Multifamily

SRE Purchases 384-Bed Student Housing Property Near Sam Houston State University

by Taylor Williams February 2, 2018

HUNTSVILLE, TEXAS — Saban Real Estate (SRE) has purchased Midtown Sam Houston, a 384-bed student housing property in Huntsville that serves Sam Houston State University students. The pet-friendly property offers two- and four-bedroom units and amenities such as a pool, fitness center and a resident clubhouse. Will Baker and William Shell of Walker & Dunlop provided an undisclosed amount of Fannie Mae financing for the acquisition. Chris Epp and Chris Bancroft of FourPoint Student Housing Investments represented the seller in the deal. SRE’s student housing portfolio now exceeds 20,000 beds across 17 university markets.

February 2, 2018

Michigan Midwest Multifamily

Lamb Net Lease Brokers Sale of 54-Unit Apartment Property in Grand Rapids, Michigan

by Kristin Harlow February 2, 2018

GRAND RAPIDS, MICH. — Lamb Net Lease LLC has brokered the sale of Longmeadow Apartments in Grand Rapids for an undisclosed price. The 54-unit apartment property is located at 2600 Woodmeadow Drive SE. Longmeadow Apartments LLC sold the asset to a California-based private equity buyer. Mike Lamb of Lamb Net Lease brokered the transaction between both parties.

February 2, 2018

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $51M Sale of Apartment Community in Metro Atlanta

by Camren Skelton February 2, 2018

NORCROSS, GA. — Cushman & Wakefield has arranged the $51 million sale of The Reserve at Gwinnett, a 370-unit apartment community in the northeast Atlanta metro of Norcross in Gwinnett County. Mike Kemether, Josh Goldfarb and Travis Presnell of Cushman & Wakefield arranged the transaction on behalf of the seller, Duck Pond Realty Management LLC. Broadtree Residential Inc. acquired the property. Constructed in 1999, The Reserve at Gwinnett features a new fitness center, attached and detached garages, car care center, dog park, swimming pool and two lighted tennis courts.

February 2, 2018

Affordable Housing Florida Multifamily Southeast

Pinnacle Housing Group Opens $31.5M Affordable Housing Community in Miami

by Camren Skelton February 2, 2018

MIAMI — Pinnacle Housing Group has opened Pinnacle Heights, a 109-unit affordable housing community located at 3530 N.W. 36th St. in Miami. The $31.5 million project includes one-, two- and three-bedroom units, the bulk of which are reserved for residents earning 60 percent or less of the area median income (AMI). Four units will be leased at market-rate rents. Monthly rents for affordable units at Pinnacle Heights range from $797 for a one-bedroom apartment to $1,112 for a three-bedroom unit. Market-rate rents begin at $1,450 per month. The 13-story building features a cyber lounge, media room, computer lab, fitness center and a covered playground. In addition, the property includes a four-story parking garage with 173 spaces.

February 2, 2018

Multifamily Utah Western

Kennedy Wilson Buys 492-Unit Apartment Community in Utah for $79.5M

by Nellie Day February 1, 2018

SANDY, UTAH — Kennedy Wilson (KW) has acquired the 492-unit Santa Fe Apartments in Cottonwood Heights for $79.5 million. The community is located at 1550 Fort Union Blvd. Santa Fe offers market-rate and affordable units with one- and two-bedroom layouts at an average of 790 square feet. KW plans to initiate its value-add asset management plan to execute interior unit renovations, as well as upgrades to the fitness center, sport court, leasing center and other common areas.

February 1, 2018

Loans Multifamily Oregon Seniors Housing Western

Harborview Arranges $13.3M Construction Loan for Seniors Housing Community in Oregon

by Nellie Day February 1, 2018

OREGON — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $13.3 million loan for the construction of an 84-unit assisted living and memory care community in Oregon. Avi Begun of Harborview closed the transaction for the Oregon-based client.

February 1, 2018

Indiana Loans Midwest Multifamily

CBRE Arranges $15.5M in Financing for Multifamily Portfolio in Anderson, Indiana

by Kristin Harlow February 1, 2018

ANDERSON, IND. — CBRE has arranged $15.5 million in financing for a three-property multifamily portfolio located in Anderson, about 40 miles northwest of Indianapolis. Jason Brown and Dan Gable of CBRE arranged the 10-year loans through Starwood Mortgage Capital. James Management Group was the borrower. Brown and Gable arranged a $6.8 million loan for the refinancing of Villages on Madison. The 214-unit property is located at 4325 S. Madison Ave. The team also arranged a $7.2 million loan for the acquisition of the 212-unit Cross Lakes and a $1.4 million loan for the acquisition of the 72-unit Giant Oaks.

February 1, 2018

Loans Maryland Multifamily Seniors Housing Southeast

Brightview Receives $43.6M Loan from SunTrust to Finance New Seniors Housing Project in Metro D.C.

by Camren Skelton February 1, 2018

BETHESDA, MD. — Brightview Senior Living has received a $43.6 million construction loan from SunTrust Bank to finance the development of Brightview Bethesda Woodmont, a seniors housing community in Bethesda, roughly seven miles north of Washington, D.C. The community will include 112 private and semi-private apartment units — 91 for assisted living and 21 for Wellspring Village, Brightview’s specialized neighborhood for people with Alzheimer’s and other forms of dementia. The community will offer studio, one- and two-bedroom apartment homes and feature rooftop dining, a sloped floor theater, fitness area, salon/spa services and an activity room with full-scheduled programming. Bethesda Woodmont, which marks Brightview’s 40th community since 1999, is expected to create more than 100 jobs. The project is slated for completion by summer 2019.

February 1, 2018

Florida Loans Multifamily Southeast

Hunt Mortgage Provides $24.5M Refinancing for Two Apartment Communities in South Florida

by Camren Skelton February 1, 2018

LAKE WORTH AND HIALEAH, FLA. — Hunt Mortgage Group has provided two loans totaling $24.5 million for the refinancing of two multifamily properties in South Florida: Village at Lake Osborne Apartments in Lake Worth and Amelia Oaks Apartments in Hialeah. Hunt Mortgage provided a $13 million, 10-year Fannie Mae loan for Village at Lake Osborne on behalf of the borrower, AHS Development Group LLC. The loan features two years of interest-only payments and a 30-year amortization schedule. Constructed in 2017, the 118-unit property, located at 2430 Lake Worth Road, includes three, three-story apartment buildings and 168 parking spaces. In addition, the gated community features nearby public transportation, a fitness center and a pool. In Hialeah, Hunt Mortgage provided a $10.5 million Fannie Mae loan for the refinancing of Amelia Oaks on behalf of the borrower, Hialeah 2.71 Acres LLC. The 10-year loan features five years of interest-only payments and a 30-year amortization schedule. Located at 295 W. 79th Place, Amelia Oaks features 82 units housed in five, three-story buildings and 164 parking spaces.

February 1, 2018

Delaware Multifamily Northeast

HFF Facilitates $20M Sale of Two Apartment Communities in Dover, Delaware

by Amy Works January 31, 2018

DOVER, DEL. — HFF has arranged the sale of two adjacent apartment communities: Alder Park Apartments and Pine Grove Apartments in Dover. Dover Investors LP, an affiliate of Anderson Vedic, sold the properties to a regional private buyer for $20 million. Totaling 311 units, the properties were 95 percent occupied at the time of sale. The 215-unit Alder Park is located at 51 Webbs Lane, and the 96-unit Pine Grove is located at 255 Webbs Lane. The communities share amenities, including a swimming pool with a clubhouse, a fitness center, a barbecue area, on-site laundry facilities and on-site public transit access. Carl Fiebig, Mark Thomson and Francis Coyne of HFF, along with Robert Stella of Financial & Consulting Services, represented the seller in the transaction.

January 31, 2018

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