Multifamily

JLL Arranges $26.8M Loan for Refinancing of Apartment Complex in Toms River, New Jersey

by Taylor Williams January 4, 2024

TOMS RIVER, N.J. — JLL has arranged $26.8 million in financing for Camelot at Toms River, a 128-unit apartment complex in coastal New Jersey. Built in 2023, the property features one- and two-bedroom units with an average size of 1,109 square feet. Residences are furnished with stainless steel appliances, quartz countertops, walk-in closets and full-size washers and dryers. About 20 percent (26) of the units are reserved as affordable housing. Amenities include a pool, fitness center, clubhouse, outdoor grilling and dining areas and a dog park. Michael Klein, Matthew Pizzolato and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, Kaplan Cos.

January 4, 2024

Acquisitions Illinois Midwest Multifamily

Breneman Capital Acquires 52-Unit Apartment Building in Chicago’s West Loop

by Kristin Harlow January 4, 2024

CHICAGO — Breneman Capital has acquired Adams Laflin Place, a 52-unit apartment building in Chicago’s West Loop neighborhood. The purchase price was undisclosed. Built in 2020, the property is located at 128 S. Laflin St. There are seven one-bedroom units and 45 two-bedroom units. Dwelle Properties, a full-service property management firm founded in 2019 by Drew Breneman and Sam Meyer, will manage the property. Steve Horvath and Marc Bombicinio of CREW Advising brokered the sale. Brett Hill of Greystone originated acquisition financing. Breneman Capital now owns 171 units in the West Loop neighborhood.

January 4, 2024

Acquisitions Multifamily Oregon Western

CBRE Negotiates $99M Sale of 304-Unit Multifamily Community in Hillsboro, Oregon

by Amy Works January 3, 2024

HILLSBORO, ORE. — CBRE has directed the sale of Tessera at Orenco Station, an apartment property located at 6523 NE Cherry Drive in Hillsboro, a suburb west of Portland. Seattle-based Security Properties sold the asset to an undisclosed buyer for $99 million. Built in 2014, Tessera at Orenco Station features three residential buildings offering a total of 304 one-, two- and three-bedroom floorplans, averaging 807 square feet. Unit amenities include stainless steel appliances, granite countertops, European-style cabinetry, walk-in closets and in-unit washers and dryers. Community amenities include an outdoor pool and spa, a fully equipped fitness center, game lounge, business center with work-from-home studios, a fire pit, barbecues and a bark park with a dog run. Additionally, the property features 369 resident, visitor and retail parking spaces. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the transaction.

January 3, 2024

Acquisitions Multifamily Washington Western

Sequoia Equities Sells 400-Unit The Carriages at Fairwood Downs in Renton, Washington

by Amy Works January 3, 2024

RENTON, WASH. — Sequoia Equities Inc. has completed the disposition of The Carriages at Fairwood Downs, a multifamily community in Renton, approximately 12 miles southeast of downtown Seattle. The price and buyer were not disclosed. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team represented the sellers in the transaction. Built in 1988, The Carriages at Fairwood Downs features 37 residential buildings with 400 one-, two- and three-bedroom floor plans, averaging 1,093 square feet. Additionally, the property offers 196 townhomes. Onsite amenities include a swimming pool and spa; movie theater; cabana with barbecues and fire pits; dog park; sauna; fitness center; and resident clubhouse. The property is situated on 28.5 acres at 15030 SE 179th St.

January 3, 2024

Acquisitions Multifamily Texas

Crescent Communities Sells 20-Story Apartment Complex in Dallas

by Taylor Williams January 3, 2024

DALLAS — Charlotte-based developer Crescent Communities has sold NOVEL Turtle Creek, a 20-story apartment complex located at 4251 Irving Ave. in the Oak Lawn area of Dallas. The property houses 206 one-, two-, and three-bedroom apartments, as well as penthouses on the top two floors. Amenities include a pool, outdoor kitchens, resident lounge, fitness center, package lockers, a private resident bar and concierge services. California-based investment firm Goldrich Kest purchased the property for an undisclosed price.

January 3, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $4.1M Sale of Apartment Complex in Denver

by Amy Works January 3, 2024

DENVER, COLO. — NorthPeak Commercial Advisors has arranged the sale of a multifamily property, located at 1000 S. Logan St. in Denver. The asset traded for $4.1 million, or $206,250 per unit. Greg Johnson, Connor Piretti and David Barocas of NorthPeak Commercial Advisors represented the undisclosed seller, while Jason Koch of Capstone Communities represented the undisclosed buyer in the deal. Built in 1938, the property features 20 courtyard apartments and 15 individual garages situated on a 30,430 square feet lot. The buyer plans to develop a new multifamily project on the site that is scheduled for completion in 2026.

January 3, 2024

Loans Multifamily Texas

Colliers Mortgage Provides Fannie Mae Loan for Refinancing of Multifamily Asset in Van Alstyne, Texas

by Taylor Williams January 3, 2024

VAN ALSTYNE, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Flats at Van Alstyne, a 232-unit multifamily property located about 50 miles north of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, clubhouse and a resident lounge. Fritz Waldvogel of Colliers Mortgage originated the five-year loan through a partnership with Old Capital Lending. The borrower was an entity doing business as MPT Texas 9 LLC.

January 3, 2024

Acquisitions Multifamily South Carolina Southeast

Argyle Real Estate Purchases 264-Unit Apartment Community in Charleston

by John Nelson January 3, 2024

CHARLESTON, S.C. — Argyle Real Estate Partners has purchased Newbrook Point Hope, a 264-unit apartment community located in Charleston’s Daniel Island submarket. The seller and sales price were not disclosed. Built in 2021, Newbrook Point Hope is a multifamily component within Point Hope, a master-planned development that contains single-family homes, shops, restaurants, offices, apartments and schools. Newbrook Point Hope features one-, two- and three-bedroom apartments averaging 1,000 square feet in size. Amenities include a clubhouse, saltwater pool, pickleball court, fitness center, dog park and green space with community trails. Locally based Argyle has tapped Greystar to operate Newbrook Point Hope.

January 3, 2024

Acquisitions Midwest Minnesota Multifamily Seniors Housing

Inland Purchases Three Seniors Housing Communities in Metro Minneapolis

by Kristin Harlow January 3, 2024

MINNEAPOLIS, EDINA AND PLYMOUTH, MINN. — The Inland Real Estate Group of Cos. has acquired three seniors housing communities in metro Minneapolis for an undisclosed price. A JLL seniors housing capital markets team arranged acquisition financing on behalf of Inland. The Waters Senior Living will continue to manage the communities for Inland. The portfolio consists of The Waters of Edina, The Waters of Plymouth and The Waters on 50th. The three properties consist of 321 units, including 223 units for independent living/assisted living and 98 units for memory care. The communities were constructed in the past 10 years.

January 3, 2024

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $10.8M HUD-Insured Loan for Rehabilitation of Minneapolis Apartment Property

by Kristin Harlow January 3, 2024

MINNEAPOLIS — Colliers Mortgage has provided a $10.8 million HUD 221(d)(4) loan for the rehabilitation of Labor Retreat Apartments in Minneapolis. The 77-unit Section 8 property features one- and two-bedroom units. Amenities include a community room, onsite management office, outdoor patio, lounge area and laundry rooms. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low-Income Housing Tax Credits and tax-exempt bonds, which were underwritten by affiliate Colliers Securities LLC. The loan features a 40-year term and 40-year amortization schedule. The borrower was Labor Retreat Housing Partners LLC, an affiliate of Vitus Group LLC.

January 3, 2024

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