HOUSTON — Colliers has arranged the sale of Azul Apartments, a multifamily complex in North Houston. According to Apartments.com, the property was built in 2019, totals 90 units and offers studio, one-, two- and three-bedroom floor plans. Jaleel Adatia, Chip Nash, and Bob Heard of Colliers represented the seller, an entity doing business as ZK Jester Inc., in the transaction. The team also procured the buyer, Lonestar Capital Group.
ANAHEIM, CALIF. — CBRE has arranged the sale of a 12-unit multifamily property at 921-927 S. Trident St. in Anaheim. The property traded hands between two private investors in a 1031 exchange. The property was constructed in 1962 and comprises two buildings on a 0.4-acre site. Units come in two- and three-bedroom layouts. Units were recently renovated with new baseboards and blinds, updated showers, plank flooring and new cabinets and countertops. Dan Blackwell, Andrew Boukather and Sean Farag represented the buyer in the transaction.
CALIFORNIA — Forbright Bank and HJ Sims have partnered to finance the acquisition of two skilled nursing facilities in California. The skilled nursing facilities feature approximately 150 beds. The borrower plans to invest in the physical plants of both facilities. The financing partners described the buyer as “a top-tier skilled nursing operator.” Further details on the properties, buyer and seller were not disclosed. Forbright and HJ Sims closed a unique unitranche loan product to provide financing for the acquisition. This loan product acts as a single debt obligation with one set of loan documents and one monthly mortgage payment.
MOUNT VERNON, N.Y. — A partnership between Alexander Development Group, The Bluestone Organization and J.P. Morgan Global Alternatives has completed 42 Broad, a 249-unit apartment complex in Mount Vernon, located north of New York City. Designed by Perkins Eastman, the 16-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, walk-in showers and individual washers and dryers. Amenities include a pool, fitness center, outdoor kitchens, game room, lobby lounge, coworking spaces, library and a zen garden, as well as ground-floor retail space. Rents start at $2,100 for a studio apartment.
BOSTON — A partnership between nonprofit owner-operator Beacon Communities and the Chinese Consolidated Benevolent Association of New England Inc. (CCBA) has broken ground on Pok Oi, an 85-unit affordable housing project in Boston’s Chinatown district. The complex will offer one-, two- and three-bedroom units that will be reserved for renters earning 80 percent or less of the area median income. Nine units will be specifically set aside for citizens experiencing homelessness. Citizens Bank provided construction financing for the project, and MassDevelopment issued tax-exempt bonds. Completion is slated for late 2024.
CHICAGO — Life Care Services has opened Clarendale Six Corners, a 258-unit seniors housing community in the Portage Park neighborhood of Northwest Chicago. Rising 10 stories at the intersection of Milwaukee Avenue and Irving Park Road, the property features 114 independent living units with one-, two- and three-bedroom layouts, 98 assisted living units and 46 memory care apartments.
When reflecting on Charlotte’s multifamily market over the past few years, several major trends drove unprecedented transaction volume — record-level rent growth, positive absorption despite a consistently robust pipeline of deliveries, strong population growth from high in-migration and rapidly increasing homeownership costs pricing residents out of the market. Charlotte has been a popular relocation destination for individuals and families, particularly from the Northeast, Midwest and other parts of the Southeast who are drawn to the low cost of living, warm climate and strong economy. Zillow ranks Charlotte as the No. 1 housing market for 2023, signaling a continued rise in home values and subsequent increased demand for rental housing from the growing population. In-migration has made Charlotte experience explosive growth and bolstered the population to over 2.7 million residents by year-end 2022, a 5.6 percent increase since 2018 compared to the national rate of 1.3 percent. Equally impressive is regional job growth, with non-farm payrolls increasing 7.9 percent over the same time frame. Much of Charlotte’s multifamily growth is attributed to capital investment from new employers across the metro, including Albemarle Corp.’s $180 million investment into a new research campus in University City bringing 200 new jobs, as well as …
MESA, ARIZ. — StarPoint Properties has received a $52 million loan for the construction of Lotus Point, a 245-unit apartment community in Mesa. Jeff Sause, Wyatt Strahan and Elle Miraglia of JLL Capital Markets arranged the construction financing for the project through a debt fund. Lotus Point will rise four stories and offer studio, one- and two-bedroom units. Amenities will include a fitness center, clubhouse, coworking facility and community kitchen. On-site parking will include a mix of tuck-under and grade-level parking. Development is slated for completion by early 2025.
PORTLAND, ORE. — Waterton has acquired The Parker, a 177-unit apartment community in Portland. The Parker rises six stories in the Pearl District, one mile north of downtown Portland. The community offers one- and two-bedroom apartments, as well as amenities such as an outdoor courtyard with grilling stations, a fitness center, a dog wash station, bike storage and a community room with a kitchen and business center. Waterton plans to renovate units with new backsplashes, flooring, lighting, plumbing fixtures, cabinets, shades and mirrors.
LOS ANGELES — JLL Capital Markets has arranged $11.8 million in permanent financing for Third Thyme, a 104-unit affordable housing community in Los Angeles. Anson Snyder led the team that secured the 15-year, fixed-rate, Freddie Mac loan on behalf of the borrower, West Hollywood Community Housing Corp. JLL Real Estate Capital will service the loan. Third Thyme is located at 1441 W. 3rd St. on a 14,866-square-foot site. The property will utilize 9 percent Low-Income Housing Tax Credits and public funds. Income restrictions were not disclosed.