Multifamily

Aztec Group Arranges $54.5M Bridge Loan for Seniors Housing Community in Sarasota, Florida

by Hayden Spiess September 25, 2024

SARASOTA, FLA. — Aztec Group has arranged a $54.5 million bridge loan for Alloro at University Groves, a seniors housing community located in Sarasota. An affiliate of United Group of Cos. is the borrower, and Mortgage REIT provided the debt. Developed in 2023, Alloro at University Groves features 183 units for residents aged 55 and older. Amenities at the community include a 12,587-square-foot clubhouse, fitness center, yoga room, salon, movie theater, pickleball and bocce courts, a spa, community garden, dog park and onsite dining facilities.

September 25, 2024

Acquisitions Multifamily North Carolina Southeast

Gindi Equities Sells 109-Unit Greenview Meadows Multifamily Community in Metro Charlotte

by Hayden Spiess September 25, 2024

GASTONIA, N.C. — Gindi Equities has sold Greenview Meadows, a 109-unit multifamily community located in Gastonia, roughly 20 miles west of Charlotte. Gindi, which acquired the property for $10 million in February 2021, sold the community to an undisclosed buyer for $14.5 million. Located at 1613 Greenview Drive, the development features apartments in two- and three-bedroom layouts. Amenities at the community include a pet park, playground, picnic areas and a pool with a newly renovated deck.

September 25, 2024

Acquisitions Multifamily Nevada Western

Prism Multifamily Group Acquires 261-Unit Cascade Apartments in Henderson, Nevada

by Amy Works September 25, 2024

HENDERSON, NEV. — Prism Multifamily Group has purchased Cascade Apartments, a multifamily property located at 1100 N. Center St. in Henderson. 3D Investments sold the asset for $45.5 million, or $174,330 per unit. Originally constructed in 1982, Cascade Apartments offers 261 one-, two- and three-bedroom apartments, with an average unit size of 949 square feet, spread across the two-story garden-style community. Patrick Sauter, Art Carll-Tangora, Steve Nosrat and Michael Albanese of Avison Young’s Sauter Multifamily Group represented the buyer and seller in the transaction.

September 25, 2024

Development Multifamily New Jersey Northeast

Fields Grade, Alpine Residential Complete Two Multifamily Projects Totaling 208 Units in Jersey City

by Taylor Williams September 25, 2024

JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has completed Atlas and Starling, two multifamily projects totaling 208 units in Jersey City’s Bergen-Lafayette neighborhood. Designed by MHS Architecture and GRT Architects, respectively, Atlas totals 169 units, and Starling totals 39 units. Residences at both properties come in studio, one-, two- and three-bedroom floor plans, and both buildings also house ground-floor retail space. Monthly rents at both buildings start at about $2,700.

September 25, 2024

Acquisitions Arizona Multifamily Western

Cushman & Wakefield | PICOR Brokers Sale of 41-Unit Apartment Complex in Tucson, Arizona

by Amy Works September 25, 2024

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Sunnyslope Apartments, a 41-unit multifamily property at 150 E. Hardy Road in Tucson. Urbana @ Oro Valley LLC acquired the asset from Sunnyslope Apartments LLC for $5.6 million. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.

September 25, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $20M Sale of Brooklyn Multifamily Portfolio

by Taylor Williams September 25, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $20 million sale of a portfolio of seven multifamily buildings totaling 124 units in Brooklyn’s Sunset Park neighborhood. The rent-stabilized buildings feature a mix of one- to four-bedroom units. John Brennan, Bryan Ellis and Miles Davis-Bosch of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were New York-based private investors that requested anonymity.

September 25, 2024

Acquisitions Kansas Midwest Multifamily

Pearlmark, Archstone Capital Buy 68-Unit Townhome-Style Multifamily Property in Overland Park, Kansas

by Kristin Harlow September 25, 2024

OVERLAND PARK, KAN. — Pearlmark, in partnership with Archstone Capital, has purchased Stonehaven at Overland Park, a 68-unit, townhome-style multifamily property in the Kansas City suburb of Overland Park. The purchase price and seller were undisclosed. The asset consists of nine two-story buildings with 34 two-bedroom and 34 three-bedroom floor plans. The transaction marks Chicago-based Pearlmark’s first acquisition in metro Kansas City and its fifth investment in its latest equity fund, Pearlmark Equity Partners II LP. The fund is actively investing in the middle market value-add space across the U.S.

September 25, 2024

Development Massachusetts Multifamily Northeast

WinnCos. Completes $39.2M Multifamily Adaptive Reuse Project in Lawrence, Massachusetts

by Taylor Williams September 24, 2024

LAWRENCE, MASS. — Developer WinnCos. has completed Stone Mill Lofts, a $39.2 million multifamily adaptive reuse project in Lawrence, a northern suburb of Boston. The project converted a 179-year-old structure that originally housed a stone mill into a complex with one-, two- and three-bedroom units. Of the 86 units, 11 are reserved for households earning 30 percent or less of the area median income (AMI); 58 are reserved for renters earning up to 60 percent of AMI; and the other 17 are to be rented at market rates. Amenities include a resident lounge and kitchen, billiards room, fitness center, children’s playroom, resident storage lockers, work-from-home pods, package room and a historic mill exhibit room. MassHousing provided $25.9 million in financing for the project.

September 24, 2024

Arizona Loans Multifamily Seniors Housing Western

JLL Secures $96.5M Refinancing for Seniors Housing Portfolio in Arizona

by Amy Works September 24, 2024

MESA, SURPRISE, PEORIA, SEDONA AND YOUNGTOWN, ARIZ. — JLL Capital Markets has arranged $96.5 million in refinancing for a five-property, 971-unit seniors housing portfolio in Arizona. Alanna Ellis, Brad Miner and Ace Sudah of JLL Capital Markets Debt Advisory secured the financing for the borrower, Douglaston Development and The Hampton Group. Recently renovated between 2021 and 2024, the portfolio consists of 510 independent living units, 339 assisted living units and 122 memory care units. The portfolio includes Canyon Winds at 2851 N. Boulder Canyon and 7311 E. Oasis St. in Mesa, Chaparral Winds at 16617 N. West Point Parkway and 16623 N. West Point Parkway in Surprise, Desert Winds at 20554 N. 101st Ave. and 20545 N. Lake Pleasant Road in Peoria, Sedona Winds at 405 Jacks Canyon Road and 475 Jacks Canyon Road in Sedona, and Ventana Winds at 12322 N. 113th Ave. in Youngtown.

September 24, 2024

Acquisitions Arizona Multifamily Western

IPA Arranges $28M Sale of Ponderosa Park Multifamily Community in Flagstaff, Arizona

by Amy Works September 24, 2024

FLAGSTAFF, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Ponderosa Park, an apartment property in Flagstaff. Keller Investment Properties sold the property to Bridge Partners for $28 million, or $233,750 per unit. Built in 1985 on five acres, Ponderosa Park offers 120 apartments, two laundry facilities, a clubhouse, fitness center and 24-hour emergency maintenance services. Steve Gebing, Cliff David and Hamid Panahi of IPA represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, Jake Vitta and Tyler Johnson of IPA Capital Markets secured acquisition financing for Bridge Partners.

September 24, 2024

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