Multifamily

WinnCompanies Completes $19.3M Adaptive Reuse for Multifamily Property in Ludlow, Massachusetts

by Amy Works October 30, 2017

LUDLOW, MASS. — WinnCompanies has completed the $19.3 million adaptive reuse project that transformed a 110-year-old mill building into Residences at Mill 10, an age-restricted seniors housing property located in Ludlow. The four-story, 108,163-square-foot building features 63 one-bedroom and 12 two-bedroom apartments for residents age 55 and older. On-site amenities include community spaces and common areas on each floor, a fitness center, laundry facilities, a resident lounge and parking. WinnResidential is managing the property, which is fully leased. Dellbrook Construction served as general contractor and The Architectural Team provided architectural services for the project.

October 30, 2017

Loans Multifamily Northeast Pennsylvania

Berkadia Secures $32.5M in Financing Multifamily Property in Shippensburg, Pennsylvania

by Amy Works October 30, 2017

SHIPPENSBURG, PA. — Berkadia has arranged $32.5 million in financing for Deerfield Commons, a multifamily property located at 100 Deerfield Commons in Shippensburg. Deerfield Commons LP is the borrower. Brian Campbell, Jeremy Lynch and Jake Adoni of Berkadia secured the permanent refinancing loan through the firm’s Fannie Mae program for the borrower. The 10-year fixed-rate, non-recourse loan represented a 75 percent loan-to-value ratio and included two years of interest-only payments followed by a 30-year amortization schedule. The property, which was 95 percent leased at the time of financing, features one-, two- and three-bedroom floor plans. On-site amenities include a fitness center, swimming pool, business center, ponds and wildlife areas.

October 30, 2017

Massachusetts Multifamily Northeast

Northeast Private Client Group Brokers $2.3M Sale of Apartment Building in Worcester, Massachusetts

by Amy Works October 30, 2017

WORCESTER, MASS. — Northeast Private Client Group has negotiated the sale of Longfellow Manor Apartments, located at 1002-1008 Main St. in Worcester. Emerald Empire Inc. acquired the building from a Framingham, Mass.-based trust for $2.3 million, or $49,000 per unit. The value-add property features 39 one-bedroom units and eight two-bedroom units. Taylor Perun and Timothy McGeary of Northeast Private Client Group represented the seller and procured the buyer in the deal.

October 30, 2017

Loans Multifamily Texas

Dougherty Arranges $5.3M Acquisition Loan for Apartment Community in Dallas

by Taylor Williams October 30, 2017

DALLAS — Dougherty Mortgage LLC has arranged a $5.3 million loan for the acquisition of Woodside Lane Apartments, a 107-unit multifamily community located at 9302 Forest Lane in Dallas. The 12-year Fannie Mae loan features a 30-year amortization schedule and was arranged through a partnership with Old Capital Lending on behalf of the borrower, TFG Woodside LLC.

October 30, 2017

Loans Multifamily South Carolina Southeast

Hunt Mortgage Provides $22.3M Loan for Multifamily Portfolio in Columbia, South Carolina

by Camren Skelton October 30, 2017

COLUMBIA, S.C. — Hunt Mortgage Group has provided $22.3 million in financing for the acquisition of a three-property multifamily portfolio in Columbia. Aline Capital LLC arranged the financing utilizing the Fannie Mae Green Rewards Program. In addition to purchasing the portfolio, the undisclosed borrower will use the funds to invest in energy efficient renovations and improve the apartment unit interiors. The portfolio totals 625 units and includes Park Place Apartments, Copperfield Apartments and Hunter’s Ridge Apartments.

October 30, 2017

Arizona Multifamily Top Stories Western

Bascom Acquires 724-Unit Multifamily Portfolio in Scottsdale for $148M

by Taylor Williams October 30, 2017

SCOTTSDALE, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based private equity firm The Bascom Group, has acquired a two-property multifamily portfolio totaling 724 units in Scottsdale. The sales price was $148 million, or $204,420 per unit. The seller was a fund managed by London-based TH Real Estate. Legend at Kierland and Tradition at Kierland are both Class A properties situated within the Kierland master-planned community in North Scottsdale. Both are located within walking distance of Scottsdale Quarter and Kierland Commons, two shopping and entertainment developments. Both properties were constructed in the late 1990s by luxury apartment builder Mark Taylor. Each property offers a resort-style pool and spa, volleyball and tennis courts, a 24-hour fitness center and attached garages. The purchase follows Bascom’s recent acquisition of an 812-unit portfolio of three multifamily properties located in Tucson and Sierra Vista. The sales price of that transaction was approximately $70.2 million. The new ownership plans to invest in capital improvements to both properties, including upgrades to the leasing offices, pool and other common areas and unit interiors. “The Kierland portfolio provides us with an exceptional opportunity to acquire two Class A properties in an absolutely perfect location,” says Mark Brotherton, portfolio …

October 30, 2017

Colorado Multifamily Western

ColRich Multifamily Buys 272-Unit Apartment Complex in Denver for $44.9M

by Nellie Day October 27, 2017

DENVER — ColRich Multifamily has acquired The Park at Canyon Ridge, a 272-unit apartment community in Denver, for $44.9 million. The community is located at 9757 E. Colorado Ave. The Park at Canyon Ridge is situated near light rail service, schools and major employment drivers, including the Fitzsimons Medical Campus, the Southeast Business Corridor and Buckley Air Force Base. The 13-acre community features units averaging 785 square feet with washers and dryers, fireplaces and private balconies. Amenities include a large swimming pool, fitness center and dog park. The Park at Canyon Ridge is 94 percent leased. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens executed the transaction.

October 27, 2017

California Loans Multifamily Seniors Housing Western

iBorrow Provides $12.5M Loan for Assisted Living Renovations Near Los Angeles

by Nellie Day October 27, 2017

OXNARD, CALIF. — iBorrow, a private commercial real estate lender, has provided a $12.5 million loan for an assisted living community currently undergoing major renovations in the Los Angeles suburb of Oxnard. Originally built in 1960, the 59,650-square-foot property sits on 2.4 acres. Following completion of the renovations in 2018, the property will feature 102 units. The borrower, Global Premier Development, has already invested $10 million into the property and plans to invest further. Meridian Senior Living will operate the community following the redevelopment project. Although the name of the community was not disclosed, Meridian lists Regency Palms Oxnard as its only community in Oxnard. The company’s website states that the community will open in March 2018.

October 27, 2017

Multifamily Texas

Allied Orion Nears Completion of 242-Unit Apartment Community in Houston

by Taylor Williams October 27, 2017

HOUSTON — Allied Orion Group is nearing completion of Eighteen25, a 242-unit apartment community located in downtown Houston. The property will offer studio, one- and two-bedroom units ranging in size from 525 to 1,751 square feet. Amenities will include a rooftop pool, fitness center, clubroom, valet trash services and a dog park. Meeks + Partners designed the property.

October 27, 2017

Multifamily Texas

JLL Negotiates Sale of 138-Unit Apartment Community in Metro Fort Worth

by Taylor Williams October 27, 2017

NORTH RICHLAND HILLS, TEXAS — JLL has negotiated the sale of Diamond Loch, a 138-unit multifamily community located in the Fort Worth suburb of North Richland Hills. Scott LaMontagne, Zar Haro, Moses Siller and David Fersing of JLL represented the seller, 6100 Glenview Drive LLC, in the transaction. California Capital Real Estate Advisors Inc. purchased the asset for an undisclosed price.

October 27, 2017

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