Multifamily

CBRE Negotiates Sale of 168-Unit Multifamily Property in Eagan, Minnesota

by Kristin Harlow February 12, 2024

EAGAN, MINN. — CBRE has negotiated the sale of Lexington Hills, a 168-unit multifamily property in the Minneapolis suburb of Eagan. The sales price was undisclosed. Built in 1988, the community is located at 4116 Lexington Ave. South and comprises seven buildings. Floor plans average 723 square feet. Amenities include a fitness center, clubhouse, grilling area, playground, pool and laundry facilities. Ted Abramson, Keith Collins and Abe Appert of CBRE represented the seller, Monument Frozen Tundra LLC. Reacor Ltd. was the buyer.

February 12, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $3.2M Sale of Apartment Building in Chicago’s Buena Park

by Kristin Harlow February 12, 2024

CHICAGO — Interra Realty has brokered the $3.2 million sale of a 12-unit apartment building in Chicago’s Buena Park neighborhood. Located on North Kenmore Avenue, the property was originally built in 1896 and last renovated in 2014. Situated three blocks from Wrigley Field, the asset was fully occupied at the time of sale. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the buyer, Drexel Properties, and the seller, a private investor.

February 12, 2024

Acquisitions Florida Loans Multifamily Southeast

Berkadia Arranges $32.2M Acquisition Financing for Palmera Pointe Apartments in Tampa

by John Nelson February 9, 2024

TAMPA, FLA. — Berkadia has arranged $32.2 million in financing for the acquisition of 246 units at Palmera Pointe Apartments, a 361-unit rental condominium community located at 7417 Palmera Pointe Circle in Tampa. Axonic Properties was the borrower and previously acquired 36 units at the property. Mitch Sinberg, Brad Williamson, Matthew Robbins and Scott Wadler of Berkadia’s South Florida office secured the loan on behalf of the borrower. The five-year, non-recourse loan features $25 million of initial funding with an additional $7.2 million of funding for Axonic to execute its business plan.

February 9, 2024

Development Multifamily Texas

NRP Group Completes 368-Unit Mixed-Income Residential Project in Killeen, Texas

by Taylor Williams February 9, 2024

KILLEEN, TEXAS — Cleveland-based developer The NRP Group has completed Station42, a 368-unit mixed-income residential project located in the Central Texas city of Killeen. Units come in one-, two- and three-bedroom floor plans, and more than half of the residences are reserved for households earning 80 percent or less of the area median income. The amenity package comprises a pool, fitness center, clubroom, gaming area, communal kitchen, coworking lounge, dog park, outdoor dining and entertainment areas and package handling services. Project partners include The City of Killeen Public Facility Corp., J.P. Morgan and Texas Capital Bank.

February 9, 2024

Acquisitions Multifamily Texas

Colliers Arranges Sale of 152-Unit Apartment Complex in Metro Houston

by Taylor Williams February 9, 2024

TOMBALL, TEXAS — Colliers has arranged the sale of Oak Bend Place, a 152-unit apartment complex in the northern Houston suburb of Tomball that was originally built in 1984. According to Apartments.com, the property offers two-bedroom units that range in size from 834 to 907 square feet and amenities such as a pool, pet play area and outdoor grilling and dining stations. Chip Nash, Bob Heard, Kitty Wallace and Jaleel Adatia of Colliers represented the seller, Alphil Investments, in the transaction. The buyer was not disclosed.

February 9, 2024

Acquisitions Colorado Multifamily Western

Garrett Cos. Sells Two-Property Multifamily Portfolio in Metro Denver to Harbor Group for $132.5M

by Amy Works February 9, 2024

CASTLE ROCK AND DENVER, COLO. — The Garrett Cos. has completed the sale of a two-property multifamily portfolio, totaling 434 apartments, to affiliates of Harbor Group International for $132.5 million. The portfolio includes The Prospector Modern Apartments at 3360 Esker Circle in Castle Rock and Ladora Modern Apartments at 18590 E. 61st Ave. in Denver. Prospector features 238 one-, two- and three-bedroom floorplans averaging 1,013 square feet, and Ladora offers 196 one-, two- and three-bedroom floorplans with an average apartment size of 1,024 square feet. Both assets were built in 2023 and are approaching lease up. Community amenities at the properties include resort-style pools, fitness centers, mail and package services, and pet parks and spas. Terrance Hunt, Shane Ozment, Andy Hellman and Justin Hunt of CBRE’s multifamily investment properties team in Denver represented the seller. Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of CBRE’s New York office, along with Brady O’Donnell and Jill Haug of CBRE’s Denver office, arranged acquisition financing for the buyer.

February 9, 2024

California Development Loans Multifamily Seniors Housing Western

JLL Capital Markets Arranges $51.1M in Construction Financing for Active Adult Project in Danville, California

by Amy Works February 9, 2024

DANVILLE, CALIF. — JLL Capital Markets has arranged $51.1 million in construction financing for a 50-unit active adult condominium development in Danville, located in the San Ramon Valley east of the Bay Area. Matt Cimino and Jordan Angel of JLL represented the borrowers, Jeff Stone of Diamond Construction and three high-net-worth individuals, in securing the financing from a Southern California-based lender. Located at 375 W. El Pintado, the development will feature 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units. Community amenities include a lounge, game area, library, rooftop terrace with bocce ball, firepits, barbecue and fitness center. Slated for delivery in 2025, the project is restricted to residents age 55 and older.

February 9, 2024

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $16.5M Sale of Apartment Complex in Metro Boston

by Taylor Williams February 9, 2024

FRAMINGHAM, MASS. — Marcus & Millichap has brokered the $16.5 million sale of Rose Garden Apartments, a 72-unit multifamily complex located in the western Boston suburb of Framingham. The three-story building houses a mix of studio, one- and two-bedroom units, 21 of which were recently renovated. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

February 9, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $1.4M Sale of Apartment Building in Suburban Chicago

by Kristin Harlow February 9, 2024

OAK PARK, ILL. — Interra Realty has arranged the $1.4 million sale of a 19-unit apartment building in the western Chicago suburb of Oak Park. The four-story property on North Austin Boulevard comprises 15 one-bedroom units and four two-bedroom residences. Originally built in 1940, the asset has been partially updated. A recent fire impacted six units, which the new owner plans to fully gut and upgrade. The property was 85 percent occupied at the time of sale. Patrick Kennelly and Paul Waterloo of Interra represented the undisclosed buyer and seller.

February 9, 2024

Affordable Housing Development Loans Multifamily Texas

KeyBank Provides $87.8M in Financing for Mixed-Income Project in Metro Austin

by Taylor Williams February 8, 2024

MANOR, TEXAS — KeyBank has provided $87.8 million in financing for Cantarra Apartments, a 325-unit mixed-income project that will be located in the northeastern Austin suburb of Manor. Approximately half (166) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), and the remainder will be earmarked for households earning 120 percent or less of AMI. Amenities will include three courtyards, two fitness rooms and a spin room, mail and parcel rooms, bike storage space and pet play and wash areas. Jeremiah Drake and Hector Zuñiga Jr. of KeyBank originated the financing, which consists of a $41.6 million construction loan and a $46.2 million forward commitment for Freddie Mac permanent financing upon stabilization of the property. The borrower and developer is Austin-based JCI Residential.

February 8, 2024

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