Multifamily

CBRE Arranges $1.3M Acquisition Loan for 20-Unit Apartment Property in Minneapolis

by Kristin Harlow March 13, 2017

MINNEAPOLIS — CBRE has arranged a $1.3 million loan for the acquisition of a 20-unit apartment property in the Minneapolis neighborhood of Ventura Village. The two-story building is located at 1828 Park Ave. and consists of one-, two- and three-bedroom units. Originally built in 1916, the property was fully occupied at the time of closing. The 10-year loan was obtained through Freddie Mac’s small balance loan program and features a 30-year amortization schedule. Ben Bastian and Mark Roos of CBRE represented the borrower, Lotus Acres LLC, an affiliate of EIG Property Management.

March 13, 2017

California Multifamily Western

El Sobrante Partners Buys Apartment Building Near Berkeley for $6.5M

by Nellie Day March 13, 2017

EL SOBRANTE, CALIF. — El Sobrante Partners LLC has acquired a 30-unit apartment building near Berkeley for $6.5 million. The community is located at 4350 San Pablo Dam Road in the Contra Costa submarket of El Sobrante. Matt Ziegler, Jeff Louks and David Wolfe of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.

March 13, 2017

Georgia Seniors Housing Southeast

Senior Lifestyle, Griffin Fine Living to Develop Seniors Housing Community Near Atlanta

by John Nelson March 13, 2017

SNELLVILLE, GA. — Senior Lifestyle Corp. and Griffin Fine Living LLC have unveiled plans for The Sheridan at Eastside, a 197-unit independent living, assisted living and memory care community in the Atlanta suburb of Snellville. The community will feature 81 independent living apartments, 24 independent living cottages, 60 assisted living units and 32 memory care units. The 190,000-square-foot community will sit on 15 acres. The co-developers plan to start construction this fall, with a projected opening date in late 2018. Senior Lifestyle Corp. operates more than 180 communities across the country. Griffin Fine Living provides design, construction, development, marketing and operational management services for the seniors housing and multifamily sectors.

March 13, 2017

Multifamily Texas

MetroNational Set to Break Ground on Apartment Complex in West Houston

by Taylor Williams March 10, 2017

HOUSTON — MetroNational, a Houston-based real estate development and management firm, has announced plans to break ground this month on a midrise apartment complex at the corner of Barryknoll Lane and Memorial City Way in the Memorial City neighborhood of west Houston. The eight-story complex will have a total of 327 one-, two- and three-bedroom units, ranging in size from 555 square feet to 1,796 square feet, as well as a game lounge, fitness center and a rooftop pet park. The property is slated to open in summer 2019.

March 10, 2017

Multifamily Texas

JLL Closes Sale of Multifamily Asset in Midland

by Taylor Williams March 10, 2017

MIDLAND, TEXAS — JLL has arranged the sale of Ranchland Apartments, a 204-unit, 16-building multifamily property situated on 6.8 acres at 1212 E. Wadley Ave. in Midland. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Midland Visions 2000, in the transaction. The representative of the buyer, KNAARS Ventures LLC, and other terms of the sale were not disclosed.

March 10, 2017

Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $70.4M Sale of Two-Property Multifamily Portfolio in Charlotte

by John Nelson March 10, 2017

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the sale of two apartment communities in Charlotte: the 252-unit Whitehall Estates and the 318-unit Stone Ridge. Gamma Real Estate LLC purchased Whitehall Estates for $30.9 million and Stone Ridge for $43.2 million, according to Charlotte Business Journal. Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, YFP/Yager Properties, in the transaction. Built in 1996, Whitehall Estates was 92.5 percent occupied at the time of sale. Built in 2001, Stone Ridge was 94 percent occupied at the time of sale.

March 10, 2017

Southeast Student Housing Virginia

Columbus Pacific Acquires Student Housing Community Near University of Virginia

by John Nelson March 10, 2017

CHARLOTTESVILLE, VA. — Columbus Pacific has acquired The Pavilion at North Grounds, a 528-bed student housing community located near the University of Virginia campus in Charlottesville.   The acquisition was financed with a $58.1 million, 10-year, fixed-rate loan arranged by Brian Eisendrath and Cameron Chalfant of CBRE. Columbus Pacific’s planned renovations for the community include new pool furniture; refreshments to the pool area; the addition of an outdoor dog park; and enhancements to the front lobby, to include a more functional and modern cyber café. Homestead U, an affiliate of Columbus Pacific, will manage the property.

March 10, 2017

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $35.8M Acquisition Loan for Seniors Housing Property in Palm Beach County

by John Nelson March 10, 2017

DELRAY BEACH, FLA. — Walker & Dunlop has structured a $35.8 million Freddie Mac Immediate Delivery Tax Exempt Loan (TEL) for Smith & Henzy Advisory Group. The funds will be used to acquire and renovate Lake Delray Apartments, an affordable seniors housing community in Delray Beach in Palm Beach County. The community features 404 units, with assisted payment vouchers available for 193 units and the rest reserved for seniors making 60 percent of the area median income. The Delray Housing Group manages the 14-acre property. The borrower will use $14.3 million of the financing to replace kitchens, baths, windows, flooring and mechanical systems. Enhancements will be made to the amenity spaces as well, including renovations to the clubhouse and pool areas and the addition of a 1,200-square-foot gym, yoga room, library with computer rooms, barbeque area and outdoor LED lighting. The loan was originally structured as HUD tax-exempt bonds, then later converted to Freddie Mac to acquire more flexible terms. The 17-year acquisition loan features two years of interest-only payments followed by a 35-year amortization schedule. The Palm Beach Housing Finance Authority provided the capital. Frank Baldasare led the Walker & Dunlop origination team.

March 10, 2017

California Multifamily Western

Burbank Property Management Buys Sherman Oaks Apartment Building for $3.9M

by Nellie Day March 10, 2017

LOS ANGELES — Burbank Property Management LLC has acquired a 12-unit apartment building in the Los Angeles submarket of Sherman Oaks for $3.9 million. The community is located at 15059 Burbank Blvd. Janette Monfared of Marcus & Millichap represented the seller, an LLC, in this transaction.

March 10, 2017

California Multifamily Western

CLG, Cayton Capital Open $30M R3 Apartments in Marina del Rey

by Nellie Day March 9, 2017

LOS ANGELES — A joint venture between California Landmark Group and Cayton Capital have completed construction of R3, a 67-unit apartment community in the Los Angeles submarket of Marina del Rey. The $30 million community is located at 4091 Redwood Ave. in the Arts District. R3 features a mix of one- and two-bedroom floor plans ranging from 685 square feet to 1,655 square feet. Amenities include a rooftop pool and lounge, fitness center and a Zen yoga garden with complimentary yoga sessions by a certified instructor.

March 9, 2017

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