Multifamily

180 Multifamily Acquires Two Adjoining Properties Totaling 679 Units in San Antonio

by Taylor Williams February 4, 2022

SAN ANTONIO — Arlington-based 180 Multifamily Properties has acquired Casa Luna and Casa del Encanto, two properties totaling 679 units that are located across the street from one another on San Antonio’s north side. According to Apartments.com, the properties offer studio, one- and two-bedroom units and amenities such as a pool, soccer field, playgrounds, outdoor grilling and dining stations and onsite laundry facilities. The seller and sales price were not disclosed. The new ownership plans to implement a capital improvement program and combine the properties into a single community that will be known as Palatia Apartment Homes.

February 4, 2022

Development Loans Multifamily Texas

Madison Realty Capital Provides $53M Construction Loan for San Antonio Multifamily Project

by Taylor Williams February 4, 2022

SAN ANTONIO — Madison Realty Capital, a private equity real estate firm based in New York City, has provided a $53 million construction loan for The Josephine, a 261-unit multifamily project that will be located just outside of downtown San Antonio. The Josephine will feature studio, one-, two- and three-bedroom units that will be furnished with stainless steel appliances and quartz countertops. Amenities will include a pool, fitness center and outdoor activity areas. About half the residences will be designated as affordable housing, although information on specific income restrictions was not disclosed. The borrower is locally based developer LYND Co.

February 4, 2022

Loans Midwest Multifamily Ohio

Ready Capital Closes $54.3M Acquisition Loan for Multifamily Portfolio in Metro Columbus, Ohio

by Kristin Harlow February 4, 2022

COLUMBUS, OHIO — Ready Capital has closed a $54.3 million loan for the acquisition, renovation and stabilization of a two-property multifamily portfolio in metro Columbus. The portfolio totals 454 units. The undisclosed borrower plans to implement a capital improvement program to renovate unit interiors and property exteriors as well as perform various common area upgrades. The nonrecourse loan features a three-month term, floating rate and interest-only payments.

February 4, 2022

Acquisitions Midwest Multifamily Wisconsin

Berkadia Negotiates $10.3M Sale of Apartment Community Near Madison, Wisconsin

by Kristin Harlow February 4, 2022

MONONA, WIS. — Berkadia has negotiated the $10.3 million sale of Fairway Glen in Monona near Madison. The 56-unit, garden-style apartment community was built in 2014. Amenities include a community room, fitness room and underground parking. Ralph DePasquale, Pete Evans, Jack Maloney and Richard Evans of Berkadia represented the seller, Madison-based developer 5001 Monona Drive LLC. Wisconsin-based Spaulding Group was the buyer. The property was 97 percent occupied at the time of sale.

February 4, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 201-Unit Sylvan Thirty Apartments in West Dallas

by Taylor Williams February 4, 2022

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Sylvan Thirty, a 201-unit apartment community in West Dallas. Built on six acres in 2015, the property offers studio, one-, two- and three-bedroom units with an average size of 856 square feet. Amenities include a pool, fitness center, clubhouse and a party lounge. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, Los Angeles-based Arc Capital Partners, in the transaction. The team also procured the buyer, San Francisco-based Polaris Real Estate Partners.

February 4, 2022

Acquisitions Multifamily Washington Western

Kennedy Wilson, Goldman Sachs Asset Management Buy Coppins Well Apartments in Seattle for $106.5M

by Amy Works February 4, 2022

SEATTLE — Kennedy Wilson and the real estate business within Goldman Sachs Asset Management have purchased Coppins Well, a high-rise multifamily property in Seattle, for $106.5 million, excluding closing costs. Kennedy Wilson has a 30 percent ownership interest in the property, which the partnership acquired with a total equity investment of $44 million and a $66 million loan. The ownership team plans to roll out a value-add asset management plan, which includes investing $4 million to renovate unit interiors, refresh common areas and enhance amenities. Completed in 2012, the 17-story building features 236 apartments in a mix of studio, one- and two-bedroom layouts, a movie lounge, fitness center and dog runs. Ground-floor retail tenants include a coffee house, restaurant and bank.

February 4, 2022

Arizona Development Hospitality Multifamily Western

Sterling Real Estate Partners Plans Apartment Conversion at 114-Room Hotel in Scottsdale, Arizona

by Amy Works February 4, 2022

SCOTTSDALE, ARIZ. — Sterling Real Estate Partners has purchased Suites on Scottsdale, a hotel property in Scottsdale, for an undisclosed price in an off-market transaction. The company plans to convert the 114-key extended-stay hotel, which was built in 1996, into an 85-unit apartment community. The conversion will consist of modifying the existing structure to conform to Scottsdale’s building codes, including new balconies for every unit, enhanced curb appeal and select rooms combined to improve unit mix. New resident amenities will include a large conference room with workspace-style offices; indoor/outdoor fitness center; yoga studio; movie theater; dog park with pet washing station; resort-style pool; automated package locker delivery system; and smart access system.

February 4, 2022

Loans Multifamily New York Northeast

Greystone Provides $203.1M Agency Loan for Refinancing of Long Island Apartment Community

by Taylor Williams February 4, 2022

RONKONKOMA, N.Y. — Greystone has provided a $203.1 million Freddie Mac loan for the refinancing of Alston Station Square, a 489-unit apartment community located in the Long Island community of Ronkonkoma. The newly constructed, six-building community is located within The Hub at Ronkonkoma, a 2 million-square-foot mixed-use development. Drew Fletcher, Matthew Hirsch, Jesse Kopecky, and Tori Colledge of Greystone originated the financing, which was structured with a 10-year term and a fixed interest rate. Bank of America provided the original construction loan to the borrower, an affiliate of Tritec Real Estate Co.

February 4, 2022

Development Multifamily New Jersey Northeast

Accurate Builders & Developers Begins Leasing 234-Unit Apartment Complex in Linden, New Jersey

by Taylor Williams February 4, 2022

LINDEN, N.J. — Accurate Builders & Developers has begun leasing Citizen Linden, a 234-unit apartment complex in Northern New Jersey. Designed by Thomas J. Brennan Architects, the transit-served property includes 4,500 square feet of retail space and a 292-space parking garage. Units are available in studio, one- and two-bedroom formats, with rents starting at roughly $1,800 per month. The amenity package consists of a lobby lounge, demonstration kitchen, fitness center, multiple coworking spaces and conference rooms, landscaped courtyards with picnic areas, a dog park and an outdoor bar and TV area.

February 4, 2022

Arizona Market Reports Multifamily Western Western Market Reports

Strong Economic Fundamentals Fuel Record Multifamily Metrics in Phoenix

by Jeff Shaw February 4, 2022

By Matt Pesch, Vice Chairman, CBRE The multifamily market in Phoenix experienced a record-setting year in 2021. Market vacancy dropped below 3 percent for the first time, the region led all U.S. metros in year-over-year rent growth for every quarter and total multifamily investment sales volume topped $12 billion. This was nearly double the volume from 2019 and a 125 percent jump from 2020. These metrics are driven by Phoenix’s primary economic drivers of nation-leading population and job growth. As of October, Phoenix was one of only four U.S. metros to recover 100 percent of the jobs the region lost during the pandemic. This was driven by the stable recovery of long-established industries and growing sectors that are diversifying the region’s employment base. Case in point: Phoenix is home to one of the fastest-growing biotech sectors in the U.S. with the life sciences workforce expanding by 8.5 percent from 2019 to 2020, according to CBRE’s latest research. Likewise, large corporate office users continue to relocate or expand in Phoenix at an unprecedented rate, further driving the region’s robust employment recovery. The area’s strong employment recovery and population growth are the fuel driving Phoenix’s multifamily sector. The gains in the apartment …

February 4, 2022

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