Multifamily

SWBC Sells 348-Unit Stoneleigh Apartments in Corpus Christi

by Taylor Williams December 2, 2021

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.

December 2, 2021

Kentucky Loans Multifamily Southeast

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

by Julia Sanders December 2, 2021

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.

December 2, 2021

Development Multifamily New Jersey Northeast

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

by Taylor Williams December 2, 2021

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.

December 2, 2021

Loans Multifamily Northeast Pennsylvania Seniors Housing

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

by Taylor Williams December 2, 2021

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.

December 2, 2021

Affordable Housing Loans Massachusetts Multifamily Northeast

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

by Taylor Williams December 2, 2021

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.

December 2, 2021

Acquisitions Massachusetts Multifamily Northeast

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

by Taylor Williams December 2, 2021

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.

December 2, 2021

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $32.3M Sale of Apartment Community in Tallahassee

by Julia Sanders December 1, 2021

TALLAHASSEE, FLA. — Cushman & Wakefield has arranged the $32.3 million sale of Canyon Park, a 252-unit apartment community in Tallahassee. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Stratford Management, in the transaction. Nashville-based Inman Equities acquired the property. Canyon Park offers one-, two- and three-bedroom floorplans. Units feature washers and dryers in every unit, granite countertops, wood-style flooring, spacious closets and a private patio in select units. Community amenities include a fitness center with a yoga room, swimming pool, sand volleyball court, playground, nine-hole disc golf course, dog parks and a nature workout trail. The property was 56 percent leased at the time of the sale. Located at 1326 W. Tharpe St., Canyon Park originally was built as a student housing community as the property is situated 1.5 miles from Florida State University and 3.7 miles from Florida A&M University. However, in 2020, the property was converted to a multifamily property by previous ownership, according to Cushman & Wakefield. Stratford Management renovated 142 of the units, as well as all the common area spaces.

December 1, 2021

Acquisitions Alabama Multifamily Southeast

OG Capital Purchases Apartment Property in Metro Huntsville for $9.2M

by Julia Sanders December 1, 2021

ATHENS, ALA. — Birmingham-based OG Capital LLC has acquired Camelot Apartments, a 112-unit multifamily community in Athens, about 26 miles west from Huntsville. Wade Lowry at The Kirkland Co. represented the seller, Tesco Development. The sales price was $9.2 million. Built in 1984, Camelot Apartments offers one-, two- and three-bedroom units ranging in size from 600 to 1,600 square feet. Unit features include balconies and private patios, double stainless steel sinks and washer and dryer connections. The property was 98 percent occupied at the time of sale. Located at 600 Camelot Drive, the property is situated 1.5 miles from Athens State University, 29.3 miles from the U.S. Space & Rocket Center in Huntsville and 24.4 miles from Huntsville International Airport. OG Capital plans to rebrand the community as Magnolia Row and will perform more than $2 million in extensive renovations of the entire property, including complete interior upgrades and common area upgrades. As part of the interior renovations, OG plans to add new appliances, paint, countertops, hardware, lighting and plumbing fixtures. Common area improvements will include renovations to the clubhouse and pool deck, new exterior paint, upgraded picnic, grill and mail station areas, new dog park and additional privacy fences. …

December 1, 2021

Acquisitions Multifamily Texas

Magma Equities, Viking Partners Buy Two Multifamily Assets Totaling 562 Units in Dallas-Fort Worth

by Taylor Williams December 1, 2021

DALLAS AND BENBROOK, TEXAS — California-based investment firm Magma Equities has purchased two multifamily assets totaling 562 units in the Dallas-Fort Worth metroplex. Vista Azul is a 248-unit property located about 10 miles north of downtown Dallas that was built in 1974. Verandas at City View is a 314-unit community in the Fort Worth suburb of Benbrook that was constructed in 2002. The new ownership, which acquired both properties in a joint venture with Cincinnati-based private equity firm Viking Partners, plans to implement value-add programs at both communities. Magma Equities is also establishing a regional headquarters office in Dallas.

December 1, 2021

Development Multifamily Student Housing Washington Western

Public-Private Partnership Underway on 1,055-Bed Residence Hall at University of Washington Bothell

by Amy Works December 1, 2021

BOTHELL, WASH. — Construction is underway on a 1,055-bed residence hall at the University of Washington Bothell. The community is being developed through a public-private partnership (P3) between the university, Capstone Development Partners and Harrison Street. The 300,000-square-foot development will replace Husky Village, an existing on-campus student housing community in Bothell, which is situated roughly 15 miles outside Seattle. The project will include three six-story residential buildings offering suites and apartments for both undergraduate and graduate students. The development will also include a 15,000-square-foot dining facility and 20,000 square feet of office space for university services and administration. Construction began in October on Phase I of the project, which is scheduled for completion in February 2023. Phase II of the development is set for delivery in August 2024. The community was designed by Mahlum Architects and is being constructed by Anderson Construction. Capstone Management Partners will operate and manage the community in coordination with the university upon completion. Capstone and Harrison Street have previously partnered on five P3 developments, including projects with Seattle University, the University of Chicago, Arizona State University Polytechnic, Cornish College of the Arts and the University of South Florida.

December 1, 2021

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