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San Antonio Apartment Association Proposes Rental Assistance Program in Response to COVID-19

SAN ANTONIO — The San Antonio Apartment Association has proposed an emergency rental assistance program as a means of helping residents that are struggling to pay rent as a result of COVID-19. The organization is encouraging its members to forgive 25 percent of their outstanding rents and waive late fees for residents earning less than the area median income who can also show proof of

Marcus & Millichap Arranges Sale of Two Workforce Housing Communities in Metro Houston

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of two workforce housing communities totaling 227 units in the eastern Houston suburb of Pasadena. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer. The new ownership will implement a value-add

Greysteel Brokers Sale of 129-Unit Multifamily Portfolio in El Paso

EL PASO, TEXAS — Greysteel has brokered the sale of a two-property multifamily portfolio located at 525 and 670 N. Carolina Drive in El Paso. The properties were built in 1981 and feature two-bedroom units with an average size of 600 square feet. Jack Stone, Doug Banerjee and Andrew Hanson of Greysteel represented the seller and procured the buyer in the transaction. Fisher Wells and Daniel Harnett of Greysteel arranged acquisition financing for the buyer. Both parties requested

Jenkins Organization Acquires 74-Site RV Park in Austin

AUSTIN, TEXAS — The Jenkins Organization, a Houston-based self-storage development and management firm has acquired the 74-site Austin Oaks RV Resort. The company will rebrand the community and implement a capital improvements program to the RV sites, pool, clubhouse, dog park and other common areas. The seller was not

H.G. Fenton Buys Two Multifamily Assets Totaling 70 Units in Austin

AUSTIN, TEXAS — San Diego-based investment firm H.G. Fenton Co. has purchased Casa Del Sol and Saltillo, two multifamily communities totaling 70 units in Central Austin. Both properties feature a pool and outdoor grilling areas. Muskin Commercial LLC represented the California-based seller in the

New Orleans Redevelopment Fund Receives $45M Loan to Convert Hotel into Student Housing for Tulane Medical Students

NEW ORLEANS — The New Orleans Redevelopment Fund (NORF) has received a $45 million loan to convert the Warwick Hotel in downtown New Orleans into student housing for Tulane University medical students. The 12-story building will offer 154 units that are expected to be move-in ready by August 2021. The property is situated at 1315 Gravier St., adjacent to Tulane University Medical School. Tulane University has signed a long-term lease with NORF. The community will feature ground-level retail …

Bellwether Enterprise Provides $36.3M Refinancing Loan for Seniors Housing Community in Lexington, Kentucky

LEXINGTON, KY. — Bellwether Enterprise Real Estate Capital LLC has provided a $36.3 million permanent loan through Fannie Mae’s seniors housing program for the refinancing of Legacy Reserve at Fritz Farm. The community opened in Lexington in summer 2017, featuring 144 independent living, 33 assisted living and 15 memory care units. The borrower is owner-operator Atlas Senior Living. John Powell of Bellwether’s Chicago office originated the 12-year, fixed-rate loan on behalf of Atlas. The …

ABS Altman Warwick Arranges $29.7M Refinancing for Multifamily Portfolio in Upper Manhattan

NEW YORK CITY — ABS Altman Warwick, a New York City-based division of ABS Partners Real Estate, has arranged a $29.7 million refinancing for a three-building multifamily portfolio in Upper Manhattan. The 183-unit portfolio includes a 73-unit building in Washington Heights and two buildings totaling 110 units in Hamilton Heights. Freddie Mac provided the loan at a fixed interest rate of 3.47 percent for 10 years with four years of interest-only payments. John Leslie and Patrick Rhea of ABS …

Gebroe-Hammer Brokers $3.2M Sale of Multifamily Community in Plainfield, New Jersey

PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $3.2 million sale of Executive Arms Apartments, a 27-unit multifamily community in Plainfield, a southwestern suburb of New York City. Located at 309-315 W. 8th St., Executive Arms exclusively consists of 950-square-foot studios. Stephen Tragash of Gebroe-Hammer represented the seller, 315 West 8 LLC, in the transaction. Niko Nicolaou, also of Gebroe-Hammer, procured the buyer, a private unnamed

Real Asymmetry Receives $58.5M Refinancing for San Diego-Area Multifamily Portfolio

SAN DIEGO AND LA MESA, CALIF. — Real Asymmetry has received $58.5 million in refinancing for a recently renovated, five-property multifamily portfolio in San Diego and La Mesa. Zane Sweet of JLL Capital Markets arranged the 10-year, fixed-rate loan through Union Bank for the borrower. Loan proceeds were used to refinance existing bank debt. Totaling 328 workforce-oriented apartments, the portfolio includes Asana at North Park at 3710-3810 Wabash Ave., Pacific Cove at 4019 Oakcrest Drive …

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