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Walker & Dunlop Provides $105M Acquisition Loan for Affordable Housing Community in Metro D.C.

by John Nelson July 28, 2022

LANDOVER HILLS, MD. — Walker & Dunlop has provided a $105 million acquisition loan for The Verona at Landover Hills, a 727-unit multifamily community located in the Washington, D.C., suburb of Landover Hills in Prince George’s County. Walker & Dunlop’s John Gilmore and his team structured the acquisition financing through Fannie Mae’s Multifamily Affordable Housing platform on behalf of the buyer, a joint venture between Dantes Community Partners and the Urban Investment Group (UIG) within Goldman Sachs Asset Management. Built in 1966, The Verona previously operated as a traditional market-rate community but Dantes and UIG entered into an agreement with Prince George’s County Department of Housing & Community Development at closing where new affordability restrictions were placed on the asset. The 30-acre property consists of 25 four-story apartment buildings with 91 separately addressed entryways. Units feature new stainless steel appliances and upgraded cabinetry and countertops.

July 28, 2022

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $73.7M Sale of Apartment Community in Maple Grove, Minnesota

by Kristin Harlow July 27, 2022

MAPLE GROVE, MINN. — JLL has arranged the $73.7 million sale of Rush Creek Apartments, a 246-unit multifamily community located at 7148 Brockton Lane in the Twin Cities suburb of Maple Grove. Constructed in 2021, Rush Creek offers studio, one-, two- and three-bedroom units with an average size of 988 square feet. Individual units feature granite countertops, stainless-steel appliances, energy-efficient appliances, in-unit washers and dryers, walk-in closets and a patio or balcony. Community amenities include a fitness center, business center, clubhouse, swimming pool with a sundeck, heated underground parking and an outdoor patio. JLL marketed the property on behalf of the seller, a partnership between St. Cloud, Minn.-based Trident Development and West Palm Beach, Fla.-based North American Development Group. JLL also provided a $47.9 million Fannie Mae loan for the acquisition. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller. Brock Yaffe led the JLL team representing the borrower.

July 27, 2022

Acquisitions Colorado Multifamily Western

Security Properties Acquires Summit Riverside Apartments in Littleton, Colorado for $78.5M

by Amy Works July 27, 2022

LITTLETON, COLO. — Security Properties and Tokyu Land US Corp. have jointly purchased the Summit Riverside multifamily community in Littleton for $78.5 million. The seller was not disclosed. Summit Riverside is located on the South Platte River, comprising 21 residential buildings and 248 studio, one- and two-bedroom units with an average unit size of 777 square feet. Security Properties now owns five properties in Colorado. The residential complex is Tokyu’s first investment in the Denver metropolitan area. Security Properties Residential will manage the property.

July 27, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of Two Adjoining Multifamily Properties Totaling 524 Units in Irving

by Taylor Williams July 26, 2022

IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of two adjoining multifamily properties in Irving totaling 524 units. Built in 1972and 1974, respectively, Rustic Ridge and Asher Park offer amenities such as a pools with a picnic areas, pergolas and dog parks, as well as package handling centers. IPA’s Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, Asher Hall and Will Balthrope represented the undisclosed, Texas-based seller in the transaction. The team also procured the buyer, Touro Co. Brian Eisendrath and Cameron Chalfant, also with IPA, arranged an undisclosed amount of acquisition financing for the deal.

July 26, 2022

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 400-Unit Westchase Forest Apartments in Houston

by Taylor Williams July 26, 2022

HOUSTON — Berkadia has brokered the sale of Westchase Forest, a 400-unit apartment community located at 11355 Richmond Ave. in Houston. Westchase Forest offers one-, two- and three-bedroom apartments ranging in size from 570 to 1,242 square feet. Units feature stainless steel appliances, breakfast bars, private patios and in-unit washer and dryers. Communal amenities include a business center, clubhouse, internet café, media room, picnic area with a barbecue pavilion, two pools and a fitness center. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Southern California-based investment firm Nimes Real Estate, in the deal. The buyer was not disclosed.

July 26, 2022

Acquisitions Multifamily New Jersey Northeast

Claremont Development Sells Northern New Jersey Apartment Community for $130M

by Taylor Williams July 26, 2022

PARK RIDGE, N.J. — Locally based firm Claremont Development has sold The James, a 240-unit apartment community located at 87 Madison Ave. in the Northern New Jersey community of Park Ridge. The sales price was $130 million. Named after area native and actor James Gandolfini, the five-story property offers studio, one- and two-bedroom units, including 20 residences that are reserved as affordable housing. The James also includes 17,600 square feet of retail space and amenities such as a pool, fitness center, coffee bar, coworking spaces and multiple entertainment lounges. Brian Whitmer, Niko Nicolaou and Ryan Dowd of Cushman & Wakefield represented Claremont Development in the transaction. The buyer was not disclosed.

July 26, 2022

Acquisitions Indiana Midwest Office

M & J Wilkow Purchases 350,000 SF Office Campus in Fishers, Indiana

by Kristin Harlow July 26, 2022

FISHERS, IND. — In a joint venture with a fund managed by DRA Advisors LLC, M & J Wilkow has purchased a 350,000-square-foot office campus in the Indianapolis suburb of Fishers. Known as 11100 USA Parkway, the property is situated near The Yard at Fishers District, a new mixed-use development. The nearly 40-acre office campus, developed in 1990 and 1995, features a cafeteria, auditorium, fitness center and conference space. Tenants include Navient Solutions, First Data Resource and Pendrick Capital Partners. John Robinson, Abby Zito and Kevin Gillihan of JLL represented the seller, Navient, which will remain a tenant in the building. JLL will also oversee leasing efforts on behalf of new ownership.

July 26, 2022

Acquisitions Arizona Loans Multifamily Western

Mesa West Capital Provides $108M Acquisition Loan for Skywater at Town Lake Apartments in Tempe, Arizona

by Amy Works July 26, 2022

TEMPE, ARIZ. — Mesa West Capital has provided KB Investment & Development Co. with $108 million in first mortgage debt for its acquisition of an apartment community in Tempe. The five-year, floating-rate loan is for Skywater at Town Lake, located at 601 W. Rio Salado Parkway. Built in 2015, the five-acre property offers 328 apartments in a mix of studio, one-, two- and three-bedroom floor plans spread across five four-story, elevator-served buildings. Community amenities include a sundeck; swimming pool; top-floor resident clubhouse with a full kitchen, pool tables and wrap-around balcony; outdoor kitchen and entertainment space with firepits and games; two-story fitness center with a yoga studio and Peloton bikes; electric vehicle charging stations; bike/paddle board/kayak storage room; underground parking structure; and onsite coffee shop. At the time of closing, the property was 96.6 percent leased. Rocco Mandala of CBRE arranged the financing.

July 26, 2022

Acquisitions Nevada Office Western

Dornin Investment Group Sells Marnell Corporate Center 3 Office Building in Las Vegas for $23.2M

by Amy Works July 25, 2022

LAS VEGAS — Dornin Investment Group has completed the sale of Marnell Corporate Center 3 (MCC3), a three-story, Class A office building in Las Vegas. A private investor acquired the asset for $23.2 million, or $325 per square foot. Located at 6725 Via Austi Parkway, MCC3 features 71,378 square feet of multi-tenant office space. The seller originally purchased the building in early 2014 for $222 per square foot as part of a portfolio that consisted of three multi-tenant office buildings totaling 176,960 square feet, all located within the master-planned Marnell Corporate Center. This is the third and final disposition of the portfolio. Marlene Fujita Winkel, Charles Moore and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal. Charles Van Geel, also of Cushman & Wakefield, provided leasing advisory for the property.

July 25, 2022

Acquisitions Georgia Multifamily Southeast

RangeWater, Artemis Sell Monroe Apartments in Atlanta for $91M

by John Nelson July 25, 2022

ATLANTA — RangeWater Real Estate and Artemis Real Estate Partners have sold The Monroe, a 217-unit apartment community located at 222 Colonial Homes Drive NW in Atlanta’s Brookwood neighborhood. ParkProperty Capital purchased the property, which was delivered in 2015, for $91 million. Robert Stickel and Alex Brown of Cushman & Wakefield represented the sellers in the transaction. Situated along the Atlanta BeltLine and overlooking the Bobby Jones Golf Course, The Monroe features studio, one-, two- and three-bedroom floor plans. Amenities include complimentary package receiving services, controlled access garage parking, an athletic club, saltwater pool, rooftop lounge with skyline views and a clubhouse equipped with a kitchen and coffee bar.

July 25, 2022

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