Multifamily

Community Builders of Kansas City Completes $12.6M Apartment Project

by Kristin Harlow October 17, 2022

KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has completed The Rochester, a $12.6 million apartment project on the city’s East Side. The 81,400-square-foot property is home to 64 units and is named after the late Rochester Charles Gatson, former CBKC president. The Rochester rounds out CBKC’s mixed-use development on Dr. Martin Luther King Jr. Boulevard, including KC Sun Fresh on the Boulevard, a grocery store now owned and operated by CBKC. Amenities at The Rochester include a fitness center, rooftop terrace and yard with grilling areas. Monthly rents start at $1,050. Straub Construction Inc. served as general contractor, and Hufft Projects was the architect. CBKC’s subsidiary, EastPointe Realty LLC, will manage the property.

October 17, 2022

Loans Midwest Multifamily North Dakota Northmarq

Northmarq Arranges $5.8M Loan for Refinancing of North Dakota Apartment Building

by Kristin Harlow October 17, 2022

WEST FARGO, N.D. — Northmarq has arranged a $5.8 million loan for the refinancing of The Lights-South in West Fargo. Constructed in 2020, the apartment building rises six stories with 36 units. The property at 3100 Sheyenne St. is part of a larger mixed-use development known as The Lights. Bill Mork of Northmarq arranged the 35-year loan through Northmarq’s in-house FHA/HUD team. EPIC Cos. was the borrower.

October 17, 2022

Acquisitions Illinois Midwest Multifamily

Greenstone Partners Brokers $2M Sale of Apartment Building in Chicago’s Wicker Park

by Kristin Harlow October 17, 2022

CHICAGO — Greenstone Partners has brokered the sale of a 6,600-square-foot apartment building at 2049 W. Division St. in Chicago’s Wicker Park neighborhood for $2 million. The property features four recently renovated units as well as retail space. Brewster Hague and Danny Spitz of Greenstone represented the seller, a Chicago-based partnership, and procured the buyer, a California-based hospitality group.

October 17, 2022

Acquisitions Arizona Multifamily Western

Odyssey Properties Acquires Nola on 50th Multifamily Community in Phoenix for $37.2M

by Amy Works October 17, 2022

PHOENIX — Los Angeles-based Odyssey Properties Group has purchased Nola on 50th, an apartment property in the Arcadia neighborhood of Phoenix, from an undisclosed seller for $37.2 million. Odyssey will rebrand the 155-unit community as Parq on 50th. Constructed in 1979, Parq on 50th features 12 buildings on 5.6 acres of land and offers a mix of studios, one- and two-bedroom units. Current amenities include a pool and spa, two laundry facilities, a fitness center, grilling station and dog park. The asset is located at 5008 E. Thomas Road.

October 17, 2022

Development Loans Multifamily Washington Western

Buchanan Mortgage Provides $39M Construction Loan for Apartment Development in Lacey, Washington

by Amy Works October 17, 2022

LACEY, WASH. — Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, has provided a $39 million non-recourse construction loan for the completion of a garden-style multifamily community in Lacey. The borrower is Harbor Custom Development. Upon completion, the 177-unit property will offer a mix of studio, one- and two-bedroom residences with Class A finishes and above-average unit sizes compared to the existing competitive set. Harbor plans to lease the community’s first phase beginning in February 2023 and complete construction in June 2023.

October 17, 2022

Acquisitions Multifamily Nevada Western

Newmark Brokers Sale of 237-Unit Quinn Apartment Homes in Las Vegas

by Amy Works October 17, 2022

LAS VEGAS — Newmark has negotiated the sale of The Quinn Apartment Homes, a garden-style multifamily property located at 5500 S. Mountain Vista St. in Las Vegas. Haven Realty Capital sold the asset to a Los Angeles-based real estate firm for an undisclosed price. Angela Bates, Curt Allsop, Doug Schuster and Vittal Ram of Newmark represented the seller in the transaction. Built in 1991 on 10.3 acres, the two-story property features 237 units in a mix of four floor plans ranging from 740-square-foot one-bedroom/one-bath layouts to 1,056-square-foot two-bedroom/two-bath units.

October 17, 2022

Development Multifamily Student Housing Washington Western

PeakMade, Blue Vista Complete Theory U District Student Housing Property Near University of Washington

by Amy Works October 14, 2022

SEATTLE — PeakMade Real Estate and Blue Vista Capital Management have completed construction of Theory U District, a 441-bed student housing development located near the University of Washington in Seattle. The seven-story community offers fully furnished studio to five-bedroom units. Shared amenities include a fitness center, study spaces, ground-level courtyard and rooftop amenity deck with views of the Seattle skyline. The community opened in September prior to the start of the 2022-2023 academic year. “We are very excited to be a part of the U District community and to serve the growing housing needs of University of Washington students with a well-conceived project,” says Jeff Githens, president of development at PeakMade Real Estate.

October 14, 2022

Acquisitions Multifamily Nevada Western

Haven Realty Capital Sells 237-Unit Quinn Apartment Homes in Las Vegas

by Amy Works October 14, 2022

LAS VEGAS — Haven Realty Capital has completed the disposition of Quinn Apartment Homes, a garden-style multifamily community located at 5500 S. Mountain Vista St. in Las Vegas. A Los Angeles-based real estate firm acquired the asset for an undisclosed price. Built in 1991 on 10.2 acres, Quinn Apartment Homes features 237 residences in a mix of four floor plans ranging from a 740-square-foot one-bedroom/one-bath unit to a 1,056-square-foot two-bedroom/two-bath unit. Angela Bates, Curt Allsop, Doug Schuster and Vittal Ram of Newmark represented the seller in the deal.

October 14, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 217-Unit Verge Apartments in North Dallas

by Taylor Williams October 14, 2022

DALLAS — Northmarq has arranged the sale of Verge Apartments, a 217-unit multifamily property in North Dallas. Built in 1980, the complex houses studio, one- and two-bedroom units with an average size of 700 square feet. Amenities include two pools, outdoor grilling and dining areas, a fitness center, business center and onsite laundry facilities. Taylor Snoddy, Charles Hubbard, Eric Stockley and Philip Wiegand represented the seller in the transaction. Patrick Elliott and Lauren Bresky, also with Northmarq, originated Freddie Mac acquisition financing on behalf of the buyer. Both parties requested anonymity.

October 14, 2022

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates $13M Sale of Multifamily Property in Suffield, Connecticut

by Taylor Williams October 14, 2022

SUFFIELD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $13 million sale of Suffield West, an 84-unit multifamily property located in Hartford County. The property was built on 10 acres in 1968. Tess Cullen and Jordan Pinto of Chozick Realty represented the seller, an entity doing business as Suffield West Apartments LLC, in the transaction, and procured the undisclosed buyer.

October 14, 2022

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