Multifamily

Gaia Acquires New Apartment Community in Nashville for $76.4M

by Camren Skelton December 12, 2017

NASHVILLE, TENN. — Gaia Real Estate has acquired Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. Embrey Partners, the project developer, sold the community to the private real estate investment firm for an undisclosed price, but the Nashville Business Journal reports the sales price was $76.4 million. Constructed in 2016, the community features a central courtyard, fire pit, swimming pool, fitness center, yoga room and bike storage. In addition, Gaia Real Estate recently acquired Station R, a 285-unit apartment community in Atlanta’s Reynoldstown neighborhood. The property was delivered this year, and features a rooftop deck, central courtyard, fire pit, swimming pool with cabanas and sundeck, fitness center, yoga and spinning studio and a bocce ball court. Greystar developed and sold the property. The sale price was not disclosed. Gaia Real Estate purchased both assets with its institutional partners Amitim Senior Pension Funds and Israeli-based Psagot Investment House.

December 12, 2017

Georgia Loans Multifamily Southeast Student Housing

SunTrust Provides $58.3M Construction Loan for 26-Story Student Housing Tower in Downtown Atlanta

by Camren Skelton December 12, 2017

ATLANTA — SunTrust Banks Inc. has provided a $58.3 million construction loan for the development of 120 Piedmont, a 685-bed student housing community located a half-mile from Georgia State University in downtown Atlanta. SunTrust originated the loan on behalf of the developer, South City Partners. The $90 million project will total 467,125 square feet, including 8,200 square feet of retail space. Community amenities will include a rooftop deck with an outdoor living room, grilling area and study space. In addition, the 26-story tower will feature a swimming pool, clubhouse, fitness center, on-site library and an internet café. The new community is expected to open in August 2019.

December 12, 2017

Alabama Georgia Mississippi Multifamily Southeast

Blue Magma, NCP Enterprise Acquire Multifamily Portfolio Across Southeast for $34M

by Camren Skelton December 12, 2017

ATLANTA — A joint venture between Tampa, Fla.-based Blue Magma Residential LLC and New York-based NCP Enterprise Funds has acquired a three-property multifamily portfolio located across Georgia, Mississippi and Alabama for a combined $34 million. The new owners will invest more than $5 million in capital improvements to the portfolio, which totals 565,282 square feet. The 188-unit Orchard Cove in Covington, Ga., roughly 35 miles southeast of Atlanta, was purchased for $15.2 million. The property will be rebranded as The Park at Arlington. The 232-unit Gardens of Canal in Robinsonville, Miss., was acquired for $11.6 million and will be renamed The Park at Brighton. Lastly, the 184-unit Madison Square, located in Dothan, Ala., was purchased for $7.8 million. The new owners will rename the property the Park at Ashburn. Cushman & Wakefield’s Atlanta office arranged the transaction, and Ladder Capital provided debt financing for the acquisition. The names of the sellers were not disclosed.

December 12, 2017

California Multifamily Seniors Housing Western

Cushman & Wakefield Brokers Sale of 97-Unit Assisted Living Community in Silicon Valley

by Nellie Day December 12, 2017

FREMONT, CALIF. — Cushman & Wakefield Senior Housing Capital Markets Group has arranged the sale of Fremont Hills, a 97-unit assisted living and memory care community in the Silicon Valley city of Fremont. The price was not disclosed. A joint venture between Kayne Anderson Real Estate Advisors and Watermark Communities acquired the property from Capitol Seniors Housing. Watermark will operate the community following the sale. Originally built in 2004, Fremont Hills features 76 assisted living units and 21 memory care units in a three-story building. The 63,000-square-foot community has been fully occupied since 2015. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig and Alex Petrosian.

December 12, 2017

Conference Coverage Features Georgia Multifamily Southeast Top Stories

Talent, Technology Are Top Priorities for Multifamily Operators Today, Says InterFace Panel

by John Nelson December 12, 2017

ATLANTA — Apartment management is a people-intensive industry that requires dedicated team members at multiple levels. Finding talented and driven individuals is priority No. 1 for multifamily operators. But seasoned executives are the first to admit that hiring is difficult in an expanding economy where recent graduates have multiple career paths at their choosing. Property management firms are recruiting prospects who are working in outside industries, which has been a reliable tactic. “We’ve had to go out and look at hospitality, restaurants and other industries that complement multifamily to find talent,” said Chris Burns, senior vice president of Lincoln Property Co. During the operators panel at the InterFace Multifamily Southeast conference held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta, Burns and his fellow panelists discussed the opportunities and challenges facing the industry today. The eighth annual conference drew 402 professionals. The panel agreed that finding talent was difficult, but that retaining and training that talent is just as big a challenge. “Retaining talent is just like leasing — it’s important to get a lease but it’s more important to get a renewal,” said Greg Mark, senior vice president of operations at Pinnacle, a national multifamily property management …

December 12, 2017

Connecticut Loans Multifamily Northeast

CBRE Arranges $105.9M Sale, Acquisition Financing of Apartment Community in Norwalk, Connecticut

by Amy Works December 11, 2017

NORWALK, CONN. — CBRE has brokered the sale of 597 Westport, a Class A apartment community located in Norwalk. An affiliate of Hunt Investment Management sold the property to GDC Properties through a 1031 exchange for $105.9 million. Built in 2009, 597 Westport features 235 apartment units, a clubroom with full caterer’s kitchen, a media lounge and billiards room, a fitness center and an outdoor saltwater pool with sundeck, cabanas and an outdoor kitchen. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal. Jim Gunning, Donna Falzarano and Kyle Saviano of CBRE procured first and mezzanine financing from The Guardian Life Insurance Co. and a pension fund client represented by Quadrant Real Estate Advisors, respectively.

December 11, 2017

White-Plains-Institute-Nursing-White-Plains-NY

Multifamily New York Northeast Seniors Housing

Congress/Consigli Starts Construction of $60M Skilled Nursing Facility Near New York City

by Amy Works December 11, 2017

WHITE PLAINS, N.Y. — Congress / Consigli, a joint venture between Congress Building Corp. and Consigli NY, has started construction of White Plains Institute for Nursing and Rehabilitation and Skilled Nursing, a skilled nursing facility in the New York City suburb of White Plains. Development costs for the 110,000-square-foot building are estimated at $60 million. When completed, the property will feature 160 skilled nursing beds, including 76 for specialized rehabilitation, 42 for memory care and 42 for long-term care. In addition to its part in the joint venture, Congress has also been selected as the developer. The Architectural Team is the architect for the project. The project is scheduled for a mid-2019 completion.

December 11, 2017

Multifamily New Jersey Northeast

Woodmont Properties Starts Construction on 220-Unit Apartment Community in Bayonne, New Jersey

by Amy Works December 11, 2017

BAYONNE, N.J. — Woodmont Properties, in partnership with Baker Residential, has broken ground for Woodmont Bay Club at Bayonne, an apartment community located in northwest Bayonne. Situated on four acres, the four-story property features nine studio, 123 one-bedroom, 64 two-bedroom and 24 three-bedroom units, ranging in size from 650 square feet to 1,500 square feet. Additionally, the 220-unit community features a 232-space ground-floor parking garage, a 3,000-square-foot rooftop terrace, a strength and cardio center, a business center, a game room, a pet spa, a golf simulator, a pool and sundeck, landscaped courtyards, picnic areas and a package collection service. Construction is slated for completion by spring 2019.

December 11, 2017

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $8.2M in Financing for Construction of 50-Unit Affordable Housing Project in Utica, New York

by Amy Works December 11, 2017

UTICA, N.Y. — KeyBank Community Development Lending & Investment has provided an $8.2 million credit enhancement for the construction of Roosevelt Residences in Utica. Being developed by Norstar Development USA and the Municipal Housing Authority of the City of Utica, the property will feature 50 units, with eight units reserved for homeless veterans and the chronically homeless. Additionally, 25 units will be contracted by a project-based Section 8 Housing Assistance Program through the Municipal Housing Authority of the City of Utica. John Berry and Joe Eicheldinger of KeyBank’s lending group arranged the construction financing. The project is being funded in partnership with the City of Utica, the State of New York Mortgage Agency, Housing Financing Agency, the Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program and RBC Tax Credit Equity.

December 11, 2017

Multifamily Texas

RightQuest Breaks Ground on 144-Unit Apartment Project in Rio Grande Valley

by Taylor Williams December 11, 2017

EDINBURG, TEXAS — Dallas-based developer RightQuest has broken ground on Royal Vista Apartments, a 144-unit, Class A apartment community in the Rio Grande Valley (RGV) city of Edinburg. The property will be located along Sugar Road just west of Interstate 69, about three miles from the University of Texas Rio Grande Valley’s campus. The project also includes the development of two pad sites that can accommodate retail or hotel buildings. Amenities will include a media center, fitness center, resort-style pool with cabanas, a dog park and on-site storage facilities. The first units are expected to be available for occupancy in the summer of 2018. Houston-based Nations Construction Inc. will serve as general contractor on the project, which is being developed on behalf of Brownsville-based JTMR LLC.

December 11, 2017

Newer Posts

Older Posts