Multifamily

IPA Negotiates $80.7M Sale of Benson Apartments in Upland, California

by Amy Works January 7, 2022

UPLAND, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Benson, a multifamily community located at 850 N. Benson Ave. in Upland. An affiliate of Abacus Capital Group sold the property to New Standard Equities for $80.7 million, or $342,161 per unit. Located 1.4 miles from the Los Angeles County border, The Benson features 236 apartments in one-, two- and three-bedroom units spread across 32 residential buildings. Amenities include two resort-style swimming pools with furnished sundecks, a spa, fitness center, dog park, playground and more than 350 on-site parking spots. The asset was built in 1973 on a 516,578-square-foot lot. Joseph Grabiec, Alexander Garcia Jr., Kevin Green, Greg Harris and Chris Zorbas of IPA represented the seller and procured the buyer in the transaction.

January 7, 2022

Development Multifamily Southeast Virginia

Partners Group, Zom Living to Develop 492-Unit Apartment Community in Metro D.C.

by Julia Sanders January 7, 2022

ARLINGTON, VA. — Denver-based Partners Group and Orlando-based Zom Living have plans to develop Hazel & Azure at National Landing, a 492-unit apartment community in Arlington, about five miles south of Washington, D.C. The developers secured a total of $150 million in construction financing for the project. Zom Living has also secured a $26 million bridge loan with CB&S Bank for the site’s acquisition. Construction is slated to begin in the first quarter with completion set for late 2024. Hazel & Azure will feature two 14-story buildings, as well as 6,800 square feet of ground-floor retail space. The multifamily community will offer studios, one-, two- and three-bedroom floorplans, as well as townhomes, all ranging from 519 to 1,784 square feet. The units will feature floor-to-ceiling windows, vinyl plank flooring, walk-in closets, stainless steel appliances, smart thermostats, electronic locks, private balconies or terraces in most units, and views of the Potomac River and the Washington, D.C., skyline. Community amenities will include an e-lounge, concierge service in the lobby, rooftop pool, fitness and wellness spa, coworking spaces, self-serve convenience store and an indoor green space for dogs. Located at 3030 and 3130 Potomac Ave., the project will be situated less than one …

January 7, 2022

Acquisitions Florida Multifamily Southeast

Rosewood Realty Arranges $76.9M Sale of Multifamily Property in Gainesville, Florida

by Julia Sanders January 7, 2022

GAINESVILLE, FLA. — Rosewood Realty Group has arranged the $76.9 million sale of Evergreen Uptown Village, a 322-unit multifamily development in Gainesville. The property sold for $238,975 per unit. Jay Weiner of Rosewood Realty Group represented both the buyer, West Shore, and the seller, Evergreen Residential LLC, both of which are based in Boston. Built in 2004, Evergreen Uptown Village is a three-story property with a total of 478,542 square feet. The property offers one-, two- and three-bedroom floorplans with a unit size range of 810 to 1,606 square feet. Community amenities include a pool, fitness center and 450 outdoor parking spots, as well as 7,700 square feet of retail space on the ground level featuring a hair salon and a vacant restaurant. Located at 3780 NW 24th Blvd., the property is situated 5.1 miles from downtown Gainesville and about four miles from the University of Florida campus.

January 7, 2022

Acquisitions Florida Multifamily Southeast

ZMR Capital Acquires Two Multifamily Properties in Metro Tampa for $53.3M

by Julia Sanders January 7, 2022

BRANDON, FLA. — Tampa-based ZMR Capital has acquired two multifamily properties in Brandon in two separate transactions totaling $53.3 million. The two adjacent properties, Brandon Oaks and Palms at Paradise, total 285 units. The seller(s) was not disclosed. Built in 1974, Brandon Oaks is a 160-unit community located near the intersection of North Parson and East Clay avenues at 110 Summerfield Way, about 12.2 miles east of Tampa. Built in 1981, Palms at Paradise is a 125-unit community that is located adjacent to Brandon Oaks at 512 Camino Real Court. Both communities feature one-, two- and three-bedroom floorplans with community amenities such as swimming pools, barbecue and picnic areas, playgrounds and resident clubhouses. ZMR Capital plans to combine the two properties and renovate the exterior to improve curb appeal, as well as upgrade apartment interiors with new countertops and cabinetry, stainless steel appliances and plank flooring.

January 7, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 432-Unit Turtle Pointe Apartments in West Houston

by Taylor Williams January 7, 2022

HOUSTON — Berkadia has negotiated the sale of Turtle Pointe, a 432-unit apartment community in West Houston. Built in 1976, the property offers studio, one- and two-bedroom floor plans ranging in size from 576 to 917 square feet. About a quarter of the units are townhomes. Amenities include a resident clubroom, business center, fitness center, indoor racquetball and basketball courts, three pools, heated spa, café-style recreation room and an enclosed dog park. Todd Marix, Chris Curry, Jeffrey Skipworth, Joey Rippel, Chris Young and Kyle Whitney of Berkadia represented the seller, Florida-based WRH Realty, in the transaction. Cameron Hart of Berkadia arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, 7C Equity Group.

January 7, 2022

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 222-Unit Apartment Complex in Killeen, Texas

by Taylor Williams January 7, 2022

KILLEEN, TEXAS — Greysteel has brokered the sale of Brickstone Villas, a 222-unit apartment complex located in the Central Texas city of Killeen. The recently renovated community features one- and two-bedroom units. Amenities include a pool and onsite laundry facilities. J.R. Ellis of Greysteel represented the seller in the transaction. Harrison Cole and Daniel Hartnett, also with Greysteel, arranged acquisition financing on behalf of the undisclosed buyer.

January 7, 2022

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $26.9M in Financing for Mixed-Income Housing Project in Metro Boston

by Taylor Williams January 7, 2022

LAWRENCE, MASS. — MassHousing has provided $26.9 million in financing for the redevelopment of a portion of the historic Marriner Mill in Lawrence, a northern suburb of Boston, into an 87-unit mixed-income residential complex. The financing consisted of a $2.3 million permanent loan, $22.5 million in bridge loan financing and $2.1 million in funding from the agency’s workforce housing initiative. Of the 87 units, 17 will be restricted to lower-income households earning 30 percent or less of the area median income (AMI). Forty-nine units will be rented to households earning 60 percent or less of AMI, and 21 apartments will be workforce housing units for households earning up to 80 percent of AMI. The borrower and developer is Trinity Financial. ICON Architecture is designing the project, and Aberthaw Construction Co. is the general contractor. Completion is slated for summer 2023.

January 7, 2022

Connecticut Loans Multifamily Northeast

MMCC Arranges $18.9M Loan for Refinancing of Multifamily Property in Shelton, Connecticut

by Taylor Williams January 7, 2022

SHELTON, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18.9 million loan for the refinancing of The Ridge at Sawmill, an 89-unit multifamily property in Shelton, located in Fairfield County. The property was built in 2020 and offers a fitness center, resident clubhouse and a conference facility. Robert Bhat of MMCC arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.

January 7, 2022

Acquisitions Midwest Multifamily North Dakota

Capstone Negotiates $6.4M Sale of Apartment Community in Minot, North Dakota

by Kristin Harlow January 7, 2022

MINOT, N.D. — Capstone has negotiated the $6.4 million sale of The Cobblestone Apartments in Minot, which is located in central North Dakota. Built in 2012, the 76-unit apartment community is located near Minot Air Force Base and Minot State University. Kevin Phelan of Capstone represented the seller, which also developed the property. The asset sold to an out-of-state buyer.

January 7, 2022

Loans Michigan Midwest Multifamily Northmarq Student Housing

Northmarq Arranges $4.2M Loan for Refinancing of Two Student Housing Properties in Michigan

by Kristin Harlow January 7, 2022

ALLENDALE, MICH. — Northmarq has arranged a $4.2 million loan for the refinancing of Conifer Creek and Conifer Creek West Townhomes, two student housing properties serving Grand Valley State University in Allendale near Grand Rapids. The communities, constructed in 2006 and 2016, total 186 beds. Both properties were fully leased at the time of loan closing. Robert Hernandez of Northmarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was undisclosed.

January 7, 2022

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