Multifamily

Sterling Real Estate Sells 332-Unit Multifamily Property in Cedar Park, Texas

by Taylor Williams June 8, 2021

CEDAR PARK, TEXAS — Arizona-based investment firm Sterling Real Estate Partners has sold Muir Lake, a 332-unit luxury multifamily property in Cedar Park, a northwestern suburb of Austin. Built in 2014 by developer Larry Peel, the waterfront community is located within the 189-acre Lakeline Park master-planned community, which includes walking trails, sport fields, water activities and festival/event areas. Units feature studio, one- and two-bedroom floor plans and are furnished with granite countertops, stainless steel appliances, full-sized washers and dryers and private balconies/patios. Amenities include a pool, outdoor lounge, business center, billiards room, fitness center, dog park and a boat and canoe dock. Matt Pohl, Forrest Bass and Spencer Roy of Walker & Dunlop brokered the deal. An affiliate of Chicago-based Walton Street Capital provided a $61.4 million acquisition loan to the buyer, a partnership between Old Three Hundred Capital and ArrowMark Partners. Marko Kazanjian, Chris McColpin and Andrew Cohen of JLL placed the debt. Muir Lake was 96 percent occupied at the time of sale.

June 8, 2021

Acquisitions Florida Multifamily Southeast

Capstone Brokers $55.2M Sale of Monterosso Apartments in Metro Orlando

by Julia Sanders June 8, 2021

KISSIMMEE, FLA. — Capstone Apartment Partners has brokered the $55.2 million sale of Monterosso Apartments, a new 216-unit multifamily community located in the Orlando suburb of Kissimmee. The four-story property is situated at the intersection of North John Young Parkway and West Osceola Parkway. Brian Hunsicker, Jad Richa, Tom Huffsmith and Nasser Al-Hafi of Capstone represented the seller, Fore Property Co., and procured the buyer, PassiveInvesting.com, in the transaction. At $255,699 per unit, this transaction marks the highest price per multifamily unit ever sold in Osceola County, according to Capstone. Built in 2019, Monterosso Apartments was approximately 94 percent occupied at the time of sale. The community includes studio, one-, two- and three-bedroom apartment homes with wood-style flooring, quartz countertops, stainless steel appliances, washers and dryers and a patio or balcony. The average size for each unit is 983 square feet. Community amenities include a resort-style swimming pool, fitness center, picnic/grilling area, clubhouse, pet spa, elevators and rentable garages. Monterosso Apartments is located at 3050 La Spezia Circle and is approximately 9.6 miles from Walt Disney World, 22.2 miles from downtown Orlando and 31.7 miles from Altamonte Springs. PassiveInvesting.com is a South Carolina-based private equity real estate investment firm focused …

June 8, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $32.7M Sale of Apartment Community in Metro Birmingham

by Julia Sanders June 8, 2021

HOOVER, ALA. — Cushman & Wakefield has arranged the $32.7 million sale of The Park at Wakefield & Wellington, a 408-unit apartment community located at 861 Tyler Circle in Hoover, a suburb of Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the undisclosed seller. Audubon, an Atlanta-based firm specializing in the acquisition and management of multifamily properties throughout the Southeast, was the buyer. Constructed in 1973, The Park at Wakefield & Wellington features 46 percent townhome floor plans with private entrances. Community amenities include a business center, clubhouse, cyber café, fitness center, laundry facility and swimming pool. Bluff Park Village, a $9.5 million grocery-anchored retail project across the street, is set to deliver before the end of the year. The apartment complex is located 9.2 miles from Birmingham and 15 miles from Birmingham-Shuttlesworth International Airport.

June 8, 2021

Acquisitions Multifamily Texas

Wellington Realty Arranges Sale of 311-Unit Apartment Community in Southeast Dallas

by Taylor Williams June 8, 2021

DALLAS — Wellington Realty, a brokerage and management firm serving the major markets of Texas, has arranged the sale of Woodside Bridle Path Apartments, a 311-unit community in southeast Dallas that was built in phases between 1974 and 1982. According to Apartments.com, the property offers studio, one-, two- and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. David Shaffer, Caleb Jones, Will Miller and Troy Sanders of Wellington Realty brokered the deal. The buyer and seller were not disclosed. The property was 87 percent occupied at the time of sale.

June 8, 2021

Development Multifamily New Jersey Northeast

Prism Capital Breaks Ground on 252-Unit Mixed-Income Community in Dunellen, New Jersey

by Taylor Williams June 8, 2021

DUNELLEN, N.J. — New Jersey-based Prism Capital Partners has broken ground on a 252-unit, mixed-income community at the site of the former Art Color industrial facility in Dunellen, about 40 miles southwest of New York City. The property will consist of 194 one- and two-bedroom units that will be rented at market rates, as well as 58 units with various income restrictions and 10,000 square feet of retail space. The development will also include 130 for-sale townhomes to be constructed by a national homebuilder. Amenities will include a pool, fitness center, clubhouse and meeting rooms. Construction is slated for completion in spring 2022.

June 8, 2021

Acquisitions Midwest Minnesota Multifamily

Centerspace Agrees to Acquire Multifamily Portfolio in Minnesota for $323.8M

by Kristin Harlow June 8, 2021

MINNEAPOLIS AND ST. CLOUD, MINN. — Centerspace (NYSE: CSR) has agreed to acquire a portfolio of 17 apartment communities in Minnesota for $323.8 million. The portfolio is comprised of 14 properties in Minneapolis and three assets in St. Cloud for a total of 2,696 units. Centerspace intends to refinance a portion of the properties as well as invest $40 million into repositioning the communities over the next 24 to 36 months. The transaction is expected to close in the third quarter. KMS Management Inc. was the seller. Upon closing of the transaction, Centerspace will increase its footprint to 4,901 units in Minneapolis and 1,524 units in St. Cloud.

June 8, 2021

Acquisitions Midwest Missouri Multifamily

Passco Acquires 345-Unit Apartment Complex in Suburban St. Louis for $98M

by Kristin Harlow June 8, 2021

CHESTERFIELD, MO. — Passco Cos. has acquired a 345-unit apartment complex in Chesterfield for $98 million. Watermark Residential was the seller. Passco will rebrand the community, previously named Watermark at Chesterfield Village, as The PARQ at Chesterfield. The property is located at 16300 Lydia Hill Drive in suburban St. Louis. Amenities include a pool, fitness center, Starbucks coffee bar, firepit area, dog wash and 24-hour package pickup. Units range in size from one-bedroom to three-bedroom floor plans. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia St. Louis brokered the sale on behalf of Watermark.

June 8, 2021

Loans Massachusetts Multifamily Northeast

KeyBank Closes $25M Agency Acquisition Loan for Apartment Complex in Lawrence, Massachusetts

by Taylor Williams June 8, 2021

LAWRENCE, MASS. — KeyBank Real Estate Capital has closed a $25 million Freddie Mac acquisition loan for Saunders Crossing, a 222-unit apartment community in Lawrence, located north of Boston near the Massachusetts-New Hampshire border. The eight-acre, garden-style property was built in phases between 1972 and 2005 and offers studio, one- and two-bedroom floor plans. Amenities include a pool and a business center. Dirk Falardeau and Matt Purtell of KeyBank originated the 10-year, interest-only loan on behalf of the borrower, locally based multifamily investment and management firm Dolben.

June 8, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $22M Sale of Franklin Park Apartments in Hollywood Hills

by Amy Works June 8, 2021

LOS ANGELES — Marcus & Millichap has arranged the sale of Franklin Park Apartments, a four-story multifamily property located at the base of the Hollywood Hills in Los Angeles. A family that had owned the property for 55 years sold the asset to a private limited liability company for $22 million, or $293,333 per unit. Built in 1962, the 65,746-square-foot property features 75 units, 21 of which were vacant at the time of sale. The community also offers a swimming pool, parking garage with electric car charging station, on-site laundry facilities and a courtyard. Rick Raymundo and Shane McConnell of Marcus & Millichap represented the seller and procured the buyer in deal.

June 8, 2021

Loans Multifamily North Carolina Southeast

Dwight Capital Provides $43.9M HUD Loan for Greystone at Widewaters Apartments in Knightdale, North Carolina

by Julia Sanders June 7, 2021

KNIGHTDALE, N.C. — Dwight Capital has provided a $43.9 million HUD 223(f) cash-out loan for Greystone at Widewaters, a 332-unit apartment community located in Knightdale. Adam Sasouness and Josh Sasouness of Dwight Capital originated the refinancing. Built in 2006, Greystone at Widewaters includes 13 three-story residential buildings, a car wash station, clubhouse and recycle and storage buildings situated on 24.5 acres. Community amenities feature a business center, dog park, fitness center, media center, playground, swimming pool and cabana and outdoor fireplace with a built-in grilling station. The loan benefitted from HUD’s Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because Greystone at Widewaters is Energy Star-certified.

June 7, 2021

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