a 61-unit multifamily building in Chicago’s South Shore neighborhood for $3.2 million. Located at 7131-7151 S. Bennett Ave., the property includes a mix of studios, one-, two- and three-bedroom units. The buyer plans to make capital improvements to the units. At the time of sale, the units were 80 percent leased. Lucas Fryman of Interra represented both parties.

December 17, 2018

Development Florida Multifamily Seniors Housing Southeast

BRP Senior Housing to Build $150M Assisted Living Community in South Florida

by Alex Tostado December 14, 2018

DELRAY BEACH, FLA. — BRP Senior Housing Management has acquired a 15-acre site for $9 million in Delray Beach to build a $150 million, 279-unit assisted living community. SB Architects is designing the project, which will comprise a three-story building, courtyards and a central lobby. The property will offer multiple dining choices, a movie theater, fitness center, pool, yoga studio and game rooms. Trez Forman Capital of Boynton Beach, Fla., financed the land acquisition, and Al Rex of Walker & Dunlop is the project’s financing adviser. Construction is expected to begin in the summer, with opening slated for 2021.

December 14, 2018

Development Florida Multifamily Southeast

MultiVerse Global to Build 600-Unit Apartment Complex in Florida’s Space Coast

by Alex Tostado December 14, 2018

WEST MELBOURNE, FLA. — MultiVerse Global LLC has unveiled plans to build a 600-unit apartment community within Space Coast Town Center in West Melbourne. MultiVerse Global is partnering with Lake Mary, Fla.-based Integra Land Co. and Atlanta-based JMG Realty on the project. Situated at the intersection of U.S. Highway 192 and St. Johns Heritage Parkway, the community will offer a gym, pool and entertainment areas. Michael Seltzer of Keller Williams/Elite Properties and William Benson of W.H. Benson & Co. represented MultiVerse Global in the land sale. No construction timeline was given.

December 14, 2018

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