Multifamily

Marcus & Millichap Brokers $8.3M Sale of Seniors Housing Community in Lakewood, Colorado

by Amy Works May 17, 2021

LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of The Homestead at Lakewood, a seniors housing property located at 2121 Wadsworth Blvd. in Lakewood. An undisclosed buyer acquired the property for $8.3 million. Greg Parker and Greg Price of Marcus & Millichap’s Denver office represented the seller, a private investor, in the deal. Phillip Gause of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer. Constructed in 1999 under the Low-Income Housing Tax Credit program, The Homestead at Lakewood features 58 units in a mix of studio, one- and two-bedroom units and offers both assisted living and independent living options. Community amenities include housekeeping services, daily activities, a small library, outdoor space, a beauty salon and restaurant-style dining.

May 17, 2021

Acquisitions Multifamily Seniors Housing Texas

Healthpeak Sells 10-Property Senior Living Discovery Portfolio to Lone Star Funds for $334M

by Taylor Williams May 17, 2021

DALLAS AND DENVER — Healthpeak Properties Inc. (NYSE: PEAK) has sold a 10-property portfolio of Discovery Senior Living properties in Florida, Texas and Georgia to Lone Star Funds, a Dallas-based private equity firm. Healthpeak sold the 1,428-unit portfolio for $334 million. Although the Denver-based REIT disclosed the sale during its first-quarter earnings report, the buyer and any further details weren’t released at that time. Healthpeak is selling the bulk of its seniors housing portfolio in a move to exit the industry in favor of life sciences and medical office real estate. Discovery Senior Living retained management and daily operational responsibilities for the Discovery Village communities following the transaction.

May 17, 2021

Acquisitions Multifamily Texas

REEP Equity Buys 171-Unit Apartment Community in Houston

by Taylor Williams May 17, 2021

HOUSTON — San Antonio-based REEP Equity has purchased Residences 2727, a 171-unit apartment complex in Houston. The property sits on 3.7 acres and offers one- and two-bedroom units averaging 917 square feet. Amenities include a pool, fitness center, pet park and a resident lounge. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL arranged fixed-rate acquisition financing through NexBank on behalf of REEP Equity, which will implement a value-add program that will include the addition of a business center.

May 17, 2021

Loans Multifamily Texas

MMCC Arranges $18M Acquisition Loan for Multifamily Property in Corpus Christi

by Taylor Williams May 17, 2021

CORPUS CHRISTI, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18 million acquisition loan for a 250-unit multifamily property in Corpus Christi. Jamie Safier of MMCC structured the nonrecourse loan with a 10-year term, a fixed interest rate of 3.77 percent and five years of interest-only payments. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. The direct lender and property name were also not disclosed.

May 17, 2021

Alvista-Willow-Creek-Meriden-Connecticut

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates $34.8M Sale of Alvista Willow Brook Apartments in Meriden, Connecticut

by Taylor Williams May 17, 2021

MERIDEN, CONN. — CBRE has negotiated the $34.8 million sale of Alvista Willow Brook, a 180-unit apartment community in Meriden, located roughly midway between Hartford and New Haven. Built in 2005, the property offers amenities such as a fitness center, pool and a leasing office. A CBRE team of Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the seller, an affiliate of Phoenix Realty Group, in the deal. The team also procured the buyer, Beachwold Residential.

May 17, 2021

Indiana Loans Midwest Multifamily

CBRE Provides $56.7M Loan for Acquisition of Two Multifamily Communities in Metro Indianapolis

by Kristin Harlow May 17, 2021

GREENWOOD, IND. — A fund sponsored by CBRE Global Investors has provided a $56.7 million loan for the acquisition of two multifamily communities in Greenwood, a suburb approximately 15 miles south of Indianapolis. The floating-rate loan features an initial term of three years and can be extended up to two additional years. It also includes future funding to finance the borrower’s planned capital improvement program at the properties. The first asset, Barton Farms, includes 262 units and is located at 1630 Saddle Lane. The second property, Bexley Village, is located two miles away at 700 Bexley Place and includes 276 units. Both garden-style communities feature pools, fitness centers, clubhouses and outdoor grilling areas. The borrower was undisclosed.

May 17, 2021

Loans Multifamily New York Northeast Retail

Columbia Pacific Provides $39.1M Loan for Multifamily, Retail Asset in Manhattan

by Taylor Williams May 17, 2021

NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million, 36-month bridge loan for 68-70 Spring Street, a 24,357-square-foot multifamily and retail asset in Manhattan’s SoHo neighborhood. The undisclosed borrower will use the funds to support lease-up of the eight-story building, which includes 10 apartments with two- and three-bedroom floor plans.

May 17, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $5.4M Sale of Apartment Building in Chicago’s Wrigleyville

by Kristin Harlow May 17, 2021

CHICAGO — Interra Realty has negotiated the sale of a 12-unit apartment building in Chicago’s Wrigleyville neighborhood for $5.4 million. The property is located at 915 W. Addison St., just steps from Wrigley Field. The building was originally constructed in 1920, but recently underwent an extensive capital improvement program by the seller. The property was fully leased by the time of sale. Joe Smazal of Interra represented the private local buyer. Craig Martin of Interra represented the seller, Horizon Realty Group.

May 17, 2021

Development Multifamily Southeast Virginia

Aventon Breaks Ground on $100M Multifamily Project in Alexandria, Virginia

by Julia Sanders May 14, 2021

ALEXANDRIA, VA. — Aventon Cos. has broken ground on Aventon Huntington, a new apartment development located adjacent to the Huntington Metro station in Alexandria that is valued at more than $100 million. The 366-unit property will be situated just south of Washington, D.C., and within a few miles of Old Town Alexandria, the Capital Beltway, Ronald Reagan Washington National Airport and Amazon’s HQ2 in National Landing. The project is slated to be complete in the spring of 2023. Located on approximately four acres at 5919 N. Kings Highway, Aventon Huntington will offer studio, one-, two- and three-bedroom apartments that include smart home technology. The seven-story property will have over 15,000 square feet of indoor amenity space including remote-working lounges with private offices, fitness and yoga studios, gaming and media lounges, a podcast studio, video conference studio, rooftop deck and indoor sky lounge with private dining space, pet spa, automated package delivery, bike storage and repair shop and covered parking. Outdoor community amenities will include a private resort-style pool, summer kitchen, outdoor media lounge and outdoor remote-working courtyard. The building will be certified Silver under the National Green Building Standard for sustainability. In January 2020, Aventon began construction on Aventon Crown, …

May 14, 2021

California Development Multifamily Western

J.H. Snyder Co. Completes 21-Story Multifamily Community in Los Angeles

by Amy Works May 14, 2021

LOS ANGELES — J.H. Snyder Co., with MVE + Partners as architect and designer, has completed One Museum Square, a 296,000-square-foot high-rise apartment tower in Los Angeles. Located at 640 S. Curson Ave., the 21-story building features 285 residential units; a large, open-air activity patio with dining and lounge seating; a residence lounge that opens to a patio; flexible workspaces; fitness center; and rooftop pool and hot tub. One Museum Square offers a mix of studio, one- and two-bedroom units, ranging from 495 square feet to 1,300 square feet, with private glass balconies; floor-to-ceiling windows; quartz countertops and full backsplashes; Kohler bathroom and kitchen fixtures; oversized soaking tubs or fully tiled showers; Bosch washers and dryers; custom-designed closets; extra bathroom and kitchen storage; and Fisher & Paykel appliances. The project team included SCA Engineers, NA & Associates, Limbach Engineer and Donald F. Dickerson Associates.

May 14, 2021

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