Multifamily

Kisco Senior Living Enters Upscale Seniors Housing Segment with Acquisition of Crestavilla in Laguna Niguel, California

by Amy Works June 3, 2022

LAGUNA NIGUEL, CALIF. — Kisco Senior Living has taken over operations of Crestavilla, a luxury seniors housing community in the Orange County city of Laguna Niguel. Affiliates of Kisco Senior Living and Harrison Street as advisor to an institutional investor fully transferred operations and management of Crestavilla from Atria Senior Living to Kisco. The LEED Gold-designated community offers 201 studio, one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Crestavilla’s amenities and services include a 12,000-square-foot rooftop terrace, organic greenhouse, wellness programming, five unique dining venues, two fitness centers and a golf practice green. This acquisition signals the next step in Kisco’s services, with Crestavilla serving as Kisco’s first Signature Community, the company’s new upscale brand. The Carnegie at Washingtonian Center, set to welcome residents in spring 2024, will be Kisco’s second Signature Community.

June 3, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $5.9M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow June 3, 2022

CHICAGO — Interra Realty has negotiated the sale of a five-building multifamily portfolio totaling 67 units in Chicago for $5.9 million. All the properties are situated in the city’s Washington Park neighborhood and were developed in the late 1890s to early 1900s. All have received updated kitchens and bathrooms. The portfolio was 92 percent leased at the time of sale. Ted Stratman, Brad Feldman and Jeremy Morton of Interra represented the seller, GR82B Properties LLC. The team also represented the undisclosed buyer.

June 3, 2022

Development Multifamily Texas

Arch-Con Breaks Ground on 251-Unit Highfield Preston Apartments in Celina, Texas

by Taylor Williams June 3, 2022

CELINA, TEXAS — Texas-based general contractor Arch-Con Corp. has broken ground on Highfield Preston, a 251-unit multifamily project that will be situated on a 7.9-acre site in the North Texas city of Celina. Niles Bolton Associates designed the project for Houston-based developer i3. The three-building property will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, yoga studio, conference room and a resident clubhouse. Completion is slated for August 2023.

June 3, 2022

Acquisitions Development Multifamily New Jersey Northeast

Kislak Negotiates Sale of 103-Unit Multifamily Development Site in Orange, New Jersey

by Taylor Williams June 3, 2022

EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a multifamily development site in the Northern New Jersey community of Orange that is fully entitled for 103 market-rate units. The five-story complex will be known as Orange Valley Lofts and will include onsite parking, a lobby, bike room, terrace and an amenity room. Julie Gralla of Kislak represented the seller, Tritop Realty, in the land deal. Joni Sweetwood, also with Kislak, represented the buyer, an affiliate of Reynolds Asset Management. The sales price and a construction timeline were not disclosed.

June 3, 2022

Development Illinois Midwest Multifamily

Sterling Bay, Magellan Development Group Begin Pre-Leasing 47-Story Luxury Apartment Tower in Chicago

by Kristin Harlow June 2, 2022

CHICAGO — Sterling Bay and Magellan Development Group have begun pre-leasing Millie on Michigan, a 47-story luxury apartment tower located at 300 N. Michigan Ave. in Chicago that is now complete. Residents are expected to take occupancy in July. The property features 289 apartment units, with monthly rents ranging from $2,164 to $4,848. Amenities include a fitness center, resident lounge, outdoor terrace, rooftop pool, dog lounge and bike storage. The building also features a 280-room boutique hotel and ground-floor retail space. The project marks the first residential development that Sterling Bay has completed.

June 2, 2022

Acquisitions Illinois Midwest Multifamily

GREA Brokers Sale of 207-Unit Multifamily Portfolio in Illinois

by Kristin Harlow June 2, 2022

FREEPORT AND ROCKFORD, ILL. — Global Real Estate Advisors (GREA) has brokered the sale of a 207-unit multifamily portfolio for an undisclosed price. The portfolio includes five properties located in Freeport and Rockford that were built between 1966 and 2009. Bill Montana and Chris Sackley of GREA brokered the sale. A Chicago-based investor purchased the value-add portfolio.

June 2, 2022

Loans Lument Michigan Midwest Multifamily

Lument Provides $13.5M Bridge Loan for Two Apartment Communities in Detroit

by Kristin Harlow June 2, 2022

DETROIT — Lument has provided a $13.5 million bridge loan for the refinancing of two apartment communities in Detroit. Greatwater Opportunity Capital was the borrower. Selden Manor consists of 48 units within a four-story building, while Heather Hall includes 70 units across a 10-story building. Both properties were constructed in 1924. Greatwater acquired the assets in early 2020, at a time when they were in disrepair and had almost no occupants. The firm then completed $7.5 million in renovations. James Kelly of Lument originated the loan, which features a two-year term and a floating interest rate.

June 2, 2022

Acquisitions Multifamily Student Housing Texas

Cardinal Group, TPG Real Estate Buy 1,116-Bed Student Housing Community in San Marcos, Texas

by Taylor Williams June 2, 2022

SAN MARCOS, TEXAS — Cardinal Group Cos. and TPG Real Estate Partners have purchased The Village on Telluride, a 1,116-bed student housing community located near Texas State University in San Marcos. Built in 2011, the property offers 385 units alongside shared amenities including two resort-style pools, a two-story fitness center and a newly renovated clubhouse. The new ownership plans to further upgrade the community with the addition of in-unit furnishings; appliance upgrades; the replacement of existing countertops; fresh cabinet finishes; repainting; upgraded flooring; updates to the property’s poolside grilling station and pool area; and the expansion of the community’s basketball court. Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction. CBRE’s capital markets team advised on debt for the acquisition. The seller and other terms of the transaction were undisclosed.

June 2, 2022

Acquisitions Multifamily Utah Western

Watt Investment Partners, Walton Street Capital Sell 252-Unit Harvest Apartments in Salt Lake City

by Amy Works June 2, 2022

SALT LAKE CITY — Watt Investment Partners and Walton Street Capital have completed the disposition of Harvest Apartments, a multifamily property in downtown Salt Lake City. A joint venture between New York-based Cadre and Ethos Real Estate acquired the asset for an undisclosed price. Located at 580 North and 300 West, the five-story podium building features 252 residences, ranging from studio to two-bedroom units averaging 785 square feet. Units features kitchen islands, stainless steel appliances, quartz and black granite countertops, modern fixtures and balconies. Community amenities include a heated swimming pool, fitness center, top-level view lounge with outdoor space, multiple community gathering areas, bike storage and 12 fire pits throughout the common areas. Eli Mills and Patrick Bodnar of CBRE represented the sellers in the deal.

June 2, 2022

Development Multifamily Texas

Lynd Group Breaks Ground on 360-Unit Potranco Commons Mixed-Income Project in San Antonio

by Taylor Williams June 2, 2022

SAN ANTONIO — Locally based developer The Lynd Group has broken ground on Potranco Commons, a 360-unit mixed-income apartment project in San Antonio’s Far West Side. Residences will be available in one-, two- and three-bedroom formats, with approximately 40 percent of the units reserved for renters earning 80 percent or less of the area median income. Amenities will include a clubhouse, pool, fitness center, outdoor grilling and dining stations, multiple open green spaces and a DJ booth. Lynd Group is partnering with Santikos Enterprises and the San Antonio Housing Authority on the project. Construction is scheduled for completion in the second quarter of 2024.

June 2, 2022

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