BERGENFIELD, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $22.5 million sale of Bella at Bergenfield, a 62-unit multifamily property in Northern New Jersey. Bella at Bergenfield was constructed between 2019 and 2020 and includes 57 one-bedroom units and five two-bedroom units with an average size of 869 square feet. Andrew Scheinerman of Kislak arranged the off-market sale on behalf of the seller. Robert Squires, also with Kislak, procured the buyer. Both parties were limited liability companies.
FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …
In 2020, the multifamily marketplace took an unprecedented hit thanks to the global pandemic. Unemployment and layoffs were rife, rent moratoriums were put in place to safeguard against mass evictions, and multifamily investment and new builds took a nosedive. However, as the country has started to emerge from the throes of COVID-19, the marketplace has entered a banner period of growth with forecasts indicating that the number of apartments nationwide will grow by an additional 4.5 million by 2030. This period of unprecedented growth shows no signs of slowing, either. According to Richardson, Texas-based RealPage, a provider of data analytics and property management software, during the first quarter of 2022 there was a total of 18.59 million apartment units in the U.S., a nearly 75,000 unit increase from the fourth quarter of 2021. But that modest growth in supply is being greatly eclipsed by robust demand, says Carl Whitaker, director of research and analysis at RealPage. “In fact, the only thing holding absorption rates back is the fact that occupancy is approaching 98 percent, so there’s just not much available inventory to even be absorbed.” As the rental market continues to rapidly grow, developers and owners are faced with …
ARLINGTON, VA. — Jefferson Apartment Group, with its Chilean-based partner STARS REI, has broken ground on a 98-unit apartment community at 1031 N. Vermont St. in Arlington. Construction is expected to be completed by early 2024. The new development will offer one-, two- and three-bedroom floorplans in a seven-story building. Unit features will include quartz countertops, tile backsplashes, stainless steel appliances and plank flooring. Many units will also include private terraces and balconies. Community amenities will include a resident lounge, rooftop terrace, below-grade parking totaling 120 spaces, 40 bicycle spaces and resident storage. KGD Architecture is the designer for the project and Donohoe Construction Co. is the general contractor. United Bank provided an undisclosed amount of financing.
PHOENIX AND ALBUQUERQUE, N.M. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a three-property apartment portfolio in Arizona and New Mexico. JB Partners sold the assets to Bridge Investment Group for $201.7 million. The portfolio includes the 296-unit Villages at Metro Center, which was built in 1979 on 11 acres in Phoenix; the 273-unit Crystal Creek, which was constructed in 1985 on eight acres in Phoenix; and the 216-unit Indigo Park, which was built in 1974 on 7.5 acres in Albuquerque. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction. Ryan Sarbinoff of Marcus & Millichap served as broker of record in New Mexico.
SLIB Negotiates Sale of 94-Unit Rancho Belago Seniors Housing Community in Moreno Valley, California
MORENO VALLEY, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Rancho Belago, a 94-unit assisted living and memory care in the Inland Empire city of Moreno Valley. Totaling 125 beds, the community was built in 2014, totals approximately 98,700 square feet and is situated on approximately 7.3 acres of land. The seller was a local developer based in greater Los Angeles area. The buyer is a group based on the West Coast that was looking to expand its presence within California. The buyer plans to optimize operations, with a renewed focus on optimizing staffing and increasing occupancy. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. The price was not disclosed.
DALLAS — Newmark has negotiated the sale of a portfolio of two multifamily properties totaling 712 units in North Dallas. Allure is a 364-unit community that was built in 1998 and offers one- and two-bedroom units with an average size of 850 square feet. Essence is a 348-unit development that was originally constructed in 1996 and also houses one- and two-bedroom units with an average size of 869 square feet. Both properties offer amenities such as pools, fitness centers, game and lounge areas, business centers and indoor and outdoor sport courts. Utah-based Bridge Investment Group purchased the portfolio from Southern California-based Archway Equities for an undisclosed price. Richard Furr, Brian Murphy, Brian O’Boyle, Jr. and Jakob Andersen of Newmark represented both parties in the transaction.
PHILADELPHIA — New York City-based Midwood Investments & Development has broken ground on a 32-story apartment tower at 210 S. 12th St. in Philadelphia’s Washington Square neighborhood. The property will consist of 378 apartments and two floors of retail space totaling approximately 17,000 square feet. Residential amenities will include a pool with a sundeck, fitness center with a yoga studio, rooftop terrace with private event space, a game room, lounge and conference facilities. London-based Rogers Stirk Harbour + Partners and BLT Architects are designing the project. Specific floor plans and a tentative construction completion date were not disclosed.
NEW YORK CITY — Greystone has arranged an $80 million refinancing package for a portfolio of 10 seniors housing properties totaling 941 units. The communities are located across five different states and offer a mix of independent living, assisted living and memory care services. Cary Tremper of Greystone arranged the consolidation and refinancing of various debt obligations on behalf of the borrower, Sonida Senior Living. The initial term loan of $80 million, provided by a regional bank, has a four-year maturity with an optional one-year extension.
DOWNERS GROVE, ILL. — Lifespace Communities has broken ground on an expansion project at Oak Trace, a nonprofit continuing care retirement community in the Chicago suburb of Downers Grove. The expansion is Phase II of a $112 million reinvestment project at the community. The first phase, which converted some units to assisted living to complete the continuum of care, was completed in 2019. Phase II will add 145 independent living apartments, bringing the total from 232 to 377. Completion is scheduled for 2023. In addition to increasing the number of available independent living apartments, new construction will include a clubhouse featuring a fitness center, pool, salon, casual dining venue, café seating, multipurpose room, living room and new lobby. Existing common areas will also be renovated. Once the second phase of construction is completed, the health center will be connected to the existing independent living building via the new clubhouse. In addition to the independent living units, the senior living community currently features 66 assisted living apartments, 28 memory support suites and 104 skilled nursing suites.