Multifamily

Snell Properties Purchases Arcos Apartments in Sarasota, Florida for $80M

by Julia Sanders April 28, 2021

SARASOTA, FLA. — Virginia-based Snell Properties has purchased Arcos, an apartment community covering an entire city block in downtown Sarasota bounded by Central Avenue, Fourth Street and Lemon Avenue. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the new ownership group. Built in 2019, Arcos is a 228-unit community located at 320 Central Ave. that offers studio, one-, two- and three-bedroom floorplans with keyless entry access, walk-in closets, in-unit washer/dryers and kitchens with quartz countertops, tiled backsplashes and stainless steel GE appliances, including French door refrigerators with indoor ice and water dispensers. The apartment homes feature large windows, recessed lighting and city and courtyard view options. Community amenities include a resort-style heated pool with sun deck; an outdoor pavilion with a fireplace, entertainment center, outdoor kitchen and a bar with grills, ice-mines and seating; a courtyard with water features and tropical landscaping; onsite spa with massage rooms and saunas; parking garage; fitness center; fenced dog park; coworking space; and a Starbucks coffee station. Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the undisclosed seller in the transaction. Tim Weldon and Brian Kochan of Newmark …

April 28, 2021

Acquisitions Loans Louisiana Multifamily Southeast

NorthMarq Secures $2.4M Acquisition Loan for Royal Eden Apartments in Metro New Orleans

by Julia Sanders April 28, 2021

SLIDELL, LA. — NorthMarq has secured a $2.4 million loan for the acquisition of Royal Eden Apartments, a 50-unit property situated outside of New Orleans in Slidell. Lawrence Larisma and Ryan Taylor of NorthMarq’s Charlotte office, in coordination with NorthMarq’s San Antonio office, secured the Freddie Mac loan through an unnamed regional bank. The 10-year loan was structured with two years of interest-only payments, a fixed interest rate and a 20-year amortization schedule. Royal Eden Apartments contains multiple buildings that were originally built in phases during the 1970s and 1980s. Community amenities include waterfront views, a sundeck, picnic tables and flat lot parking, as well as walk-in closets and private patios and balconies in select units. .

April 28, 2021

Acquisitions Multifamily Texas

Manhattan Five Partners Acquires 2,167-Unit Multifamily Portfolio in Dallas-Fort Worth

by Taylor Williams April 28, 2021

NEW YORK CITY — New York City-based investment firm Manhattan Five Partners has acquired a portfolio of six multifamily properties totaling 2,167 units in the Dallas-Fort Worth metroplex. The properties were all built between 1970 and 1985 and include The Hangar, a 268-unit asset in Cedar Hill; Annex, a 267-unit complex in Mesquite; Forty200, a 512-unit community in Mesquite; Residence on Lamar, a 482-unit property in Arlington; Amp at the Grid, a 446-unit community in Arlington; and Current at the Grid, a 192-unit complex in Arlington. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, Dallas-based S2 Capital Partners, in the transaction.

April 28, 2021

Loans Multifamily Texas

Dwight Capital Provides $23.6M in HUD Financing for Multifamily Asset in Montgomery, Texas

by Taylor Williams April 28, 2021

MONTGOMERY, TEXAS — New York City-based Dwight Capital has provided $23.6 million in HUD financing for Montgomery Trace & Stewart Creek Apartments, a 264-unit multifamily asset in Montgomery, about 50 miles north of Houston. Proceeds will be used to refinance existing debt. The property was built in two phases between 2005 and 2011 and features amenities such as three pools, a fitness center, resident clubhouse, playground and a dog park. Brian Yee of Dwight Capital originated the loan. The borrower was not disclosed.

April 28, 2021

Acquisitions Affordable Housing Development Multifamily Northeast Pennsylvania

WinnCos. Buys Historic Housing Complex in Philadelphia, Plans $23.7M Renovation

by Taylor Williams April 28, 2021

PHILADELPHIA — WinnCos., a developer and operator of affordable and market-rate housing, has purchased Carl Mackley Houses, a historic housing complex in Philadelphia, with plans to implement a $23.7 million renovation. The property, which is located on the city’s northeast side and currently houses 184 affordable housing units, originally opened during the Great Depression era. Named for Carl Mackley, a 22-year-old union worker who was shot and killed on March 6, 1930 while supporting a strike at the H.C. Aberle Co., the complex earned a spot on the Philadelphia Register of Historic Places in 1982 and the National Register of Historic Places in 1998. The rehabilitation effort will modernize apartment kitchens and bathrooms in four residential buildings; install central air conditioning in all units; replace all windows and roofs; and upgrade common areas. The project is being financed primarily by tax-exempt bond financing and an allocation of 4 percent Low-Income Housing Tax Credits from the Pennsylvania Housing Finance Agency.

April 28, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $14.6M Sale of Apartment Building in Sparta, New Jersey

by Taylor Williams April 28, 2021

SPARTA, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $14.6 million sale of The Residences at North Village, a 60-unit apartment building in Sparta, about 50 miles west of Manhattan. The property was built in 2020 within the 90-acre North Village mixed-use development. Units feature granite countertops, stainless steel appliances and individual washers and dryers. Amenities include a playground, basketball and volleyball courts and outdoor grilling areas. Stephen Tragash of Gebroe-Hammer represented the seller, NV MF Holdings LLC, and procured the buyer, Sparta Residence LLC, in the transaction.

April 28, 2021

Affordable Housing California Loans Mixed-Use Multifamily Retail Western

George Smith Partners Secures $58M in Construction Financing for Mixed-Use Project in Culver City, California

by Amy Works April 28, 2021

CULVER CITY, CALIF. — George Smith Partners has secured $42 million in senior construction debt from a life insurance company capital provider and assisted in obtaining $16 million in preferred equity for a seven-story mixed-use development in Culver City. The borrower is GR Properties USA. The development will feature 139 apartments, including 14 affordable units, in a mix of studio, one- and two-bedroom layouts. Community amenities will include a swimming pool, clubhouse and fitness center, as well as 1,969 square feet of ground-floor retail space. Antonio Hachem of George Smith Partners led the team that secured the non-recourse construction financing for the borrower.

April 28, 2021

Affordable Housing Colorado Loans Multifamily Western

KeyBank Provides $18.4M in Financing for Mixed-Income Multifamily Property in Colorado Springs

by Amy Works April 28, 2021

COLORADO SPRINGS, COLO. — KeyBank Community Development Lending and Investment (CDLI) has provided an $18.4 million bridge loan to TWG for the renovation and update of an apartment community in Colorado Springs. Built in 2003, Rosemont on Shadow Mountain features 144 mixed-income units, with 86 rent-restricted apartments and 58 market-rate units, spread across seven three-story, garden-style buildings. TWG plans to update the units, while preserving the affordability of the property. Once the renovation is complete, TWG plans secure long-term financing through KeyBank’s Commercial Mortgage Group. Kelly Frank and Alton Tinker of KeyBank’s CDLI team structured the financing.

April 28, 2021

Affordable Housing California Development Multifamily Western

R.D. Olson Breaks Ground on 64-Unit Affordable Housing Community in South Los Angeles

by Amy Works April 28, 2021

LOS ANGELES — R.D. Olson Construction has broken ground for West Terrace, a sustainable affordable multifamily property located at 6576 Southwest Blvd. in South Los Angeles. R.D. Olson is partnering with A Community of Friends, a nonprofit developer, and FSY Architects for the project. Totaling 52,300 square feet, West Terrace will offer 14 studio, 29 one-bedroom and 20 two-bedroom units, plus one three-bedroom unit. On-site amenities will include a community room, laundry facilities, barbecue grills, a playground, bike storage, an interior courtyard and community garden. Completion is slated for summer 2022.

April 28, 2021

Development Midwest Multifamily Wisconsin

M&R Development Completes Phase I of Milwaukee-Area Luxury Apartment Project

by Kristin Harlow April 27, 2021

ST. FRANCIS, WIS. — M&R Development has completed Phase I of 42 Hundred On The Lake, a 236-unit luxury apartment project in St. Francis, about five miles south of downtown Milwaukee. Located at 4200 S. Lake Shore Drive, the development overlooks Lake Michigan. Units range from 583 to 1,204 square feet. Monthly rents range from $1,208 to $3,350. Pre-leasing has begun for Phase II, with move-ins for those apartments scheduled to begin in June. Amenities include a clubhouse, coffee bar, business center, game room, fitness center, package room, pet spa and two courtyards. The pool is scheduled to open in May. M&R co-developed the project with Campbell Capital Group LLC. RMK Management will oversee leasing and property management.

April 27, 2021

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