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Multifamily

Summit at Nashville West
AcquisitionsMultifamilySoutheastTennessee

Nicol Investment Sells Summit at Nashville West Apartment Community for $57M

by Julia Sanders

NASHVILLE, TENN. — Nicol Investment Co. has sold the Summit at Nashville West, a 190-unit apartment community in west Nashville. New York-based Zurich Alternative Asset Management purchased the property for $57 million. Built in 2014, Summit at Nashville West offers one-, two- and three-bedroom units across three stories. Community amenities include a pool, fitness center, clubhouse, pet play area and a business center. The units feature in-unit washers and dryers, dishwashers, walk-in closets and hardwood floors. Located at 7201 Charlotte Pike, the multifamily community is situated about nine miles from downtown Nashville. Nicol Investment purchased the community in February 2016, and since then, has made improvements to the units and the clubhouse. Walker & Dunlop represented Nicol Investment in the transaction. Chris Edgar and Sean Bannon represented Zurich Alternative Asset Management internally.

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The-Remington-Killeen
AcquisitionsMultifamilyTexas

JLL Negotiates Sale of 200-Unit Remington Apartments in Killeen, Texas

by Taylor Williams

KILLEEN, TEXAS — JLL has negotiated the sale of The Remington, a 200-unit apartment community located in the Central Texas city of Killeen. The garden-style property features one- and two-bedroom units that range in size from 450 to 1,100 square feet and include private balconies/patios. The amenity package consists of a pool, business center, dog park, fitness center, outdoor grilling stations and onsite laundry facilities. Sean Sorrell, Steven Hahn Jr., Art Barnes, Ryan McBride, Joe Dowdle, Nicole Fontaine and Sam Nichols of JLL represented the seller, California-based NALS Apartments Homes, in the transaction. C.W. Sheehan, Matthew Ctvrtlik and Scott Dickey of JLL originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the borrower, a fund backed by GPI Real Estate.

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River Rock
AcquisitionsFloridaMultifamilySoutheast

Capstone Apartment Partners Brokers $25.5M Sale of Two Multifamily Communities in Tampa

by Julia Sanders

TAMPA, FLA. — Capstone Apartment Partners has brokered the $25.5 million sale of Seastone and River Rock Apartments, a two-property, 160-unit multifamily portfolio in Tampa. Jad Richa, Brian Hunsicker, Tom Huffsmith and Nasser Al-Hafi of Capstone represented the seller, Trinity Property Group. The buyer, Axcent Investments, bought the apartment properties for about $159,375 per unit. Seastone and River Rock Apartments were built in 1973 and 1974, respectively, on about 8.9 total acres. The properties are approximately 0.3 miles from one another. The properties’ combined occupancy was approximately 96.9 percent at the time of sale. Seastone is located at 11050 Le Jardin Circle. The property offers two-bed/two bath and three-bed/two bath units. Community amenities include a dog park, guest parking, on-call maintenance and a pool. The units offer a balcony or patio, granite countertops, walk-in closets, all-electric kitchen appliances and in-unit washers and dryers. Located at 11301 N. 53rd St., River Rock offers two-bed/two-bath and three-bed/two-bath units. Community amenities include a laundry facility, picnic area, pool, guest parking, on-call maintenance and a play area. Unit amenities include a balcony or patio, dishwashers, pantries, walk-in closets, extra storage and in-unit washers and dryers. Axcent Investments plan to add upon the previous owner’s …

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CaliforniaLoansMultifamilyNorthmarqWestern

NorthMarq Completes $263M Refinancing for Six Multifamily Properties in Southern California

by Kristin Harlow

NEWPORT BEACH, CALIF. — NorthMarq has provided Advanced Real Estate with $263 million in loan proceeds through  Freddie Mac for the refinancing of six multifamily properties throughout Southern California. The portfolio contains 1,255 units. The individual loans were structured with a 10-year term, interest-only payments for the full term, and a loan-to-value ratio of 65 percent. NorthMarq’s Newport Beach office executed the transaction. The portfolio includes: *Beachwood Apartments: 2970 W. Orange Ave., Anaheim, 301 units *California Palms Apartments: 901 S. Harbor Blvd., Santa Ana, 190 units *Countrywood Apartments: 1255 E. Citrus Ave., Redlands, 161 units *Crestwood Apartment Homes: 21011 Osterman Road, Lake Forest, 76 units *Sundial Apartments: 2704 W. Ball Road, Anaheim, 106 units *Uptown Fullerton: 2656 Associated Road, Fullerton, 421 units The transaction marks nearly $3 billion in closings between NorthMarq and Advanced Real Estate. Not only did the borrower receive a substantial cash-out, but it also decreased its overall debt service even though each loan was separate, according to NorthMarq.

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The-Millennia-New-Rochelle-New-York
LoansMultifamilyNew YorkNortheast

Black Bear Capital Arranges $40M Agency Loan for Refinancing of Metro NYC Apartments

by Taylor Williams

NEW ROCHELLE, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $40 million Fannie Mae loan for the refinancing of The Millennia, a 110-unit apartment complex located north of New York City in New Rochelle. The newly built property, which includes 11 units that are reserved for renters earning 80 percent or less of the area median income, features amenities such as a fitness center, private office space, rooftop terrace, outdoor grilling areas and a putting green. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing, which carried a fixed interest rate of 2.88 percent for 10 years with interest-only payments for the entirety of the term, through PGIM Real Estate. The borrower was an entity doing business as Millennia Apartments NR LLC.

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DevelopmentMidwestMinnesotaMultifamily

PCCP, Doran to Develop 350-Unit Apartment Project in Minnetonka, Minnesota

by Kristin Harlow

MINNETONKA, MINN. — A joint venture between PCCP and Doran Cos. has unveiled plans to develop a 350-unit apartment project at 5959 Shady Oak Road in Minnetonka, a suburb of the Twin Cities. The developer is scheduled to break ground on the project within the next month and the first units are expected to be ready for occupancy in spring 2023. Of the 350 units, 57 percent will be one-bedroom floor plans. Amenities will include a dog park, community garden, clubhouse, outdoor patio, pool and garage parking. The project will be situated adjacent to Opus Park.

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Affordable HousingDevelopmentKansasMidwestMultifamily

Annex Group to Build $43M Affordable Housing Project in Lawrence, Kansas

by Kristin Harlow

LAWRENCE, KAN. — The Annex Group has unveiled plans to develop Union at the Loop, a $43 million affordable housing project in Lawrence, about midway between Topeka and Kansas City. Located at 3250 Michigan St., the project will include 248 units for renters earning up to 60 percent of the area median income. In Lawrence, that translates to an income up to $57,300. Amenities will include a community room, exercise room, playground and computer room. The development will be within walking distance of public transportation, grocery stores and restaurants. Completion is slated for October 2022. Partners on the project include Hayes Gibson Property Services, Wallace Architects LLC, Summit LIHTC Consulting and Crocket Engineering. Kansas Housing Resources Corp. provided a 4 percent tax credit allocation alongside a tax-exempt bond issuance by Kansas Development Finance Authority. Merchants Capital provided a $35 million construction loan. Aegon Real Assets provided $16.7 million in tax credit equity.

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LoansMichiganMidwestMultifamily

Dwight Capital Provides $32.8M HUD-Insured Loan for Refinancing of Apartment Complex in Clarkston, Michigan

by Kristin Harlow

CLARKSTON, MICH. — Dwight Capital has provided a $32.8 million HUD 223(f) loan for the refinancing of Legends of Fox Creek in Clarkston, about 40 miles northwest of Detroit. The garden-style apartment complex includes 339 units across 14 buildings. Amenities include a clubhouse, business center, fitness center, swimming pool, picnic area and dog park. Josh Sasouness of Dwight Capital originated the loan, which benefitted from a Green Mortgage Insurance Premium reduction since the property qualifies as energy-efficient housing.

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IllinoisMidwestMultifamilySingle-Family RentalTop Stories

JLL Income Property Trust Acquires 47 Percent Interest in Single-Family Rental Portfolio for $560M

by Katie Sloan

CHICAGO — JLL Income Property Trust has acquired a 47 percent interest in a single-family rental portfolio assembled and managed by Amherst Residential for $560 million. The 4,000-home portfolio is valued in total at $1.2 billion.  Properties within the portfolio are located in 14 major markets across 10 states, with nearly 80 percent located in Atlanta; Dallas; Nashville, Tenn.; Charlotte, N.C.; and Tampa, Fla. The portfolio is currently over 96 percent leased and is occupied with no displacement anticipated as a result of the transaction. “LaSalle’s Research & Strategy team has identified single-family rentals as a ‘near-core’ property sector poised for accelerating institutional capital inflows, along with an attractive risk-adjusted return profile,” says Allan Swaringen, president and CEO of JLL Income Property Trust.  “Given the superior long-term tenant demand growth outlook, our research projects long-term expected rent and NOI growth above all other institutional property type averages,” he continues.  JLL’s investment was funded with $205 million in equity and the assumption of its proportionate share of an existing in-place financing — a $761 million securitized loan. The debt, which features interest-only payments, has a fixed interest rate of 2.1 percent and matures at the end of 2025. At the current …

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Northstar-Georgetown
Conference CoverageFeaturesMultifamilySeniors Housing

Design of Active Adult Properties Must Appeal to Multiple Generations, Say InterFace Panelists

by Taylor Williams

By Taylor Williams As a concept, the term “active adult” supports the notion that age is just a number. As an evolving subcategory of seniors housing, active adult is a property type that means different things to different people. For that reason, designers and builders of this asset class face the unique challenge of visualizing and delivering communities that appeal to a broad range of renter profiles. Effective, consistent branding is one of the biggest challenges within the active adult sector, which is very much in its infancy relative to other commercial property types. As such, it’s critical that these properties, from their ambiances to their amenity packages, have a sense of versatility, a feel of a community in which 30- and 60-year-olds would feel equally at home. The ways and means through which that wide-ranging appeal can be achieved accounted for much of the discussion among a panel of architects, designers and a builder who spoke at the inaugural InterFace Active Adult conference on Aug. 4. Held at the Westin Galleria hotel in Dallas and hosted by Seniors Housing Business and the InterFace Conference Group, two business units of Atlanta-based France Media, the event drew more than 300 attendees …

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