Multifamily

LBC-Boston_1505-Comm-Ave-Nova-Residences_Rendering-by-SN-Consulting-Group-DF-Pray

LBC Boston Opens 80-Unit Nova Residences in Boston

by Jaime Lackey August 31, 2017

BOSTON — LBC Boston has opened Nova Residences, a six-story, 68,000-square-foot building that offers 80 residential units at 1505 Commonwealth Avenue in the Brighton neighborhood of Boston. Ten of the units at the $25 million complex are designated as affordable. Developed, owned and operated by LBC Boston, Nova Residences offers energy-efficient stainless-steel appliances, modern cabinetry, and laundry appliances in each unit. Designed to achieve LEED certification, the building features a fitness center, community/game room, dog grooming station, and on-site management office with package receiving service. Community space extends outdoors with landscaped patios, an 80-car parking lot, and on-site bike storage. The three-year project — LBC Boston’s first residential project in Boston — is part of “Housing a Changing City: Boston 2030,” the city of Boston’s housing plan. The project was 100 percent occupied at opening. Rents range from $1,850 to $3,250 per month, with the unit mix including studios, lofts, and a mix of one- and two-bedroom apartments. The project team included SN Consulting Group as architect; D.F. Pray Contractors, construction manager; RBLA Design, landscape architect; Zade Associates, MEP engineer; Allen & Major Associates, structural engineer; Bohler Engineering, civil engineer; Wayne J. Griffin Electric, electrical contractor; NV5, LEED consultant; and …

August 31, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Completes 41-Unit Expansion in Pennsylvania

by Jeff Shaw August 31, 2017

HOLLIDAYSBURG, PA. — Presbyterian Senior Living recently held a dedication for Inglenook at Presbyterian Village, a 41-unit expansion at Presbyterian Village at Hollidaysburg, approximately 90 miles east of Pittsburgh. The new building will add to the property’s existing 31 independent living, 43 assisted living and 67 skilled nursing units. Albarano Construction began work on the property in January 2016.

August 31, 2017

Multifamily Texas

ARA Newmark Brokers Sale of 168-Unit Apartment Community in Bedford

by Taylor Williams August 31, 2017

BEDFORD, TEXAS — ARA Newmark has brokered the sale of Cottages at Bedford, a 168-unit apartment community located at 2000 Park Place Blvd. in the Dallas-Fort Worth metro of Bedford. Amenities of the property, which was built in 1983 and renovated in 1987, include a pool, business center and resident clubhouse. The buyer and seller were not disclosed.

August 31, 2017

Loans Multifamily Texas

Eko Construction Receives $1.9M in Financing for Rental Community in Dallas

by Taylor Williams August 31, 2017

DALLAS — Eko Construction has received $1.9 million in construction financing for Bishop Arts Townhomes, a residential rental community in Dallas. The two-phase project will deliver 24 units averaging approximately 1,500 square feet per unit. Charley Babb and Justin Laub of Metropolitan Capital Advisors placed the loan through an undisclosed lender.

August 31, 2017

California Loans Multifamily Western

Capital One Provides $49.8M Refinancing for Riverview Springs Apartments in Oceanside

by Nellie Day August 31, 2017

OCEANSIDE, CALIF. — Capital One has provided a $49.8 million loan to refinance the 358-unit Riverview Springs apartments in Oceanside. The community is located at 4398 Rainier Way. Riverview Springs was built by Spruce Grove in 1990. The 10-year, fixed-rate, interest-only, Freddie Mac loan has standard defeasance prepayment. Chuck Christensen originated the financing.

August 31, 2017

California Multifamily Western

Pathfinder Partners Purchases 195-Unit Apartment Complex in Sacramento for $22M

by Nellie Day August 31, 2017

SACRAMENTO, CALIF. — Pathfinder Partners has acquired the 195-unit Savannah Court apartments in Sacramento for $22 million. The community is located at 4337 Norwood Ave. The 24-buillding community was built in 1986. Amenities include a fitness center, swimming pool and spa and a tennis court. CBRE’s Marc Ross represented both Pathfinder and the seller in this transaction.

August 31, 2017

Arizona Multifamily Western

Mark Spitz Acquires Los Compadres Apartments in Phoenix for $4.5M

by Nellie Day August 31, 2017

PHOENIX — Mark Spitz, a New York-based multifamily owner and investor, has acquired the 96-unit Los Compadres Apartments in Phoenix for $4.5 million. The community is located at 3518 W. Dunlap Ave. Carrick Sears of SVN Desert Commercial Advisors represented the Canadian seller, Pat Stojak, in this transaction. The seller purchased the asset in 2013.

August 31, 2017

Arizona Multifamily Top Stories Western

Weidner Apartment Homes Buys 466-Unit Community in Tempe for $75.5M

by John Nelson August 31, 2017

TEMPE, ARIZ. — Weidner Apartment Homes has purchased The Lofts at Rio Salado, a 466-unit multifamily community located at 1033 N. Parkside Drive in Tempe, for $75.5 million. The Kirkland, Wash.-based apartment investor acquired the asset from an unnamed wealth and asset management services firm. The Lofts at Rio Salado is situated adjacent to the Center Parkway/Washington Street metro station and the 3.2 million-square-foot, mixed-use Grand at Papago Park Center. Arizona State University is within walking distance and downtown Phoenix is within 10 miles radius of The Lofts. Community amenities include two swimming pools with cabanas, an onsite recycling program, business center, clubhouse, fitness center, spas and conference room. Units range from studio to three-bedroom floor plans and command rents from $999 to $1,460 per month, according to Apartments.com. The Lofts is considered a value-add investment for Weidner, according to Steve Gebing, senior managing director of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Gebing and colleague Cliff David represented the seller and procured Weidner in the transaction. “Asking rents for newly constructed core assets in the Tempe submarket are substantially higher than the in-place rents at The Lofts at Rio Salado,” says Gebing. “This rent differential, coupled …

August 31, 2017

Features Multifamily Student Housing Texas Texas & Oklahoma Feature Archive Top Stories

Universities, Student Housing Properties Face Hurricane Harvey

by John Nelson August 31, 2017

HOUSTON AND COLLEGE STATION, TEXAS — Hurricane Harvey has brought massive amounts of rain, flooding and destruction to southern Texas, but reports show that on- and off-campus student housing properties have largely escaped the worst of the damage. The Texas Tribune reports that colleges in Houston have cancelled class and evacuated some student housing as the rain continues to fall and floodwaters continue to rise. About three buildings on the University of Houston campus have taken on water, and 140 students were evacuated from Bayou Oaks, a university-owned, off-campus apartment complex for older and international students. Most universities in Houston — such as Rice University and Victoria College — reported minor damage including leaks and power outages. Texas A&M University-Corpus Christi also reported minor structural damage, according to The Texas Tribune. The first day of classes has been pushed to September 5. Texas A&M University’s Kingsville and College Station campuses also reported no major building damage or flooding, and plan to begin classes early next week. Servitas reports that Park West — a 3,406-bed student housing community developed through a public-private partnership with Texas A&M University in College Station — did not receive any damage or leakage during the storm. The …

August 31, 2017

California Multifamily Seniors Housing Western

C.W. Driver Completes $120M, 199-Unit CCRC in Los Angeles

by Nellie Day August 30, 2017

LOS ANGELES — C.W. Driver Cos. has completed construction of Fountainview at Gonda West, a luxury continuing care retirement community in Los Angeles’ Playa Vista neighborhood. The 460,000-square-foot property features 199 units that incorporate independent living and assisted living with healthcare services. Development costs were estimated at $120 million. Gensler designed the project for Jewish Home for the Aging, while The Los Angeles Jewish home will be the sponsor. The property is already fully pre-leased and includes a 257-space underground parking garage. C.W. Driver is a builder serving California since 1919. The company has already built several seniors housing campuses in the Los Angeles area for Jewish Home for the Aging.

August 30, 2017

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