Multifamily

29th Street Capital Acquires Parq at Iliff Station Apartment Community Near Denver for $134M

by Amy Works June 4, 2021

AURORA, COLO. — 29th Street Capital (29SC) has purchased Parq at Iliff Station, a multifamily property located in Southeast Aurora, for $134 million. Located at 2602 S. Anaheim St., Parq features 424 apartments and was built in 2018. 29SC plans to implement an improvement plan, including new smart-home technology packages, upgrading interior finishes and adding additional amenities throughout the community. Haven Residential, 29SC’s in-house property management group, will operate the community. Brian Eisendrath and Cameron Chalfant of CBRE arranged a fixed-rate acquisition through a life company for the buyer. The name of the seller was not released.

June 4, 2021

Colorado Development Multifamily Western

Southern Land Co. Breaks Ground on 385-Unit Multifamily Component of Karl’s Farm Development in Northglenn, Colorado

by Amy Works June 4, 2021

NORTHGLENN, COLO. — Southern Land Co. has broken ground on a residential portion at the Karl’s Farm development in Northglenn. Located at 1801 E. 120th Ave., the $90 million project will feature a mix of townhome, studio, one-, two- and three-bedroom apartments. Situated on 13.8 acres, the 385 residences will be split between three-story townhomes and four-story, elevator-served apartment buildings. The units will feature a boutique, modern industrial style. Community amenities will include a pool, private outdoor spaces, dog spa, bike shop and shared workspaces. The 66-acre Karl’s Farm development will include apartments, single-family homes, commercial space, parks, open spaces and trails. The project team for the residential portion includes Denver-based KTGY Group, Southern Land Co.’s in-house construction division, Denver-based Kimley-Horn and Houston-based Integrity Structural Group.

June 4, 2021

Development Indiana Midwest Multifamily

Birge & Held Opens Five-Story Apartment Community in Indianapolis

by Kristin Harlow June 4, 2021

INDIANAPOLIS — Birge & Held has opened The E’Laan Apartments, a five-story apartment community located at 515 E. Market St. in downtown Indianapolis. The 71-unit property features studio, one- and two-bedroom floor plans. Amenities include a rooftop pool, lounge area, dog park and parking garage. Residents can now receive two months of free rent if they sign a 13-month lease prior to June 30. Monthly rents start at $1,276. Indianapolis-based Birge & Held, which served as the developer and contractor, has more than $1.6 billion in projects under management and has acquired over 14,000 units throughout the central United States.

June 4, 2021

California Loans Multifamily Western

BridgeCore Funds $2.1M Loan for Los Angeles Multifamily Property

by Amy Works June 4, 2021

LOS ANGELES — BridgeCore has provided a $2.1 million loan for a nine-unit apartment building located in Los Angeles’ Mar Vista neighborhood. The loan features a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The 18-month term, including one six-month extension option with interest and capital improvement reserves, provides the undisclosed borrower with time and capital to renovate and lease the three vacant units at market rate, retrofit the building and position the property for an eventual exit with conventional financing.

June 4, 2021

Loans Midwest Missouri Multifamily

KeyBank Provides $22.5M Loan for Refinancing of Multifamily Property Near Kansas City

by Kristin Harlow June 4, 2021

INDEPENDENCE, MO. — KeyBank Real Estate Capital (KBREC) has provided a $22.5 million Freddie Mac loan for the refinancing of Larkspur Pointe in Independence, about 10 miles east of Kansas City. Built in 1971 and renovated in 2015 and 2020, the 280-unit multifamily property consists of 12 buildings on 15 acres. Amenities at the garden-style complex include a fitness center, business center, pool, sauna, sundeck, clubhouse and playground. John Ward of KBREC’s Commercial Mortgage Group and Alan Isenstadt of KBREC’s Income Property Group originated the 10-year loan, which features a 30-year amortization schedule. Jeff Seidenfeld of Seven Stone arranged the financing. The undisclosed borrower invested about $1.2 million in renovating the property.

June 4, 2021

Loans Multifamily Texas

Dwight Capital Provides $34.3M Loan for Refinancing of Midland Apartment Complex

by Taylor Williams June 3, 2021

MIDLAND, TEXAS — New York City-based Dwight Capital has provided a $34.3 million HUD-insured loan for the refinancing of Blue Ridge Apartment Homes, a 290-unit multifamily complex in Midland. Built in 2011, the property consists of 15 residential buildings and 16 ancillary buildings on a 15.5-acre site. Amenities include a business center, fitness center and a resident clubhouse. Brandon Baksh of Dwight Capital originated the financing. The borrower was not disclosed.

June 3, 2021

Development Multifamily Texas

REEP Equity to Renovate 100-Unit Multifamily Property in San Antonio

by Taylor Williams June 3, 2021

SAN ANTONIO — Locally based owner-operator REEP Equity will renovate Oakdell Way Townhomes, a 100-unit multifamily community in San Antonio. Built in 1988, the property offers two- and three-bedroom units averaging 1,114 square feet. The capital improvement program will upgrade the units with stainless steel or black appliances, new faucets and countertops and fresh paint and flooring. Amenity spaces and common areas will also be upgraded. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL arranged financing for the renovations on behalf of REEP Equity.

June 3, 2021

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Arranges $63.3M Sale of The Fitzroy Chenal Apartments in Little Rock

by Julia Sanders June 3, 2021

LITTLE ROCK, ARK. — Cushman & Wakefield has arranged the sale of The Fitzroy Chenal, a 294-unit apartment community in Little Rock. The final price was $63.3 million or $215,306 per unit. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, Huffman & Co., in the transaction. Passco Cos. was the buyer of the property. Estage is in charge of management. Constructed in 2018, the Fitzroy Chenal is located at 15401 Chenal Parkway and was 98 percent occupied as of March. Community amenities include a courtyard with fire pits, dog grooming station, 24-hour health club, garages, late-night concierge service, golf simulator room, cybercafé with java bar, pet park, resort-style pool with spa and hot tub, and a wine/card lounge. Huffman & Co. is a Little Rock-based development, construction and management firm that specializes in multifamily. Based in Irvine, Calif., Passco Cos. is a development and management firm of multifamily and commercial properties throughout the United States.

June 3, 2021

Acquisitions Multifamily Seniors Housing Texas

SLIB Arranges $18M Sale of Active Adult Community in Granbury, Texas

by Taylor Williams June 3, 2021

GRANBURY, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Residence at Legacy Park, an active adult community in Granbury, approximately 35 miles southwest of Fort Worth. Built in 2018, the community features 81 units and is restricted to residents age 55 or older. A local owner-operator looking to exit the industry sold the asset to a national group headquartered in Utah for $18 million. Matthew Alley and Bradley Clousing of SLIB handled the transaction.

June 3, 2021

Development Multifamily Single-Family Rental Texas

Taylor Morrison Home Corp. to Develop 140-Unit SFR Community in Metro Dallas

by Taylor Williams June 3, 2021

GRAND PRAIRIE, TEXAS — Taylor Morrison Home Corp. (NYSE: TMHC) will develop Christopher Todd Communities at Dechman, a 140-unit single-family rental (SFR) community in the central metroplex city of Grand Prairie. The property will be situated on 15.9 acres and will offer one- and two-bedroom residences that will range in size from approximately 750 to 1,050 square feet. Communal amenities will include a pool, fitness center and a dog park. Christopher Todd Communities is providing design and management services for the project. Construction is set to begin in the coming weeks.

June 3, 2021

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