Multifamily

Vulcan Breaks Ground on 249-Unit Ondina Apartment Development in Bellevue, Washington

by Amy Works November 30, 2021

BELLEVUE, WASH. — Vulcan has broken ground on Ondina, a 1.4-acre development site at 13238 NE Spring Blvd. in Bellevue. Located near the future location of BelRed/130th Light Rail Station, Ondina will feature 249 apartments, with 20 percent of the units designated rent- and income-restricted for households earning up to 80 percent of the area median income. The property is slated to open in early 2024. Runberg Architecture Group is serving as architect and Exxel Pacific is serving as general contractor of record for the project.

November 30, 2021

HamptonPark-SanMateo-SolanoSprings-Tucson-AZ

Acquisitions Arizona Multifamily Western

Bridge Investment Group Buys Three Multifamily Properties in Tucson for $75.1M

by Amy Works November 30, 2021

TUCSON, ARIZ. — Bridge Investment Group has acquired three multifamily communities in Tucson from Monarch Investment and Management Group for $75.1 million. The portfolio includes the 160-unit Hampton Park, which was built in 1973; the 254-unit San Mateo, which was built in 1987; and the 152-unit Solano Springs, which was built in 1982. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 30, 2021

Acquisitions Affordable Housing Multifamily Nevada Western

Kairos Investment Acquires 195-Unit Siena Townhomes Affordable Community in Las Vegas

by Amy Works November 30, 2021

LAS VEGAS — Kairos Investment Management Co. has purchased Siena Townhomes, a 195-unit affordable multifamily property in Central Las Vegas. Terms of the off-market transaction were not released. Built in 2001, Siena Townhomes features 82 two-bedroom townhomes and 113 three-bedroom townhomes with full-size washers/dryers, walk-in closets and a private balcony or patio with extra storage. Community amenities include a clubhouse, pool and spa, fitness center, barbecue area, basketball court, business center, children’s play area and carports.

November 30, 2021

Acquisitions Multifamily Nevada Seniors Housing Western

SLIB Negotiates Sale of 65-Unit Seniors Housing Property in Gardnerville, Nevada

by Amy Works November 30, 2021

GARDNERVILLE, NEV. — Senior Living Investment Brokerage has arranged the sale of Carson Valley, a 65-unit seniors housing community in Gardnerville, approximately 50 miles south of Reno. The facility was built in 1997 and totals 40,610 square feet on 2.5 acres of land. After a slight occupancy decrease in 2020, Carson Valley increased occupancy to over 90 percent. The seller was a regional owner-operator and will continue to operate the community. The buyer is a private equity group based in the West looking to expand its portfolio. The price was not disclosed. Vince Viverito, Jason Punzel and Brad Goodsell of SLIB handled the transaction. “Carson Valley is a desirable property located near Lake Tahoe with incredible views of Heavenly Mountain,” says Viverito. “The property is a consistent performer with great cash flow.”

November 30, 2021

Florida Loans Multifamily Southeast

Ready Capital Closes $8.1M Loan for Multifamily Community in Jacksonville

by Julia Sanders November 30, 2021

JACKSONVILLE, FLA. — Ready Capital has closed an $8.1 million loan for the acquisition, renovation and stabilization of a 113-unit multifamily property in Jacksonville. Upon acquisition, the sponsor will renovate units and property exteriors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. The borrower and property name were not disclosed.

November 30, 2021

Loans Multifamily Texas

Ready Capital Closes $21.3M Acquisition Loan for Houston Apartments

by Taylor Williams November 30, 2021

HOUSTON — New York City-based Ready Capital has closed a $21.3 million loan for the acquisition, renovation and stabilization of an unnamed, 282-unit apartment complex in Houston. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

November 30, 2021

Affordable Housing Development Multifamily New Jersey Northeast

WinnCos., Soldier On Near Completion of $23M Affordable Housing Project in Tinton Falls, New Jersey

by Taylor Williams November 30, 2021

TINTON FALLS, N.J. — Developer WinnCos. and nonprofit Soldier On are nearing completion of a $23 million affordable housing project in Tinton Falls, located in the northern coastal part of the state. The property is reserved for military veterans, including those transitioning from homelessness, and offers services such as telehealth, homeownership guidance, credit counseling and legal counseling. In addition to apartments for veterans up to 80 percent of the area median income (AMI), the community includes a mix of residences for those earning up to 30 and 50 percent of AMI. All 70 units feature a one-bedroom floor plan. The community is slated to open next month, and about 80 percent of the 70 residences have already been leased. Construction began last fall.

November 30, 2021

Acquisitions Florida Multifamily Southeast

Ready Capital Closes $35.3M Loan for Multifamily Portfolio in Tampa

by Julia Sanders November 29, 2021

TAMPA, FLA. — Ready Capital has closed on a $35.3 million loan for the acquisition, renovation and stabilization of two Class B, garden-style multifamily properties in the Northwest Tampa submarket of Tampa totaling 293 units. Upon acquisition, the unnamed sponsor will implement a capital improvement plan to renovate unit interiors, building exteriors and common areas of both properties. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Neither of the properties’ names were disclosed.

November 29, 2021

Acquisitions Multifamily Texas

DB Capital Acquires 352-Unit Salado Springs Apartments in San Antonio

by Taylor Williams November 29, 2021

SAN ANTONIO — Los Angeles-based investment firm DB Capital Management has acquired Salado Springs, a 352-unit apartment community located on the north-central side of San Antonio. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, playground, fitness center, clubhouse, pet play area and a media room. San Francisco-based Hamilton Zanze sold the property, which was originally built in 1997, to DB Capital for an undisclosed price. The new ownership plans to invest about $6.5 million in capital improvements and to rebrand the property as Summit at Salado Springs.

November 29, 2021

Acquisitions Multifamily Texas

AMAC Buys Apartment Community in Austin’s East Riverside Area for $61.9M

by Taylor Williams November 29, 2021

AUSTIN, TEXAS — Arbor Management Acquisition Co. (AMAC) has purchased The Mont, a 288-unit apartment community in Austin’s East Riverside neighborhood, for $61.9 million. The newly built property features one- and two-bedroom units averaging 730 and 1,048 square feet, respectively. Residences are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies. Amenities include a pool with a tanning deck, fitness center with a yoga studio, courtyard, business center, game room and a dog park. The seller was not disclosed.

November 29, 2021

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