Multifamily

Cushman & Wakefield Arranges $59.8M Sale of Multifamily Community in Miami

by Camren Skelton August 20, 2018

MIAMI — Cushman & Wakefield has arranged the $59.8 million sale of Vista Verde at Westchester, a 302-unit apartment community located at 10491 S.W. 14th Terrace in Miami. Robert Given, Troy Ballard, Zachary Sackley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller, Rilea Group. Advenir Inc. acquired the asset, which is located adjacent to Florida International University, a public university with an enrollment of more than 55,000 students. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated a $44.3 million Freddie Mac loan to fund Advenir’s acquisition. The 11-year, fixed-rate loan features six years of interest-only payments. Approximately 20 percent of the units at Vista Verde have been updated with stainless steel appliances, granite countertops, new flooring, new cabinetry, new sinks and refinished ceilings. Originally constructed in 1993, Vista Verde includes a mix of studio to two-bedroom units and features a pool, fitness center, playground and picnic areas. In addition, the community is situated adjacent to 300,000 square feet of retail in two shopping centers anchored by Publix and YouFit Health Clubs.

August 20, 2018

Florida Loans Multifamily Southeast

Walker & Dunlop Secures $30.6M HUD-Insured Construction Loan for Apartment Property in Melbourne, Florida

by Camren Skelton August 20, 2018

MELBOURNE, FLA. — Walker & Dunlop has secured a $30.6 million construction loan for The Highline, a 171-unit, market-rate apartment community in Melbourne. Jeremy Pino, Livingston Hessam, Keith Melton and David Strange of Walker & Dunlop arranged the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Zimmerman Development. The Highline will feature a pool, sundeck, gated dog walk area, fire pit, catering kitchen, sports bar, game room and a fitness center with a yoga studio. A construction timeline for the project was not disclosed.

August 20, 2018

Acquisitions Multifamily North Carolina Southeast

Avison Young Brokers $14.8M Sale of Apartment Community in Greenville, North Carolina

by Camren Skelton August 20, 2018

GREENVILLE, N.C. — Avison Young has brokered the $14.8 million sale of Signature Place Apartments, a 171-unit apartment community located at 410 Beasley Drive in Greenville. Craig Cadwallader and Gary Lyons of Avison Young arranged the transaction on behalf of the buyer, CMF Signature Place LLC, a subsidiary of Carter Multifamily. Waterstone Multifamily represented the seller, a joint venture between Taft Family Ventures and Drucker & Falk. Constructed in 1980, Signature Place includes a mix of one- to three-bedroom units and features a pool, dog park, courtyard, grilling area, fitness center and a clubhouse.

August 20, 2018

Acquisitions Multifamily Oregon Seniors Housing Washington Western

JCH Negotiates $16.5M Sale of 152-Unit Seniors Housing Portfolio in Pacific Northwest

by Amy Works August 20, 2018

WASHINGTON AND OREGON — JCH Senior Housing Investment Brokerage has arranged the sale of four assisted living and memory care communities in Washington and Oregon. The existing operator matched the top offer of $16.5 million for the properties and will now take over ownership from the industry veterans selling the communities. The portfolio totals 152 units. The specific names and locations of the assets were not disclosed. Jim Hazzard and Nick Stahler were the lead advisors on the transaction.

August 20, 2018

Tammany-Hall-Rochelle-Manor-Apts-Las-Vegas

Acquisitions Multifamily Nevada Western

NorthCap Multifamily Brokers $7.5M Sale of Apartment Asset in Las Vegas

by Amy Works August 20, 2018

LAS VEGAS — NorthCap Multifamily has arranged the sale of Tammany Hall and Rochelle Manor Apartments, a multifamily property located at 4320, 4340 and 4386 Escondido St. in Las Vegas. Built in 1972, the assets offer a total of 149 multifamily units. Indiana LLC sold the property to an undisclosed buyer for $7.5 million. The buyer plans to implement a renovation program at the value-add property. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of NorthCap Multifamily represented the seller in the transaction.

August 20, 2018

Loans Multifamily Washington Western

Hunt Real Estate Capital Funds $5.3M in Refinancing for Multifamily Property in Metro Seattle

by Amy Works August 20, 2018

LYNNWOOD, WASH. — Hunt Real Estate Capital has provided a $5.3 million Freddie Mac Small Balance Loan for the refinancing of Bailey Court Townhomes in Lynnwood, a suburb 16 miles north of Seattle. The borrower was Bailey Court LLC, backed by key principal Jeffrey Butler. Located at 17420-17415 52nd Ave. West, the multifamily property features 26 garden-style apartments spread across four three-story, townhome-style buildings. On-site amenities include a laundry room, bicycle storage area, security cameras, garages and open parking. At the time of financing, the property was 100 percent occupied. Jeffrey Ballaine of Hunt Real Estate Capital arranged the financing with a 30-year amortization and a yield-maintenance prepayment schedule.

August 20, 2018

Acquisitions Midwest Missouri Multifamily

L5 Investments, BH Equities Acquire 300-Unit Apartment Community in Suburban St. Louis

by Kristin Harlow August 20, 2018

CHESTERFIELD, MO. — L5 Investments and BH Equities have acquired Schoettler Village Apartments in Chesterfield, a western suburb of St. Louis. The purchase price was not disclosed. The new ownership plans to embark on an $8.4 million capital improvement program over the next three years to upgrade unit interiors. Built in 1978 and located at 15480 Elk Ridge Lane, the property is situated on 26 acres and includes 46 three-story buildings. There are 255 two-bedroom units and 45 three-bedroom units. Community amenities include a business center, pool, clubhouse, fitness center, fenced dog park, playground and picnic areas. Andrea Kendrick and Ken Aston of Berkadia brokered the transaction on behalf of the buyers and the undisclosed seller.

August 20, 2018

Acquisitions Multifamily New York Northeast Seniors Housing Top Stories

Ventas to Acquire Independent Living Property in Manhattan for $194M in Sale-Leaseback with Brookdale

by Taylor Williams August 20, 2018

NEW YORK CITY — Brookdale Senior Living Inc. (NYSE: BKD) has agreed to sell Brookdale Battery Park, an independent living community in Manhattan, for $194 million. The buyer is Chicago-based REIT Ventas Inc. (NYSE: VTR), which expects the deal to close by year’s end. The sales price includes debt and translates to an exit capitalization rate of 5 percent for Brookdale. The 14-story property features 217 units overlooking the Hudson River and offers convenient access to areas such as Tribeca, SoHo and the Financial District. Amenities include a library, arts and crafts studio and a beauty/barber shop. “The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” says Debra A. Cafaro, chairman and CEO of Ventas. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics.” HFF represented Brookdale, will continue to operate the property following the change in ownership, in the sale. Brookdale is the largest owner and operator of seniors housing communities in the United States, managing 988 communities in 46 states as of June 30. The company is undergoing a massive restructuring after …

August 20, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $134.3M Sale of Multifamily Portfolio in Mobile

by Camren Skelton August 17, 2018

MOBILE, ALA. — Cushman & Wakefield has arranged the $134.3 million sale of a five-property multifamily portfolio located in Mobile. Jimmy Adams and Craig Hey of Cushman & Wakefield brokered the transaction on behalf of the seller, Massachusetts-based Colony Hills Capital. Post Road Group and Spruce Capital Partners acquired the properties. The portfolio totals more than 2,000 units and includes Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. The assets were constructed between 1951 and 1982. Community amenities across the portfolio include pools, fitness centers, laundry facilities, playgrounds and tennis courts.

August 17, 2018

Acquisitions Multifamily Southeast

Investors Management Group Acquires Multifamily Community in Tampa for $40M

by Camren Skelton August 17, 2018

TAMPA, FLA. — Investors Management Group (IMG) has acquired Pavillions at Ballast Point, a 276-unit apartment community located at 6306 S. MacDill Ave. in south Tampa, for $40 million. Craig Brown and Will Matthews of Colliers International arranged the transaction on behalf of the seller, Pavillion Management Group. IMG is the first entity to purchase the asset since it was built in 1990. The California-based company plans to implement extensive interior and exterior renovations at the property and rebrand it as Solis at Ballast Point. The community includes 19 buildings with a mix of one- and two-bedroom units. Community amenities include a pool, clubhouse, covered parking and picnic areas.

August 17, 2018

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