REBusinessOnline

IPA Negotiates $37.2M Sale of Multifamily Complex in Central Phoenix

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Monterra Apartment Homes, a multifamily community in central Phoenix. Weidner Apartments Homes sold the property to an institutional investment manager for $37.2 million, or $144,186 per unit. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Built in 2001, Monterra Apartment Homes features 258

HFF Negotiates Sale of 438-Unit Apartment Community in Houston

HOUSTON — HFF has negotiated the sale of Winding Trails, a 438-unit multifamily community in southwest Houston. Developed in 1979, the property features one-, two- and three-bedroom units averaging 803 square feet per unit and amenities such as a pool and onsite laundry facilities. Joey Rippel, Chris Young and Bailey Crowell of HFF represented the seller, Miami-based One Real Estate Investment, in the transaction. Robert Wooten and Michael Johnson of HFF secured acquisition financing through …

Sterling Real Estate Buys 332-Unit Apartment Property in Metro Austin

CEDAR PARK, TEXAS — Sterling Real Estate Partners, a joint venture between Los Angeles-based Barker Pacific Group and Phoenix-based Pacific Real Estate Partners, has purchased Muir Lake Apartments, a 332-unit multifamily property in Cedar Park, a northwestern suburb of Austin. The Class A community was built in 2014 and is part of the 189-acre Lakeline Park master-planned community. Floor plans include studio, one- and two-bedroom units and amenities include a pool, fitness center, indoor …

Oxford Enterprises Acquires 224-Unit Multifamily Asset in Greater Houston

WALLER, TEXAS — Dallas-based investment firm Oxford Enterprises Inc. has acquired The Ranch at Waller, a newly built, 224-unit multifamily asset in Waller, a northwestern suburb of Houston. The property offers one-, two- and three-bedroom units and amenities such as a resort-style pool with a spa, fitness center, game room and an outdoor cooking area. Will Balthrope, Drew Kile, Jennifer Campbell and Michelle Kneeland of Institutional Property Advisors (IPA), a division of Marcus & …

Marcus & Millichap Arranges $12.2M Sale of Apartment Building in Chicago

CHICAGO — Marcus & Millichap has arranged the sale of a four-story apartment building in Chicago’s Rogers Park neighborhood for $12.2 million. Located at 1345 W. Estes Ave., the property includes 81 units with a mix of floor plans. The building was originally constructed in 1930. James Ziegler of Marcus & Millichap marketed the property on behalf of the private seller. Ziegler, along with Keith Zelenika, secured and represented the buyer, an out-of-state

NKF Multifamily: Student Housing Sector Outlook for 2019

To ring in the New Year, Student Housing Business — sister publication to REBusinessOnline — sat down with Ryan Lang, executive managing director and head of Newmark Knight Frank’s student housing division, to discuss his outlook for the year ahead. SHB: What challenges will your market face in 2019? Where are the opportunities within these challenges? Lang: It appears volatility on the capital markets side will continue to be closely monitored heading into 2019 and …

Strategic Opportunities Drive Record Investment in New Haven Apartments

A strengthening rental market is drawing more multifamily investors toward the New Haven metro area. Property fundamentals are rapidly improving, aided by greater renter demand and a lack of new supply pressure. Solid apartment performance, an array of multifamily assets well-positioned for upgrades and region-leading yields offer opportunities for investors, contributing to a record level of deal volume for the market in 2018. Apartment properties in New Haven have performed better over the …

Greystone Arranges Sale of Two-Property Seniors Housing Portfolio in Rhode Island

PROVIDENCE, R.I. — Greystone Real Estate Advisors has closed the sale of two seniors housing properties in Rhode Island: Chapel Hill in Cumberland and Smithfield Woods in Smithfield. The sales price was not disclosed. Both properties are located in the Providence metro area. Mike Garbers and Cody Tremper of Greystone Real Estate Advisors represented the seller in the transaction, a publicly traded REIT. The buyer was a partnership between GMF Capital, a New York-based private equity firm, and …

Barings Provides $10.9M Fannie Mae Refinance Loan for New Apartment Complex in Downtown Birmingham

BIRMINGHAM, ALA. — Barings Multifamily Capital has provided a $10.9 million Fannie Mae refinancing loan for Flats on 4th, an 86-unit mid-rise apartment complex in downtown Birmingham that was built in 2017. The 10-year term loan comes with a 30-year amortization schedule and three years of interest-only payments. The complex is 97.7 percent occupied. The borrower was not

NorthMarq Arranges $9.3M in Acquisition Financing for Apartment Complex in Athens, Georgia

ATHENS, GA. — NorthMarq Capital has arranged $9.3 million in acquisition financing for Arbor Ridge Apartments, a 212-unit multifamily community situated at 150 Chateau Terrace in Athens. Andrew Slaton and Griffin Whitlock of NorthMarq arranged the Freddie Mac, seven-year, floating-rate loan on behalf of the borrower, Asia Capital Real Estate (ACRE). Arbor Ridge Apartments was built in 1969 and renovated in 2008 by the undisclosed seller. ACRE plans to further renovate the common areas and …

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