Multifamily

Thompson Thrift Sells 328-Unit Multifamily Community in Metro Orlando

by Julia Sanders February 17, 2022

DAVENPORT, FLA. — Thompson Thrift Residential, an affiliate of Indianapolis-based Thompson Thrift, has sold Thrive, a 328-unit multifamily community in Davenport. Minneapolis-based Timberland Partners purchased the property for an undisclosed amount. Scott Ramey, Brad Downing and Paul Grant of Newmark represented Thompson Thrift in the transaction. Thrive offers one-, two- and three-bedroom floorplans in 12 two-story and two four-story buildings. Unit features include a fireplace, stainless steel appliances, island kitchen, vinyl flooring and double vanities. Community amenities include an outdoor kitchen, swimming pool with cabanas, fitness center, yoga room, a dog park and pet spa. Completed in 2021, the property was 93 percent occupied at the time of sale. Located at 141 Thrive Road, Thrive is situated 11.8 miles from the Walt Disney World Resort and 37 miles from downtown Orlando. The property is also 27.5 miles from Orlando International Airport.

February 17, 2022

Acquisitions Illinois Midwest Multifamily

Pensam Purchases 336-Unit Multifamily Community in Aurora, Illinois

by Kristin Harlow February 17, 2022

AURORA, ILL. — Multifamily real estate investment firm Pensam has purchased Butterfield Oaks, a 336-unit multifamily community in Aurora. Built in 2001, the property consists of 21 two-story buildings. Penam plans to upgrade unit interiors and common areas and utilize rent optimization software to help increase revenue. Amenities include a clubhouse, fitness center, outdoor pool, outdoor lounge and dog park. The seller and sales price were not provided.

February 17, 2022

Content Partner Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Video Walker & Dunlop Western

Web-Based Appraisal Tool Supports Massive Increase in Demand for Multifamily Valuations

by Sarah Daniels February 17, 2022

Multifamily appraisers are extremely busy as investor interest in the sector is at an all-time high. “In terms of appraisal professionals, there is a supply and demand issue,” explains Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop. She notes that the industry has greater demand for valuation than it has qualified appraisers. “Apprise is ensuring that we can support our appraisal staff and our local market experts with a tech-enabled process so that they can do their jobs more efficiently and get the values (and market information in general) into our clients’ hands as quickly as possible,” she adds. Czechowski focuses on the ways that web-based multifamily valuations can be streamlined to create a faster and more complete picture of properties. Multifamily experts need information on properties/parcels that comes from “multiple industry-standard resources such as Yardi, REIS, RCA and public record aggregators.” Parcel-level information, unit mix metrics, sale leads, land records and site assessment information are all available through Apprise’s platform via a single sign on to a dashboard that reflects information that is constantly being updated. This means that when an expert uses this platform and picks up the phone to confirm about …

February 17, 2022

Acquisitions Arizona Multifamily Top Stories Western

IPA Arranges $193.5M Sale of Roadrunner on McDowell Multifamily Community in Scottsdale, Arizona

by Katie Sloan February 17, 2022

SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA) has arranged the $193.5 million sale of Roadrunner on McDowell, a 356-unit multifamily property in Scottsdale, roughly 12 miles outside Phoenix. The transaction marks the second-largest single-asset multifamily sale in Arizona history, according to IPA. The community was completed in 2022 by developer JLB Partners and is located within a 10-mile radius of major employers, including General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health and Opendoor. The buyer in the transaction was undisclosed. The property offers a mix of studio, one- and two-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool and spa with private poolside cabanas; an outdoor entertainment area with seating, flatscreen televisions, a misting system and grilling stations; a zen garden; fitness center and yoga room; pet park; entertainment lounge; and co-working space with individual offices and a conference room. “The property was built to attract a top-tier resident profile of high-wage-earning professionals supported by 15,500-plus businesses within a 10-mile radius and Scottsdale’s outstanding citywide demographics,” says Steve Gebing, executive managing director with IPA. “Renter demand for South Scottsdale apartments has led to strong operational fundamentals and the imbalance of supply and demand is driving outsized forecasted rent growth.” …

February 17, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 140-Unit Presidio at River East Apartments in Fort Worth

by Taylor Williams February 16, 2022

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Presidio at River East, a 140-unit apartment community located just north of downtown Fort Worth. The property offers a mix of studio, one- and two-bedroom units that are furnished with stainless steel appliances, washers and dryers and private balconies/patios or yards. Amenities include a pool, fitness center, outdoor kitchen and a dog park. An undisclosed, Texas-based developer sold the asset to California-based Starboard Realty Advisors for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeff Kindorf and Will Balthrope of IPA brokered the deal. Presidio at River East was fully occupied at the time of sale.

February 16, 2022

Loans Midwest Minnesota Multifamily

Colliers Provides $7M Acquisition Loan for Apartment Complex in Minnesota

by Kristin Harlow February 16, 2022

MORRIS, MINN. — Colliers Mortgage has provided a $7 million Fannie Mae loan for the acquisition of East Point Village Apartments in the western Minnesota city of Morris. The 61-unit, market-rate apartment complex was constructed in 2017. Amenities include a community room, fitness center and patio with gas grills. The 10-year loan features a 30-year amortization schedule. CJK Investments II LLC was the borrower.

February 16, 2022

Arizona Development Multifamily Seniors Housing Western

Civitas Nears Completion of 212-Unit The Bluffs at Flagstaff Seniors Housing Community in Arizona

by Amy Works February 16, 2022

FLAGSTAFF, ARIZ. — Fort Worth-based operator Civitas Senior Living is nearing completion of The Bluffs of Flagstaff, with a tentative opening date of April 2022. The Bluffs of Flagstaff is a 210,572-square-foot, three-story assisted living and four-story independent living campus. The property features 123 independent living, 64 assisted living and 25 memory care residences. Janet Mars will be executive director of the community. The architect is Kaas Wilson, contractor is Greenberg Construction and the designer is Senior By Design.

February 16, 2022

Arizona Build-to-Rent Development Loans Multifamily Single-Family Rental Western

NorthMarq Arranges $22.4M Construction Financing for Build-to-Rent Community in Chandler, Arizona

by Amy Works February 16, 2022

CHANDLER, ARIZ. — NorthMarq has arranged $22.4 million in non-recourse construction financing for Arizona-based TruVista Development for the development of The Villages at Chandler, a build-to-rent residential community in Chandler. Spanning 8.9 acres, the property will feature 109 units, averaging 886 square feet, in a mix of one- and two-bedroom craftsman, cottage and bungalow style units with private backyards. The gated community will also feature a central greenbelt, dog park, pool and residence club with an indoor amenity area.

February 16, 2022

Acquisitions Arizona Multifamily Western

MJW Investments Divests of Thrive Tempe Apartment Complex in Arizona

by Amy Works February 16, 2022

TEMPE, ARIZ. — MJW Investments has completed the sale of Thrive Tempe, a multifamily community located at 1137 and 1140 E. Orange St. in Tempe. Terms of the transaction were not released. Built in 1986, Thrive Tempe features 110 one- and two-bedroom apartments, two swimming pools, poolside cabanas, a resident clubhouse, barbecue grilling station with outdoor dining, three onsite laundry facilities and a pet park. Matt Pesch and Jeff Seaman of CBRE Phoenix Multifamily team handled the transaction.

February 16, 2022

Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Video Western

Multifamily Investment to Expand into Secondary, Tertiary Markets in 2022

by Sarah Daniels February 16, 2022

Surging payrolls, new household formations, growing barriers to homeownership and multifamily’s role as a hedge for inflation all helped fuel robust apartment fundamentals in 2021. With interest rates expected to rise in 2022, the question becomes: will the appetite for apartment investments remain strong for all types of investors and in which markets? Hilary Provinse, executive vice president and head of mortgage banking at Berkadia, says she sees many reasons to be enthusiastic about the opportunities in multifamily markets this year. “Fannie Mae and Freddie Mac will continue to set the standard for multifamily lending; however, strong life company, bank and debt fund appetites will compete heavily again in 2022. They will fill the needs not met by the government-sponsored enterprises (GSEs) or HUD.” When it comes to accelerating multifamily trends, Provinse sees an expansion in the scope of multifamily interest: “One of the trends we see accelerating (as a result of COVID) is increased investor demand in not only secondary markets, but even tertiary markets. This was a trend we had seen a decade ago, but now it’s on steroids.” “Because people can work from wherever now and because of more flexible work arrangements…we’ve seen this willingness to …

February 16, 2022

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