Multifamily

Wolff Starts Construction 146-Unit Independent Living Community in Idaho

by Nellie Day January 25, 2018

EAGLE, IDAHO — The Wolff Company has broken ground on Revel Eagle, a 146-unit independent living community in the Boise suburb of Eagle. The property is located within the Eagle River development along the Boise River. It will feature a combination of studio, one- and two-bedroom units. Wolff, an Arizona-based developer, plans to open the three-story community in late 2018. Revel Eagle is the eighth senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

January 25, 2018

Arizona Loans Multifamily Seniors Housing Western

HJ Sims Arranges $19M Refinancing, $5M Line of Credit for CCRC in Arizona

by Nellie Day January 25, 2018

SCOTTSDALE, ARIZ. — HJ Sims has arranged a $19 million refunding loan and $5 million non-revolving line of credit for Westminster Village, a nonprofit continuing care retirement community (CCRC) in Scottsdale. The community features 250 independent living apartments, 23 assisted living units and 49 skilled nursing beds. It “has historically operated near full occupancy,” according to HJ Sims. Western Alliance Bank provided the loan at a 3.42 percent fixed interest rate over a 10-year term. The transaction lowers the borrower’s debt service payment by more than $1 million a year.

January 25, 2018

Features Multifamily Northeast Pennsylvania Seniors Housing Southeast Top Stories

Berkadia Forecast: Southeast to Garner Bulk of Multifamily Investment, Financing Activity in 2018

by John Nelson January 25, 2018

AMBLER, PA. — Mortgage bankers and investment sales brokers alike expect multifamily markets in the Southeast to record more investment and financing activity than any other region in 2018. In Berkadia’s inaugural poll of nearly 150 staffers across 60 offices, the company reveals that more than one-third (36 percent) of its respondents predict the Southeast would see the most deals take place this year. “Population influx, continued job growth and significant development stabilization will make the Southeast a destination for commercial real estate growth and investor appetite in the coming months,” says Ernie Katai, executive vice president and head of production at Ambler-based Berkadia. For example, the Atlanta metro area is on track to add 2.5 million people over the next 25 years, the equivalent of adding the entire metro Charlotte population, according to the Atlanta Regional Commission. This type of population growth is attractive for employers looking for a new base of operations. This week French car manufacturer Groupe PSA announced that it chose Atlanta for its North American headquarters, and media outlets are reporting that Facebook is interested in building a massive data center complex in the metro area. Atlanta recently made the short list for Amazon’s second …

January 25, 2018

Multifamily Texas

PPA Group Sells 168-Unit Apartment Community in Waco

by Taylor Williams January 24, 2018

WACO, TEXAS — The PPA Group, an Austin-based investment firm, has sold Arlington Farms, a 168-unit multifamily community located at 1800 Primrose Drive in Waco. The sale includes the 15 acres on which the property is situated. Amenities include a pool, basketball court, tennis court and on-site laundry facilities. Moses Siller and Scott LaMontagne of JLL represented The PPA Group in the sale of the property, which was purchased by TTHFD Investments LLC.

January 24, 2018

Loans Michigan Midwest Multifamily

Hunt Mortgage Group Provides $13.6M Loan for Refinancing of Multifamily Property in Kalamazoo, Michigan

by Kristin Harlow January 24, 2018

KALAMAZOO, MICH. — Hunt Mortgage Group has provided a $13.6 million loan for the refinancing of Lakeview Apartments in Kalamazoo. The 280-unit multifamily property was built in 1967. Amenities include a fitness center and health club discount, laundry facilities, package service and a clubhouse. The property is currently 93 percent occupied. The borrower, PR Lakeview LLC, acquired the property in March 2011 and invested $2 million in renovations. The 10-year loan features a 30-year amortization schedule.

January 24, 2018

Illinois Midwest Multifamily

Summit Design + Build Completes Conversion and Renovation of Apartment Building in Chicago

by Kristin Harlow January 24, 2018

CHICAGO — Summit Design + Build LLC has completed the conversion of an 18-story mixed-use building into apartments in Chicago’s Uptown neighborhood. Montrose Apartments, formerly known as Pensacola Place, underwent a phased conversion and renovation of floors one through three, which were vacant offices and retail space. Developer Waterton Associates purchased the property in 2015 with plans to modernize and refresh the building. Summit started construction in the summer of 2016, beginning with the conversion and new construction of 23 studio and one-bedroom apartments. Summit also renovated the lobby and first-floor leasing center, and added new tenant amenity spaces including a fitness center and third-floor urban lounge. Summit completed construction while the building was fully operational and occupied. Chicago-based Brininstool + Lynch provided architectural services for the project.

January 24, 2018

Multifamily New York Northeast

Eastern Consolidated Facilitates $27.6M Sale of Manhattan Apartment Portfolio

by Amy Works January 24, 2018

NEW YORK CITY — Eastern Consolidated has negotiated the sale of a 68,200-square-foot Section 8 multifamily portfolio located at 14-18 W. 107th St. in Manhattan’s Upper West Side. A private real estate investment firm acquired the assets for $27.6 million. Comprised of two elevator buildings, the properties feature 60 units in a mix of studio, one-bedroom and two-bedroom units. Ron Solarz of Eastern Consolidated represented the seller, a private owner, and procured the buyer. Gary Meese, also of Eastern Consolidated, served as analyst for the transaction.

January 24, 2018

Multifamily Washington Western

IPA Arranges $39M Sale of 139-Unit Apartment Complex in Washington

by Nellie Day January 24, 2018

MILL CREEK, WASH. — Institutional Property Advisors has arranged the sale of the 139-unit Monterra in Mill Creek apartment complex just south of Everett for $39 million. The community is located at 13401 Dumas Road. Neither the buyer nor seller were disclosed. Monterra in Mill Creek was built in 2003. It contains one- to three-bedroom units with an average unit size of 974 square feet. The new ownership plans to increase revenue through expiration of below-market leases while participating in the rent growth currently experienced and projected to continue in Mill Creek. Pete Shelton and Kim Grant of Institutional Property Advisors represented both the buyer and seller in this transaction.

January 24, 2018

Arizona Loans Multifamily Western

KeyBank Provides $31.2M in Financing for 354-Unit Apartment Community in Arizona

by Nellie Day January 24, 2018

NEW RIVER, ARIZ. — KeyBank Real Estate Capital has provided $31.2 million in Fannie Mae financing for the 354-unit Bela Rosa Apartment Homes in New River, northeast of Peoria. The Class A community is located at 3825 W. Anthem Way in the master-planned community of Anthem. Bela Rosa was built in 2007. It contains 37 townhome-style apartment buildings. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the financing with a 10-year term and 30-year amortization schedule. The first-mortgage loan was used to refinance existing debt.

January 24, 2018

Multifamily Washington Western

Greystar Buys 170-Unit Zig Apartments in Seattle

by Nellie Day January 24, 2018

SEATTLE — Greystar Real Estate Partners has acquired the 170-unit Zig Apartments in Seattle for an undisclosed sum. The community is located at 550 Broadway in the First Hill neighborhood. Zig Apartments was completed last summer. It includes 5,018 square feet of retail space. Greystar currently owns 2,206 units in the Seattle Metro Area and manages 21,186 additional units in the region.

January 24, 2018

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