Multifamily

Dinerstein Cos. Divests of 262-Unit Millennium Gardena Multifamily Development Site in Hawthorne, California

by Amy Works March 3, 2022

HAWTHORNE, CALIF. — The Dinerstein Cos. has completed the disposition of Millennium Gardena, a fully entitled multifamily development site at 12850 Crenshaw Blvd. in the South Bay neighborhood of Hawthorne. A joint venture between Cityview and Stockbridge acquired the property for an undisclosed price. The sustainability-focused multifamily building planned for the site will be called South Bay X and feature 262 studio, one- and two-bedroom units ranging from 510 square feet to 1,197 square feet. Construction is slated to begin in fourth-quarter 2022 with a targeted delivery of early 2025. Sustainable features planned for the property include LEED Silver certification, high-performing lighting, enhanced indoor air quality and a renewable-energy-powered solar thermal water heating system. Building amenities will include a state-of-the-art fitness center, resort-style pool, spa, lanai, outdoor strength area, barbecues and open-air courtyards. Chris Benton, Anthony Muhlstein, Kevin Shannon and Ken White of Newmark represented the seller in the transaction.

March 3, 2022

Acquisitions California Multifamily Western

Matthews Brokers $10.1M Sale of Tuscania Apartment Homes in Ventura, California

by Amy Works March 3, 2022

VENTURA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Tuscania Apartment Homes, a multifamily property at 248 S. Hemlock St. in Ventura. A California-based investor sold the asset to a California-based buyer for $10.1 million. Built in 1965, Tuscania Apartment features 35 one- and two-bedroom units with select units offering ocean views. Daniel Withers, David Harrington and John Boyett of Matthews represented the seller and sourced the buyer in the deal.

March 3, 2022

Acquisitions Multifamily Texas

SWBC Sells Two Dallas-Area Apartment Communities Totaling 566 Units

by Taylor Williams March 3, 2022

ROCKWALL AND MCKINNEY, TEXAS — Locally based developer SWBC Real Estate has sold two apartment communities totaling 566 units in the Dallas area. The Royalton at Rockwall Downes is a 295-unit property located east of Dallas that SWBC built in 2021 and that offers one-bedroom, two-bedroom, and three-bedroom units with an average size of 1,006 square feet. Amenities include a resort-style pool and spa, fitness center and spin studio, dog grooming facility and a gaming center. Central Park at Craig Ranch is a 271-unit community located north of Dallas within the Craig Ranch master-planned development in McKinney that was completed by SWBC in 2019. This property offers the same types of floor plans and a similar amenity package as Royalton at Rockwall Downes. Affiliates of Lightbulb Capital Group, the family office of Los Angeles-based Jay Schuminsky, purchased both properties for undisclosed amounts. Will Balthrope, Drew Kile, Joey Tumminello, Michael Ware and Taylor Hill of Marcus & Millichap’s Institutional Property Advisors (IPA) brokered the deals on behalf of SWBC.

March 3, 2022

Development Florida Multifamily Southeast

Summit Contracting Breaks Ground on 256-Unit Apartment Community in Palmetto, Florida

by Julia Sanders March 3, 2022

PALMETTO, FLA. — Summit Contracting Group has broken ground on Trevesta Place, a 256-unit apartment community located within the master-planned Trevesta Community in Palmetto. The project team includes Terwilliger Brothers Residential LLC as the developer, Group 4 Architectural Services LLC as the architect and Morris Engineering and Consulting LLC as the civil engineer. Construction is now underway with the first units available for lease in January 2023. The project will be fully completed in the summer of 2023. Trevesta Place Apartments will include one-, two- and three-bedroom floorplans, ranging in size from 770 to 1,248 square feet. All units will be fashioned with modern finishes like granite countertops, tile backsplashes, washer and dryer and plenty of closet space. Community amenities will include a central clubhouse with fitness center and lounge areas, swimming pool, garages and a dog walk park.

March 3, 2022

Acquisitions Midwest Minnesota Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges Sale of Five-Property Seniors Housing Portfolio in Minneapolis

by Kristin Harlow March 3, 2022

MINNEAPOLIS — Walker & Dunlop has arranged the sale of five Class A seniors housing communities in Minneapolis. Minnetonka-based Roers Cos. developed the communities, which Walker Methodist and Jaybird Senior Living operate. The communities opened between 2018 and 2021. The portfolio consists of 567 independent living, assisted living and memory care units. The buyer, an affiliate of Lone Star Funds, will utilize Grace Management to oversee daily operational responsibilities. The sales price was not disclosed. Alex Vice, Joshua Jandris, Brett Gardner and Mark Myers of Walker & Dunlop provided advisory services and facilitated the disposition of the portfolio.

March 3, 2022

Acquisitions Idaho Multifamily New Mexico Washington Western

Kennedy Wilson Buys Three Multifamily Properties in Idaho, Washington, New Mexico for $264M

by Amy Works March 2, 2022

MERIDIAN, IDAHO, SHORELINE, WASH., AND ALBUQUERQUE, N.M. — Kennedy Wilson has acquired more than 905 apartment units across three separate transactions in Idaho, Washington and New Mexico. The transactions totaled $264 million, excluding closing costs. The names of the sellers were not released. The communities are the 180-unit Central Park Commons in Meridian, the 221-unit Paceline in Shoreline and the 504-unit AYA ABQ in Albuquerque. Kennedy Wilson has approximately 50 percent ownership in these acquisitions, which were completed within the company’s co-investment portfolio. Kennedy Wilson and its partners invested $149 million of total equity, and the properties are expected to add approximately $11 million of initial annual net operating income, including $6 million to Kennedy Wilson. Kennedy Wilson expects to implement value-add asset management plans at the three properties, which will include renovating unit interiors, refreshing common areas and enhancing amenities.

March 2, 2022

Loans Montana Multifamily Oregon Seniors Housing Western

LTC Provides $25M Recapitalization for Five-Property Seniors Housing Portfolio in Oregon, Montana

by Amy Works March 2, 2022

OREGON AND MONTANA — LTC Properties Inc. (NYSE: LTC) has originated a $25 million mezzanine loan for the recapitalization of a five-property seniors housing portfolio. The loan has a term of five years and two months, with two one-year extension options. It bears interest at 8 percent, with an internal rate of return of 11 percent. Located in Oregon and Montana, The Springs Living operates the five communities, which include independent living, assisted living and memory care and total 621 units. The Springs is a new operator partner for LTC.

March 2, 2022

Acquisitions Multifamily South Carolina Southeast

CRC Acquires Apartment Community in Mount Pleasant, South Carolina for $55.5M

by Julia Sanders March 2, 2022

MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. (CRC) has acquired Sweetgrass Landing Apartments, a multifamily community in Mount Pleasant, about 9.1 miles from Charleston. Tai Cohen of Cushman & Wakefield represented the seller, Chaucer Creek Capital, in the $55.5 million sale. CRC purchased Sweetgrass Landing on behalf of Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The firm acquired 175 of the 200 apartment units, with the remaining 25 consisting of privately owned condominiums. Sweetgrass Landing is a two-story, 14-building apartment community developed in 2001. The property offers one-, two- and three-bedroom floorplans ranging from 787 to 1,596 square feet in size with open kitchen areas with a dining room, extra-large kitchen sinks, tile backsplashes, walk-in closets, stainless steel appliances, master bedrooms that can accommodate a king-sized bed, in-unit washers and dryers, garden tubs, screened patios and private balconies The property was 96 percent occupied at the time of sale. Community amenities include an outdoor swimming pool with fountain and sundeck, clubhouse with fireplace, fitness center, automotive care center and a pet park. Located at 1100 Legends Club Drive, the property is …

March 2, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 105-Unit Winsome Court Apartments in Houston

by Taylor Williams March 2, 2022

HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Winsome Court, a 105-unit apartment complex in Houston. Winsome Court was built in 1973 on a four-acre site, and its units have an average size of approximately 1,000 square feet. Greg Miller of TMG represented the seller in the deal while Bryce Smith of TMG procured the buyer. Both parties requested anonymity.

March 2, 2022

Loans Multifamily Texas

Ready Capital Closes $4.9M Acquisition Loan for Metro Houston Apartments

by Taylor Williams March 2, 2022

PASADENA, TEXAS — New York City-based Ready Capital has closed a $4.9 million loan for the acquisition, renovation and stabilization of an unnamed, 60-unit apartment complex in Pasadena, an eastern suburb of Houston. The nonrecourse, interest-only loan features a 24-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

March 2, 2022

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