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Multifamily

Terraces-La-Cienega-West-Hollywood-CA
AcquisitionsCaliforniaMultifamilyWestern

IPA Brokers $29M Sale of Value-Add Multifamily Property in West Hollywood

by Amy Works

WEST HOLLYWOOD, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terraces at La Cienega, an apartment building located near West Hollywood’s Sunset Strip. LaTerra acquired the asset from the original builder for $29 million. Built in 1990, the property features 42 apartments. LaTerra plans to upgrade the asset’s exterior, common areas and interior with luxury finishes and build 10 accessory dwelling units as part of the AB3182 tenant protection act, which was created to help alleviate the housing crisis by giving owners the opportunity to add 25 percent of the existing density to properties. Greg Harris, Kevin Green and Jose Grabiec of IPA, along with Paul Darrow of Marcus & Millichap, represented the seller and buyer in the deal.

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AcquisitionsMidwestMultifamilyNebraskaNorthmarq

Northmarq Brokers Sale of 613-Unit Multifamily Property in Lincoln, Nebraska

by Kristin Harlow

LINCOLN, NEB. — Northmarq has brokered the sale of Fairways at Lincoln for an undisclosed price. The 613-unit multifamily property, built in 2007, is located at 375 Fletcher Ave. in Lincoln. Fairways at Lincoln is situated on a nine-hole golf course. Parker Stewart and Dominic Martinez of Northmarq represented the seller, Kansas City-based Cohen-Esrey. John Reed of Northmarq secured acquisition financing on behalf of the buyer, Connecticut-based Hamilton Point Investments. Northmarq provided the loan through its status as a Freddie Mac Optigo lender. The five-year loan features one year of interest-only payments, a 30-year amortization schedule and a fixed interest rate of 2.75 percent.

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IndianaLoansMidwestMultifamily

JLL Arranges $26.9M Loan for Refinancing of Indianapolis Apartment Community

by Kristin Harlow

INDIANAPOLIS — JLL Capital Markets has arranged a $26.9 million loan for the refinancing of The Lakes Apartments in Indianapolis. The 232-unit apartment community consists of 15 buildings. Units average 998 square feet. Amenities include a clubhouse, pool, outdoor kitchen, fitness studio, business center, pickleball courts, pet walking area and car care center. Matthew Schoenfeldt of JLL arranged the loan on behalf of the borrower, NTS Development Co. JLL will service the Freddie Mac loan through its status as a Freddie Mac Optigo lender. The loan features a seven-year term and a fixed interest rate.

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Bayou-Bend-Apartments-Dallas
AcquisitionsMultifamilyTexas

ZMR Capital Acquires Two Apartment Communities Totaling 748 Units in Northwest Dallas

by Taylor Williams

DALLAS — Tampa-based multifamily development and investment firm ZMR Capital has acquired Pecan Square and Bayou Bend, two communities totaling 748 units in northwest Dallas. The properties were built in the 1980s and are located within a half mile of each other. Both the 440-unit Pecan Square and the 308-unit Bayou Bend offer one- and two-bedroom units and amenities including pools, playgrounds and onsite clubhouses. ZMR Capital will upgrade unit interiors with new appliances, vinyl plank flooring, kitchen cabinets and tile backsplashes. The multimillion-dollar capital improvement plan also will include the enhancement of building exteriors and common areas. 

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Stoneleigh-Apartments-Corpus-Christi
AcquisitionsMultifamilyTexas

SWBC Sells 348-Unit Stoneleigh Apartments in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS— Texas-based multifamily development and investment firm SWBC Real Estate has sold Stoneleigh Apartments, a 348-unit community in Corpus Christi. Built in phases between 2005 and 2008, Stoneleigh Apartments offers three pools, a fitness center, clubhouse and a community room with a kitchen. SWBC purchased the property in 2019 and executed $3.3 million in renovations to unit interiors, building exteriors and common areas. Berkadia represented SWBC in the sale of the property to Austin-based GVA Management.

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Ready Cap
KentuckyLoansMultifamilySoutheast

Ready Capital Closes $7.1M Loan for Three-Property Multifamily Portfolio in Metro Louisville

by Julia Sanders

LOUISVILLE, KY. — Ready Capital has closed on a $7.1 million loan for the acquisition, renovation and stabilization of a 120-unit, three-property multifamily portfolio in the Jefferson County submarket of metro Louisville. The properties’ names were not disclosed. Upon acquisition, the sponsor will implement a capital improvement plan to renovate the properties, including renovations to the unit interiors, building exteriors and common areas, as well as amenity upgrades. The loan was a non-recourse, interest-only, floating-rate loan that features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

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Harrison-Urby-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Urby Begins Leasing 381-Unit Apartment Community in Harrison, New Jersey

by Taylor Williams

HARRISON, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing its namesake multifamily property in the Northern New Jersey community of Harrison. The community consists of 381 units with studio, one-, two- and three-bedroom floor plans. Amenities include a pool, community garden, grilling areas, fitness center with a basketball court, rentable chef’s kitchen, dog run and an onsite café. Dutch architectural firm Concrete designed the community. Rents start at $1,935 per month for a studio apartment.

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LoansMultifamilyNortheastPennsylvaniaSeniors Housing

Ziegler Arranges $39.4M Bond Financing for Pennsylvania Seniors Housing Operator

by Taylor Williams

BALA CYNWYD, PA. — Ziegler has arranged $39.4 million in bond financing for Simpson, a nonprofit operator based in Bala Cynwyd, a suburb of Philadelphia. Formerly known as Methodist Episcopal Home for the Aged, the borrower operates three continuing care retirement communities in the region: Simpson House in Philadelphia, Simpson Meadows in Downington and Jenner’s Pond in West Grove. The portfolio totals 482 independent living units, 56 personal care units, 118 assisted living units and 178 skilled nursing units. Proceeds refinance existing bonds from 2015 and fund capital expenditures, among other uses.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $35.3M in Financing for Boston Affordable Housing Properties

by Taylor Williams

BOSTON — MassHousing has provided $16.5 million in tax-exempt construction and permanent financing and $18.8 million in bridge loan financing for Bancroft Dixwell Apartments in Boston. As part of the capital improvement program, the borrower, Urban Edge, will merge the 45-unit Bancroft Apartments in the Roxbury neighborhood with the 33-unit Dixwell Apartments in Jamaica Plain. Of the 78 units, 75 percent are restricted to households earning 60 percent or less of the area median income. The development team includes NEI General Contracting, Davis Square Architects, WinnCos., Construction Services Consultation Co. of New England, Schwarzschild Consulting and Klein Hornig.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Negotiates Sale of 111-Unit Multifamily Property in Metro Boston

by Taylor Williams

QUINCY, MASS. — CBRE has negotiated the sale of The Residences at Munroe Place, a 111-unit multifamily property located in the southern Boston suburb of Quincy. The property was built in 2003 and includes 10,100 square feet of retail space that is leased to Starbucks, JPMorgan Chase, T-Mobile and Miam Miam Macaronerie. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, 1205 Hancock Street LLC, an entity controlled by Structure Tone Equities LLC, in the transaction. The trio also procured the buyer, a joint venture between John M. Corcoran & Co. and an institutional investor.

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