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Multifamily

DevelopmentFloridaSoutheastStudent Housing

Landmark Properties Delivers 759-Bed Student Housing Community Near University of South Florida

by John Nelson

TAMPA, FLA. — Landmark Properties has delivered The Metropolitan Tampa, a 759-bed student housing development located at 2701 E. Fowler Ave. near the University of South Florida (USF) campus in Tampa. The community offers 276 fully furnished units in studio through four-bedroom configurations. Shared amenities at the property include an outdoor rooftop swimming pool, jumbotron, grilling areas, a gaming lawn, two courtyards, fitness center, study centers and onsite parking. The development also features 1,700 square feet of retail space at the ground level. The development team for the five-story project included Niles Bolton Associates and Landmark Construction, the in-house construction arm of Athens, Ga.-based Landmark Properties.

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Affordable HousingFloridaLoansMultifamilySoutheast

JLL Arranges $69.6M Refinancing for Metro Orlando Apartment Community

by John Nelson

DAVENPORT, FLA. — JLL has arranged a $69.6 million loan for the refinancing for Phase I of Atlantica at Town Center, a multifamily community located at 1121 Loblolly Lane in the Orlando suburb of Davenport. Phase I of the property, which was delivered in December 2022, comprises 360 units. Gregory Nalbandian, Kenny Cutler and Josh Odessky of JLL arranged the two-year, floating-rate bridge loan through Timbercreek Capital on behalf of the borrowers, Sovereign Properties and Invest Capital Group. Atlantica at Town Center features one-, two- and three-bedroom units ranging in size from 683 to 1,435 square feet, as well as a resort-style pool, gaming lawn, dog park, pet spa, fitness center, yoga and spin room, demonstration kitchen and coworking space.

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GeorgiaLoansMultifamilySoutheast

Berkadia Secures $24.4M Agency Refinancing for River Walk Savannah Apartments

by John Nelson

SAVANNAH, GA. — Berkadia has secured a $24.4 million loan for the refinancing of River Walk Savannah, a 220-unit apartment community located at 101 Saint George Blvd. in Savannah. Mitch Sinberg, Scott Wadler, Brad Williamson, Matthew Robbins and Hugo Hernandez of Berkadia arranged the Freddie Mac Loan on behalf of the borrower, Vantage Point Acquisitions, a real estate private equity firm. The loan features a five-year term and a fixed interest rate. Built in 1988, River Walk Savannah features one- and two-bedroom apartments, as well as a clubhouse, gated access, pickleball court, pet park, swimming pool and a fitness center.

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Paragon-at-Old-Town-Monrovia-CA
AcquisitionsCaliforniaMultifamilyWestern

IPA Brokers $87.2M Sale of Paragon at Old Town Multifamily Property in Monrovia, California

by Amy Works

MONROVIA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Paragon at Old Town, an apartment community in Monrovia, northeast of Los Angeles. Sequoia Equities sold the asset to SCS Development Co. for $87.2 million, or $535,276 per unit. Paragon at Old Town features 163 apartments in six floor plans with units ranging from 744 square feet to 1,247 square feet, a resident lounge, fitness center, game room, and elliptical swimming pool and spa with private cabanas, outdoor lounges and courtyards. The 6,077-square-foot ground-floor retail space offers four suites that are fully occupied by The UPS Store, eateries and a sporting goods store. Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller and procured the buyer in the deal.

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Overlook-Apts-Johnstown-CO
ColoradoDevelopmentLoansMultifamilyWestern

PCCP Provides $41M Senior Loan for the Development of 210-Unit Overlook Apartments in Johnstown, Colorado

by Amy Works

JOHNSTOWN, COLO. — PCCP has provided a $41 million senior loan to Journey Homes for the construction of Overlook Apartments, a garden-style multifamily community located at 2530 Bearberry Lane in Johnstown, just south of Fort Collins. Construction is underway with completion slated for first-quarter 2025. Situated on 16 acres, Overlook Apartments will feature 210 one-, two- and three-bedroom units spread across 10 residential buildings. The community will offer a clubhouse, fitness center, resort-style pool, coworking lounge, resident lounge, children’s playground and picnic areas with outdoor firepits and grills.

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Bell-Cherry-Hills-Englewood-CO
AcquisitionsColoradoMultifamilyWestern

Bell Partners Divests of 306-Unit Bell Cherry Hills Multifamily Property in Englewood, Colorado

by Amy Works

ENGLEWOOD, COLO. — Bell Partners has completed the disposition of Bell Cherry Hills, an apartment community in Englewood. Terms of the transaction were not released. Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer of CBRE represented the seller in the deal. Located at 3650 S. Broadway St., the four-story, two-building property offers 306 studio, one-, two- and three-bedroom apartments. Each unit features granite countertops, Energy Star-rated appliances, energy-saving programmable thermostats and a private balcony or patio. Community amenities include a fitness center, resort-style pool and spa, outdoor kitchen, sky deck, resident lounge, game room, business center, dog park and grooming station, ski and bike repair shop, electric vehicle charging stations and two controlled-access parking garages.

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AcquisitionsIllinoisMidwestMultifamily

JRK Property Holdings Acquires 288-Unit Multifamily Community in Bolingbrook, Illinois

by Kristin Harlow

BOLINGBROOK, ILL. — JRK Property Holdings has acquired Brook on Janes Apartments, a 288-unit multifamily community in the Chicago suburb of Bolingbrook. The purchase price was undisclosed. JRK utilized its JRK Platform 5 Fund, a $1 billion multifamily value-add and core plus fund that targets higher-quality, well-located multifamily investments built after 1990. The fund’s portfolio is comprised of institutional-quality assets with an average year built of 2019 located in Illinois, Florida, Kansas and California. Built by the undisclosed seller in 2017, Brook on Janes rises three stories at 401 Janes Ave. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a pool, clubhouse, fitness club, cookout area and gated dog park. Kevin Girard, Roberto Casas and Matt Lawton of JLL represented the seller. Annie Rice and Brandon Smith of JLL arranged agency acquisition financing with a 10-year, fixed-rate loan.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $11M Loan for Refinancing of Detroit Apartment Building

by Kristin Harlow

DETROIT — Bernard Financial Group (BFG) has arranged an $11 million Freddie Mac loan for the refinancing of a 103-unit apartment building in Detroit. The property is located at 40 Davenport St. Joshua Bernard and David Ruff of BFG arranged the loan on behalf of the borrower, an entity doing business as 40 Davenport LLC.

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AcquisitionsMidwestMultifamilySeniors HousingWisconsin

ESI Brokers Sale of 186-Bed Samaritan Health Center in West Bend, Wisconsin

by Kristin Harlow

WEST BEND, WIS. — Evans Senior Investments (ESI) has brokered the sale of Samaritan Health Center, a county-owned facility in West Bend, about 30 miles north of Milwaukee. The community was originally built in 1969 and renovated in 2009. The property offers three licensed programs: a skilled nursing facility, an assisted community-based residential facility (CBRF) and a supportive living, apartment-style residential care apartment complex (RCAC). Altogether, the center provides 186 beds, including 131 skilled nursing beds, 24 RCAC beds and 31 CBRF beds. According to ESI, Samaritan Health Center was 33 percent occupied at the time of marketing and struggling with negative cash flows. The property also needed substantial renovations. An independent owner-operator purchased the asset for an undisclosed price.

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Carson-Loft-Apts-Carson-CA
CaliforniaDevelopmentLoansMultifamilyWestern

PSRS Arranges $5.9M Construction Financing for Carson Loft Apartments in Carson, California

by Amy Works

CARSON, CALIF. — PSRS has arranged $5.9 million in construction financing for Carson Loft Apartments, a multifamily project in Carson, a suburb south of Los Angeles. The community will feature 20 market-rate apartments spread across two parcels totaling 22,587 square feet. Michael Warner of PSRS secured the two-year loan with a 63 percent loan-to-cost ratio and interest-only payments. The borrower is a first-time developer/borrower, and a local bank provided the funds.

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