Multifamily

Alliance Residential Delivers 324-Unit Prose Cypress Pointe Apartments in Winter Haven, Florida

by John Nelson July 17, 2024

WINTER HAVEN, FLA. — Alliance Residential Co. has delivered Prose Cypress Pointe, a 324-unit apartment community located at 3110 Gowan Drive in Winter Haven. The property represents the fourth Prose-branded community in Central Florida for the Arizona-based developer. Situated 20 miles from Lakeland and 35 miles from Tampa, Prose Cypress Pointe features one- and two-bedroom apartments averaging 1,008 square feet in size. Monthly rental rates begin at $1,655, according to Prose Cypress Pointe’s property website. Amenities include a clubroom with an entertainment kitchen, business center with coworking spaces, 24/7 package access via a Parcel Pending package locker, 24-hour fitness center, fenced pet park, resort-style pool with a tanning ledge and in-pool lounge seating, gas grill stations and a poolside entertainment cabana with an outdoor TV and lounge seating.

July 17, 2024

Development Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $76.2M Bond Financing for Seniors Housing Community in Chapel Hill, North Carolina

by John Nelson July 17, 2024

CHAPEL HILL, N.C. — Ziegler has arranged $76.2 million in bond financing for Carolina Meadows, a continuing care retirement community (CCRC) in Chapel Hill, part of the Raleigh-Durham metropolitan area. Carolina Meadows was formed in 1983 to develop, own and manage the community. The property features 476 independent living units, 78 assisted living units (95 beds in operation) and 78 skilled nursing units (86 beds in operation). This ranks Carolina Meadows as the 20th largest nonprofit, single-site CCRC in the country, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement nursing facility that will total approximately 122,000 square feet. The project will bring a progressive new care model to Carolina Meadows and will include a total of 90 beds, comprised seven 12-person households with the possibility of dual-occupancy in one unit in six of the households. Each unique household is designed to resemble a home, and include a living room, kitchen, den and direct access to outdoor spaces. Upon completion of the project, which is scheduled for April 2026, Carolina Meadows will transfer residents from its existing health center to the new health center.

July 17, 2024

Loans Michigan Midwest Multifamily

Matthews Capital Markets Arranges $8.7M Loan for Refinancing of Detroit Apartment Building

by Kristin Harlow July 17, 2024

DETROIT — Matthews Capital Markets (MCM), a financing division of Matthews Real Estate Investment Services, has arranged an $8.7 million loan for the refinancing of New Cadillac Square Apartments in Detroit. Located at 111 Cadillac Square, the apartment building rises 21 stories with 221 units. Jack Quigley of MCM arranged the loan through a credit union. The floating-rate loan features a free rate lock ability at the borrower’s discretion.

July 17, 2024

Acquisitions Florida Multifamily Southeast

JBM Brokers $57M Sale of Brantley Pines Apartments in Fort Myers, Florida

by John Nelson July 17, 2024

FORT MYERS, FLA. — JBM Institutional Multifamily Advisors has brokered the $57 million sale of Brantley Pines, a 296-unit apartment community situated on 29.1 acres in Fort Myers. The Inland Real Estate Group of Cos. sold the Southwest Florida property to Boca Raton, Fla.-based Interface Properties for $192,568 per unit. Interface plans on continuing a renovation program for the unit interiors at Brantley Pines while also adding a lakeside walking path and enhancing the clubhouse, pool area and landscaping. The previous owner recently added pickleball courts to Brantley Pines, which was delivered in two phases in 1988 and 1997.

July 17, 2024

Affordable Housing Development Loans Multifamily Seniors Housing Texas

Hunt Capital Arranges $13.2M Equity Financing for Affordable Seniors Housing Project in Stafford, Texas

by Taylor Williams July 16, 2024

STAFFORD, TEXAS — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable property that will be located in the southwestern Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprising a four-story, mid-rise building, the development will offer a mix of one- and two-bedroom homes for those who earn up to 30, 50 and 60 percent of the area median income (AMI). Amegy Bank also provided $10.5 million in construction financing for the project, and Legacy Bank & Trust provided $2.6 million in permanent financing.

July 16, 2024

Acquisitions Georgia Southeast Student Housing

Newmark Brokers Sale of 741-Bed Student Housing Tower Near Georgia State University

by John Nelson July 16, 2024

ATLANTA — Newmark has brokered the sale of Reflection, a student housing high-rise in Midtown Atlanta totaling 741 beds across 247 units. The Class A property is located at 111 John Wesley Dobbs Ave. NE, which is within walking distance of Georgia State University. Ryan Lang, Jack Brett, Ben Harkrider and Bert Sanders of Newmark represented the sellers, Atlantic Capital Properties and ELV Associates, in the transaction. The Scion Group and Brookfield Asset Management purchased the property for an undisclosed price. Built in 2022, Reflection features bed-to-bath parity, designer furniture package, stainless steel appliances and in-unit washers and dryers. Community amenities include a temperature-controlled saltwater pool with in-water tanning loungers, a jumbotron screen on an elevated deck, outdoor lawn and grilling area, fitness center, modern study and conference spaces and designated entertainment rooms that include gaming systems and table games. Additionally, the property features two retail spaces leased to Center Parc Credit Union and Mochinut, a donut shop. Reflection was 99.6 percent occupied at the time of sale.

July 16, 2024

Acquisitions Alabama Development Multifamily Southeast Student Housing

Audubon Acquires Student Housing Tower in Birmingham, Plans Conversion to Market-Rate Apartments

by John Nelson July 16, 2024

BIRMINGHAM, ALA. — Audubon has purchased Scholar Birmingham, a 198-unit student housing high-rise in Birmingham’s Five Points neighborhood. The tower was developed as an off-campus student housing property in 2020 due to its proximity to University of Alabama at Birmingham (UAB). The seller and sales price were not disclosed. Audubon plans to transition the property to market-rate housing in a retrofit that includes modernizing the interiors and enhancing community amenities. According to the Scholar Birmingham property website, the community offers fully furnished, pet-friendly studio, one-, two-, three- and four-bedroom apartments. Amenities include package lockers, a fitness center, sauna, gaming room, theater and a rooftop amenity deck with a pool, covered lounge and barbecue grills.

July 16, 2024

Loans Multifamily New Jersey Northeast Seniors Housing

Ziegler Arranges $42.5M Bond Financing for Seniors Housing Property in Freehold, New Jersey

by Taylor Williams July 16, 2024

FREEHOLD, N.J. — Ziegler has arranged $42.5 million in bond financing for the acquisition of Applewood, a continuing care retirement community (CCRC) in Freehold, an eastern suburb of Trenton. Located on approximately 44 acres, Applewood opened in 1990 and offers 300 independent living units, 37 assisted living units, 11 memory care units and 60 skilled nursing units. The acquisition was completed utilizing a mix of tax-exempt and taxable debt. The borrower is FellowshipLIFE, a nonprofit owner-operator of CCRCs in New Jersey.

July 16, 2024

Development Midwest Missouri Multifamily

Midas Construction Tops Off 227-Unit Luxury Apartment Complex in Ellisville, Missouri

by Kristin Harlow July 16, 2024

ELLISVILLE, MO. — Midas Construction has topped off MILA Apartments in Ellisville, a far west suburb of St. Louis. The four-story, 227-unit luxury apartment complex is slated for completion in summer 2025. Midas Hospitality and Balke Brown are developing the project with affiliates Double Eagle Development and Diamond Income Fund. Designed by Rosemann & Associates, the property will feature a 141,000-square-foot parking garage. There will be eight floor plans ranging in size from 552 to 1,363 square feet. Amenities will include a courtyard, pool, bike storage, dog park, business center and fitness room. The project site was formerly home to a car dealership.

July 16, 2024

Indiana Loans Midwest Multifamily

Dwight Mortgage Trust Provides $26.8M Bridge Loan for Multifamily Property in Indianapolis

by Kristin Harlow July 16, 2024

INDIANAPOLIS — Dwight Mortgage Trust (DMT), the affiliate REIT of Dwight Capital, has provided a $26.8 million bridge loan for Fountain Parc Apartments in Indianapolis. The 241-unit, garden-style multifamily property consists of 14 buildings on 15 acres. Amenities include a fitness center, pet wash station, dog park, playground, pool and firepit. The loan proceeds will retire existing debt and finance interior improvements. David Scheer of Dwight originated the loan on behalf of the borrower, Pepper Pike Capital Partners.

July 16, 2024

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