Multifamily

Waterton Buys Apartment Community in West Miami for $57.4M

by John Nelson August 2, 2016

WEST MIAMI, FLA. — Chicago-based Waterton has purchased Soleste West Gables, a newly built, 206-unit apartment community located in West Miami. Waterton bought the asset from the development group comprising Estate Investments Group, Fortune Capital Partners and Mattoni Group for $57.4 million, or $278,000 per unit. The group’s other projects in the area include the 196-unit Soleste Club Prado, the 221-unit Soleste West Gables II, the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View. Soleste West Gables began leasing in September 2015 and offers one-, two- and three-bedroom units with amenities including a resort-style pool with an oversized sundeck, cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.

August 2, 2016

Florida Loans Multifamily Southeast

Meridian Capital Group Arranges $19.5M Refinancing of Apartment Community in North Miami Beach

by John Nelson August 2, 2016

NORTH MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $19.5 million loan for the refinancing of Aventura Oaks Apartments, a 204-unit multifamily community located at 1572 N.E. 191st St. in North Miami Beach. The three-story property features a swimming pool, lounge and fitness center. Jonathan Zilber and Steven Halpert of Meridian Capital Group arranged the three-year loan with a fixed 3.1 percent interest rate and one year of interest-only payments through an unnamed balance sheet lender. The unnamed borrower is currently remodeling 75 percent of Aventura Oaks’ apartment units.

August 2, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $11M Sale of Apartment Building in Fort Lauderdale

by John Nelson August 2, 2016

FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $11 million sale of Harbour Pointe, a 34-unit luxury apartment building located at 2201 S.E. 18th St. in Fort Lauderdale’s Harbour Inlet neighborhood. Situated south of the 17th Street Causeway, the property features 350 of water frontage with rental boat slips. Marcus & Millichap brokered the sale of Harbour Pointe in 2010 for $8.1 million and again in 2013 for $9.2 million. The property was renovated by a previous owner in 2010. Joseph Thomas, Adam Duncan and Derek Soven of Marcus & Millichap represented the undisclosed seller and procured the buyer, a joint venture between entities based in New York and California.

August 2, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $19.7M Sale of Apartment Property in Minnesota

by Christina Cannon August 2, 2016

DULUTH, MINN. — Marcus & Millichap has arranged the sale of a 141-unit apartment community in Duluth for $19.7 million, or $140,000 per unit. A Minneapolis-based private investor and development company sold Les Chateaux, which was built in 1973, to a Colorado-based investment group. Amenities at Les Chateaux include heated underground parking, on-site laundry facilities and views of Lake Superior. The property is located at 3800 London Road. Marcus & Millichap represented the seller and procured the buyer.

August 2, 2016

California Seniors Housing Top Stories Washington Western

Welltower Agrees to Acquire West Coast Seniors Housing Portfolio for $1.15B

by John Nelson August 2, 2016

TOLEDO, OHIO — Welltower Inc. (NYSE: HCN), a seniors housing and healthcare facility REIT, has entered into a definitive agreement to acquire a portfolio of properties on the West Coast operated by Vintage Senior Living for $1.15 billion. The transaction spans 2,590 units in 19 independent living, assisted living and memory care communities concentrated in Southern and Northern California and in the state of Washington. Welltower will transition management of these communities to Senior Resource Group (11 properties), Sunrise Senior Living (seven properties) and Silverado (one property), once the acquisition has been completed. “This acquisition reinforces our high-quality healthcare real estate portfolio and leading presence in two of the top U.S. metro markets,” says Tom DeRosa, CEO of Welltower. “Together with our operating partners, we are excited about the opportunities to provide the best senior care with a focus on wellness and innovation.” Vintage Senior Living will continue to operate its communities until the purchase has been completed. The transaction is expected to close in tranches beginning in September and will be subject to lenders’ approvals and customary regulatory approvals. “These properties are in attractive markets, including irreplaceable locations near San Francisco’s Golden Gate Park and Nob Hill, with a …

August 2, 2016

Features Industrial Multifamily Office Retail Top Stories

Ten-X: Office, Apartment, Retail Sectors Drive Acquisition Prices Higher in July

by Haisten Willis August 2, 2016

IRVINE and SILICON VALLEY, CALIF. — Commercial real estate valuations increased by 1.1 percent in July, marking the strongest monthly increase this year and a 5.2 gain over last year, according to the latest Ten-X Nowcast. Ten-X, an online real estate transaction marketplace, uses Google Trends data, its own proprietary transaction data and investor surveys to forecast commercial real estate pricing trends. “The recent string of monthly increases confirms that overall pricing of commercial real estate remains on the upswing following the weakness seen earlier this year,” says Ten-X chief economist Peter Muoio. “That said, we are noticing distinct differences across the five major property sectors, with each telling its own story.” The office, apartment and retail sectors all saw monthly increases in July. The office sector posted the strongest gain for the second consecutive month, rising 4.8 percent from June and 7.6 percent above its level from one year ago. This was the best year-over-year gain for any of the commercial sectors since January. The multifamily sector, which has posted steady gains this year, increased 1.1 percent in July from the previous month and is 6.8 percent above last year’s level. “The apartment sector is unencumbered by technology-driven shifts …

August 2, 2016

Multifamily Texas

M&M Arranges Sale of 20-Unit Apartment Building in Dallas

by Haisten Willis August 1, 2016

DALLAS — Marcus & Millichap has arranged the sale of The Trails, a 20-unit apartment property located in Dallas. Stephen Crittenden of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Crittenden also procured the buyer, an out-of-state private equity firm. The all-cash transaction closed 20 days after receipt of contract. The Trails is a Class B multifamily asset located at 4335 Cedar Springs Road in the Oak Lawn submarket of Dallas. Originally constructed in 1966 and renovated in 2001, the asset is situated on a 21,600-sqaure-foot lot. The property features upgraded units throughout, stackable washer/dryer connections, a swimming pool and gated entry.

August 1, 2016

Midwest Multifamily Wisconsin

Boston Capital Invests in 90-Unit Apartment Project in Milwaukee

by Christina Cannon August 1, 2016

MILWAUKEE — Boston Capital has invested in the construction of a 90-unit apartment community in Milwaukee. Cardinal Capital Management is the general partner in the development. The Germania will feature 44 tax credit units and 46 market rate units. Tenants of the tax credit units must earn 60 percent or less of the area’s median income. The apartments will be located in an eight-story, vacant building that was constructed in 1896 and is listed on the National Register of Historic Places. The project will also include 8,500 square feet of ground-floor commercial space. The Germania will provide 38 one-bedroom units and 52 two-bedroom units ranging from 446 square feet to 1,210 square feet. Unit amenities will include washers and dryers, central air conditioning and dishwashers. Community amenities will include a leasing office, community room with kitchen, fitness center and storage lockers. The Germania will be built with tax credit equity from the Low Income Housing Tax Credit program, as well as federal and state historic tax credit programs.

August 1, 2016

Loans Louisiana Southeast Student Housing

CBRE Arranges $48M Construction Loan for Student Housing Community Near LSU

by John Nelson August 1, 2016

BATON ROUGE, LA. — CBRE has arranged $48 million in construction financing for the development of Park Place, a 745-bed student housing community to be located adjacent to the Louisiana State University campus in Baton Rouge. The six-story project is scheduled for completion in 2017. CBRE secured the three-year, floating-rate loan through Commercial Bank Syndication on behalf of the Park 7 Group.

August 1, 2016

Affordable Housing Louisiana Seniors Housing Southeast

Community Development Completes Affordable Housing Facility in Baton Rouge

by John Nelson August 1, 2016

BATON ROUGE, LA. — Community Development Inc. has opened Cypress Springs, a 144-unit affordable seniors housing community in Baton Rouge. WNC, a California-based real estate investor, provided $6.1 million in low-income housing tax credit (LIHTC) equity to fund the development. Cypress Springs includes three buildings with 76 one-bedroom units and 68 two-bedroom units.

August 1, 2016

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