Multifamily

Summit Breaks Ground on BlueStone Flats Luxury Apartments in Duluth, Minn.

by Danielle Everson April 27, 2015

DULUTH, MINN. — Summit Management has begun construction on BlueStone Flats, a 142-unit high-end luxury apartment community in the BlueStone Commons residential and commercial development in Duluth. The new building will include studio, one- and two-bedroom floor plans. Units will feature balconies, six-foot windows, granite countertops, custom wood cabinets, stainless steel appliances and plank flooring pendant lighting. Amenities at the property will include an indoor, year-round swimming pool, whirlpool, sauna and a fitness center. Doran Construction, a Bloomington, Minn.-based general contracting company, will also build Bluestone Flats. An official groundbreaking ceremony for BlueStone Flats will take place in May.

April 27, 2015

Loans Midwest Minnesota Multifamily

Dougherty Funding Arranges $10.3M Loan for Apartment Project in Minneapolis

by Danielle Everson April 24, 2015

MINNEAPOLIS — Dougherty Funding has arranged a $10.3 million construction loan for a new six-story, 45-unit apartment project in Minneapolis. The site for the project is located at Lagoon Avenue and Irving Avenue in the Uptown neighborhood. Dougherty Funding arranged financing for the borrower, Laguna Property Investors LLC. CPM Development will begin construction on the project in May. Construction is expected to take 12 months. Dougherty Funding LLC serves as lead lender and servicer for the loan.

April 24, 2015

NorthStar Healthcare Income to Acquire 15 Seniors Facilities for $640M

by Nellie Day April 24, 2015

GREENWOOD VILLAGE, CONN. – NorthStar Healthcare Income has agreed to acquire 15 continuing care retirement communities (CCRCs) throughout 11 states for $640 million. The assets, which include nine rental CCRCs and six entrance-fee CCRCs for a total of 3,637 units, were purchased from subsidiaries of Fountains Senior Living Holdings. The deal is expected to close in early June. NorthStar then intends to sign a master net lease with affiliates of the Freshwater Group for the entrance-fee properties. The rental properties will be purchased by a joint venture between one of NorthStar’s subsidiaries and affiliates of Freshwater. The rental properties will be held under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, also known as a (TRS) Taxable REIT Subsidiary structure. NorthStar will manage and control the joint venture’s business and affairs, but will obtain Freshwater’s consent on certain major decisions. The acquisition will be financed with seven-year debt at a fixed rate of 3.9 percent. National seniors living operator Watermark Retirement Communities will continue to manage the day-to-day operations of the portfolio. Watermark is an affiliate of Freshwater. Greenwood, Conn.-based NorthStar is a public, non-traded REIT that originates, acquires, and manages asset equity and debt investments in healthcare real …

April 24, 2015

Michigan Midwest Multifamily Student Housing

Rockford Construction to Build $35M Fulton Place at Grand Valley State University

by Danielle Everson April 23, 2015

GRAND RAPIDS, MICH. — Rockford Construction will break ground on the $35 million Fulton Place residential development in Grand Rapids on the western edge of Grand Valley State University’s Pew campus. The project will include three buildings and is set for completion by the 2016-2017 school year. Fulton Place will also include approximately 10,000 square feet of retail space on the ground level, as well as on-site residential parking in a two-story garage and street-level parking. The first building will be 13,000 square feet with seven three-story townhomes, each with four bedrooms, ranging from 1,400-2,000 square feet. The second building will be 5,500 square feet, three stories and house three apartments, each with three bedrooms. The third building will be 125,000 square feet, five stories and have 102 apartments that are a mix of loft and one-, two- and four-bedroom units.

April 23, 2015

Midwest Multifamily Ohio

M&M Arranges $3.3M Sale of Apartment Property in Grove City, Ohio

by Danielle Everson April 23, 2015

GROVE CITY, OHIO — Marcus & Millichap has arranged the $3.3 million sale of Williamsburg Place, an 82-unit apartment, townhome community in Grove City, a southwest suburb of Columbus.The community includes one-bedroom garden and two-bedroom townhome units, as well as 36 detached garages. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshall, of Marcus & Millichap’s Columbus office, along with the Marcus & Millichap Tax Credit Group out of the firm’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a Seattle limited partnership.

April 23, 2015

Illinois Loans Midwest Multifamily

Oak Grove Capital Arranges $27.9M Construction Loan in Chicago

by Danielle Everson April 21, 2015

CHICAGO — Oak Grove Capital has arranged $27.9 million in construction financing for a 120-unit, mid-rise luxury apartment building in Chicago. The site for the market-rate apartments is located at 2211 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood. Principal Real Estate Investors provided the financing for the borrower, New York City-based Property Markets Group (PMG). Ryan Cahalan of Oak Grove Capital arranged the loan for the borrower.

April 21, 2015

Loans Midwest Multifamily Wisconsin

Hunt Mortgage Group Refinances Multifamily Property in Platteville, Wis.

by Danielle Everson April 17, 2015

PLATTEVILLE, WIS. — Hunt Mortgage Group has arranged a $3.4 million Fannie Mae loan facility to refinance Prairie View Apartments, a 56-unit multifamily property in Platteville. The property is located at 1300, 1350, 1365 and 1435 Cody Parkway. Prairie View Apartments includes efficiency, one-, two- and three-bedroom units. The 12-year loan includes a 30-year amortization schedule. Hunt Mortgage Group arranged the loan for the borrower, a Wisconsin-based limited liability company that was formed in April 2008 and is backed by Robert Cody. Cody owns R. Cody Real Estate Development, a full service real estate development company.

April 17, 2015

Market Reports Multifamily Texas Texas Market Reports

San Antonio Growing Outward, Northward Thanks to Strong Demand

by Haisten Willis April 17, 2015

San Antonio remains a strong growth market. While not receiving as much national attention as its sister metro areas of Dallas/Fort Worth, Austin and Houston, the San Antonio area gained over 25,000 new jobs last year. The growth is concentrated in tourism, conferences, military and business support services. San Antonio’s growth is expected to remain strong over the next two years and should continue to drive demand for housing throughout the metro area. Local unemployment remains low at 3.8 percent, almost two points below the national average of 5.6 percent. Unemployment is forecasted to remain well below 5 percent over the next five years, according to Moody’s Analytics. However, with per-capita income at $42,000, about 10 percent below the national average, and with lower paying service jobs, San Antonio remains an affordable market for most real estate — particularly residential, which consumes the most land. At Stratford Land we invest in and lend on land for development across the faster growing metropolitan areas in the Sunbelt from the Carolinas to Southern California. Therefore, we either have the opportunity, or burden, of staying abreast of the fundamentals driving demand in all product types — residential and commercial. In looking to invest, …

April 17, 2015

Illinois Midwest Multifamily

M&M Brokers $4.5M Sale of 72-Unit Apartment Building in Chicago Ridge, Ill.

by Danielle Everson April 16, 2015

CHICAGO RIDGE, ILL. — Marcus & Millichap has brokered the $4.5 million sale of Ridge Terrace Apartments, a 72-unit apartment property in Chicago Ridge. Ridge Terrace Apartments is located at 7030-40 West 100th and 9940 Nottingham. The three buildings include one-bedroom and two-bedroom units ranging in sze from 715 to 860 square feet. Each building features storage spaces, off-street parking and on-site laundry facilities. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company and the buyer, a private investor.

April 16, 2015

Midwest Minnesota Multifamily

M&M Brokers the $4.1M Sale of Phalen Shores Apartment Property

by Danielle Everson April 14, 2015

SAINT PAUL, MINN. — Marcus & Millichap has brokered the $4.1 million sale of Phalen Shores, a 53-unit apartment property located in Saint Paul. Phalen Shores is located at 985 East Ivy Ave. The 53-unit building includes 24 one-bedroom units, 29 two-bedroom units and was 97 percent occupied at the time of sale. Dan Linnell, Mox Gunderson and Annie Arneberg of Marcus & Millichap’s Minneapolis office listed the property on behalf of the seller, a partnership. Linnell and Gunderson also represented the buyer, a private investor.

April 14, 2015

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