Multifamily

Greystone Provides $27.5M Loan for 66-Unit Assisted Living Community in San Jose

by Nellie Day April 6, 2017

SAN JOSE, CALIF. — Greystone, a real estate lending, investment and advisory company, has provided a $27.5 million loan for Oakmont of San Jose, a 66-unit assisted living and memory care community in San Jose. The Freddie Mac loan provides permanent financing to help with lease-up following the recent completion of the community. The loan has an 11-year term with a fixed rate and 30-year amortization schedule. The new financing replaces the remaining balance on the community’s construction loan. Scott Kavel, Neal Raburn and Cary Tremper of Greystone originated the financing.

April 6, 2017

California Multifamily Seniors Housing Western

CBRE Combines Seniors Housing, Medical Office Practices

by Nellie Day April 6, 2017

LOS ANGELES — CBRE Group Inc. has announced plans to combine two of its valuation and advisory practices — Seniors Housing & Care and Medical Office — into a single, cohesive Healthcare Practice Group. The property types covered by the new Healthcare Practice Group include independent living, assisted living, memory care, nursing care, continuing care retirement communities, medical office, surgical centers, outpatient rehab and hospitals. Zach Bowyer, Tom Baroch and Bennett Johnson will lead the new group. Over the past three years, both groups have achieved a combined 30 percent year-over-year growth in revenues. In 2016, these groups completed valuation or advisory assignments on more than 3,000 seniors housing and medical properties throughout the U.S. with an aggregate valuation of over $50 billion.

April 6, 2017

Multifamily New Jersey Northeast

Construction Underway on Woodmont Cove at South Amboy Apartment Property in New Jersey

by Haisten Willis April 6, 2017

SOUTH AMBOY, N.J. — Woodmont Properties has commenced construction of Woodmont Cove at South Amboy, a transit-oriented apartment community in South Amboy. Woodmont Cove is located seven blocks from the South Amboy transit train station, which provides a 30-minute ride to Newark Penn Station and a 51-minute train ride to New York City. Woodmont Cove will feature 106 townhouse-style apartments with garage parking and 20 apartment flats. Unit amenities will include quartz countertops, stainless steel appliances and second-floor balconies. Each apartment will also include a washer and dryer. Woodmont Cove is located near the Garden State Parkway, New Jersey Turnpike, Interstate 28, and state highways 35, 1 and 9. Leasing will begin this summer, with occupancy beginning in September.

April 6, 2017

Georgia Multifamily Southeast

Alliance Residential Opens Two Apartment Communities in Atlanta

by John Nelson April 6, 2017

ATLANTA — Alliance Residential Co. has opened two Class A apartment communities in the metro Atlanta area: Broadstone Springs in Sandy Springs and Broadstone Midtown in Atlanta. Broadstone Springs is located at 6558 Roswell Road and connected to a private pathway to the Abernathy Greenway Park. The property features 222 studio, one- and two-bedroom apartments and eight townhome units. The 218-unit Broadstone Midtown is located at 811 Juniper Road and features top-floor penthouse residences, 12 walkup townhome units and one- and two-bedroom apartments ranging in size from 630 to 1,394 square feet.

April 6, 2017

Maryland Multifamily Southeast

SVN Affordable Arranges $30.5M Sale of Section 8 Multifamily Property in Metro Baltimore

by John Nelson April 6, 2017

LANSDOWNE, MD. — SVN Affordable | Levental Realty has arranged the $30.5 million sale of Circle Terrace, a 303-unit affordable housing community located at 2926 Lakebrook Circle in Lansdowne, about seven miles south of Baltimore. Landex Corp., which developed Circle Terrace in 1977, sold the Section 8 property to Millenia Housing Development Ltd., which used short-term Freddie Mac financing in the acquisition via Pillar Financial. David Shlahtechman of SVN Affordable represented Landex in the sale. Nixon Peabody LLP served as Millenia Housing’s HUD counsel for the transaction, and Gallagher Evelius & Jones LLP represented Landex.

April 6, 2017

Colorado Multifamily Western

Boulder Housing Authority Purchases Tantra Lake Apartments for $45.6M

by Nellie Day April 5, 2017

BOULDER, COLO. — The Boulder Housing Authority has acquired the 185-unit Tantra Lake Apartments in Boulder for $45.6 million. The garden-style community is located at 1000 W. Moorhead Circle. Tantra Lake is situated about three miles southeast of downtown Boulder and the University of Colorado Boulder campus. Community amenities include a heated indoor swimming pool, hot tub, outdoor basketball and tennis courts, grilling areas, playground, 24-hour fitness facility, resident lounge, business center, man-made lake and views of the Rocky Mountains. HFF’s Matthew Lawton and Jordan Robbins represented the seller, Waterton, in this transaction.

April 5, 2017

California Multifamily Western

Graham Street Realty Acquires Hookston Square Office Campus in the East Bay for $30.4M

by Nellie Day April 5, 2017

PLEASANT HILL, CALIF. — Graham Street Realty has acquired the Hookston Square office campus in the East Bay community of Pleasant Hill for $30.4 million. The two-building, 207,555-square-foot campus is located at 3478 and 3480 Buskirk Ave. Hookston Square is situated east of Interstate 680 and close to State Route 24, which provides access to downtown San Francisco. The campus is currently 87 percent leased to tenants like John Muir Health, Pacific Business Center, Accelrys, Maze & Associates and the Source Group. HFF’s David Dokko and Garrett Calbert represented both the buyer and seller, True North Management Group, in this transaction. The firm also secured a three-year, floating-rate acquisition loan through a commercial bank for the buyer.

April 5, 2017

Multifamily Washington Western

Capitol Hill Partners Buys Carroll and Kensington Apartments in Seattle

by Nellie Day April 5, 2017

SEATTLE — Capitol Hill Partners has acquired the 58-unit Carroll and Kensington Apartments in Seattle for an undisclosed sum. The community is located at 305 Bellevue Ave. E. The acquisition includes two mid-rise buildings with shared parking. The Carroll and Kensington Apartments were built in 1908 and 1994, respectively. The historic Carroll Apartments were upgraded in 2003. Marty Leith of ARA Newmark represented the seller, Family Apartments LLC, in this transaction.

April 5, 2017

Multifamily Texas

Stonelake Unveils Latest Plans for $250M Multifamily Project in West Dallas

by Taylor Williams April 5, 2017

DALLAS — Stonelake Capital Partners has released its latest plans for Trinity Green, a $250 million, 25-acre multifamily project along Singleton Avenue in west Dallas. The company has released updates on Phase III, which features a 355-unit, Class A development with a fitness center, 24-hour coffee bar, pool and outdoor grilling stations. Stonelake will break ground on Phase IV of the development, which will feature a 324-unit, Class A apartment complex, in the fall. Trinity Green will comprise 1,500 units at full build-out.

April 5, 2017

Multifamily Texas

Performance Properties Acquires 300-Unit Apartment Complex in Houston

by Taylor Williams April 5, 2017

HOUSTON — A partnership led by Performance Properties, a Dallas-based property management firm, has acquired Timberwalk Apartment Homes, a 300-unit multifamily complex in Houston. Situated on 10.2 acres at 5635 Timber Creek Place Drive, the gated property features a pool, fitness center, clubhouse and common areas. Built in 1984, the community was 93 percent occupied at the time of sale. Todd White and David McQuaid of Performance Properties represented the partnership, known as Timberwalk Associates LP, in the transaction. Russell Jones, Matt Saunders and Zach Springer of ARA Newmark represented the seller, Mosaic Residential Inc. The new ownership plans to invest $1.2 million to complete a renovation program at Timberwalk that Mosaic Residential began in 2014.

April 5, 2017

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