Multifamily

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

by Kristin Harlow February 24, 2021

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …

February 24, 2021

Affordable Housing Development Georgia Multifamily Southeast

Woda Cooper, Parallel Housing Break Ground On 60-Unit Affordable Housing Community in Madison, Georgia

by Julia Sanders February 23, 2021

MADISON, GA. — Woda Cooper Co. and Parallel Housing Inc. have broken ground on Canaan Crossing, a new 60-unit, $13 million affordable housing community in Madison. The property will be located at the corner of Wheat and March streets in Madison’s Canaan historic neighborhood. Canaan Crossing will include 60 townhomes and apartments with -one, -two and -three-bedroom units for families earning up to 60 percent of area median income (AMI). The development is expected to be certified LEED for Homes Gold. Each unit will have a high efficiency HVAC system and Energy Star appliances, including dishwashers and washer/dryer hookups, as well as high-quality finishes such as vinyl tile. Community amenities will include a playground, community gardens, a covered picnic area with tables and grills, onsite management/leasing office and a multipurpose room with kitchenette and laundry facility. In addition, there will be dedicated space available to provide private preventive health screening and wellness programs to the residents. The Georgia Department of Community Affairs provided funding through the allocation of federal and state Low-Income Housing Tax Credits and a HOME loan. CREA LLC invested in the allocated tax credits in exchange for equity financing to assure long-term affordability for Canaan Crossing. Summit …

February 23, 2021

Arizona Development Multifamily Western

Morgan Opens 472-Unit Pearl Biltmore Multifamily Community in Phoenix

by Amy Works February 23, 2021

PHOENIX — Houston-based Morgan, in a joint venture with Mesirow, has opened Pearl Biltmore at 4640 N. 24th St. in Phoenix. Situated on five acres, Pearl Biltmore features 472 apartments with 19 floor plans in a mix of studio, one-, two- and three-bedroom units, as well as several loft-style apartments. Units feature include vinyl plank flooring in living areas; Nest thermostats; full-size balconies or patios; open kitchens with stainless steel appliances; and Quartzite countertops and glass tile backsplashes in the kitchens and baths. Additionally, select units have skyline views, walk-in closets, movable kitchen islands, walk-in glass showers and spa soaking tubs. Community amenities include a two-story fitness center with a cardio/strength training area and fitness-on-demand studio; a clubroom with lounge seating and media wall; two swimming pool decks with grilling stations, cabanas and bistro seating; a sky lounge with an indoor/outdoor catering kitchen; media wall; and WiFi counter. Other amenities include a co-working lounge with a computer bar, printer station, refreshment center and private office pod; a bark park with pet wash area; a bike storage room with repair tools; and 24/7 package retrieval.

February 23, 2021

Loans Multifamily Washington Western

Dwight Capital Provides $55M in Financing for U Place Apartments in Seattle

by Amy Works February 23, 2021

SEATTLE — Dwight Capital has closed a $55 million bridge loan for U Place Apartments in Seattle’s University District. The name of the borrower was not released. Built in August 2020 on a 32,633-square-foot site, U Place features 243 apartments and 19,450 square feet of ground-floor retail space. Units feature in-unit washers/dryers, private balconies, floor-to-ceiling windows and keyless Bluetooth room entry. The community offers a fitness center, community room and rooftop deck with 360-degree views. Josh Sasouness of Dwight Capital originated the transaction.

February 23, 2021

California Loans Multifamily Western

BridgeCore Capital Closes $5.1M Loan for Apartment Complex in Stockton, California

by Amy Works February 23, 2021

STOCKTON, CALIF. — BridgeCore Capital has closed a $5.1 million loan for a multifamily property in Stockton. The undisclosed borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt. The loan features a 12-month term, including one six-month extension option, which will allow the borrower to either execute an exit strategy through a sale or to refinance through a conventional lender for long-term financing.

February 23, 2021

Development Multifamily Texas

Stanmore Partners, TIG to Develop 336-Unit Multifamily Project in Metro Austin

by Taylor Williams February 23, 2021

ROUND ROCK, TEXAS — A partnership between Houston-based Stanmore Partners and Transwestern Investment Group (TIG) will develop Stanmore Warner Ranch, a 336-unit multifamily project in the northern Austin suburb of Round Rock. The property will consist of seven garden-style buildings that will house units with custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities will include a pool, fitness center, business center, dog park and a resident lounge. The first units are slated to be delivered in the second quarter of 2022.

February 23, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 305-Unit Heritage Apartments in San Antonio

by Taylor Williams February 23, 2021

SAN ANTONIO — Newmark has brokered the sale of The Heritage, a 305-unit apartment community in San Antonio. Built in 2005, The Heritage features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and an indoor basketball court. Patton Jones and Matt Michelson of Newmark represented the seller, Austin-based CFH Investment Partners, in the transaction. Terrain Capital Partners, also based in Austin, purchased the asset for an undisclosed price. The Heritage was 93 percent occupied at the time of sale.

February 23, 2021

Loans Multifamily Texas

MMCC Arranges Two Loans Totaling $21.4M for Refinancing of Houston-Area Multifamily Assets

by Taylor Williams February 23, 2021

HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged two green loans totaling $21.4 million for the refinancing of two multifamily assets in the Houston area totaling 340 units. Brandon Brown of MMCC arranged the loans, both of which featured a 3.16 percent fixed interest rate and nine years of interest-only payments. The lenders, borrowers and property names were not disclosed.

February 23, 2021

Loans Multifamily New Jersey Northeast

Parkview Provides $61M in Predevelopment Financing for Multifamily Project in Weehawken, New Jersey

by Taylor Williams February 23, 2021

WEEHAWKEN, N.J. — Los Angeles-based Parkview Financial has provided $61 million to fund the predevelopment and entitlement process for 1400 and 1900 Avenue at Port Imperial in Weehawken, located across the Hudson River from Midtown Manhattan. The project will consist of an eight-story, 282-unit condominium building with 4,601 square feet of retail space and a 346-space parking garage. Residential amenities will include a lounge, indoor pool, spa, fitness center, basketball court, multi-media room, game room, library and coworking space. Outdoor amenities will include a pool, dining and kitchen stations, sun deck, fire pit and lounge seating. The development team expects the entitlement process to last about six months.

February 23, 2021

Development Multifamily Southeast Tennessee

Albion to Develop $140M Apartment Tower in Nashville

by Julia Sanders February 22, 2021

NASHVILLE, TENN. — Albion Residential will develop Albion in the Gulch, a $140 million apartment tower at 645 Division St. in Nashville. Hartford Investment Management Co. provided a $87.2 million loan for the project. Albion in the Gulch will include 415 studios to three-bedroom units, as well as two-story townhomes within the tower. The 20-story property will feature interactive events, as well as its own comedy club that will double as a karaoke venue. Community amenities will include a coffee shop, indoor dog run and spa, a poolside tiki bar, indoor/outdoor fitness facility, golf putting greens and simulation room and 10,000-square-foot sharable workspace. The property will be situated on a 1.3-acre site in Nashville’s Gulch district with 364 parking spaces. Clark Construction is the general contractor, and Hartshorne Plunkard Architecture is the architect. Barge Cauthen & Associates is in charge of planning and engineering, Hodgson Douglas is in charge of landscape architecture, Stanley D. Lindsey & Associates is the structural engineer and I.C. Thomasson Associates Inc. is the MEP engineer. Waller Lansden and Carter-Haston are providing management, legal, and leasing services. Chicago-based Cyclone Energy is handling LEED engineering as Albion is seeking LEED Silver certification for the project. Construction is …

February 22, 2021

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