Multifamily

HFF Secures Capital for Development of Apartment Complex in Plano

by Haisten Willis January 11, 2016

PLANO, TEXAS — HFF has secured capital for the development of The Huntington, a 320-unit apartment community in west Plano. HFF worked on behalf of a joint venture between Catalyst Urban Development and LandPlan Development to secure first mortgage construction financing through a regional bank and equity through Canyon Partners Real Estate. The Huntington will be built on a 5.5-acre site in the northeast quadrant of Preston Road and Headquarters Drive. The property will be adjacent to Legacy Business Park, a 2,655-acre office development that hosts several corporate headquarters including Toyota and FedEx. Due for completion in the first quarter of 2018, the property’s amenities include a swimming pool, grilling area, fire pits, two dog-friendly open spaces and fitness center. An attached parking garage offers direct access to each building level. Jeremy Sain led the HFF team representing the developer.

January 11, 2016

Marcus & Millichap Brokers $23M Sale of Apartment Community in Metro Richmond

by John Nelson January 11, 2016

CHESTER, VA. — Marcus & Millichap has brokered the $23 million sale of Ashton Creek, a 232-unit apartment community located at 4201 Creek Way in Chester, a suburb of Richmond. Community amenities include a pool, clubhouse, fitness center and tennis and volleyball courts. Christopher Chadwick, Ian Ruel, Dawson Rinder and Josh Feldman of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor, in the transaction. The seller held the asset for 10 years, according to Chadwick. The Marcus & Millichap team also procured the buyer, a REIT. Bryn Merrey is Marcus & Millichap’s broker of record in Virginia.

January 11, 2016

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $6.1M Construction Loan for Affordable Housing Property in Syracuse

by Amy Works January 11, 2016

SYRACUSE, N.Y. — KeyBank has provided a $6.1 million construction loan to Harbor Street Lofts LLC, an entity sponsored by the Sutton Real Estate Cos. in partnership with Bentham Foundation. Proceeds of the loan were used toward the acquisition and rehabilitation of a four-story, historic industrial building in Syracuse’s Westside neighborhood. The borrower is transforming the property into a 40-unit mixed-income apartment property. Lynne Callis-Wilson of Key’s Community Development Lending arranged the financing for the borrower.

January 11, 2016

Midwest Missouri Multifamily Student Housing

ACC to Develop Student Housing Community Near the University of Missouri

by Christina Cannon January 11, 2016

COLUMBIA, MO. — American Campus Communities (ACC) will develop a 718-bed student housing community adjacent to the University of Missouri campus in Columbia. U Centre on Turner will consist of 182 units located at the intersection of 5th Street and Turner Avenue. The development, expected to come on line in the fall of 2017, will include 177 four-bedroom, four-bathroom units and five two-bedroom, two-bathroom units in two buildings, surrounding a controlled-access parking garage. U Centre on Turner will include a 12,000-square-foot community center with a fitness center, game room, offices and academic success center. The project will also include a courtyard with a pool, spa and outdoor cooking stations. The site is a 3.8-acre assemblage that was purchased last year. Kurt Hollenberg of United Country-Commercial represented the seller, Ginger C LLC. Thomas Horvath of CR Commercial Realty represented American Campus Communities in the transaction.

January 11, 2016

Iowa Midwest Multifamily Seniors Housing

SLIB Brokers $3.1M Sale of Skilled Nursing and Independent Living Communities in Iowa

by Christina Cannon January 11, 2016

SIOUX CITY, IOWA — Senior Living Investment Brokerage has arranged the sale of Countryside Nursing & Rehab, a 222-bed skilled nursing facility, and Four Seasons Countryside Estates, an independent living community, for a combined $3.1 million. The two properties are located a half mile from each other in Sioux City, near the Nebraska border. The buyer was Ide Management Group, an Indiana-based owner-operator expanding its footprint in Iowa. The seller was a public REIT looking to divest the non-core asset. Countryside Nursing & Rehab is 68,457 square feet and sits on 8.5 acres. It was originally built in 1965 and most recently renovated in 2003. Four Seasons Countryside Estates includes 45,553 square feet of space and sits on 5.4 acres. It was built in 1936 and renovated in 1986. Ide will invest in updates to the skilled nursing portion of the portfolio to help improve a low occupancy rate of 35 percent. Ryan Saul and Jeff Binder led the SLIB team in the deal.

January 11, 2016

Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Arranges $43.6M in Bond Financing for Construction of Seniors Housing Facility in Ohio

by Christina Cannon January 8, 2016

NEW ALBANY, OHIO — Lancaster Pollard has arranged $43.6 million in bond financing for the construction of Wesley Woods, a new continuing care retirement community in the Columbus suburb of New Albany. The recipient of the proceeds is Methodist ElderCare Services, an affiliate of the West Ohio Conference of the United Methodist Church that provides housing, healthcare and services to seniors in central Ohio. Wesley Woods will be located on 37.8 acres alongside a nature preserve. The size of the community and number of units were not disclosed. The bond financing will also be used to add a wellness center to Wesley Ridge, another Methodist ElderCare development in Ohio that offers assisted living and independent living. In addition to providing new funds for the construction projects, the debt structure will refinance Methodist ElderCare’s existing 2005, 2010 and 2011 tax-exempt bonds. The Series 2015A and Series 2015B bonds were privately placed with two regional banks. The first 50 percent of entry fee receipts are earmarked and estimated to pay down the Series 2015B bonds of $6 million over a four-year period. Kass Matt led the transaction for Lancaster Pollard.

January 8, 2016

Midwest Minnesota Multifamily

NAI Everest Completes $15.6M Sale of 60-Unit Apartment Property in Minneapolis

by Christina Cannon January 8, 2016

MINNEAPOLIS — NAI Everest has completed the sale of a luxury 60-unit apartment building in Minneapolis. The Laramar Group, a Chicago-based owner and manager of multifamily properties, acquired the asset for $15.6 million or $261,250 per unit. The asset is located at 3021 Holmes Ave. S. Built in 2009, the six-story property includes amenities such as an indoor and outdoor party room, heated underground parking, a fitness studio and outdoor patio with grilling areas. Hotel Uptown LLC sold the building and was represented by Gina Dingman of NAI Everest.

January 8, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Brokers $3.2M Sale of Apartment Property in Alexandria, Minnesota

by Christina Cannon January 8, 2016

ALEXANDRIA, MINN. — Marcus & Millichap has brokered the sale of a 72-unit apartment community for $3.2 million in Alexandria. Lakewood Apartments, located at 204 Kenwood Drive, is comprised of 25 one-bedroom units, 46 two-bedroom units and one three-bedroom unit. Cole E. Harstad, Mox Gunderson and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller, an undisclosed non-profit community development corporation. The trio also secured the undisclosed buyer.

January 8, 2016

Colorado Multifamily Retail

Stratford Plaza Apartments in Denver Sells for $5M

by Nellie Day January 8, 2016

DENVER — An unnamed buyer has purchased the 60-unit Stratford Plaza Apartments in Denver for $5 million. The community is located at 2005-2095 South Depew St. It was built in 1971. Joe Hornstein and Scott Fetter of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.

January 8, 2016

Massachusetts Multifamily Northeast

Akelius Acquires 258 Apartments in Boston Area for $92M

by Amy Works January 8, 2016

CAMBRIDGE, SOMERVILLE AND BRIGHTON, MASS. — Akelius has acquired 258 apartments in Boston in two separate transactions. The transactions, which totaled $92 million, included five properties. One property, which was constructed in 1964, is located in Cambridge with immediate proximity to Harvard University, while the other four properties were built around 1920 and are located in Somerville and Brighton. Jordan Milewicz handled the transaction. The names of the sellers were not released.

January 8, 2016

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