Multifamily

Blackfin, GMF Capital Acquire Affordable Housing Portfolio in Virginia for $48M

by Julia Sanders March 23, 2021

RICHMOND AND PORTSMOUTH, VA. — A joint venture between Blackfin Real Estate Investors and GMF Capital LLC have acquired three Low Income Housing Tax Credit (LIHTC) communities in Virginia for $48 million. The seller was The Franklin Johnston Group. Drew White and Carter Wood of Berkadia secured the $48 million sale, while Mitch Sinberg and Matt Robbins of Berkadia arranged the $39.1 million financing. The affordable housing portfolio totals 452 units and includes Oaks of Dunlop Farms located at 101 Old Oak Lane Colonial Heights in Richmond. Also, the portfolio includes Crescent Place located at 2804 Turnpike Road and Independence Square located at 5120 George Washington Highway in Portsmouth. The Oaks of Dunlop Farms has 144 units, Crescent Place has 156 units and Independence Square has 152. The transaction represented the venture’s sixth acquisition together.

March 23, 2021

Affordable Housing California Development Multifamily Western

Suffolk Completes 174,000 SF Mixed-Use Residence for UCLA Medical Students in West Los Angeles

by Amy Works March 23, 2021

LOS ANGELES — Suffolk has completed the construction of 1500 Granville, a mixed-use building in West Los Angeles. CIM Group us developer and Lorcan O’Herlihy Architects is designer. The property offers affordable and community-focused housing options for University of California Los Angeles Medical house staff and graduate students. The five-story building features 153 units, 15,000 square feet of retail space and 308 subterranean parking spaces. Units are available in a mix of studio, one-bedroom, two-bedroom and live-work unit floor plans with 16 units set aside as affordable. Community amenities include a clubhouse, co-working space, a gym, pool area, barbecue area and multiple outdoor and courtyard areas for recreation. The ground-floor retail and restaurant spaces feature multifamily outdoor dining and recreation areas that connect the public housing to the surround community. The project is the final phase of the multi-block development that was previously occupied by car dealerships. The area includes the Elevate, a 147-unit apartment community, and three four-story buildings of The Westgate Collection. CIM Group sold 1500 Granville to a joint venture between UCLA Housing and UCLA Medical, as a housing option for UCLA Medical’s house staff (medical residents, fellows and interns), medical graduate students and other graduate students.

March 23, 2021

Acquisitions Multifamily Nevada Western

Haley Real Estate Sells 350-Unit Sundance West Apartments in Reno to Priderock Capital Partners

by Amy Works March 23, 2021

RENO, NEV. — Haley Real Estate Group has completed the sale of Sundance West Apartments, a multifamily property located at off Moana Lane in Reno. Priderock Capital Partners acquired the asset for an undisclosed price. Built in 1974 on seven acres, Sundance West Apartments features 350 units, three swimming pools with sundecks, open greenbelts, two gazebo areas with barbecues and picnic areas, a fitness center and five laundry facilities. Kenneth Bloomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction. The acquisition was financed via a government agency loan.

March 23, 2021

California Development Loans Multifamily Western

CIM Group Arranges $89M Construction Loan for AMCAL’s Bayview Apartment Building in Northern California

by Amy Works March 23, 2021

EMERYVILLE, CALIF. — CIM Group has closed an $89 million construction loan for AMCAL’s development of Bayview, a seven-story multifamily property in Emeryville. Situated on 2.3 acres, Bayview will feature 186 units with studio, one-, two-, three-bedroom and townhome-style floor plans and 257 parking spaces. Community amenities will include a fitness center, co-working spaces, a clubhouse and an indoor/outdoor roof deck. Construction is slated to begin this month. Bryan Gortikov of Gortikov Capital arranged the financing.

March 23, 2021

Acquisitions Arizona Multifamily Western

Tower 16 Capital Partners, Drake Real Estate Buy La Mirada Apartments in Tucson

by Amy Works March 23, 2021

TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners, in partnership with Drake Real Estate Partners, has purchased La Mirada Apartments in Tucson. A private seller sold the asset for an undisclosed price in an off-market transaction. Located at 4415 E. Grant Road, La Mirada Apartments features 201 two- and three-bedroom apartments with a clubhouse and two swimming pools. Tower 16 Capital plans to implement a $4 million upgrade and renovation program to the property, which will include modernized unit upgrades, a new clubhouse, gym and updated pool areas. Additionally, the new owners will add outdoor amenities such as barbecues, seating and outdoor gaming areas.

March 23, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $18.5M Purchase of McClellan Court Apartments Near Sacramento

by Amy Works March 23, 2021

NORTH HIGHLANDS, CALIF. — Marcus & Millichap has brokered the acquisition of McClellan Court Apartments, a multifamily community located in North Highlands, a suburb of Sacramento. A private investor purchased the asset for $18.5 million, or $129,370 per unit. Eduardo Vergara and Louis Kwok of Marcus & Millichap represented the buyer in the deal. David Campbell, also of Marcus & Millichap, arranged $13.9 million in acquisition financing for the buyer. The 30-year loan was structured with a West Coast-based financial services company at a competitive interest rate and 75 percent loan-to-value ratio. Built in 1960 on five acres, the 84,681-square-foot property features 131 one-bedroom units, nine two-bedroom units and two three-bedroom units, as well as a 150-space parking lot.

March 23, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $10.2M Sale of Multifamily Asset in Chicago

by Kristin Harlow March 23, 2021

CHICAGO — Kiser Group has brokered the $10.2 million sale of Graceway Corners, a three-story multifamily development in Chicago’s Lakeview neighborhood. The property features 24 multifamily units and 13,600 square feet of commercial space. Originally built in 1927 as a hotel, it was later converted into a 117-unit boarding house. The seller, Keen Realty, purchased the development in the early 1980s and renovated it into its current configuration of loft-style flats and duplexes. Andrew Friedman, Jake Parker and Lee Kiser of Kiser represented both the seller and the undisclosed buyer.

March 23, 2021

Acquisitions Midwest Minnesota Multifamily

Colliers Negotiates $4.9M Sale of Transit-Oriented Development Site in Minnetonka

by Kristin Harlow March 23, 2021

MINNETONKA, MINN. — Colliers | Minneapolis-St. Paul has negotiated the sale of a 3.9-acre development site within Opus Park in Minnetonka for $4.9 million. The site presents a transit-oriented development opportunity, as it is adjacent to the Opus Light Rail Transit (LRT) station along the Southwest Light Rail Line. The buyer, Pittsburgh-based Linden Street Partners, plans to break ground on a 275-unit apartment complex later this year. Andy Heieie, Ted Bickel and Jeff Budish of Colliers represented the seller, Newport Partners.

March 23, 2021

Development Multifamily Texas

Hines, Ivanhoe Cambridge Top Out 47-Story Texas Tower in Downtown Houston

by Taylor Williams March 23, 2021

HOUSTON — A partnership between two developers, Houston-based Hines and Montreal-based Ivanhoe Cambridge, has topped out Texas Tower, a 47-story office building located in downtown Houston. Designed by Pelli Clarke Pelli, the 1 million-square-foot building is currently 40 percent preleased to tenants such as Hines and law firms Vinson & Elkins LLP and DLA Piper. Amenities will include a fitness center, conference center, tenant lounge, lobby coworking area and rooftop gardens. Completion is slated for the fourth quarter.

March 23, 2021

Development Multifamily Texas

Cortland Opens $74M Apartment Community in Downtown Dallas

by Taylor Williams March 23, 2021

DALLAS — Cortland, an Atlanta-based multifamily developer, has opened Cortland Farmers Market, a $74 million apartment community located at 1011 S. Harwood St. in downtown Dallas. Units come in one-, two- and three-bedroom floor plans. Amenities include on-demand fitness and wellness classes, a 24-hour fitness and yoga studio, private resident bar, resort-style rooftop pool and a dog park. Rents start at approximately $1,500 per month for a one-bedroom unit.

March 23, 2021

Newer Posts

Older Posts