Multifamily

Lynd Group Acquires Esperanza Apartments in San Antonio for $49M

by Taylor Williams March 15, 2022

SAN ANTONIO — Locally based development and investment firm The Lynd Group has acquired Esperanza Apartments, a 244-unit garden-style community in San Antonio, for $49 million. Built in 2020, Esperanza Apartments offers one-, two- and three-bedroom units that feature an average size of 954 square feet, as well as modern appliances, walk-in closets and outdoor balconies. The amenity package consists of a resort-style pool, clubhouse, fitness center, dog park, movie lawn and an outdoor sport court. Esperanza Apartments was 95 percent occupied at the time of sale. The seller was not disclosed.

March 15, 2022

Acquisitions Connecticut Multifamily Northeast

Carmel Partners Buys 209-Unit Multifamily High-Rise in Stamford, Connecticut

by Taylor Williams March 15, 2022

STAMFORD, CONN. — California-based investment firm Carmel Partners has purchased Vela on the Park, a 209-unit multifamily high-rise in Stamford, located in the southern coastal part of the state. The 19-story building houses studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a rooftop deck, fitness center, pet spa, arcade, media center and a resident lounge. Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn of JLL represented the seller, a partnership between an affiliate of regional developer Trinity Financial Inc. and Boston-based Berkshire Residential Investments, in the transaction.

March 15, 2022

Acquisitions Arizona Loans Multifamily Western

Berkadia Arranges $35.7M in Acquisition Financing for The Rev Multifamily Community in Tempe

by Amy Works March 15, 2022

TEMPE, ARIZ. — Berkadia has arranged the sale of The Rev, a garden-style apartment property in Tempe. Washington-based Securities Properties sold the asset to Western Wealth Capital for an undisclosed price. Dan Cheyne, Ric Holway and Mark Forrester of Berkadia Phoenix represented the seller in the transaction. Andy Hill of Berkadia Austin secured $35.7 million in acquisition financing on behalf of the buyer. Benefit Street provided the bridge loan, which features future funding to facilitate completion of upgrades to the property. Located at 3409 S. Rural Road, The Rev features 172 apartments in a mix of studio, one- and two-bedroom layouts. Community amenities include an oversized swimming pool, heated spa, standalone leasing center, resident lounge, business center, fitness center, locker room and large courtyards.

March 15, 2022

Loans Multifamily New Jersey Northeast Seniors Housing

Cambridge Provides $10.7M HUD Refinancing for Skilled Nursing Facility in Madison, New Jersey

by Taylor Williams March 15, 2022

MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for the refinancing of Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The borrower was not disclosed.

March 15, 2022

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $6M Sale of East Harlem Multifamily Building

by Taylor Williams March 15, 2022

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $6 million sale of a 35-unit multifamily building located at 524 E. 119th St. in East Harlem. All but two of the units are rent-stabilized. Victor Sozio, Mark Anderson and Michael Tortorici of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

March 15, 2022

Conference Coverage Features Multifamily Seniors Housing Western Feature Archive

Seniors Housing Occupancy on the Mend, but NOI Trails, Say Industry CEOs

by Jeff Shaw March 15, 2022

LOS ANGELES — After bottoming out at 78.7 percent in the second quarter of 2021, private-pay seniors housing occupancy has been on a slow, steady climb, according to data from the National Investment Center for Seniors Housing and Care (NIC). The most recent data — for the fourth quarter of 2021 — showed occupancy at 81 percent. However, the pace of recovery varies widely among individual markets, individual companies and even individual properties. “Some people are able to manage the turmoil. Some are even thriving, or at least doing pretty well,” said J.P. LoMonaco, president of Valuation & Information Group. “Other people are really floundering. The questions I’m getting all revolve around occupancy, inflation, maintaining margins and revenue growth.” LoMonaco’s comments came as moderator during a panel titled, “The Power Panel: CEOs Discuss the State of the Industry” at France Media’s InterFace Seniors Housing West conference in Los Angeles on Feb. 24. Nearly 225 industry professionals attended the event. Other panelists included Chris Belford, CEO, Sinceri Senior Living; Rob Leinbach, principal, Cadence Living; Bill Pettit, president, R.D. Merrill Co.; Courtney Siegel, president and CEO, Oakmont Management Group; and Dave Sedgwick, president and CEO, CareTrust REIT. All the panelists reported their …

March 15, 2022

Market Reports Multifamily Texas Texas Market Reports

San Antonio’s Multifamily Market Is Finally Getting the Attention It Deserves

by Taylor Williams March 15, 2022

By Tim Harris, vice president of multifamily development, Rosewood Property Co. San Antonio’s multifamily market is realizing its own potential. New nodes of development are emerging, and new projects are meeting pent-up demand for higher-quality renter experiences. Today, developers are building multifamily projects that they wouldn’t have considered five or 10 years ago. They’re no longer stuck in their comfort zones, afraid to venture into new submarkets. And they’re no longer worried that they won’t be rewarded with the rents necessary to provide differentiated properties with unit diversification, higher-end finishes and increased amenities. History, Affordability Historically, many institutional investors and national developers have overlooked San Antonio. Bigger and trendier Texas cities — Austin, Dallas-Fort Worth and Houston — have always overshadowed the Alamo City. That wasn’t always the case, though. In 1860, San Antonio was the largest city in the Lone Star State. It thrived as a center for the cattle industry until the 1930s, when its population fell behind that of Houston and Dallas, mostly because of the booming oil industry. Today, San Antonio’s metro area is the 25th-largest in the country with 2.6 million residents, according to Oxford Economics. Hispanics represent 55.1 percent of the population — the …

March 15, 2022

Acquisitions Multifamily Texas

ClearWorth Capital Buys 220-Unit Park at Woodmoor Apartments in Metro Houston

by Taylor Williams March 14, 2022

HOUSTON — Metro Dallas-based investment firm ClearWorth Capital has purchased Park at Woodmoor, a 220-unit apartment community in The Woodlands, located about 30 miles north of Houston. Built in 1999, Park at Woodmoor offers one- and two-bedroom units and amenities such as a pool and a clubhouse. The new ownership plans to implement a value-add program and to turn management of the property over to its affiliate, ClearWorth Residential. Chip Nash and Bob Heard of Colliers represented the undisclosed seller in the transaction.

March 14, 2022

Acquisitions Georgia Multifamily Southeast

Spyglass Capital Sells Multifamily Community in Northern Atlanta for $105.6M

by Julia Sanders March 14, 2022

SANDY SPRINGS, GA. — Spyglass Capital Partners has sold The Carlyle of Sandy Springs, a 389-unit multifamily community in the northern Atlanta suburb of Sandy Springs. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller in the transaction. WashREIT acquired the property for $105.6 million. The Carlyle of Sandy Springs offers one-, two-, three- and four-bedroom floorplans. Unit features include granite countertops and stainless steel appliances. Community amenities include a pool, clubhouse, pet play area, business center, fitness center, trash door-to-door pickup, playground and a grill. Located at 501 N. River Parkway, the property is situated 13.5 miles from Atlanta’s Buckhead neighborhood, 34.8 miles from Hartsfield-Jackson Atlanta International Airport and 6.9 miles from the Dunwoody Campus of Georgia State University.

March 14, 2022

Florida Loans Multifamily Southeast

JLL Arranges $60M Construction Financing for Multifamily Development in Miami

by Julia Sanders March 14, 2022

MIAMI — JLL Capital Markets has arranged $60 million in construction financing for The Kavista, a 282-unit, eight-story multifamily development in Miami. Melissa Rose and Michael DiCosimo of JLL represented the borrower, Miami-based Barrington Brothers LLC, to secure the 2.5-year construction loan through Trez Capital. The Kavista will feature one-, two- and three-bedroom floorplans. Community amenities will include a pool and deck, barbeque grilling area with outdoor seating, coworking lounge, theater, fitness center and electric vehicle charging stations. Located at 495 N.E. 83rd St. in Miami’s El Portal neighborhood, The Kavista is situated close to Biscayne Boulevard, State Road 934 and Interstate 95. The property is also located close to Biscayne Medical, Miami Beach and The Citadel, which features 15 restaurants, a rooftop bar and walkable retail frontage totaling 62,000 square feet of active commercial uses.

March 14, 2022

Newer Posts

Older Posts