Multifamily

SVN Arranges Sale of Apartment Complex in Arlington

by Haisten Willis August 4, 2016

ARLINGTON, TEXAS — SVN has arranged the sale of Fielder Crossing in Arlington, a 132-unit apartment project built in 1981. Todd Franks and Jon Krebbs of SVN marketed the property on behalf of the seller and procured the buyer, an out-of-state private investor. Fielder Crossing is located less than a mile from the University of Texas at Arlington. Units feature nine-foot ceilings, walk-in closets, washer and dryer connections and wood-style flooring. Fannie Mae provided financing for the transaction.

August 4, 2016

M&M Negotiates Sale of 144-Unit Apartment Building in College Station

by Haisten Willis August 4, 2016

COLLEGE STATION, TEXAS — Marcus & Millichap has negotiated the sale of Landmark on Longmire, a 144-unit apartment property located in College Station. Nick Fluellen, Bard Hoover and Sean Scott of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Landmark on Longmire is located at 2302 Longmire Drive. Constructed in 1977, the property includes a unit mix of 57 percent two-bedroom units. One-third of the units include either washer/dryer connections or furnished laundry appliances. Since 2011, more than $640,000 has been spent on capital improvements, including a 30-year dimensional shingle roof, new signage and exterior paint.

August 4, 2016

Multifamily Texas

NorthMarq Capital Arranges $3M Financing for Arbor Point Apartments in Houston

by Haisten Willis August 4, 2016

HOUSTON — NorthMarq Capital’s Denver office has arranged a permanent $3 million loan for Arbor Point Apartments located at 1812 S. Park View Drive in Houston. The multifamily community, constructed in 1985, consists of 65 units contained in contained in 13 two-story buildings. Community amenities include controlled access, carports and an outdoor pool. Units feature washer/dryer hookups, fireplace, vaulted ceilings and patios or balconies. Paul Bruder of NorthMarq arranged the financing for the Colorado-based borrower through an unnamed life insurance company.

August 4, 2016

California Multifamily Seniors Housing Western

CareTrust REIT Buys 59-Bed Skilled Nursing Facility in California for $6.9M

by Nellie Day August 4, 2016

PETALUMA, CALIF. — CareTrust REIT Inc. has acquired The Oaks, a 59-bed skilled nursing facility in the San Francisco suburb of Petaluma, for $6.9 million. CareTrust immediately leased the facility to West Harbor Healthcare upon purchase. The REIT expects an initial annual revenue of approximately $700,000 under the new lease, which has a 15-year term, two five-year renewal options and CPI-based rent escalators. CareTrust is a publicly traded REIT based in California. The company currently owns 145 net-leased healthcare properties in 20 states.

August 4, 2016

Midwest Multifamily Ohio Seniors Housing

Spectrum Opens 100-Unit Assisted Living Community in Ohio

by Christina Cannon August 4, 2016

HILLIARD, OHIO — Spectrum Retirement Communities has opened Hilliard Assisted Living & Memory Care, a 100-unit assisted living and memory care community in the Columbus suburb of Hilliard. The new community features 75 assisted living units, 25 memory care units and a transitional memory care program for seniors with only mild cognitive impairment. The 87,000-square-foot community includes studio, one-bedroom and two-bedroom units. Spectrum currently has three other communities under construction in the Columbus area and another in the planning stages. Based in Denver, Spectrum owns and operates 31 communities in 12 states totaling more than 3,700 units, with eight more communities currently under construction.

August 4, 2016

Illinois Midwest Multifamily

Inland Arranges $8.1M Sale of Apartment Property in Metro Chicago

by Christina Cannon August 4, 2016

PALATINE, ILL. — Inland Real Estate Brokerage & Consulting Inc. has arranged the sale of an apartment portfolio totaling 102 units in Palatine, approximately 30 miles northwest of Chicago, for more than $8.1 million. The portfolio consists of 17 six-unit buildings located within the Long Valley Apartment complex and a controlling interest in the apartment association. The buildings, constructed in the 1970s, provide a mix of 80 percent two-bedroom units and 20 percent one-bedroom units. Both parties in the transaction are undisclosed.

August 4, 2016

Michigan Midwest Multifamily

Friedman Arranges Sale of 104-Unit Apartment Property Near Detroit

by Christina Cannon August 4, 2016

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 104-unit apartment property in Southfield, approximately 15 miles northwest of Detroit. Cambridge Square Partners LLC sold the property, located at 27315 Greenfield Road, to Loop Cambridge Square LLC and OM Gardner LLC. Cambridge Square Apartments offers one- and two-bedroom units. Amenities at the property include a playground, courtyard and covered parking. Ryan Cohn and David Cohen of Friedman Integrated Real Estate Solutions represented the seller in the transaction.

August 4, 2016

Florida Multifamily Southeast

Brasfield & Gorrie Completes Construction of The Sevens in Orlando

by John Nelson August 4, 2016

ORLANDO, FLA. — Brasfield & Gorrie’s Orlando office has completed construction on The Sevens, a 360,000-square-foot apartment building situated on a 2.5-acre lot between Park Lake Street and Colonial Drive in Orlando’s North Quarter district. The property features 333 luxury units, a seven-level parking garage and 8,000 square feet of ground-floor retail space. The Sevens’ amenities include a rooftop pool deck with a lounge and bar, fitness center and a ninth-floor clubhouse. Units feature granite and quartz countertops, stainless steel appliances and balconies in select units. The project team includes developer and owner The Pizzuti Cos. and architect Charlan Brock & Associates.

August 4, 2016

Georgia Multifamily Southeast

RADCO Buys Apartment Community in Metro Atlanta for $23.3M

by John Nelson August 4, 2016

ACWORTH, GA. — The RADCO Cos. has purchased Stanton Place Apartments, a 240-unit, Class A multifamily community located one mile from I-75 in Acworth, for $23.3 million. Atlanta-based RADCO has renamed the asset The Landing at Acworth and plans to invest $3 million to modernize and upgrade the property. Built in 2001, The Landing at Acworth’s amenities include a standalone fitness center, swimming pool, nature trail, tennis court, dog park, playground, business center, car wash and detached garages. Units average 960 square feet and include one- and two-bedroom floor plans. RADCO financed the acquisition using a loan from First Tennessee Bank and $8.4 million in private capital. The Landing at Acworth is RADCO’s third property in northern Cobb County and its eighth transaction of the year. RADCO Residential will manage the apartment community once the transaction is finalized.

August 4, 2016

Market Reports Michigan Midwest Midwest Market Reports Multifamily

Metro Detroit Apartment Market Finds Its Groove

by Christina Cannon August 4, 2016

Favorable hiring trends in metro Detroit have driven household formation to its highest point since the start of the new millennium. As a result, multifamily asset performance and operations have shown marked improvement with respect to demand, occupancy, rents and prices. In the first quarter of the year, local employers created 14,500 jobs for a year-over-year gain of 2.3 percent, which brought Detroit’s unemployment level to its lowest level since 2001. Employment advances were led by the professional and business services sector as well as the leisure and hospitality sector, which added 16,100 and 6,000 workers, respectively. Total employment at the end of 2016 is projected to be 1.9 percent higher than it was at the end of 2015. The generally higher paying professional and business services jobs will lead to broad-based employment growth through the rest of the year, and gains in this segment are expected to support growing demand for luxury rentals. In any event, rental demand in Detroit is on the rise for the foreseeable future. Construction takes off Encouraged by positive employment trends, economic indicators and a recovering automotive industry, new construction, renovation and conversion are thriving. Developers have new multifamily projects underway in more than …

August 4, 2016

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