Multifamily

Starwood Capital Group to Acquire Milestone Apartments REIT for $2.85B

by John Nelson January 19, 2017

TORONTO AND GREENWICH, CONN. — Milestone Apartments Real Estate Investment Trust (TSX: MST.UN), a Toronto-based multifamily REIT, has entered into an agreement with an affiliate of Starwood Capital Group whereby Starwood will acquire all of Milestone’s subsidiaries and assets. The transaction, which is expected to close in the second quarter of this year, is valued at $2.85 billion (USD). Milestone’s board of trustees has unanimously approved the acquisition and recommends that its shareholders vote in favor of the transaction. Milestone’s shareholders will receive $16.15 per share in cash upon closing, and the REIT expects to continue paying its monthly distributions in the normal course through closing. Milestone REIT’s portfolio consists of 78 garden-style apartment properties comprising 24,061 apartment units that are located in 16 major metropolitan markets throughout the Southeast and Southwest. Nearly half of the REIT’s holdings are in Texas. The transaction’s average price per apartment unit of approximately $120,000 compares favorably to Milestone’s current book value of approximately $109,500 per apartment unit. Starwood’s acquisition of Milestone’s portfolio of multifamily properties and operating platform of more than 1,200 employees will allow the firm to grow its multifamily footprint, especially in the Sunbelt region, where Starwood owns more than 67,000 …

January 19, 2017

Arizona Multifamily Western

Tucson Apartment Building Sells for $7M

by Nellie Day January 18, 2017

TUCSON, ARIZ. — A limited liability company has purchased the 236-unit 3 At West Ajo apartment building in Tucson for $7 million. The community is located at 1240, 1310 and 1502 West Ajo Way. Peter Flis of Marcus & Millichap represented the LLC. The firm’s Hamid Panahi, Cliff David, Steve Gebing and James Crawley represented the seller, another LLC.

January 18, 2017

Multifamily New York Northeast

Clarion Partners Sells 284-Unit Apartment Property for $81.9M in Holbrook, New York

by Amy Works January 18, 2017

HOLBROOK, N.Y. — Clarion Partners has completed the sale of Broadway Knolls, a garden-style apartment building located at 2200 Dolphin Lane in Holbrook. A private buyer acquired the property for $81.9 million, or $290,000 per unit. Built in 2006, the 22-building property features 284 units in one- and two-bedroom layouts, a fitness center, outdoor swimming pool, grilling area, fire pit, basketball and tennis courts, playground, dog park, community room, business center and walking trail. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF, in collaboration with Select Real Equity Advisors, represented the seller in the deal.

January 18, 2017

Multifamily Texas

PPA Group Sells 244-Unit Apartment Property in San Antonio

by Amy Works January 18, 2017

SAN ANTONIO — The PPA Group has sold Kenton Place, a multifamily property located on 20 acres in northeast San Antonio. A private buyer acquired the 244-unit property for an undisclosed price. In 2008, The PPA Group originally purchased Kenton Place as part of a three-property portfolio that featured 10 acres of vacant land. The company renovated and updated the property and increased its NOI by 22 percent during its ownership period.

January 18, 2017

Loans Multifamily Seniors Housing Texas

Hunt Mortgage Partners Provides $5.2M Loan for Seniors Apartment Property in Downtown El Paso

by Amy Works January 18, 2017

EL PASO, TEXAS — Hunt Mortgage Partners has provided $5.2 million in financing for the acquisition and rehabilitation of Father Carlos Pinto Memorial Apartments in downtown El Paso. The Freddie Mac tax-exempt loan features an 18-year term, two years of interest-only payments and a 35-year amortization schedule. Paisano Housing Redevelopment Corp. will use the financing to purchase and renovate the 113-unit property, which is restricted to residents age 62 or old. After the $6.5 million renovation, the property will offer one- and two-bedroom units for seniors.

January 18, 2017

Illinois Midwest Multifamily

McShane to Construct Luxury Apartment Complex in Oak Brook, Illinois

by Kristin Harlow January 18, 2017

OAK BROOK, ILL. — McShane Construction Co. has been selected by Interforum Holdings to construct Lakeside Village of Oak Brook, a 315-unit apartment complex in Oak Brook. The building will be constructed on a six-acre parcel located off Royce Boulevard. The four-story development will feature an urban “Texas donut” design in which the residential component is constructed around a central core parking garage. The property will consist of 40 one-, 263 two- and 12 three-bedroom floor plans. Amenities will include a fitness center, business center, swimming pool, playground, dog park and dog washing station. Construction will be completed in phases with move-ins beginning in early 2018. The entire development will be completed in late 2018. Baranyk Associates Ltd. is providing architectural services.

January 18, 2017

District of Columbia Multifamily Southeast

Joint Venture to Develop $100M Apartment Community in D.C.

by John Nelson January 18, 2017

WASHINGTON, D.C. — A joint venture between Federal Capital Partners (FCP), Level 2 Development LLC and Clark Enterprises Inc. plans to develop The Highline, a $100 million apartment community located at 320 Florida Ave. N.E. in Washington, D.C. The property will feature 314 residential units, four penthouse residences and roughly 10,000 square feet of first-floor retail space. Designed by Eric Colbert & Associates, the 12-story community will feature warehouse-style windows, materials reminiscent of rail cars and riveted steel columns. Located one block from the NoMa/Gallaudet Red Line Metro Station, The Highline will include a rooftop pool, a green roof, bio retention facility, energy-efficient building design and 105 bicycle parking spaces. In conjunction with The Highline, the joint venture will develop 13 three-bedroom townhomes off-site in conjunction with DC Habitat that will be set aside for households earning no more than 50 percent of the area median income (AMI). In addition, 4 percent of The Highline’s units will be reserved for households earning no more than 80 percent of AMI. United Bank and EB5 Capital provided construction financing for the project, and MAC Realty Advisors assisted the venture in acquiring development financing.

January 18, 2017

Loans Seniors Housing Southeast Tennessee

SunTrust Provides $68.3M Refinancing for GoodWorks Unlimited’s Seniors Housing Portfolio

by John Nelson January 17, 2017

NASHVILLE, TENN. — SunTrust Bank has provided a $68.3 million loan to GoodWorks Unlimited LLC, a seniors housing provider with communities in Kentucky and Tennessee, for the refinancing of its portfolio. GoodWorks’ properties feature independent living, assisted living and memory care components. The organization will use the loan proceeds to refinance existing debt and expand its facilities. Currently 11 of GoodWorks’ 23 facilities are positioned for expansion. Harborview Capital Partners advised GoodWorks during the transaction.

January 17, 2017

California Multifamily Seniors Housing Western

IPA Negotiates $46.5M Sale of 135-Unit Active Adult Property in Bay Area

by Nellie Day January 17, 2017

SAN MATEO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and major private investors, has negotiated the sale of The Villa at San Mateo for $46.5 million. The mixed-use property includes a 135-unit age-restricted community with six ground floor retail spaces in the Bay Area city of San Mateo. Originally constructed in 1957 as the Villa Hotel, the 4.5-acre property was converted to apartments in 2006. The community is nearby a shopping center currently undergoing a 290,000-square-foot expansion, and is walking distance from the Hillsdale Caltrain Station, which offers express service to both San Francisco and San Jose. The IPA team of Stan Jones, Phil Saglimbeni, Sal Saglimbeni, Mark Myers and Joshua Jandris represented the seller, Acacia Capital. The buyer was Elder Care Alliance. CBRE Capital Markets’ Debt & Structured Finance team arranged $30.4 million in acquisition financing for Elder Care in the transaction. Fannie Mae will provide the 10-year, fixed-rate financing. Elder Care Alliance is a California-based nonprofit seniors housing operator.

January 17, 2017

Arizona Loans Multifamily Seniors Housing Western

Dekel Capital Arranges $25.4M Loan for 106-Unit Seniors Housing Community in Tucson

by Nellie Day January 17, 2017

TUCSON, ARIZ. — Dekel Capital, a Los Angeles-based real estate merchant bank, has arranged $25.4 million in financing for the development of Sage Tucson, an assisted living and memory care project in the Casas Adobes submarket of Tucson. The deal was capitalized with a $17 million construction loan arranged through Dekel’s advisory practice and $8.4 million joint-venture equity funded by the firm’s proprietary equity fund, Dekel Strategic Investors (DSI). The property will include 86 assisted living units and 20 memory care units in a two-story structure located on 9.6 acres. Construction began in late 2016 for completion in early 2018. This is the third investment Dekel has made with the borrower, Willis Development.

January 17, 2017

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