DALLAS — San Antonio-based Kairoi Residential, in partnership with National Real Estate Advisors (NREA), is underway on construction of a 146-unit multifamily project at 2620 Maple St. in Uptown Dallas. The 12-story building will include 14 penthouse-level suites and will aim to capture the atmosphere of a boutique hotel with its various amenities. Completion is scheduled for September 2022.
HOUSTON — Marcus & Millichap has brokered the sale of Vanderbilt Lodge Apartments, a 105-unit multifamily complex located at 12660 Medfield Drive in West Houston. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity. The new ownership will implement a value-add program to unit interiors and building exteriors.
SAGINAW, TEXAS — A partnership between management firm SilverPoint Senior Living and developer Journey Capital has begun construction on Edition Senior Living, a 93-unit community in Saginaw, a northern suburb of Fort Worth. The 6.1-acre property will consist of 22 independent living cottages, 54 assisted living units and 19 memory care residences. Residents will have access to resort-quality amenities, chef-prepared meals and concierge-style services. A tentative completion date was not disclosed.
SAN ANTONIO — Colliers Mortgage has provided a $6.2 million Fannie Mae acquisition loan for Bellevue at Windcrest, a 124-unit apartment community in San Antonio. Built in 1984, the property features one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Colliers originated the loan, which carried a 10-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending for borrower Boardwalk at Windcrest LLC.
BELMONT, MASS. — Apartment developer Toll Brothers Inc. has completed The Bradford, a 112-unit multifamily project that includes 38,000 square feet of retail space in Belmont, located east of Boston. The three-building complex is located at 525 Common St. near the Waverly Commuter Rail station. The Bradford’s unit mix consists of nine studios, 47 one-bedrooms and 56 two-bedrooms that are furnished with stainless steel appliances, quartz countertops and walk-in closets. Amenities include a rooftop deck with grills and fire pits, a resident lounge and a library room. Peter Quinn Architects designed the project, and Nauset Construction served as the general contractor.
PHILADELPHIA — Rittenhouse Realty Advisors has arranged the sale of a 272-bed student housing portfolio in Philadelphia. The portfolio consists of five buildings totaling 106 units that serve the University of Pennsylvania, Drexel University and Temple University. The portfolio features a mix of newly constructed buildings and value-add assets. The buyer and seller were not disclosed.
The Dec. 7, two-part webinar “What will Salt Lake City Multifamily Activity Look Like in 2021?“, hosted by Western Real Estate Business, allowed industry experts to discuss development pipeline, investor appetite and trends in the apartment sector. Watch for an in-depth discussion from the first panel on broker/lender thoughts on pricing, timing for investment and trends in the multifamily market. The second panel is devoted to analysis from developers, covering perspectives on design, technical considerations and financial concerns. What can Salt Lake City brokers and developers expect in 2021? See below for a list of some important topics covered. Panel One: Broker/Lender Insight Valuations Equity Permanent market impacts from COVID-19 Lender underwriting Cooperation from municipalities Panel Two: Developer Insight Tenants moving into Utah Location hotspots for developers Occupancy rates Opportunity zones Unit size and style considerations Development Panel: Ronda Landa, First American Title (moderator) Ben Clifford, Keystone National Group Eli Mills, CBRE Rawley Nielsen, Colliers International/Utah Matt Gneiting, Gneiting Capital Kip Paul, Cushman & Wakefield Investment Panel: B.J. Laterveer, Dwell Design (moderator) Ben Lowe, Lowe Property Group Joe Baum, Hicap Management Stephen Alfandre, Urban Alfandre Thomas Vegh, SALT Development Marc Venegas, Orion Real Estate Partners Webinar sponsors: Gneiting Capital: …
JACKSONVILLE, FLA. — NorthMarq has provided a $270.5 million Freddie Mac refinancing loan package for a portfolio of five multifamily communities in Jacksonville. The 10-year loans feature fixed 2.72 percent interest rates, five years of interest-only payments and 30-year amortization schedules. The borrower, Jacksonville-based Fort Family Investments, has owned the 1,604-unit portfolio since 1972 and manages it under affiliate Perimeter Realty Inc. Jeffrey Lethig of NorthMarq originated the loans on behalf of the borrower. The largest loan was for Luxor Club, which comprises 464 units and was built in early 2019. The fully occupied asset received an $82.3 million loan. Communal amenities include a pool, outdoor cross-fit area, dog park and a pool for dogs. Palm Bay Club, which has 416 units, received a $68.6 million loan. The asset was built in 2017 and features two pools, outdoor lounge spaces, grilling areas, a 24-hour fitness center, playground, tennis court and a business center. Cabana Club, built in 2012 as Phase I of a two-phase development with Galleria Club, received $42 million in financing. Amenities at the 252-unit community include a pool, semi-private cabanas, 24-hour fitness center and a clubroom. The adjacent Galleria Club, which was delivered in 2015, received a …
ANNANDALE, VA. — A partnership between The Donaldson Group, Declaration Partners and DRA Advisors has acquired Fairmont Garden Apartments, a 388-unit property in Annandale, for $84 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a barbecue area, pool and a playground. The asset is located at 4137 Wadsworth Court, 18 miles west of downtown Washington, D.C. The buyers plan to upgrade the HVAC units in each apartment. Jonathan Greenberg of CBRE represented the seller, Capital Investment Advisors, in the transaction. Maxi Leachmann of CBRE originated a Fannie Mae acquisition loan on behalf of the buyers. The loan amount was not disclosed.
DENVER — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the disposition of Watermark at First Creek, a multifamily property located in Denver. California-based Borello Asset Management bought the property for $74.6 million. Completed in 2018, Watermark at First Creek features an urban design that is 30 percent more efficient and utilizes 30 percent less materials than traditional design. The 264 one-, two- and three-bedroom residences feature gourmet bar-kitchens with custom cabinetry, granite countertops, nine-foot ceilings and in-unit washers/dryers. Community amenities include a resort-style swimming pool with cabanas and poolside hammocks, a fully equipped clubhouse, gas grilling stations and a 24-hour fitness center. Dan Woodward, David Potarf and Mathew Barnett of CBRE brokered the transaction.
