REBusinessOnline

CBRE Negotiates Sale of 464-Bed Student Housing Property in Austin

AUSTIN, TEXAS — CBRE has negotiated the sale of Aspen Heights West Campus, a 464-bed student housing property located three blocks from the University of Texas at Austin. The 17-story, 166-unit community features a pool, fitness center, private study areas, lounges and community kitchens. A joint venture between The Preiss Co. and TH Real Estate purchased the asset from Austin-based Aspen Heights Partners, which developed the property, for an undisclosed price. Jaclyn Fitts, William …

LMI Capital Arranges Two Multifamily Loans Totaling $49M in Houston

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two multifamily loans totaling $49 million in Houston. In the first transaction, Brandon Brown of LMI Capital arranged a $26 million acquisition loan for a 460-unit asset in the Briar Forest/Westchase area. The loan features a 4.82 percent fixed interest rate and seven years of interest-only payments. In the second deal, Jamie Mullin of LMI Capital arranged a $23 million loan for the refinancing a 360-unit …

Greysteel Negotiates Sale of 154-Unit Apartment Property in Irving

IRVING, TEXAS — Greysteel has negotiated the sale of Rock Island, a 154-unit apartment property in Irving. Floor plans at the property, which was built in 1973, include one-, two- and three-bedroom units. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone of Greysteel represented the seller in the transaction. Other terms of sale were not

Kasten Long Commercial Negotiates $49M Sale of Apartment Community in Mesa, Arizona

MESA, ARIZ. — Kasten Long Commercial Group has arranged the sale of Siena Apartments, a multifamily property located at 4520 E. Baseline Road in Mesa. An undisclosed buyer acquired the 291,000-square-foot property for $49 million, or $139,205 per unit. Built in 1986, the 352-unit property features 160 one-bedroom/one-bath units, 168 two-bedroom/one-bath and 24 three-bedroom/two-bath units, with an average square footage of 827. Linda Fritz-Salazar and Scott Trevey of Kasten Long …

Hunt Capital Partners, UHC Close $39M in Financing for Affordable Housing Development in Hawaii

KIHEI, HAWAII — Hunt Capital Partners, in partnership with Urban Housing Communities (UHC), has closed $26 million in federal low-income housing tax credit (LIHTC) equity and $12.9 million in Hawaii state tax credit equity financing for the construction of Kaiwahine Village in Kihei. This is the fourth partnership in Hawaii for Hunt Capital Partners and UHC. Located on the island of Maui, Kaiwahine Village will feature 118 affordable housing units for families earning up to 30, 40 and 60 …

Alliance Residential Opens 251-Unit Apartment Community in Atlanta’s West Midtown District

ATLANTA — Phoenix-based Alliance Residential Co. has opened Broadstone Yards, a 251-unit apartment community located at 1084 Howell Mill Road N.W. in Atlanta’s West Midtown district. The community includes a mix of studio, one- and two-bedroom units with stainless steel appliances, gas-powered stoves, French-door refrigerators and built-in wine coolers in select units. Community amenities include coworking space; a conference room with video capability; fitness center with a Peloton bike, …

Propper Construction Services Completes $29M Apartment Project in St. Louis

ST. LOUIS — Developer Propper Construction Services has completed the 1400 Russell Apartments in the Soulard neighborhood of St. Louis. The 130-unit apartment property is located on the site of a former warehouse. Amenities include a rooftop pool, lounge, courtyard, fitness center, business center and concierge services. Monthly rents range from $965 to $3,070. More than 40 percent of the units are leased. Trivers Associates Architects designed the property and Paric Corp. was the general …

Essex Brokers $3M Sale of Apartment Building in Chicago

CHICAGO — Essex Realty Group has brokered the sale of a 32-unit apartment building in Chicago’s West Ridge neighborhood for $3 million. The property, located at 2349 W. Devon Ave., also features 8,097 square feet of street-level commercial space that is fully leased. Abe Eilian and Doug Fisher of Essex represented the seller, while Brian Kochendorfer, Brian Karmowski and Troy Beebe represented the

Value-Add Opens Doors For Multifamily Buyers

Capital sources of all types see opportunity in the apartment sectors of core Texas markets, which regularly lead the nation in employment and population gains. With so many investors trying to park money in this space, sales prices have risen, cap rates for multifamily properties in major markets have compressed and lenders are competing among themselves to finance acquisitions. When lenders compete, borrowers win. For multifamily lending in sizable markets, value-add borrowers are seeing …

Greystone Secures $14.1M in Fannie Mae Refinancing for Apartment Community in Connecticut

WINDSOR LOCKS, CONN. — Greystone has secured a $14.1 million Fannie Mae DUS loan to refinance Bradley Court, a garden-style apartment community in Windsor Locks. The 146-unit community was built in the 1960s and is spread over 14 acres. Avrom Forman of Greystone’s New York office originated the loan. The 12-year Fannie Mae financing includes six years of interest-only payments and a 30-year amortization at 75 percent

Content Partners