Multifamily

Centurion Property Group Acquires 737-Bed Student Housing Community in Lubbock

by Taylor Williams April 6, 2021

LUBBOCK, TEXAS — Miami-based private equity firm Centurion Property Group has acquired The Ranch at Lubbock, a 737-bed student housing community serving Texas Tech University. The property features 243 units in one-, two- three- and four-bedroom floor plans. Amenities include two pools, a volleyball court, basketball court, fitness center, study lounge and pet park. The new ownership plans to renovate the property and rebrand it as The ONE at Lubbock. Ryan Lang, Jack Brett and Ben Harkrider of Newmark brokered the deal, the seller and sales price in which were not disclosed.

April 6, 2021

Acquisitions Multifamily Texas

TMG Negotiates Sale of 136-Unit Porterwood Apartments in Metro Houston

by Taylor Williams April 6, 2021

PORTER, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Porterwood Apartments in Porter, located north of Houston. According to Apartments.com, the property was built in 1984, totals 136 units in one- and two-bedroom floor plans and offers amenities such as a pool, playground, picnic areas and onsite laundry facilities. Bryce Smith of TMG represented the buyer and seller, both of which requested anonymity, in the deal.

April 6, 2021

Loans Midwest Multifamily Ohio Single-Family Rental

NorthMarq Arranges $4.6M Loan for Refinancing of Rental Housing Portfolio in Southwest Ohio

by Kristin Harlow April 6, 2021

CINCINNATI — NorthMarq has arranged a $4.6 million loan for the refinancing of a rental housing portfolio comprising 50 units throughout Southwest Ohio. The portfolio included 26 single-family rental homes as well as one apartment property. Noah Juran and Chase Dawson of NorthMarq’s Cincinnati office arranged the 10-year loan, which features a 20-year amortization schedule and a 75 percent loan-to-value ratio. A regional bank provided the fixed-rate loan.

April 6, 2021

Development Maryland Mixed-Use Multifamily Retail Southeast

Brandywine Realty Trust, Terrapin Development to Build $300M Mixed-Use Neighborhood on UM Campus in College Park

by Julia Sanders April 5, 2021

COLLEGE PARK, MD. — Terrapin Development Co. (TDC), in partnership with the University of Maryland (UM) College Park, has entered into an exclusive development agreement with Brandywine Realty Trust for an upcoming mixed-use project on the UM campus. The Philadelphia-based REIT will develop a mixed-use neighborhood spanning five acres in College Park, within UM’s Discovery District. The development project is set to cost over $300 million. The Discovery District’s development will feature 550,000 square feet of Class A workspaces encompassing research, office, collaboration and retail space, as well as 200 to 250 multifamily residential units. The property will be located close to mass transit and major roadways and will serve as a natural extension of UM’s research enterprise. The Discovery District will provide pedestrian movement along the Baltimore Avenue corridor and campus. The project is adjacent to the new Purple Line, offering connections to Metro light rail system. The development has set forth sustainability goals, including LEED classification, to responsibly develop the land. The development plan will be executed over four phases. Baltimore-based Ayers Saint Gross and Michael Vergason Landscape Architects are the development’s architects.

April 5, 2021

Acquisitions Multifamily Southeast Virginia

NorthMarq Arranges $67.3M Sale of Streets of Greenbrier Apartments in Chesapeake, Virginia

by Julia Sanders April 5, 2021

CHESAPEAKE, VA. — NorthMarq’s Wink Ewing and Mike Marshall, along with the firm’s Ryan Rilee, has arranged the $67.3 million sale of the Streets of Greenbrier apartment community in Chesapeake. The NorthMarq team represented the Richmond-based seller, GrayCo Inc., which sold the property to Capital Square, a DST (Delaware Statutory Trust) platform based in Richmond. Built in 2013, the Streets of Greenbrier is a 280-unit property located at 929 Wintercress Way. A joint venture with Wood Partners & GrayCo Inc. originally developed the property. The market conditions were extremely favorable due to Chesapeake reporting some of the highest annual rent growth in the area at more than 6 percent. The property is located close to the Greenbrier and Summit Pointe business districts. Greenbrier is the largest business district in Hampton Roads, containing 19 million square feet of commercial space. The property includes one-, two- and three-bedroom floorplans. The apartment features include 9- to 10-foot ceilings, attached/detached garages, ceramic tile flooring and tub surrounds in bathrooms, custom lighting package, espresso cabinetry with nickel hardware, LVP flooring in entries and kitchen, open kitchens with granite countertops/islands, stainless steel Whirlpool appliances, oversized bedrooms, patio/sunroom options, soaking tubs in master bathrooms, tile backsplash in …

April 5, 2021

Acquisitions Maryland Multifamily Southeast

JLL Arranges Sale of Multifamily Property in Metro Baltimore

by Julia Sanders April 5, 2021

LINTHICUM HEIGHTS, MD. — JLL has arranged the sale of Element Linthicum Heights, an apartment community located just outside of Baltimore in Linthicum Heights. JLL worked on behalf of the seller, JLB Partners, to complete the sale to the buyer, AvalonBay Communities Inc. Walter Coker, Brian Crivella and Robert Jenkins of JLL arranged acquisition financing on behalf of AvalonBay. The loan amount and sales price were not disclosed. Located at 820 Concorde Circle, Element Linthicum Heights includes one- and two-bedroom floorplans with features, including walk-in closets, in-unit washers and dryers, 9-foot ceilings, stainless steel appliances and quartz or granite countertops. Community amenities include a pool, outdoor lounge and entertainment areas, courtyard with hammocks, grilling area, fitness center with CrossFit equipment, clubroom, pet park and a pet spa. Element Linthicum Heights is near Baltimore’s Inner Harbor area, less than 10 miles from downtown Baltimore and less than 30 miles from Washington, D.C. Additionally, the property is proximate to Baltimore-Washington Parkway, Interstate 195, Interstate 95, Interstate 97 and MARC Rail’s Penn Line.

April 5, 2021

Development Multifamily Texas

Sovereign Properties Breaks Ground on 217-Unit Reed Parke Apartments in Burleson, Texas

by Taylor Williams April 5, 2021

BURLESON, TEXAS — New York City-based developer Sovereign Properties has broken ground on Reed Parke Apartments, a 217-unit multifamily community in Burleson, a southern suburb of Fort Worth. The property will feature one-, two- and three-bedroom units. Amenities will include an outdoor gaming lawn, cyber café, dog park, fitness and yoga studio, a pool and outdoor grilling areas. Womack + Hampton Architects is designing the community, and KWA Construction is serving as general contractor. Completion is slated for May 2022.

April 5, 2021

Loans Multifamily Texas

Grandbridge Arranges $19.5M Loan for Refinancing of Houston Multifamily Property

by Taylor Williams April 5, 2021

HOUSTON — Grandbridge Real Estate Capital has arranged a $19.5 million loan for the refinancing of a 230-unit multifamily property in the Houston area. John Hancock Life Insurance Co. provided the nonrecourse loan, which was structured with a fixed interest rate, 10-year term and a 30-year amortization schedule. Rob LaRue of Grandbridge, which is based in Charlotte, N.C., placed the debt on behalf of the undisclosed borrower. The name of the property was also not disclosed.

April 5, 2021

Loans Multifamily New Jersey Northeast

Prism Receives Permanent Financing for 300-Unit Apartment Complex in West Orange, New Jersey

by Taylor Williams April 5, 2021

WEST ORANGE, N.J. — Prism Capital Partners has received an undisclosed amount of permanent financing for The Residences at Edison Lofts, a 300-unit apartment complex in West Orange, located outside of Newark. The property is a redevelopment of Thomas Edison’s historic invention factory and commerce center and features studio, one-, two- and three-bedroom units. Amenities include a 5,000-square-foot fitness center, heated indoor pool, a 12,000-square-foot rooftop lounge and a self-serve café. The lender was not disclosed.

April 5, 2021

Affordable Housing Development Loans Multifamily Northeast Pennsylvania Seniors Housing

KeyBank Provides $23M in Financing for Affordable Seniors Housing Project Near Pittsburgh

by Taylor Williams April 5, 2021

CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the debt, while Ryan Olman, also with the CDLI team, structured the equity. The property will consist of 50 units, approximately 85 percent of which will be reserved for seniors earning between 20 and 60 percent of the area median income. The remaining eight units will be rented at market rates. Completion is scheduled for spring 2022.

April 5, 2021

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