Multifamily

CIM Group Sells Strata Wynwood Mixed-Use Development in Miami

by John Nelson March 22, 2022

MIAMI — CIM Group, a commercial real estate developer, owner and lender based in Los Angeles, has sold Strata Wynwood, a mixed-use development in Miami’s Wynwood district. The buyer and sales price were not disclosed. The recently completed development spans a full city block and comprises two 12-story towers totaling 257 apartments, 27,040 square feet of retail space and an onsite parking garage with 474 spaces. CIM Group and co-developer One Real Estate Investment, a privately owned real estate investor and developer based in Miami, opened the property in October. Situated along North Miami Avenue and bounded by 22nd and 23rd streets, Strata Wynwood’s two towers feature retail space on the ground levels, three floors of offices and eight floors of apartments. “We were able to seamlessly blend these elements into an exceptionally functional and architecturally appealing property that enhances the dynamic Wynwood District,” says Shaul Kuba, co-founder and principal of CIM Group. Strata Wynwood’s apartments range from studios to three-bedroom units. Residential amenities include a 24-hour fitness center, swimming pool with cabanas, lounge areas, grilling stations, open-air theater, music room and coworking spaces. The apartments, offices and retail space feature floor-to-ceiling windows that maximize natural light. Additionally, locally based …

March 22, 2022

Acquisitions Arizona Multifamily Western

Berkadia Institutional Solutions Brokers $325M Sale of Vaseo Apartments in Phoenix

by Amy Works March 21, 2022

PHOENIX — Berkadia Institutional Solutions has arranged the sale of Vaseo Apartments, a 1,222-unit multifamily community in Phoenix. A partnership led by DivcoWest and Klein Financial Corp. sold the asset to Dallas-based Invesco Real Estate for $325 million. Vaseo features an onsite café and market, four swimming pool and spa areas, a 42-seat movie theater, fitness center, full-length basketball court, tennis court, sand volleyball court, playground and a large clubhouse with a demonstration kitchen. Mary Ann King, Brett Betzler, Kaohu Berg-Hee, Mark Forrester of Berkadia, along with CBRE, represented the seller in the deal.

March 21, 2022

Development Loans Montana Multifamily Western

BlackRidge Cos. Receives $50.9M in Construction Financing for Multifamily Property in Bozeman, Montana

by Amy Works March 21, 2022

BOZEMAN, MONT. — Montana-based BlackRidge Cos. has obtained $50.9 million in construction financing for the development of 2131 Graf, a garden-style apartment community in Bozeman. Located at the intersection of Graf Street and South 19th Avenue, 2131 Graf will include 195 residential units, including 72 one-bedroom units, 97 two-bedroom units and 26 three-bedroom units. Community amenities will include a clubhouse with a community room, fitness center, spa, barbecue grilling stations, a firepit, lawn games and an onsite management office. Completion is slated for September 2023. Jennifer Quigley of Berkadia Denver secured the permanent construction financing on behalf of the borrower. The 221(d)(4) construction loan, financed through HUD’s green building program, features a 40-year term and 3.03 percent interest rate.

March 21, 2022

Development Florida Multifamily Southeast

BLD Group, JSB Capital Break Ground on 336-Unit Apartment Project in Central Florida

by Julia Sanders March 21, 2022

WILDWOOD, FLA. — Fort Lauderdale, Fla.-based BLD Group and JSB Capital Group have broken ground on Wildwood Apartments, a 336-unit garden-style apartment community in Wildwood, about 51.3 miles from Orlando. Construction is slated for completion by fall 2023. Wildwood Apartments will include one-, two- and three-bedroom units with stainless steel appliances, granite countertops, wood vinyl flooring throughout living areas, tile backsplashes, full-size washers and dryers, walk-in closets, tile shower surrounds and linen closets. Community amenities will include a resort-inspired swimming pool, clubhouse, barbecue area, game room, dog park and private work booths. The community will also have a club-quality fitness studio with a yoga and Pilates studio. The community is immediately adjacent to The Villages, the 55-plus community with a population of over 130,000 residents. The apartment project is also close to a variety of commercial offerings, including Publix, Winn-Dixie and Lowe’s Home Improvement.

March 21, 2022

Acquisitions Florida Multifamily Southeast

Berkadia Arranges Sale of 224-Unit Multifamily Community in Tampa

by Julia Sanders March 21, 2022

TAMPA, FLA. — Berkadia has arranged the sale and financing of The Place at Carrollwood, a 224-unit multifamily property in Tampa. Jason Stanton, Matt Mitchell, Greg Rainey, Cole Whitaker, David Etchison, Mary Beale and Lauren Gassie of Berkadia represented the seller, Chicago-based Redwood Capital Group. Scott Wadler and Matt Nihan of Berkadia secured an undisclosed amount of acquisition financing through ACRE on behalf of the buyer, Beacon Real Estate Group. Built in 1984, The Place at Carrollwood offers one- and two-bedroom apartments ranging from 629 square feet to 1,050 square feet. Individual units feature fireplaces, kitchen pantries, modern appliances, designer flooring, walk-in closets and balconies or patios. Community amenities include a pool with poolside grilling, fitness center, boardwalk, 24-hour laundry center, car care station, a playground, on-call maintenance and a nature preserve. Located at 4949 Marbrisa Drive, the property is 11.7 miles from downtown Tampa and 6.8 miles from Tampa International Airport. The property is also close to Veteran’s Expressway/589, Citrus Park Mall and Busch Gardens.

March 21, 2022

Acquisitions Multifamily Texas

JLL Negotiates Sale of 210-Unit Active Adult Community in Metro Austin

by Taylor Williams March 21, 2022

GEORGETOWN, TEXAS — JLL has negotiated the sale of Northstar Apartments, a 210-unit active adult community located on the northern outskirts of Austin in Georgetown. The age-restricted property was built in 2021 and features one- and two-bedroom units averaging 1,016 square feet. Amenities include a media center and theater room, pool and spa, outdoor fire pit with seating area, landscaped courtyards and pickleball and bocce ball courts. Ryan McBride, Joe Dowdle, Zach Rigby and Sean Sorrell of JLL represented the seller, Chalk Hill Ventures, in the transaction. A partnership between Bain Capital Real Estate and Capitol Seniors Housing acquired the property for an undisclosed price.

March 21, 2022

Loans Multifamily Texas

Terrydale Capital Arranges $11.2M Acquisition Loan for Waco Multifamily Property

by Taylor Williams March 21, 2022

WACO, TEXAS — Dallas-based Terrydale Capital has arranged an $11.2 million acquisition loan for an undisclosed multifamily property in Waco. Culby Culbertson of Terrydale Capital arranged the loan through a correspondent bank on behalf of the undisclosed borrower. The loan was structured with a fixed interest rate of 3.53 percent for five years, a 25-year amortization schedule and one year of interest-only payments

March 21, 2022

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $65.1M Sale of Apartment Community in Woodbury, Minnesota

by Kristin Harlow March 21, 2022

WOODBURY, MINN. — JLL Capital Markets has brokered the $65.1 million sale of Beyond Apartments in Woodbury, a suburb of the Twin Cities. Built in 2021, the 255-unit apartment community features studios, one-, two- and three-bedroom units. Amenities include a sky lounge patio, pet wash, coworking lounge, fitness center, golf simulator and underground parking. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Roers Cos. Affiliates of MLG Capital purchased the asset. Scott Streiff and Brock Yaffe of JLL originated a 10-year Fannie Mae loan for the acquisition.

March 21, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $8.5M Sale of Four-Building Multifamily Portfolio in Chicago

by Kristin Harlow March 21, 2022

CHICAGO — Interra Realty has arranged the $8.5 million sale of a four-building multifamily portfolio in Chicago’s Hyde Park neighborhood. The 24-unit, fully leased portfolio includes two buildings on Blackstone Avenue, one building on Dorchester Avenue and one on Greenwood Avenue. They were all built in the early 1900s. Joe Smazal of Interra brokered the transaction. A private seller sold the portfolio to an East Coast-based buyer that maintains a significant presence in Chicago.

March 21, 2022

Market Reports Multifamily Nevada Western Western Market Reports

Reno Remains in Demand for Multifamily Investors

by Jeff Shaw March 21, 2022

By Robert Skinner, Broker-Salesperson, Sierra Nevada Properties Commercial Group Back in the day, Reno had lots of land, we did not need high density development and there was little reason to build vertically. Because of the efforts of state and community leaders, as well as economic development agencies like Economic Development Agency of Western Nevada (EDAWN) and the Northern Nevada Development Authority (NNDA), many companies relocated and expanded here. With the increase in jobs came the need for more housing. The multifamily rental vacancy rate in the Reno/Sparks area is currently below 2 percent, with fewer than 50 listings for townhouses and condominiums on the Northern Nevada Multiple Listing Service (MLS). The region has absorbed 750 acres per year since 2011, according to a recent study by Woods and Poole that utilized data from the Truckee Meadows Regional Planning Agency. The study further predicts the region will run out of developable residential land by 2038. The supply shortages are increasing the price of parcels, while landowners may not sell as they hold out for higher prices. This will accelerate the shrinkage of developable residential land. To meet demand, city planners are calling for higher density and vertical multifamily development. This means we …

March 21, 2022

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