Multifamily

M&M Arranges Sale of 26-Unit Apartment Building in Dallas

by Haisten Willis September 25, 2015

DALLAS — Marcus & Millichap has arranged the sale of Apollo Apartments, a 26-unit apartment property located in Dallas. John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an individual/personal trust. Barker and Trey McGhin also secured the buyer, a private investor. Apollo Apartments is located at 404 E. 9th St. The property is a 26-unit asset located in the North Oak Cliff area of Dallas. Apollo Apartments includes eight two-bedroom units and 18 one-bedroom units. The property is located on a 26,250-square-foot lot with an on-site laundry facility.

September 25, 2015

Cushman & Wakefield Brokers Sale of 40-unit Apartment Building on Long Island for $6.3M

by Amy Works September 25, 2015

HEMPSTEAD, N.Y. — An undisclosed buyer has acquired an apartment building located at 148 Greenwich St. in Hempstead. The 40-unit asset was sold for $6.3 million, or $127 per square foot, in an all-cash transaction. Built in 2006, the 49,952-square-foot property features a mix of studio, one-bedroom and two-bedroom units. Each unit features updated kitchen appliances, finishes and a private balcony. On-site amenities include a meeting room and a storage room. Daniel Abbondandolo and Benjamin Efraimov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

September 25, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $1.4M Sale of Brooklyn Apartment Building

by Amy Works September 25, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 30 Huntington St. in Brooklyn. The six-unit property sold for $1.4 million. Shaun Riley, Derek Bestreich and Adam Lobel of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both limited liability companies, in the transaction.

September 25, 2015

Seniors Housing South Carolina Southeast

ESI Arranges $153.9M Sale of 13 Agapé Senior Living Communities in South Carolina

by John Nelson September 25, 2015

CHICAGO — Evans Senior Investments (ESI), a Chicago-based investment banking firm, has arranged the sale of 13 Agapé Senior Living communities in South Carolina for $153.9 million. The portfolio includes 10 independent living and assisted living communities totaling 856 units, plus three skilled nursing facilities totaling 294 beds. The oldest building in the portfolio was constructed in 1990 and the smallest facility is 58 units. A private equity firm, the name of which was not released, purchased the portfolio at a cost of $156,424 per unit for the independent and assisted living communities, and $68,027 per bed for the skilled nursing facilities.

September 25, 2015

Loans North Carolina Southeast Student Housing

CBRE Arranges $75M Financing for Student Apartments Near NC State

by John Nelson September 25, 2015

RALEIGH, N.C. — CBRE Capital Markets’ debt and structured finance team has arranged a $75 million loan for the Stanhope Student Apartments, a five-story, 300-unit, 822-bed, mixed-use student housing facility located adjacent to North Carolina State University’s main campus in Raleigh. A joint venture led by managing partner Kane Realty Corp. developed the project. The property features 9-foot ceilings, a saltwater pool, two-story health club, cyber-lounge, art studio, tanning beds, two-story game room and ground-floor retail space. Deck parking is provided for tenants on the same floor as their unit. Apartments contain a full washer/dryer, en-suite full bathrooms in each bedroom, granite kitchen counters, large-screen TVs and wood floors. Mark Fisher and Alex Furnary of CBRE’s midtown Manhattan office, along with David Meese and Tom Kobus of CBRE’s Pittsburgh office, facilitated the financing on behalf of the borrower. The CBRE team secured a 20-year, fixed-rate, non-recourse loan from one of its correspondent lenders, AIG Investments. The loan was committed without any tenants in occupancy and closed with retail space still to-be-leased (half of the retail space is leased to CVS).

September 25, 2015

Florida Seniors Housing Southeast

Big Rock to Build New Seniors Housing Property in South Florida

by John Nelson September 25, 2015

LAKE WORTH, FLA. — Big Rock Partners, a national real estate management and development firm, will begin construction this month on Atria at Villages of Windsor, a Class A seniors housing community in southern Palm Beach County. Big Rock is developing the community on a 22.5-acre site in the Villages of Windsor development. The new community will offer a total of 186 independent living units, 78 assisted living apartments and a 54-unit memory care building. Ventas Inc., one of the largest REITs in seniors housing, will provide equity capital and be the principal owner of the community when finished. Wells Fargo will provide construction financing. The finance advisor is Walker & Dunlop. Gensler is providing architectural services, and Moss & Associates is the construction manager. Atria Senior Living, which operates 180 senior living communities throughout the U.S. and Canada, will operate and market the community. Big Rock expects the community to open in the summer of 2017.

September 25, 2015

Florida Loans Multifamily Southeast

Walker & Dunlop Originates $41.2M Loan for Apartment Community in Metro Orlando

by John Nelson September 25, 2015

SANFORD, FLA. — Walker & Dunlop has closed a $41.2 million loan for Elan Towne Center, a 360-unit luxury apartment community in Sanford, roughly 24 miles north of Orlando. Built in 2014, the Class A property features a cyber café, coffee bar, valet door-to-door trash pickup, club room with billiards, private detached garages and a dog park. The community was more than 90 percent occupied at the time of financing. Paul Ahmed led Walker & Dunlop’s team to originate the 15-year loan on behalf of the undisclosed borrower.

September 25, 2015

California Loans Multifamily Western

Landmark Arranges $100M Financing for Multifamily Community in California

by Nellie Day September 25, 2015

LAKE FOREST, CALIF. — Landmark Capital Advisors has arranged $100 million in financing for Portola Center South, a 626-building multifamily community in Lake Forest. The owner, SunRanch Capital Partners, began improving the land this past June. It plans to begin selling the lots to builders by early 2016. The site contains five planning areas. The improvements will commence in one phase, which will take seven to nine months to complete. Portola Center South will eventually include 569 for-sale units and 57 affordable units. Adam Deermount and Terry Ruckle of Landmark Capital Advisors structured the financing.

September 25, 2015

Colorado Multifamily Western

TruAmerica, Investcorp Buy Apartment Community in Denver for $71M

by Nellie Day September 25, 2015

DENVER — TruAmerica Multifamily and institutional capital partner Investcorp have acquired a 561-unit apartment home community in Denver for $71 million. The community is located in the Cherry Creek submarket. TruAmerica plans to complete improvements to the buildings’ exteriors and common areas. This plan was initially undertaken by the previous owner. The units will also receive multimillion-dollar renovations. Brian Eisendrath, Annie Rice and Brandon Smith of CBRE Capital Markets arranged the financing. CBRE’s David Potarf, Dan Woodward and Matt Barnett represented the unnamed seller.

September 25, 2015

California Multifamily Seniors Housing Western

City of Hayward Breaks Ground on Three New Multifamily Communities

by Nellie Day September 25, 2015

HAYWARD, CALIF. — The City of Hayward recently broke ground on three new multifamily communities. The properties are situated on the site of the former South Hayward BART overflow parking lots. Eden Housing is developing two affordable communities off Mission Boulevard that will provide a total of 151 affordable apartments near the South Hayward BART station. AMCAL Equities is developing a market-rate community of 206 luxury apartments off Dixon Street, adjacent to the BART station. Both developments received transit-oriented development grants from the California Department of Housing and Community Development. The Eden Housing development is known as the South Hayward BART Family & Seniors Communities. The two affordable rental communities will be composed of adjacent five-story, standalone buildings that share a common courtyard. They will provide 87 affordable rental apartments for families and 64 affordable rental apartments for seniors, aged 62 or older. AMCAL’s development is known as Cadence. The community will feature one- and two-bedroom, market-rate apartments. Amenities will include a state-of-the-art fitness center with separate yoga room, a resident lounge, pool and spa deck, clubhouse, business center, pet spa, self-service bike parking and repair, and package concierge service.

September 25, 2015

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