Multifamily

Lancaster Pollard Arranges $9.5M Refinancing for Western Skilled Nursing Portfolio

by Nellie Day May 30, 2017

LAMAR, COLO., MONTE VISTA, COLO., AND MYRTLE POINT, ORE. — Lancaster Pollard has arranged $9.5 million in FHA financing for Summit Healthcare REIT. The loans will refinance the acquisition loans on three skilled nursing facilities in the Western United States. The three facilities are Juniper Village at Lamar, a 60-unit skilled facility in Lamar; Juniper Village at Monte Vista, a 58-unit facility in Monte Vista; and Myrtle Point Care Center in Myrtle Point, which features 28 units of skilled nursing and 18 units of assisted living. Jason Dopoulos led the transaction for Lancaster Pollard. The financing, which has a 30-year term, lowered the fixed interest rate on the properties. Summit is a public, non-traded company that recently transitioned from an industrial REIT to a healthcare REIT.

May 30, 2017

Multifamily Texas

PCA Sells Class A Apartment Community in Lewisville for $44M

by Taylor Williams May 30, 2017

LEWISVILLE, TEXAS — Preferred Apartment Communities Inc., a publicly traded, Maryland-based multifamily operator, has sold Enclave at Vista Ridge, a Class A multifamily community in metro Dallas for approximately $44 million. Located at 2701 MacArthur Blvd. in Lewisville, the property was built in 2003 and features amenities such as a resort-style pool, fitness centers, game room and a resident clubhouse with a lounge and theater. Steadfast Apartment REIT III Inc., an affiliate of California-based investment firm Steadfast Cos., purchased the property and will rebrand it The Pointe at Vista Ridge.

May 30, 2017

Multifamily Student Housing Texas

FourPoint Brokers Sale of Two Student Housing Communities Totaling 1,136 Beds in San Antonio

by Taylor Williams May 30, 2017

SAN ANTONIO — FourPoint Student Housing Investments has brokered the sale of Avalon Place and Hill Country Place, two student housing properties totaling 1,136 beds in San Antonio. Both Class B properties are located approximately one mile from the University of Texas at San Antonio. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint represented the seller, Blue Vista, in the transaction. The name of the buyer and other terms of sale were not disclosed.

May 30, 2017

Multifamily North Carolina Southeast

ARA Newmark Brokers $69.3M Sale of Adaptive Reuse Apartment Community in Downtown Durham

by John Nelson May 30, 2017

DURHAM, N.C. — ARA Newmark has arranged the $69.3 million sale of Liberty Warehouse, a former tobacco warehouse in downtown Durham that has been converted into a 247-unit apartment community. Chapel Hill, N.C.-based East West Partners delivered the asset this year before selling to New York-based Duck Pond Realty, a private, family-owned investment firm. Sean Wood of ARA Newmark represented East West Partners in the transaction. Liberty Warehouse commands some of the highest rental rates in downtown Durham and features a resort-style pool, yoga room, private terrace, bike share program and 24,000 square feet of retail space.

May 30, 2017

Loans Multifamily Student Housing Texas

Dougherty Closes $5.5M Acquisition Loan for Student Housing Property in San Marcos, Texas

by Taylor Williams May 26, 2017

SAN MARCOS, TEXAS — Dougherty Mortgage LLC has closed a $5.5 million Fannie Mae loan for the acquisition of Millennium on Post, a 51-unit student housing property in the San Antonio suburb of San Marcos. The property is located at 1651 Post Road, roughly 2.5 miles from Texas State University. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, 1651 Millennium Post Road LLC.

May 26, 2017

Georgia Multifamily Southeast

CBRE Brokers $47M Sale of Multifamily Portfolio in Metro Atlanta

by John Nelson May 26, 2017

STOCKBRIDGE, GA. — CBRE has brokered the $47 million sale of a multifamily portfolio in Stockbridge, about 20 miles south of Atlanta. The two adjacent properties, Carrington Ridge and The Retreat at Eagles Landing, total 490 units. Mesa Capital Partners purchased the communities from TIC Properties Management. Shea Campbell, Kevin Geiger and Ashish Cholia of CBRE’s Southeast Multifamily Group represented TIC Properties Management in the sale. Richard Jordan and Matt Forgione of CBRE’s Debt and Structured Finance team arranged acquisition financing on behalf of Mesa Capital Partners.

May 26, 2017

Kentucky Multifamily Southeast

Independence Realty Trust Acquires Apartment Community Near Lexington for $14.2M

by John Nelson May 26, 2017

GEORGETOWN, KY. — Independence Realty Trust Inc. has purchased a 160-unit apartment community in Georgetown, a city near Lexington in Scott County. The Philadelphia-based REIT purchased the community from an undisclosed seller for $14.2 million using cash and its available line of credit. Built in 2001, the property features one-, two- and three-bedroom units averaging 1,206 square feet. The asset was about 99 percent occupied at the time of sale and had an average effective rent per occupied unit of $874 per month.

May 26, 2017

Multifamily New York Northeast

IPA Arranges $72.9M Sale of Multifamily Portfolio in Brooklyn

by Haisten Willis May 26, 2017

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $72.9 million sale of a multifamily portfolio in New York City. The portfolio includes 17 buildings containing 194 residential units and five commercial spaces in central and northern Brooklyn. IPA’s Peter Von Der Ahe, Joe Koicim, Shaun Riney, Daniel Greenblatt and Thomas Shihadeh represented the seller, a private investor, and procured the buyer, a real estate fund. Located in Brooklyn’s Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant neighborhoods, the portfolio includes 167,668 square feet. The properties are located at 874 Bergen St., 942 Bergen St., 267 Clifton Place, 1400 Dean St., 135 Devoe St., 147 Grand St., 95 Kingston Ave., 403 Macon St., 244 New York Ave., 585 Park Place, 306 Prospect Place, 299 Putnam Ave., 303 Putnam Ave., 927 Putnam Ave., 931 Putnam Ave., 701 Saint Marks Ave. and 276 Throop Ave.

May 26, 2017

Loans Multifamily New York Northeast

Houlihan-Parnes Secures $29.3M Financing for Multifamily Properties in NYC

by Haisten Willis May 26, 2017

NEW YORK CITY — Zeev Douek of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured $29.3 million in financing for two apartment buildings in the Queens borough of New York City. The buildings include a total of 240 units with a unit mix of studios and one- and two-bedroom units. Both loans were placed with a New York-based bank. The five-year, fixed-rate loans provided for a cash-out refinancing of $6 million.

May 26, 2017

Midwest Multifamily Seniors Housing Wisconsin

Heritage Senior Living to Open 108-Unit Community in Muskego, Wisconsin

by Kristin Harlow May 26, 2017

MUSKEGO, WIS. — Heritage Senior Living will open its 16th community in Wisconsin in Muskego, about 20 miles southwest of Milwaukee, in summer 2018. Construction has begun on the two-story, 108,000-square-foot community, located on Janesville Road. The property will feature 108 units, consisting of 29 independent living apartments, 36 assisted and enhanced assisted living apartments and 43 memory care suites. Amenities at Heritage Muskego will include a therapy pool, therapy/rehab gym, two private dining rooms, salon, pub, bistro, convenience store, outdoor patio with fire pit and gas grills and walking paths around the community.

May 26, 2017

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