Multifamily

Capitol Seniors Housing Breaks Ground on $27.5M Assisted Living Community in Maryland

by Camren Skelton December 11, 2017

FULTON, MD. — Capitol Seniors Housing has broken ground on Arbor Terrace Maple Lawn, an assisted living and memory care community in Fulton, approximately midway between Baltimore and Washington, D.C. The $27.5 million, 73,000-square-foot community will feature 86 apartments. Baltimore-based BCT Architects designed the structure, while Dallas-based Faulkner Design Group designed the interiors. The Arbor Co. will operate the community upon completion, which is scheduled for fourth-quarter 2018. Capitol Seniors Housing is a D.C.-based, private equity-backed acquisition, development and investment management firm. The company has acquired or developed more than 90 seniors housing communities since its inception in 2003.

December 11, 2017

Multifamily South Carolina Southeast

Berkadia Arranges $7.9M Sale of Apartment Community in Upstate South Carolina

by Camren Skelton December 11, 2017

ANDERSON, S.C. — Berkadia has arranged the $7.9 million sale of Huntington Apartments, a 152-unit multifamily community in South Carolina’s Upstate region. Located at 150 Continental St. in Anderson, Huntington Apartments includes one- to three-bedroom floor plans and features a swimming pool, 24-hour maintenance and laundry facilities. At the time of sale, the property was 96 percent occupied. Mark Boyce and Blake Coffey of Berkadia arranged the transaction on behalf of the seller, Texas-based Huntington Apartments LLC. Arizona-based Sante Realty Investments acquired the asset.

December 11, 2017

Kansas Loans Midwest Multifamily

KeyBank Arranges $24.9M Acquisition Loan for Multifamily Property in Olathe, Kansas

by Kristin Harlow December 11, 2017

OLATHE, KAN. — KeyBank Real Estate Capital has arranged a $24.9 million Fannie Mae loan for the acquisition of Greenwood Reserve Apartment Homes in Olathe, about 22 miles southwest of Kansas City. The 228-unit apartment property consists of seven buildings. Built in 2016, the Class A property is situated on 13.2 acres. Chris Black and Caleb Morton of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

December 11, 2017

Midwest Minnesota Multifamily

Doran, KM2 to Develop 185-Unit Luxury Apartment Property in Edina, Minnesota

by Kristin Harlow December 11, 2017

EDINA, MINN. — Doran Cos. and KM2 Development are developing a 185-unit luxury apartment property in Edina, a southwest suburb of Minneapolis. Known as ENVi, the property will be situated on a site formerly occupied by Best Buy, which closed in 2012. The store will be demolished in order to make room for the apartment property. Designed by Doran Architecture, the building will have environmental features such as a white roof to reduce the heat island effect, increased thermal building design, Energy Star appliances and electric car-charging stations. Slated for completion in summer 2019, the project will include a mix of studio, one-, two- and three-bedroom apartments as well as 13 townhomes. Amenities will include an entertainment clubroom, outdoor pool, grills, bocce ball, business center, fitness center, spa, sauna and golf simulator. Mike Mikan and Kurt Krumenauer of KM2 purchased the property and an adjacent single-family home in 2016.

December 11, 2017

Multifamily Utah Western

Keller Investment Properties Buys 330-Unit Apartment Complex in Utah

by Nellie Day December 11, 2017

SANDY, UTAH — Keller Investment Properties has purchased the Park at City Center, a 330-unit apartment complex in Sandy. Though the price was not disclosed, this was the “largest total dollar sale price for a single multifamily asset this year,” according to CBRE’s Patrick Bodnar and Eli Mills, who executed the transaction. The Park at City Center is located at 213 W. Civic Center Drive. Resort-style amenities include a swimming pool, hot tubs, golf simulator, executive-style lounge, expansive fitness center, designer clubhouse and mixed media room. Kaplan Development opened the property in July 2017.

December 11, 2017

Louisiana Market Reports Multifamily Southeast Southeast Market Reports

Multifamily Investors, Developers Find Hidden Opportunities in New Orleans

by John Nelson December 11, 2017

Sometimes there is a “herding” mentality in real estate investment activity, but markets that do not make the headlines of news stories or appear on the top market lists are the ones investors should focus on. New Orleans is one such market, and while it might not be on everyone’s radar, it has the fundamentals and dynamics that are attracting investors’ attention. With a total inventory of approximately 55,000 units, demand for multifamily acquisitions in New Orleans and the Gulf South region overall remains strong. Over the past 24 months, the market has experienced heightened demand from national, regional and foreign investors. The investment community is attracted to the stability of the market, as well as its significant barriers to entry. What is attracting investors to metro New Orleans are higher cash on cash returns and cap rates than what they are finding in larger metropolitan areas. Investors feel confident in their ability to realize rent growth, given the high cost of single-family housing and the significant geographic barriers to entry. Developable land is scarce and has given multifamily owners a franchise of sort since the ability to increase the supply is limited. As New Orleans prepares to celebrate its …

December 11, 2017

California Multifamily Top Stories Western

MG Acquires 456-Unit Apartment Community in Vista, Calif. for $117.5M

by Taylor Williams December 11, 2017

VISTA, CALIF. — San Diego-based multifamily investment firm MG Properties Group has acquired Waterleaf Apartments, a 456-unit multifamily community located at 333 Emerald Drive in Vista, about 40 miles north of San Diego, for $117.5 million. Built in 1986, the garden-style property offers convenient access to I-15 and I-5, as well as U.S. Highways 76 and 78. Amenities include two clubhouses, two pools, two fitness centers, two sports courts, a playground and a business center. MG Properties Group will continue the interior renovation plan currently in place, which will focus on upgrading the property’s common areas. “We are pleased to grow our existing San Diego portfolio, particularly in the North County region,” says Mark Gleiberman, CEO of privately owned MG Properties Group. “Waterleaf is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region.” Ed Rosen and John Chu of Berkadia represented the undisclosed sellers in the transaction. In addition, Brian Eisendrath of CBRE arranged $76.4 million in Fannie Mae financing for the acquisition. Over the past 12 months, MG Properties Group has acquired 11 properties totaling more than 4,000 units and $817 million in capital investment. — Taylor Williams

December 11, 2017

Multifamily Texas

Berkadia Arranges Sale of 232-Unit Apartment Community Near UTSA

by Taylor Williams December 8, 2017

SAN ANTONIO — Berkadia has arranged the sale of Avistar at Chase Hill, a 232-unit multifamily community located at 15800 Chase Hill Blvd. in San Antonio near the University of Texas at San Antonio’s (UTSA) campus. Built in 1978, the garden-style property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, on-site laundry facilities and a tennis court. Denver-based MBP Capital Inc. acquired the asset from American Opportunity for Housing, a San Antonio-based nonprofit organization. Will Caruth, Michael Miller, Christopher Ross and Cody Courtney of Berkadia brokered the deal.

December 8, 2017

Multifamily North Carolina Southeast

Inland Arranges $49.5M Sale of Apartment Community in Metro Raleigh

by Camren Skelton December 8, 2017

KNIGHTDALE, N.C. — Inland Real Estate Acquisitions has arranged the sale of Alta Legacy Oaks, a 304-unit apartment community in Knightdale, roughly 15 miles east of Raleigh. Mark Cosenza and Beth Smith of Inland Real Estate Group arranged the transaction on behalf of the buyer, an Inland affiliate. Wood Partners sold the asset for $49.5 million, according to the Triangle Business Journal. The property, located at 1150 Baxter Lane, will be renamed View at Legacy Oaks. The community includes one- to three-bedroom units ranging in size from 744 to 1,502 square feet. Community amenities include a swimming pool, outdoor kitchen, outdoor game lounge, fitness center, community garden, business center, dog park, car care center, playground and a clubhouse. At the time of sale, View at Legacy Oaks was 96 percent occupied.

December 8, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Provides $4.8M HUD Loan for Construction of Affordable Housing Property in Ramsey, Minnesota

by Kristin Harlow December 8, 2017

RAMSEY, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 221(d)(4) loan for the construction of Greenway Terrace in Ramsey, about 30 miles north of Minneapolis. All 54 of the property’s units will be restricted to individuals and families earning 50 percent or less of the area median income. The project will feature six one-bedroom units, 21 two-bedroom units, 21 three-bedroom units and six four-bedroom units. Dougherty arranged the 40-year loan on behalf of the borrower, Ramsey Station Apartments Limited Partnership. In addition to the HUD-insured first mortgage, the borrower obtained capital via the Low-Income Housing Tax Credit (LIHTC) program as well as funds from Anoka County and the Metropolitan Council.

December 8, 2017

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