Multifamily Deals Span California, Carolinas and Beyond
Photo: Sunsweet Apartments, Courtesy of Northmarq
Multifamily transactions continued to move across a range of markets, from a $45 million sale in Morgan Hill, California, to construction financing for a 24-unit condominium project in Arcadia.
The latest deals also include apartment sales in Nebraska and South Carolina, refinancings in Colorado and North Carolina, and financing for an office-to-residential conversion in Boston.
Sales
- Sunsweet Morgan Hill Development sold the Sunsweet Apartments at 90 E. 3rd St. in Morgan Hill, CA. Northmarq represented the seller in the $45 million transaction. The property is situated on a 1.88-acre site and was built in 2020.
- South Dakota private investors closed on the $15.3 million sale of the 143-unit, Class B Dakota Pointe at 208 E. 39th St in South Sioux City, NE. Greysteel represented the seller.
- Wakefield Residential sold the Lorrel, a 270-unit, garden-style property in Little River, SC to ANiMAL Group. The Lorrel, completed in 2023, is at 3465 Sandler Blvd. JLL represented the seller in the transaction. The price was undisclosed.
Finance
- Griffis Residential secured an $86.05 million, five-year agency loan for Griffis Union Station, a 400-unit, Class A multifamily property in Denver, Co. Griffis Union Station is on 4.95 acres at 2905 Inca St. JLL arranged the financing.
- Signature Property Group received a $64 million Freddie Mac loan to refinance the 360-unit Elevate Rocky River at 3702 Signature Lane in Monroe, NC. Regions Bank arranged the 10-year fixed-rate, 35-year amortization, 70% LTV financing. The loan replaces a previous construction loan geared toward post stabilization.
- Dinosaur Capital Partners and Mugar Enterprises obtained $44 million in construction financing for the office-to-residential conversion of The Residences at 31 Milk in Boston, MA. JLL represented the borrower in securing the three-year, senior construction loan from The Davis Companies.
- Northmarq arranged a $14.8 million construction loan for a 24-unit condominium development in Arcadia, CA. The financing was issued at an 85% loan-to-cost. The project is planned for completion in 2027.
Other Features
3.8% HUD Loan Assumption Attracts 10+ Bidders for $26.6 Million Modesto Apartment Sale
A Southern California family office made its first Modesto multifamily acquisition by purchasing the 100-unit Marc at 1600 for $26.6 million through a 1031 exchange. The buyer was one of more than 10 bidders for the property, which was marketed by The Mogharebi Group (TMG) of Costa Mesa, CA, on behalf of seller Tesseract...
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Partial Office-to-Residential Conversions and Financing: The Case for a Floor-by-Floor Approach
Above photo: 100 Wall Street, VTS Marketplace Office-to-residential conversions might bring to mind occupier relocations, gutted interiors and retrofitted systems. Then, there are the partial office-to-residential conversions, in which some space is allocated to office occupiers, while upper floors are converted into for-rent units. “We are seeing partial conversions become an increasingly relevant option for...
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Why Bonaventure Waited Four Years to Break Ground on the 344-Unit Attain at Swift Creek
In an environment where multifamily developers scramble to make projects work economically, Bonaventure took a different approach with Attain at Swift Creek in Chester, VA, a southern suburb of Richmond. It waited. The 58-acre site was under contract for four years while the developer worked through entitlements, changing construction costs and interest rates, and a...
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout