Multifamily

Greystone Provides $60M Acquisition Loan for Suburban Chicago Condo Deconversion

by Kristin Harlow July 22, 2022

SCHAUMBURG, ILL. — Greystone has provided a $60 million loan for the acquisition of 21 Kristin in the Chicago suburb of Schaumburg. The buyer, Bayshore Properties, is converting the 357-unit property from condos into apartments. The mid-rise building, located at 21 Kristin Drive, was originally constructed in 1980. Eric Rosenstock and Dan Sacks of Greystone originated the bridge loan, which features a two-year term and interest-only payments. Greystone will work to secure permanent Fannie Mae financing. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

July 22, 2022

Illinois Loans Midwest Multifamily

JLL Arranges $59.8M Construction Loan for Chicago Multifamily Project

by Kristin Harlow July 22, 2022

CHICAGO — JLL has arranged $59.8 million in construction financing for 741 North Wells, a 168-unit, Class A multifamily project with 3,580 square feet of retail space in Chicago. Expected to be completed in the first quarter of 2024, 741 North Wells will rise 21 stories and include168 units at an average size of 740 square feet. Community amenities will include bike storage, a coworking lounge, rooftop pool with a sundeck and a fitness center. Christopher Knight, Mary Dooley and Medina Spiodic of JLL represented the borrower, Vista Property, in securing the four-year, floating-rate construction loan through Huntington National Bank. Skender will serve as general contractor and Antunovich Associates is the architect.

July 22, 2022

Development Multifamily New York Northeast

LMC Begins Leasing 434-Unit High-Rise Apartment Community in White Plains, New York

by Taylor Williams July 22, 2022

WHITE PLAINS, N.Y. — LMC has begun preleasing The Mitchell, a high-rise apartment community in White Plains, located north of New York City. The property comprises 434 studio, one-, two- and three-bedroom units that feature walk-in closets and stainless steel appliances. The Mitchell also includes amenities such as a fitness center, club lounge, outdoor lounge, children’s playroom, conference room and bike storage, as well as 8,145 square feet of retail space, including mezzanine-level coworking space and a rooftop deck. The first move-ins are scheduled for August. Rents start at $2,590 per month for a one-bedroom unit.

July 22, 2022

Development Massachusetts Multifamily Northeast

Wood Partners Completes 218-Unit Multifamily Project in Wayland, Massachusetts

by Taylor Williams July 22, 2022

WAYLAND, MASS. — Atlanta-based multifamily developer Wood Partners has completed Alta Oxbow, a 218-unit multifamily project in Wayland, a western suburb of Boston. Alta Oxbow offers one-, two- and three-bedroom units, with 66 apartments specifically tailored for residents age 55 and above. Select units also feature private balconies. Amenities include a pool, courtyards, fire pits and grilling stations, a hobby and craft lounge, library, fitness center, coworking spaces and a golf simulator. Rents start at $2,750 per month for a one-bedroom unit.

July 22, 2022

Development Multifamily Southeast Tennessee

Alliance Residential to Build 302-Unit Apartment Community in Nashville

by John Nelson July 22, 2022

NASHVILLE, TENN. — Alliance Residential has purchased 3.3 acres at 2500 Bransford Ave. in Nashville to develop Broadstone Berry Hill, a 302-unit apartment community. The Scottsdale, Ariz.-based developer has also recently opened Broadstone SoBro and will soon open Broadstone Centennial in Nashville. The Berry Hill community will be located approximately a half-mile from the newly opened Geodis Park, the 30,000-seat home arena of the Nashville FC MLS team. Unit interiors at Broadstone Berry Hill will include quartz countertops, stainless steel appliances and built-in mud benches and desks in select units. Community amenities will include a rooftop lounge, pool with a pool deck and putting green, coworking space and a clubroom with a tiki bar and demonstrator kitchen. Alliance Residential plans to welcome first residents in summer 2024.

July 22, 2022

Acquisitions Maryland Multifamily Southeast

Grosvenor Acquires 21-Story Apartment Tower in North Bethesda for $95M

by John Nelson July 21, 2022

BETHESDA, MD. — Grosvenor and an unnamed investment partner have acquired a 21-story apartment tower in North Bethesda that coincidentally shares a name with the private investor. Grosvenor Tower is located at 10301 Grosvenor Place and features 237 apartments. The acquisition price was not disclosed, but the Washington Business Journal reports that the asset traded for $95 million and that Grosvenor plans to invest $10 million to upgrade the property. The property was originally built in 1987, renovated in 2008 and includes 80 one-bedroom, one-bath apartments and 157 two-bedroom, two-bath apartments. Grosvenor has engaged Bozzuto Management to oversee day-to-day property management. The buyer plans to enhance energy and water efficiency at Grosvenor Tower as part of its $10 million value-add program.

July 21, 2022

Development Hospitality Multifamily South Carolina Southeast

Capital Square Breaks Ground on Hybrid Apartment Hotel Property in Charleston

by John Nelson July 21, 2022

CHARLESTON, S.C. — Capital Square has broken ground on 529 King Street ROOST Apartment Hotel, a five-story luxury apartment hotel located in the Garden District of Charleston. The hybrid property will feature 50 extended stay apartments in studio, one-, two- and three-bedroom floor plans. The property will operate under the ROOST Apartment Hotel brand, a division of Method Residential. The final development will total approximately 32,000 net rentable square feet, including an “open-air living room courtyard” and a rooftop lounge that will be open to the public. Capital Square’s project partners include architect Morris Adjmi & LS3P, general contractor BL Harbert and Method Residential as the retail leasing agent and co-developer of the property. 529 King is situated within an opportunity zone, and Capital Square is funding the project in part with proceeds from its fourth qualified opportunity zone fund, CSRA Opportunity Zone Fund IV LLC. The Richmond-based developer and investor expects to open the property in summer 2023.

July 21, 2022

Acquisitions Multifamily Washington Western

RISE Properties, Tokyu Land US Acquire 252-Unit Park South Apartments in Seattle

by Amy Works July 21, 2022

SEATTLE — RISE Properties Trust and Tokyu Land US Corp. have purchased Park South Apartments, a multifamily community in Seattle’s South Park neighborhood, from Jackson Square Properties for an undisclosed price. Located at 10102 8th Ave. S., the property features 252 units with in-unit washers/dryers, newly renovated interiors, wood-burning fireplaces and modern appliances. Community amenities include a pool, fitness center, business center, clubhouse, games and an outdoor entertainment area. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s multifamily team in Seattle represented the seller in the transaction.

July 21, 2022

California Loans Multifamily Seniors Housing Western

Meridian Capital Group Arranges $40M Financing for Seniors Housing Property in Simi Valley, California

by Amy Works July 21, 2022

SIMI VALLEY, CALIF. — Meridian Capital Group has arranged a $40 million loan to refinance Varenita of Simi Valley, an assisted living and memory care facility in Simi Valley. The borrower is Griffin Living, which opened the property in April. Proceeds from the transaction repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. A finance company provided the funds. Meridian’s Ari Adlerstein, Josh Simpson and Jesse Rauch negotiated the transaction. Varenita of Simi Valley comprises 75 assisted living and 27 memory care units.

July 21, 2022

Acquisitions Multifamily Texas

SB Properties Acquires 276-Unit Vargos on the Lake Apartments in West Houston

by Taylor Williams July 21, 2022

HOUSTON — Arizona-based SB Properties has acquired Vargos on the Lake, a 276-unit apartment community in West Houston. The property offers one- and two-bedroom apartments and three-bedroom townhomes. Amenities include a pool with a sundeck, fitness center with yoga and kickboxing stations, resident lounge with billiards and poker tables, conference lounge and a dog park. Jennifer Ray and Ryan Epstein of Walker & Dunlop represented the seller, Berkshire Group, in the transaction. The sales price was not disclosed.

July 21, 2022

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