Multifamily

CBRE Brokers $51.5M Sale of 207-Unit Condominium Property in Chicago

by Kristin Harlow June 1, 2017

CHICAGO — CBRE has brokered the sale of Bel-Harbour in Chicago for $51.5 million. The sale of the 207-unit condominium property is a deconversion to rental units. The 30-story property is located at 420 W. Belmont Ave. in the Lakeview neighborhood. The building features a mix of studio, one- and two-bedroom units. Amenities include a heated indoor pool, sun deck and on-site maintenance and management. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, Bel-Harbour Condo Association. Strategic Properties of North America purchased the property. “This is the largest condo deconversion transaction we have seen in Chicago in a long time,” says Jaeger. “Investors are capitalizing on these opportunities to enter the multifamily market in excellent locations. You can’t build a rental building of this size at this location. As the multifamily market continues to perform at such a high-level, this will be one of the most effective ways investors can bring new rental product to the market.” Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement.

June 1, 2017

Illinois Loans Midwest Multifamily

Tremont Arranges $5.5M Loan for Refinancing of Manufactured Home Community in O’Fallon, Illinois

by Kristin Harlow June 1, 2017

O’FALLON, ILL. — Tremont Realty Capital, a division of The RMR Group, has arranged a $5.5 million loan for the refinancing of Valley View Estates in O’Fallon, about 17 miles east of St. Louis. Tremont arranged the 10-year loan for the 223-unit manufactured home community through a lending relationship.

June 1, 2017

Florida Multifamily Seniors Housing Southeast

Big Rock Partners Tops Off $82M Seniors Housing Project in Celebration, Florida

by John Nelson June 1, 2017

CELEBRATION, FLA. — Big Rock Partners has topped off Windsor at Celebration, a new 239-unit seniors housing property in Celebration, the Disney-originated master-planned community in Central Florida. The independent living, assisted living and memory care project will be situated south of Walt Disney World along Interstate 4. The project team includes architect Gensler and construction manager Balfour Beatty Construction. Windsor at Celebration, which won’t require an up-front entrance fee, will comprise 151 independent living units, 55 one- and two-bedroom assisted living units and 33 one-bedroom memory care residences. Life Care Services, an LCS Co., will manage the new community upon completion. Big Rock Partners has launched preleasing at the project, which is set to open in spring 2018.

June 1, 2017

Florida Loans Multifamily Southeast

NorthMarq Capital Secures $21.2M Freddie Mac Green Up Loan for Multifamily Property in Naples, Florida

by John Nelson June 1, 2017

NAPLES, FLA. — NorthMarq Capital has arranged a $21.2 million acquisition loan for Berkshire Reserve, a 146-unit apartment community located in Naples. Lee Weaver and Melissa Marcolini-Quinn of NorthMarq Capital structured the loan through Freddie Mac’s Green Up program on behalf of the borrower, which has committed to saving at least 15 percent in energy or water usage.

June 1, 2017

Alabama Loans Multifamily Southeast

Trillium Capital Arranges $6.5M Freddie Mac Loan for Apartment Community in Decatur, Alabama

by John Nelson June 1, 2017

DECATUR, ALA. — Trillium Capital Resources has arranged a $6.5 million Freddie Mac loan for the refinancing of Summer Key Apartments, a 188-unit multifamily community in Decatur. Trillium arranged the 10-year, non-recourse loan with a fixed interest rate 198 basis points over the 10-year Treasury yield. The loan features a 70 percent loan-to-value ratio.

June 1, 2017

Loans Multifamily Student Housing Washington Western

Capstone, Harrison Street Close Equity Financing for $50M Mixed-Use Development at Seattle University

by Nellie Day May 31, 2017

SEATTLE — Capstone Development Partners and Harrison Street Real Estate Capital have closed on equity financing for an on-campus mixed-use development at Seattle University. The 143,000-square-foot mixed-use development will include 300 beds of student housing and 16,000 square feet of office space to be used as administrative offices for the university. Financing for the $50 million development was completed under Capstone and Harrison Street’s P3+ development model. Construction on the project is already underway, with an opening scheduled for August 2018. Ankrom Moisan Architects designed the project, which Howard S. Wright, a Balfour Beatty Company, is constructing. Seattle University Housing & Residence Life will provide residence life programming services, while Capstone and Harrison Street will provide asset management and Blanton Turner will provide facility maintenance services, all in a shared governance approach.

May 31, 2017

California Multifamily Seniors Housing Western

Marcus & Millichap Negotiates $5.4M Sale of 40-Unit Seniors Housing Community in Hemet

by Nellie Day May 31, 2017

HEMET, CALIF. — Marcus & Millichap has arranged the $5.4 million sale of The Terrace at Seven Hills, a 40-unit seniors housing property in Hemet, located east of Los Angeles and north of San Diego. Built in 2012, the property is age restricted and features 12 one-bedroom, one-bath units and 28 two-bedroom, two-bath units. The sales price equates to $135,000 per unit and a capitalization rate just under 6 percent. Reza Ghaffari from Marcus & Millichap’s Ontario office represented the seller, a limited liability company. Ghaffari and Mark Bridge represented the buyer, a private investor.

May 31, 2017

Multifamily Texas

Oden Hughes, Desarrollos Delta Break Ground on 308-Unit Apartment Community in San Antonio

by Taylor Williams May 31, 2017

SAN ANTONIO — Oden Hughes LLC and development partner Desarrollos Delta have broken ground on Amara Apartments, a 308-unit multifamily community located at 19327 Talavera Ridge in northwestern San Antonio. The property will consist of one-, two- and three-bedroom units ranging from roughly 600 to 1,365 square feet. Scheduled to open in mid-2018, the 23-acre project will be the latest addition to The Rim, a 700-acre, mixed-use development with office, retail and residential space. Austin-based Kelly Grossman Architects designed the multifamily project.

May 31, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of 192-Unit Apartment Complex in San Antonio

by Taylor Williams May 31, 2017

SAN ANTONIO — Marcus & Millichap has brokered the sale of The Richland Apartments, a 192-unit multifamily complex located at 7791 Woodchase Drive near the South Texas Medical Center and the University of Texas at San Antonio. Amenities include a pool, 24-hour fitness center and a resident clubhouse with a game room. Will Balthrope, Drew Kile and Jordan Featherston of Marcus & Millichap represented the seller in the transaction and procured the buyer.

May 31, 2017

Florida Multifamily Southeast

CBRE Arranges $50.7M Sale of Apartment Community in Southwest Orlando

by John Nelson May 31, 2017

ORLANDO, FLA. — CBRE has arranged the $50.7 million sale of Mission Club, a 356-unit apartment community located off International Drive at 6739 Mission Club Blvd. in southwest Orlando. White Eagle Property Group purchased the asset from Mission Club Owner LLC. Built in 1996, the gated property features a clubhouse, sports courts, pool and sundeck, whirlpool spa, 3D surround sound theater, fitness center, business center, playground with a wading pool and private garages. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

May 31, 2017

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