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Multifamily

DevelopmentSeniors HousingSoutheastVirginia

Watercrest, Partners Underway on 142-Unit Seniors Housing Community in Fredericksburg, Virginia

by John Nelson

FREDERICKSBURG, VA. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles outside Washington, D.C. Upon completion, the property will feature 106 assisted living units and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards. Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank & Trust is financing the development.

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Affordable HousingDevelopmentMidwestMultifamilyOhioSeniors Housing

Woda Cooper Completes 42-Unit Affordable Seniors Housing Community in Carrollton, Ohio

by Kristin Harlow

CARROLLTON, OHIO — Woda Cooper Cos. Inc. has completed Hemming Crossing, a 42-unit affordable seniors housing community in Carrollton, about 55 miles south of Akron. The three-story development is reserved for residents age 55 and older with incomes between 30 and 70 percent of the area median income. Hemming Crossing represents a $12.5 million investment in the community. Rents range from $315 to $830 per month, depending on income restriction and size of unit. Amenities include a community room with kitchenette, fitness center, grandchild playroom and outdoor playground. The project was made possible with funding supported by Low-Income Housing Tax Credits (LIHTCs) allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan. Marble Cliff Capital invested in the LIHTCs allocated to Hemming Crossing. Consumer National Bank provided a construction loan and first mortgage, and was a secondary investor in the tax credits. Appalachian Growth Capital provided a second soft mortgage. The project team included PCI Design Group, civil engineer Chadan Engineering and sustainability consultant Sol Design + Consulting. Woda Construction Inc. was the general contractor, and Woda Cooper’s management division, Woda Management & Real Estate, oversees leasing and property management.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges Sale of 197-Unit Stellar at Emerald Hills Apartments in Dania Beach, Florida

by John Nelson

DANIA BEACH, FLA. — Berkadia has arranged the sale of Stellar at Emerald Hills, a 197-unit apartment community located at 5840 Lakeshore Drive in Dania Beach, a suburb in South Florida’s Broward County. JSB Capital Group purchased the property from locally based Stellar Communities for an undisclosed price. Roberto Pesant, Jaret Turkell, Yoav Yuhjtman and Omar Morales of Berkadia represented the seller in the transaction. Built on 7.2 acres in 2022, Stellar at Emerald Hills features a mix of one-, two- and three-bedroom apartments with eco-smart home features. Amenities include a clubhouse, fitness center with a yoga and spin studio, business center, pet play area, pet washing station, sundeck and pool and bike storage.

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The-Riley-Burleson
AcquisitionsMultifamilyTexas

NewStreet, Thane Partners Acquire 178-Unit Riley Apartments in Burleson, Texas

by Taylor Williams

BURLESON, TEXAS — A joint venture between NewStreet Properties LLC and Thane Partners has acquired The Riley, a 178-unit apartment complex in Burleson, approximately 16 miles south of Fort Worth. Completed in 2023, The Riley offers one-, two- and three-bedroom units and amenities such as a pool, dog spa and park, fitness center, wine bar, rideshare pick-up lounge, game area with shuffleboard and a clubhouse with an activity center and coworking offices. Grant Raymond and Asher Hall of Cushman & Wakefield represented the seller, Corsair Ventures, in the transaction. The sales price was not disclosed.

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AcquisitionsMarylandMultifamilySoutheast

Continental Realty Corp. Acquires Metro Baltimore Multifamily Community for $86.5M

by John Nelson

ELKRIDGE, MD. — Continental Realty Corp. (CRC) has purchased Dartmoor Place at Oxford Square, a 258-unit, garden-style multifamily community in Elkridge, a southwest suburb of Baltimore in Howard County. Mike Muldowney of CBRE represented the seller, Preston Partners, in the $86.5 million, off-market transaction. CRC purchased the five-story apartment development via Core Multifamily Fund LP, a private equity fund that the company sponsors in partnership with Brown Advisory, which is also based in Baltimore. CRC assumed a HUD-insured mortgage as part of the transaction. Preston Partners delivered Dartmoor Place in 2019. The property was 94 percent occupied at the time of sale and serves as a multifamily component within the 122-acre Oxford Square master-planned community. Apartments are configured in one-, two- and three- bedroom floor plans ranging in size from 725 to 1,407 square feet. Amenities include a clubhouse, fitness center, game room and digital access package-acceptance lockers. Outdoor amenities include a resort-style saltwater swimming pool with sundeck, an open recreation and entertainment area, playground, pet spa, bike storage area, grilling area, courtyards and community walking trails.

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AcquisitionsLoansMultifamilySoutheastVirginia

Berkadia Provides $37M Agency Loan for Metro Richmond Apartment Community

by John Nelson

MIDLOTHIAN, VA. — Berkadia has provided a $37 million Fannie Mae acquisition loan for Commonwealth Apartments, a 234-unit multifamily community located at 5401 Commonwealth Centre Parkway in Midlothian, a Richmond suburb in Chesterfield County. Patrick McGlohn, Brian Gould, Miles Drinkwalter, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia originated the loan on behalf of the buyer, Atlanta-based Mesa Capital Partners. Additionally, the Berkadia team of Drew White, Carter Wood and Cole Carns represented seller, CMB Development, in the sale. Built in 2022, Commonwealth Apartments features a gaming lounge and 24/7 fitness center, among other amenities.

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AcquisitionsDevelopmentMultifamilySoutheastVirginia

Northmarq Arranges $18.5M Sale of Multifamily Development Site in Tysons, Virginia

by John Nelson

TYSONS, VA. — Northmarq has arranged the $18.5 million sale of a multifamily development site in Tysons, an affluent suburb of Washington, D.C., in Northern Virginia. The 1.3-acre parcel is approved for a 25-story high-rise comprising 447 one-, two- and three-bedroom apartments and 15,207 square feet of retail space. The site is part of Scotts Run, a 40-acre master-planned development comprising 6.5 million square feet of multifamily, office, retail and hotel space. The future apartment high-rise is located within walking distance of the McLean Metro Station’s Silver Line. The buyer and construction timeline were not released.

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Denizen-Portland-OR
AcquisitionsMultifamilyOregonWashingtonWestern

Kennedy Wilson Expands Pacific Northwest Presence with $110M Multifamily Purchase

by Amy Works

SEATTLE AND PORTLAND, ORE. — A real estate fund managed by Kennedy Wilson has acquired two multifamily properties in Seattle and Portland for a total of $110 million. Kennedy Wilson has an 11 percent ownership interest in the real estate fund, which purchased the two properties with a total equity investment of $40 million, including closing costs and financed the acquisitions with long-term fixed-rate debt totaling $70 million. Built in 2018, the 226-unit Axle in Seattle offers one- and two-bedroom floor plans, eight townhomes and a full collection of amenities, including a resident lounge, sky lounge and outdoor deck, coworking spaces, a fitness center, pet run and game room. Built in 2020 in Portland, Denizen features 212 studio, one- and two-bedroom apartments and ground-floor retail space.

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Kabin-Apts-Denver-CO
AcquisitionsColoradoMultifamilyWestern

Trailbreak Partners, Quannah Partners Buy Kabin Apartments at TAXI in Denver

by Amy Works

DENVER — Trailbreak Partners and Quannah Partners have acquired Kabin Apartments, a multifamily building located within Zeppelin Development’s TAXI project in Denver’s River North Art District (RiNo). The partnership purchased the community from Zeppelin Development for an undisclosed price. Located at 2095 31st St., Kabin Apartments offers 194 residences. The 28-acre mixed-use TAXI Campus features 10 buildings, more than 110 businesses, including BOA Technology’s global headquarters, and more than 350 full-time residents. Campus-wide amenities include a shipping container pool, sand volleyball court, community gardens, bike storage, dog parks, retail spaces, 24/7 security and a 7,000-square-foot fitness center. Dorit Fischer and Hayden Hirschfeld of NAI Shames Makovsky represented Zeppelin Development in the deal.

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DevelopmentMultifamilySeniors HousingWashingtonWestern

PMB, Springs Living Complete Development of 250-Unit Senior Living Community in Vancouver, Washington

by Amy Works

VANCOUVER, WASH. — PMB and The Springs Living have completed the development of The Springs at Waterfront, a 250-unit senior living community located in Vancouver, roughly 10 miles outside Portland, Ore. Situated within the Waterfront master-planned, mixed-use community, the property comprises 360,000 square feet across 12 stories.  PMB served as the developer on behalf of The Springs Living. The project team also included general contractor Howard S. Wright and GBD Architects. Capital partners include Harrison Street, Huntington Bank, City National Bank, Comerica Bank and First National Bank.  Opened earlier this month, The Springs at Waterfront features 182 independent living residences, 48 assisted living residences and 20 memory care units. Amenities at the property include a spa and wellness center; an indoor pool; multiple dining venues, including Fancho’s Public House; a terrace; putting green; gardens and private wine lockers.  According to PMB, the community will create more than 100 permanent jobs. 

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