Multifamily

SLIB Brokers Sale of 144-Unit Seniors Housing Community in Oceanside, California

by Amy Works January 4, 2023

OCEANSIDE, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Merrill Gardens Oceanside. The 144-unit independent living, assisted living and memory care community is located in Oceanside, a coastal city between Los Angeles and San Diego. The community was built in 1999, totaling approximately 96,905 square feet on 4.4 acres of land. The seller was an East Coast-based private equity firm. The buyer is a Southern California-based investment group, with this being their first seniors housing acquisition. The price was not disclosed. Jason Punzel, Brad Goodsell and Brad Clousing of SLIB handled the transaction. “The Oceanside property is an exciting opportunity for the buyer as they enter into the seniors housing space,” says Goodsell. “With some minor tweaks, the property should do very well in a high-barrier-to-entry market.”

January 4, 2023

Acquisitions Connecticut Multifamily Northeast

CBRE Arranges $48.6M Sale of Reserve41 Apartments in Norwalk, Connecticut

by Taylor Williams January 4, 2023

NORWALK, CONN. — CBRE has arranged the $48.6 million sale of Reserve41, a 164-unit apartment community located in the southern coastal Connecticut city of Norwalk. Built in 1959 and renovated between 2018 and 2020, the property offers one-, two- and three-bedroom units. Amenities include a pool, playground and landscaped outdoor spaces. Jeff Dunne, Eric Apfel and Stuart MacKenzie of CBRE represented the seller, a partnership led by Connecticut-based real estate investment firm Belpointe, in the transaction. The trio also procured the buyer, New Jersey-based Yellowstone Property Group.

January 4, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $9.2M Sale of Multifamily Property in Chicago

by Kristin Harlow January 4, 2023

CHICAGO — Kiser Group has arranged the sale of a 52-unit multifamily property in Chicago’s Edgewater neighborhood for $9.2 million. Named Mabel Exchange, the building was originally constructed in 1928 to serve as the corporate headquarters of makeup company Maybelline. The property features 35 studios, 15 one-bedroom units, two two-bedroom units and 20,000 square feet of commercial space. Andy Friedman, Jake Parker and Lee Kiser of Kiser Group represented both the seller and the buyer, Envoi Partners. The buyer plans to add amenities and improve the commercial space. The seller purchased the building in 2019 and upgraded units, replaced plumbing and installed new electric service.

January 4, 2023

Affordable Housing Development Indiana Midwest Missouri Multifamily Top Stories

Flaherty & Collins Unveils Plans for Four Affordable Housing Construction Projects in Indiana, Missouri

by Kristin Harlow January 4, 2023

INDIANA AND MISSOURI — Flaherty & Collins Properties has unveiled plans for four affordable housing construction projects in Indiana and Missouri. Representing a total of $80 million in costs, the projects all involve renovations or adaptive reuse. Jazz Hill is a $35 million project that will preserve 11 buildings along The Paseo, a historic boulevard in Kansas City. The 197-unit affordable housing community will feature new appliances, HVAC, roofs, flooring, bathrooms, cabinets, lighting and elevators. A partnership with Twelfth Street Heritage Development Corp., the project was financed with 4 percent tax credits from the Missouri Housing Development Commission (MHDC) as well as federal and state historic tax credits and tax-exempt bonds from the Planned Industrial Expansion Authority (PIEA). Merchants Capital is the Low-Income Housing Tax Credits (LIHTC) investor, federal historic tax credit investor and construction lender, and provided Freddie Mac permanent financing. Monarch Capital is the state historic tax credit investor. The city provided $4.2 million in Central City Economic Development (CCED) funds. Parkside at Tarkington is a $16.2 million affordable seniors housing project in downtown Indianapolis. The 60-unit development is an adaptive reuse of the former United Way headquarters building. Flaherty & Collins is partnering with Midtown Indianapolis on …

January 4, 2023

Acquisitions Affordable Housing District of Columbia Multifamily Southeast

WHC, Amazon, JBG SMITH Acquire Apartment Community in D.C. for $71.5M

by John Nelson January 3, 2023

WASHINGTON, D.C. — Nonprofit organization Washington Housing Conservancy (WHC) has acquired Loree Grand, a 212-unit apartment community in Washington, D.C. In partnership with Amazon’s Housing Equity Fund and the Impact Pool, an investment vehicle managed by local developer JBG SMITH, WHC purchased the 10-story community for $71.5 million. JBG SMITH will manage the 195,000-square-foot property on behalf of WHC, which will preserve affordability for moderate- and low-income families and individuals. Bordered by D.C.’s NoMA, Union Market and H Street neighborhoods, the community features units averaging 900 square feet in size. WHC will preserve Loree Grand’s existing 30 inclusionary zoning units for 99 years, create an additional 129 affordable units for residents earning 80 percent of AMI or less and set aside the remaining 53 units for residents earning 120 percent of AMI or less. Eagle Bank provided acquisition financing for the transaction, Amazon Housing Equity Fund provided subordinate financing and Impact Pool provided mezzanine financing. Arnold & Porter provided pro bono legal counsel to WHC.

January 3, 2023

Acquisitions Multifamily Southeast Tennessee

Matthews Brokers $7.8M Sale of Nashville Edge Apartments in La Vergne, Tennessee

by John Nelson January 3, 2023

LA VERGNE, TENN — Matthews Real Estate Investment Services has arranged the sale of a 50-unit apartment community located at 126 Kingsridge Drive in La Vergne, a southeast suburb of Nashville. Nashville Edge Apartments was acquired by a private, Southern California-based multifamily investor for $7.8 million. Austin Graham and Austin Tomaiko of Matthews represented the undisclosed seller in the 1031 exchange. The community, which was 95 percent occupied at the time of sale, features units in one- and two-bedroom layouts.

January 3, 2023

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 228-Unit Edgewater Apartments in Lake Jackson, Texas

by Taylor Williams January 3, 2023

LAKE JACKSON, TEXAS — Berkadia has arranged the sale of Edgewater Apartments, a 228-unit multifamily property in Lake Jackson, about 50 miles south of Houston. Built in 2005, Edgewater Apartments consists of 19 two-story residential buildings and a one-story clubhouse on a 19-acre site. Units come in one- and two-bedroom floor plans and range in size from 742 to 1,319 square feet. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas and a pet park. Chris Curry, Todd Marix, Jeffrey Skipworth, Chris Young, Joey Rippel, Kyle Whitney, Adam Sumrall, Kelly Witherspoon, Justin Cole and Michael Gonzalez of Berkadia represented the seller, Chicago-based Redwood Capital Group, in the transaction. The buyer was an undisclosed, New York-based investment firm.

January 3, 2023

Development Multifamily Texas

Realty Capital Breaks Ground on 200-Unit Multifamily Project in Flower Mound, Texas

by Taylor Williams January 3, 2023

FLOWER MOUND, TEXAS — Locally based developer Realty Capital has broken ground on a 200-unit multifamily project in Flower Mound, located in the northern-central part of the metroplex. The 16-story building at 3111 Sunset Blvd. will be situated within a larger 40-acre development. Units will come in one-, two- and three-bedroom floor plans, as well as townhomes, and will feature an average size of 1,485 square feet. The amenity package will comprise a pool with a deck and full-service bar, 24-hour attended lobby with concierge services, a private dining room and a billiards room. Barings provided construction financing for the project, which includes 6,000 square feet of retail space and is slated for a 2025 completion.

January 3, 2023

Loans Multifamily Texas

Basis Multifamily Provides $8.3M Agency Loan for Refinancing of Property in Kilgore, Texas

by Taylor Williams January 3, 2023

KILGORE, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $8.3 million Freddie Mac loan for the refinancing of Glen Hollow Apartments, an affordable housing property located in the East Texas city of Kilgore. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, playground, business center and onsite laundry facilities. The sponsor was New Jersey-based Ambo Properties. Glen Hollow Apartments was 93 percent occupied at the time of the loan closing.

January 3, 2023

Colorado Loans Lument Multifamily Seniors Housing Western

Lument Provides $31.6M Freddie Mac Refinancing for Seniors Housing Property in Westminster, Colorado

by Amy Works January 3, 2023

WESTMINSTER, COLO. — Lument has provided a $31.6 million Freddie Mac loan to refinance Keystone Place at Legacy Ridge. The 160-unit seniors housing community is located in Westminster, a northern suburb of Denver. Built in 2011, Keystone Place at Legacy Ridge features independent living and assisted living units. The community has maintained strong occupancy throughout 2022. Eric Mestemaker, Doug Harper and Casey Moore led the transaction for Lument. The Freddie Mac loan features a 10-year term, five years of interest-only payments, 30-year amortization and a fixed interest rate. The loan refinanced two existing Freddie Mac loans totaling $28.2 million and provided almost $3 million in cash-out proceeds. During the loan process, the community enjoyed a substantial improvement in net operational income, as occupancy rates rose and rent collections increased. Lument subsequently adjusted its underwriting and successfully secured an increase in loan proceeds. Lument also helped Keystone take advantage of Freddie Mac’s index lock functionality to lock the interest rate more than three months prior to closing, saving 100 basis points and generating substantial debt service savings. Lument has a longstanding relationship with Keystone that dates back more than 10 years and includes acquisition bridge financing, construction financing, mezzanine financing and …

January 3, 2023

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