Walker & Dunlop has structured $13,920,000 in financing for Willa Rawls Manor, an 11-story, 123-unit affordable housing community for seniors aged 62 and above.

The property was developed in 1979 and is 100 percent covered by a long-term Section 8 Housing Assistance Payments contract. Located in Chicago, the property provides much-needed viable housing for elderly residents in one of the nation's highest-cost metropolitan areas.Walker & Dunlop, led by Jeff Lawrence and Matt Baptiste, worked closely with repeat-client Stonebridge Global Partners to arrange the ten-year acquisition financing through Freddie Mac.

The team also effectively coordinated with the seller to ensure the loan closing aligned with the borrower's assumption of the property's housing assistance payment contract, which expires three years beyond the loan maturity date.

"We are delighted to add such a quality senior living apartment community in a thriving primary market into the Stonebridge portfolio," commented Eli Mizrahie, Managing Partner at Stonebridge Global Partners. "Our commitment to preserving affordable housing, coupled with our trusted partnerships with Walker & Dunlop and Freddie Mac, gave us the competitive advantage and seamless execution necessary to acquire a highly desirable asset like Willa Rawls Manor."

Lawrence and Baptiste arranged Stonebridge Global Partners' first transaction in 2013, and they have since completed almost 15 assignments for the affordable housing-focused client over the last five years.

"Our mission at Freddie Mac is to serve families across the nation who are struggling to find decent, safe, affordable housing," stated David Leopold, Freddie Mac Vice President, Targeted Affordable Sales & Investments. “We’ve provided the financing that preserves the affordability of 123 units of seniors housing for such a historically significant and vitally important part of the Chicago community."

Carter Multifamily has acquired Laurel Pointe Apartments for around $13 million.

Built in 1970, Laurel Pointe has 160 apartments located three miles southeast of downtown Jacksonville, Fla., which offer  access to the area's largest employers, including Baptist Health, Mayo Clinic, Bank of America, and UF Health Hospital. Jaxport, the Jacksonville Port Authority, generates more than 24,000 port-related jobs and is located seven miles from Laurel Pointe.

[caption id="attachment_8154" align="alignleft" width="150"] Cindy Pfeifer of Carter Multifamily[/caption]

"The property benefits from its close proximity to the downtown area, central business district, and is located less than one mile from another Carter Multifamily property, Peppertree Lane,” said Cindy Pfeifer, CEO of Carter Multifamily. “This allows the two properties to share resources, create operational efficiencies, and enhance on-site management, which residents should benefit from."

Carter Multifamily intends to make Laurel Pointe attractive to the area's large concentration of medical, retail, technology and marine science professionals. Renovations will include updates to interiors and common areas, including the pool, playground and recreational areas. There are also plans to add a fenced-in dog park, athletic field, internet café, and more outdoor gathering areas.

Greystar Real Estate Partners acquired the three-property, 845-unit Acacia portfolio located in the Phoenix metropolitan area.

The portfolio, which is concentrated in Phoenix’s affluent East Valley and comprises Chandler Court and River Ranch in Chandler, Ariz., and Vista Montana in Gilbert, Ariz., represents an opportunity for Greystar to acquire high-quality assets in rapidly growing, low-supply submarkets.

The Phoenix metropolitan has been strong economically, and will add over 60,000 new jobs this year, according to Greystar. The market benefits from a diversified employment base, having added roughly 150,000 jobs in finance, technology and health care, many of which are in the Chandler and Gilbert submarkets. Continued population growth resulting from the area’s booming economy and job market is expected to continue to drive demand for housing and increased rents.

“Phoenix continues to screen as a top performing market across the country in terms of fundamentals, and rising construction costs have made it difficult to add new supply in these highly desirable Chandler and Gilbert submarkets,” said Kevin Kaberna, executive director and leader of Greystar’s U.S. Investment platform. “We expect that our proven value-add strategy combined with robust job growth and limited supply will drive tremendous value.”

Originally built in the late 1980s, the Acacia portfolio largely features original interiors. Greystar’s value-add strategy will focus on extensive renovations to units, including hard-surface countertops, stainless steel appliances, new cabinet doors, and upgraded lighting, plumbing and hardware packages. The company also plans to upgrade the portfolio’s common areas and amenities, which include fitness centers, clubhouses, business centers, community gardens, and pools and spa areas.

As one of the nation’s largest apartment operator with 490,000 units under management, Greystar owns around 970 units in the Phoenix area and manages 24,560 more. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout the Phoenix area.