Multifamily

CBRE Brokers Sale of 290-Unit Apartment Community in West Bloomington, Minnesota

by Kristin Harlow March 17, 2017

WEST BLOOMINGTON, MINN. — CBRE has brokered the sale of Bristol Village in West Bloomington for an undisclosed price. The 290-unit apartment and townhome community is located at 7301 Bristol Village Drive. The property includes a 119-unit apartment building and 11 buildings of townhouse-style rental units. Amenities include a clubhouse, community room, fitness center and pool. The community was 98 percent occupied at the time of sale. Dominium, who originally developed the property in 1988, was the seller. An affiliate of TH Real Estate was the buyer. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented Dominium in the transaction.

March 17, 2017

Loans Multifamily Texas

BMC Capital Arranges $5.2M Loan for 159-Unit Multifamily Property in San Antonio

by Taylor Williams March 16, 2017

SAN ANTONIO — BMC Capital has arranged a $5.2 million loan for the purchase of Hidden Meadow Apartments, a 159-unit multifamily complex located at 5959 Wurzbach Road in San Antonio. Keith Van Arsdale of BMC secured the non-recourse loan, which features a 5.1 percent fixed interest rate and a 30-year amortization schedule. The names of the lender and borrower were not disclosed.

March 16, 2017

Multifamily Seniors Housing Texas

Civitas Senior Living Acquires The Hamptons Senior Living Community in Tyler, Texas

by Taylor Williams March 16, 2017

TYLER, TEXAS — Civitas Senior Living, a Fort Worth-based seniors development and management firm, has acquired The Hamptons Retirement Community at Greenridge, located at 4250 Old Omen Road in Tyler, a city approximately 100 miles east of Dallas. The deal adds 120 independent and 56 assisted living apartments, as well as 30 cottage-style residences and 38 memory care suites, to Civitas’ inventory.

March 16, 2017

Indiana Loans Midwest Multifamily

KeyBank Provides $12.6M in Financing for Acquisition of Manufactured Housing Portfolio in Indiana

by Kristin Harlow March 16, 2017

FORT WAYNE AND SOUTH BEND, IND. — KeyBank Real Estate Capital has provided two first mortgage loans totaling $12.6 million for the acquisition of a two-property manufactured housing portfolio in northern Indiana. Both transactions were arranged through Freddie Mac. KeyBank provided a $6.4 million loan for the acquisition of Countryside Village at Fort Wayne, a 295-pad manufactured housing community (MHC) located in Fort Wayne. KeyBank also provided a $6.2 million loan for the purchase of Countryside Village at South Bend, a 276-pad MHC located in South Bend. Both properties were constructed in 1977. Timothy Weldon of KeyBank arranged the 10-year loans, which include 30-year amortization schedules. The borrower was not disclosed.

March 16, 2017

Multifamily Nevada Western

ACVII-Hacienda Purchases Conejo Villas Apartment Homes in Las Vegas for $28.5M

by Nellie Day March 16, 2017

LAS VEGAS — ACVII-Hacienda LLC has acquired the 252-unit Conejo Villas Apartment Homes in Las Vegas for $28.5 million. The community is located at 5060 W. Hacienda Ave. Conejo Villas was built in 1999. The community offers covered parking, a pool with a sundeck and spa, and a fitness center. Robin Willett, Antone Brazill, Devin Lee and Jerad Roberts of Northcap Multifamily represented the buyer.

March 16, 2017

Arizona Multifamily Western

Inco Real Estate Co. Acquires Fiesta Park Apartments in Mesa for $20M

by Nellie Day March 16, 2017

MESA, ARIZ. — Inco Real Estate Co. has acquired the 320-unit Fiesta Park Apartments in Mesa for $20 million. The community is located at 1033 S. Longmore Road. The 10-building asset was built in 1979. It was 93 percent leased at closing. Amenities include covered parking, a clubhouse and a playground. Mark Forrester and Ric Holway of Berkadia-Phoenix represented Inco. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International represented the seller, BH Properties, in this transaction.

March 16, 2017

California Multifamily Western

Zion Enterprises, TA Partners Buy Downtown LA Multifamily Development Site

by Nellie Day March 16, 2017

LOS ANGELES — A joint venture between Zion Enterprises and TA Partners has purchased a 1.3-acre development site in downtown Los Angeles for an undisclosed sum. The site is situated on Grand Avenue and Cesar Chavez Avenue. The land is entitled for a 22-story, 299-unit multifamily tower with 8,000 square feet of ground-floor retail. The JV received development entitlements during escrow. CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, an affiliate of locally based Cimmarusti Holdings, in this transaction.

March 16, 2017

Loans Multifamily New York Northeast

KeyBank Provides $24.8M Loan to Refinance Multifamily Property in Webster, N.Y.

by Haisten Willis March 16, 2017

WEBSTER, N.Y. — KeyBank Real Estate Capital has provided a $24.8 million Freddie Mac first mortgage loan for Waverlywood Apartments & Townhomes in Webster. The 361-unit multifamily property was built in 1974 and underwent $1.5 million in renovations over the past five years. Upgrades included new carpeting, floor tiling, appliances and boilers. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the non-recourse loan with a seven-year term, two years of interest only and a 30-year amortization schedule. The loan was used to refinance existing debt.

March 16, 2017

Connecticut Mixed-Use Multifamily Northeast Retail

Hunt Mortgage Group Provides $28M Loan to Recapitalize, Renovate Mixed-Use Property in Stamford, Conn.

by Haisten Willis March 16, 2017

STAMFORD, CONN. — Hunt Mortgage Group has provided a $28 million first mortgage bridge loan to facilitate the recapitalization and renovation of a mixed-use multifamily and commercial property in Stamford. Park Square West Apartments is a nine-story property located at 101 Summer St. The property was built in 1999 and includes 143 residential units, two commercial spaces and a 213-space parking garage. The unit mix features 10 studios, 64 one-bedroom units, 64 two-bedroom apartments and five three-bedroom units. The two-year floating rate loan includes three options to extend the term for a period of 12 months each. The residential component is currently 92 percent occupied and the commercial component is 100 percent occupied. The loan also includes a $703,000 capital improvement reserve, which will go toward renovations. Additional improvements planned include interior renovations of 48 of the property’s units, including replacing countertops and cabinets, flooring upgrades, installation of new lighting, bathroom fixtures and kitchen appliances. Property amenities include a concierge, shuttle service, valet dry cleaning, roof deck, fitness center, garage parking and a ground floor restaurant.

March 16, 2017

Uncommon Charlottesville Student Housing

Multifamily Student Housing Top Stories

The Scion Group-Led JV Acquires 11-Property Student Housing Portfolio for $640 Million

by Jeff Shaw March 16, 2017

CHICAGO — The Scion Group, along with sovereign wealth fund partners GIC and Canada Public Pension Investment Board (CPPIB), has acquired a portfolio of 11 student housing properties throughout the United States for $640 million. Harrison Street Real Estate owned nine of the properties in partnerships with Trinitas, Opus, CA Ventures and Vertex Nine. In addition, Scion, GIC and CPPIB acquired another asset from Trinitas and another property in Chicago from an undisclosed entity. The properties in the transaction total more than 6,300 beds, and include: University Trails Tallahassee, a 936-bed community located near Florida State University Alpha, a 698-bed community located near the University of Alabama VAMP, a 668-bed community located near the University of Indiana The Foundation, a 725-bed community located near CSU Sacramento NXNW, a 648-bed community located near Western Washington University Varsity Quarters, a 162-bed community located near the University of Wisconsin Uncommon Madison, a 408-bed community located near the University of Wisconsin Uncommon Tampa, a 516-bed community located near the University of South Florida Uncommon Charlottesville, a 342-bed community located near the University of Virginia LUX at Central Park, a 608-bed community located near the University of North Carolina 1237 West Fullerton, a 592-bed community …

March 16, 2017

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