Multifamily

Waypoint Residential Acquires Land for $240M in Multifamily Projects in Florida, Texas

by Kristin Harlow May 26, 2021

FLORIDA AND TEXAS — Waypoint Residential LLC, through several subsidiaries, has acquired land for the development of five multifamily projects in Florida and Texas. All told, the Class A, garden-style developments will comprise more than 1,350 units with a total capitalization surpassing $240 million. Four of the projects will be located in Florida, within the markets of Gainesville, Orlando, Stuart and Palm Bay. The Texas project will be located in suburban San Antonio. In Gainesville, Waypoint plans to build a 235-unit property on SW 20th Avenue. The community will be near several retail and entertainment options and seven miles from the University of Florida. Waypoint is planning a 312-unit community along Lake Wilson, about 25 miles south of downtown Orlando. The project will offer convenient access to Interstate 4, Highway 27 and Ronald Regan Parkway. The Stuart project, located directly off US-1, will feature 270 units. Stuart is located on the Atlantic Coast approximately midway between Miami and Orlando. The Palm Bay project will comprise 252 units. Palm Bay is situated within Florida’s “Space Coast” and near employers such as L3 Harris, Northrop Grumman, Lockheed Martin and Health First. The Texas development will be located in Boerne, about 30 miles …

May 26, 2021

Acquisitions Arizona Loans Multifamily Western

Walton Street Capital Provides $71.6M Acquisition Loan for Multifamily Community in Phoenix

by Amy Works May 25, 2021

PHOENIX — An affiliate of Walton Street Capital has originated a $71.6 million loan to Knightvest Capital for the purchase of Portrait at Hance Park, an apartment community located at 1313 N. Second St. in downtown Phoenix. Terms of the acquisition were not released. Built in 2019, the mid-rise property features 340 apartments averaging 863 square feet with nine- to 10-foot ceilings; quartz counter and vanity tops; designer backsplashes; brushed nickel fixtures; in-unit washers/dryers; tile plank flooring in the kitchen and bathrooms; and stainless steel appliances. Community amenities include two swimming pools with spas; fireplaces; private seating areas; a second-floor, open-air terrace and game room; an aqua lounge with a gourmet demonstration kitchen; a TKO fitness center’ business center; resident lounge; and landscaped courtyard with outdoor grills.

May 25, 2021

Acquisitions Multifamily Nevada Western

Camino Verde Group Acquires Sherwood Palms Apartment Property in Las Vegas

by Amy Works May 25, 2021

LAS VEGAS — Camino Verde Group has purchased Sherwood Palms, a multifamily property located at 2635-2655 Sherwood St. within the Convention Center District of Las Vegas. Built in 1963, the 24-unit property features two levels of two- and three-bedroom floor plans. The community offers an enclosed outdoor courtyard, community laundry facility and updated apartment spaces with high-speed internet access. Camino Verde Group plans to renovate the units with new appliances, countertops and floor coverings along with other fixtures and finishings.

May 25, 2021

Loans Multifamily Texas

Berkadia Arranges $33.9M Bridge Loan for Timberhill Commons Apartments in San Antonio

by Taylor Williams May 25, 2021

SAN ANTONIO — Berkadia has arranged a $33.9 million bridge loan for Timberhill Commons, a 340-unit apartment community in northwest San Antonio. Built in 2020, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and a clubhouse. Charles Foschini of Berkadia arranged the financing through KeyBank Real Estate Capital on behalf of the borrower, an entity doing business as Timberhill Commons Ltd. The loan, proceeds of which will be used to repay construction debt, carried a three-year term, floating interest rate and a 70 percent loan-to-value ratio.

May 25, 2021

Loans Multifamily Texas

Dwight Capital Provides $26.7M HUD Loan for Refinancing of Central Texas Multifamily Asset

by Taylor Williams May 25, 2021

SAN MARCOS, TEXAS — New York City-based Dwight Capital has provided a $26.7 million HUD loan for the refinancing of Sadler House, a 240-unit multifamily asset in San Marcos, located roughly midway between Austin and San Antonio. The property was built between 2016 and 2018 and consists of seven residential buildings, seven garages and a leasing center/clubhouse. Amenities include a pool, fitness center, dog park and an outdoor courtyard and entertainment pavilion. Josh Hoffman and Alex Shoenfeld of Dwight Capital originated the financing on behalf of the undisclosed borrower.

May 25, 2021

Acquisitions Multifamily North Carolina Southeast

Capstone Brokers $29.1M Sale of Scarlet Point Apartments in West Charlotte

by Julia Sanders May 25, 2021

CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $29.1 million sale of Scarlet Point, a 274-unit apartment community in Charlotte. The approximately 24-acre site is situated on Springmont Lane in west Charlotte, approximately five miles from the Uptown district. Scarlet Point was built in 1974 and was approximately 85 percent occupied at the time of sale. Originally two separate adjacent communities, the property features two swimming pools, two laundry facilities and a dog park. Scarlet Point’s unit mix includes one- and two-bedroom flat- and townhome-style floorplans. Ron Corrao of Capstone represented the seller, TG Real Estate, in the transaction. The buyer, Lucern Capital Partners, plans to continue TG’s renovation program and invest several million dollars into interior upgrades and necessary capital improvements. Select apartment homes were recently upgraded with wood-style vinyl flooring, shaker cabinetry and stainless steel appliances.

May 25, 2021

Acquisitions Florida Multifamily Southeast

American Commercial Realty Acquires 152-Unit Hampton Forest Apartments in Gainesville, Florida

by Julia Sanders May 25, 2021

GAINESVILLE, FLA. — American Commercial Realty (ACR) has acquired Hampton Forest Apartments, a 152-unit multifamily community in Gainesville. The seller, an entity doing business as Fox Hollow Apartments LLC, sold the property for an undisclosed price. JLL arranged the sale, as well as $14 million in acquisition financing for the buyer. Hampton Forest Apartments has one- and two- bedroom floorplans, with most having private balconies or patios. The community includes 19 two-story concrete block buildings with a leasing office and resident services building, as well as a swimming pool on a nearly 10-acre site. The property was 96 percent occupied at the time of sale. ACR is planning to make a series of improvements at Hampton Forest, including new quartz countertops and cabinets in the kitchens, the addition of modern plank flooring and contemporary fixtures and washers and dryers in many of the units. There will also be new grilling and dining stations, as well as enhancements to the pool area and upgrades to the landscaping. Park Partners, a Boca Raton, Fla.-based renovation management company, is in charge of doing the upgrades to Hampton Forest. Atrium Management will manage the property. Located at 7301 W. University Ave., Hampton Forest is …

May 25, 2021

Development Indiana Midwest Multifamily

Bolt + Tie Apartment Community Opens in Clarksville, Indiana

by Kristin Harlow May 25, 2021

CLARKSVILLE, IND. — A new apartment community known as Bolt + Tie has opened in Clarksville, just north of Louisville. Leasing is currently underway. Located in Water Town Square on Main Street, Bolt + Tie rises four stories with 96 units. The project also includes office suites, retail space and a restaurant on the first floor. Apartment residents have access to amenities such as a clubhouse, rooftop deck, indoor bike storage, coworking space and conference rooms. Monthly rents start at $999. Cornerstone Group was the developer. The name Bolt + Tie pays homage to the history of the area, according to Cornerstone. The land that Bolt + Tie and Water Tower Square occupy was originally a rail car yard. The bolt and tie was what connected the rail cars together.

May 25, 2021

Affordable Housing Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of $7M Affordable Housing Townhome Project in Minnesota

by Kristin Harlow May 25, 2021

BEMIDJI, MINN. — Kraus-Anderson has completed construction of Conifer Villas, a $7 million affordable housing project in central Minnesota’s Bemidji. The townhome community features 32 units for residents who have been homeless or need special support. The four-building project includes a community meeting space. Headwaters Housing Development Corp. was the developer and Lucachick Architecture was the architect.

May 25, 2021

Development Hospitality Multifamily New York Northeast

Fleet Financial Group Receives Approval for 350,178 SF Queens Hotel, Multifamily Project

by Taylor Williams May 25, 2021

NEW YORK CITY — Fleet Financial Group has received approval from the New York City Board of Standards and Appeals for Eastern Emerald, a 350,178-square-foot hotel and multifamily project that will be located in the Corona neighborhood of Queens. The 25-story building will span a full city block and rise 372 feet. Distinct uses will include approximately 175,000 square feet of residential space, 149,500 square feet of hotel space and 25,000 square feet of retail space. London-based SASI Studio is designing the project in conjunction with architect of record Fleet Architects PC. Construction is scheduled to begin this summer, and completion is slated for 2024.

May 25, 2021

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