Multifamily

CBRE Negotiates $75M Acquisition of Sanctuary on Broadway Multifamily Complex in Arizona

by Amy Works May 18, 2022

TEMPE, ARIZ. — CBRE has arranged the sale of Sanctuary on Broadway, an apartment community located at 1330 W. Broadway Road in Tempe. A private, Washington-based company acquired the asset for $75 million. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyer in the deal. Sanctuary on Broadway features 240 apartments, with 60 percent of the units as two-bedroom floor plans averaging 700 square feet. The two-building, two-story property offers renovated interiors, including stainless steel appliances, Shaker-style cabinetry, subway-tile backsplashes, modern bathroom vanities and in-suite washers/dryers in select units. Community amenities include a swimming pool, clubhouse, picnic areas with barbecues and a fitness center.

May 18, 2022

Conference Coverage Features Multifamily Student Housing

Student Housing is Growing on Institutional Investors’ Radars, Say InterFace Panelists

by Taylor Williams May 18, 2022

By Taylor Williams As a subcategory of multifamily that is currently experiencing record rent growth, student housing is increasingly becoming a sought-after commodity in the world of institutional investment, according to a panel of industry experts. More institutional love for student housing is also arriving at a time in which concerns about COVID-19’s impact on enrollment and on-campus learning at the nation’s colleges and universities are largely being laid to rest. The verdict is in on whether students overwhelmingly prefer to live and learn on campus — they do. Capital sources are responding accordingly. At France Media’s 14th annual InterFace Student Housing conference, held May 3-4 at the J.W. Marriott Hotel Austin (Texas) Hotel, a group of industry veterans laid out the drivers behind the sector’s growth on institutional radars. As an affirmation of this trend, the “state of the industry” panel pointed to the $12.8 billion acquisition of Austin-based student housing developer and operator American Campus Communities (NYSE: ACC) by real estate giant Blackstone (NYSE: BX). Panelists implied that that deal, which was announced in April and will take ACC private, serves as a watershed moment for the asset class to institutional investors. As such, the transaction, which is …

May 18, 2022

Loans Multifamily Seniors Housing Washington Western

Lytle Enterprises Receives $15M in Financing for Seniors Housing Property in Everett, Washington

by Amy Works May 17, 2022

EVERETT, WASH. — Greystone has arranged $15 million in financing for Washington Oakes, a 152-unit seniors housing property in Everett, a northern suburb of Seattle. Tyler Armstrong of Greystone originated the transaction on behalf of Lytle Enterprises LLC. Washington Oakes features studio, one-, two- and three-bedroom units and offers independent living and assisted living services. Leisure Care LLC is the operator. A life insurance company provided the nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing existing debt, loan proceeds enable the borrower to monetize a portion of its equity in the property and continue with ongoing maintenance.

May 17, 2022

Development Florida Loans Southeast Student Housing

Pacific Western, Square Mile Provide $93M Loan for Student Housing Project Near University of Florida

by John Nelson May 17, 2022

GAINESVILLE, FLA. — Pacific Western Bank and Square Mile Capital have provided a $93 million construction loan for Theory Gainesville, an 861-bed student housing community underway within a half-mile from University of Florida. Pacific Western was the primary lender, and Square Mile was the mezzanine capital provider. The borrower and developer is Blue Vista Capital Management, a Chicago-based entity that has a student housing affiliate, PeakMade Real Estate. Blue Vista expects to deliver Theory Gainesville in two phases: Phase I before the fall 2023 semester and Phase II before the spring 2024 semester. Upon completion, the property’s units will be fully furnished with stainless steel appliances and wood-style flooring. Theory Gainesville will also have a fitness center, game room, rooftop pool and open green space.

May 17, 2022

Acquisitions Florida Loans Multifamily Southeast

CBRE Arranges $50.3M Acquisition Financing for Two Multifamily Properties in Tampa

by John Nelson May 17, 2022

TAMPA, FLA. — CBRE has secured nearly $50.3 million in acquisition financing for two multifamily properties, HITE and Notch, both located in Tampa’s historic Seminole Heights neighborhood. The portfolio sold for $60.5 million. Eric Fixler and Chandler Kaye of CBRE arranged the financing on behalf of the borrower, an unnamed private investor. Ready Capital provided the senior loan with additional proceeds to complete tenant improvements for the ground-floor retail components and other capital improvements at both properties. Located at 6006 N. Florida Ave., HITE is a five-story apartment complex totaling 81 units. Built in 2018, the property features studio, one-, and two-bedroom units averaging 764 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include elevator service, an outdoor grilling station, pet wash station, bike storage, covered parking and 6,771 square feet of ground-floor retail space. Notch is a four-story apartment complex totaling 112 units located at 6307 N. Nebraska Ave. Built in 2021, the property features studio, one- and two-bedroom units averaging 780 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include a fitness center, private garages, bike storage, pet spa and 1,144 square …

May 17, 2022

Development Multifamily Texas

Cordish Cos. to Develop 300-Unit Multifamily Project at Arlington Entertainment District

by Taylor Williams May 17, 2022

ARLINGTON, TEXAS — The Cordish Cos., a Baltimore-based developer and operator specializing in sports-themed entertainment projects, will develop One Rangers Way, a 300-unit multifamily project in Arlington. The community will be located near Globe Life Field, home of the MLB’s Texas Rangers, and within Cordish’s Arlington Entertainment District. Designed by Hord Coplan Macht, One Rangers Way will offer one- and two-bedroom units, as well as penthouses, in addition to a 423-space parking garage and 43,000 square feet of indoor and outdoor amenities. Specifically, amenities will include a pool, fitness center, coworking spaces, indoor and outdoor lounges and concierge services. Construction is scheduled to begin this fall and to be complete in 2024.

May 17, 2022

Development Georgia Loans Multifamily Southeast

Walker & Dunlop Structures $47M in Construction Financing for The Line Apartments in Savannah

by John Nelson May 17, 2022

SAVANNAH, GA. — Walker & Dunlop Inc. has arranged $47 million in financing for the development of The Line, a 219-unit multifamily project that is within the bounds of a designated opportunity zone in downtown Savannah. Walker & Dunlop arranged construction financing on behalf of the developer, Standard Communities. Financing was sourced from a regional life insurance company and includes both construction and permanent financing within a single loan. Situated just three blocks from the Savannah River, The Line will include two buildings and will feature a full upscale amenity package, including a terrace level with a pool, sundeck, fitness center and grill area. The Class A project will also include onsite parking, a clubroom with views of downtown Savannah and the Savannah River and resident storage.

May 17, 2022

Acquisitions Multifamily Texas

FCP, One Real Estate Acquire 284-Unit Summit Apartments in San Antonio

by Taylor Williams May 17, 2022

SAN ANTONIO — A joint venture between Maryland-based investment firm FCP and One Real Estate Investment has acquired The Summit, a 284-unit apartment community in San Antonio. The Summit offers one-, two- and three-bedroom units. The property was built in 1984. According to Apartments.com, amenities include a pool, fitness center, clubhouse and an outdoor kitchen. The new ownership plans to invest about $5 million in capital improvements to the unit interiors, building exteriors and amenity spaces. Will Caruth of Berkadia represented the undisclosed seller in the transaction.

May 17, 2022

Development Multifamily New Jersey Northeast

KRE, Northwestern Mutual Complete Lease -Up of 507-Unit Multifamily Project in Jersey City

by Taylor Williams May 17, 2022

JERSEY CITY, N.J. — A joint venture between Kushner Real Estate Group (KRE) and Northwestern Mutual has completed the lease up of 351 Marin, a 507-unit multifamily project in Jersey City’s Powerhouse Arts District. The property is now fully occupied. Designed by Hollwich Kushner and HLW Architects, the 38-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and Whirlpool washers and dryers. Amenities include a sky lounge, pool, fitness center with a yoga studio, outdoor grilling stations, community garden and a dog park.

May 17, 2022

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Group, CJE SeniorLife Complete $25M Affordable Seniors Housing Community in Evanston, Illinois

by Kristin Harlow May 17, 2022

EVANSTON, ILL. — Evergreen Real Estate Group and Council for Jewish Elderly, doing business as CJE SeniorLife, have completed Ann Rainey Apartments, a $25 million affordable seniors housing community in Evanston. The 60-unit project is located at 1011 Howard St. next to the existing CJE SeniorLife Adult Day Services Center, which provides programming and socialization opportunities for seniors who require supervision. The new community is named for Ann Rainey, who served as alderman of Evanston’s 8th Ward for more than three decades. Units at the property are restricted to residents who earn up to 60 percent of the area median income. Amenities include a community room, fitness center, outdoor terrace, second-floor deck and lounge areas. Housing and Human Development Corp., a Chicago-based nonprofit that serves low-income seniors and families, will provide a part-time social service coordinator for the property. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor. Architecture firm UrbanWorks designed the community, which is anticipated to receive LEED Silver certification. A partnership between Evergreen, CJE and U.S. Bancorp Community Development Corp. owns Ann Rainey Apartments. Financing for the project came from IFF, provider of the pre-development loan; U.S. Bank, provider of the construction …

May 17, 2022

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