Multifamily

Tower Capital Arranges $56M in Construction Financing for Village at Pioneer Apartments in Peoria, Arizona

by Amy Works October 15, 2020

PEORIA, ARIZ. — Tower Capital has secured $56 million in construction financing for Village at Pioneer, a multifamily development in Peoria. Located at the southwest corner of 83rd and Olive avenues, the property will feature 332 for-rent residences averaging 950 square feet. Units will offer premium countertops, stainless steel appliances, 10-foot ceilings, walk-in closets, smart-home technologies and private yards. Community amenities will include detached garages with storage units, a workout facility, resort-style pool and spa, dog park and gated entrance. Completion is slated for 2022. Village at Pioneer Park is a single-family, build-to-rent asset, which is positioned between multifamily and single-family asset classes to provide multifamily amenities with a single-family-style home.

October 15, 2020

California Development Multifamily Western

EAH Housing Opens Estrella Vista Affordable Multifamily Community in Bay Area

by Amy Works October 15, 2020

EMERYVILLE, CALIF. — EAH Housing, an affordable housing nonprofit, has opened Estrella Vista, an apartment community located at 3706 San Pablo Ave. in Emeryville. Situated less than one mile from the Oakland MacArthur BART station, the transit-oriented property features 87 apartments in a mix of studio, one-, two-, three- and four-bedroom layouts, ranging in size from 569 square feet to 1,572 square feet. Rents at the affordable housing property range from $590 to $2,002 per month, with income requirements at 20 percent to 60 percent of area median income. Designed by KTGY Architecture + Planning and built by J.H. Fitzmaurice General Contractors, Estrella Vista features four main outdoor areas: a large central courtyard with playground, zen garden, “adult overlook” and outdoor sky deck. Additionally, the property offers a community room, computer learning center, fitness center and on-site laundry facilities. Financing for the community was provided by City of Emeryville, City of Oakland, County of Alameda, Oakland Housing Authority, Housing Authority of the County of Alameda, California Community Reinvestment Corp., California Department of Housing and Community Development, California Municipal Finance Authority, California Tax Credit Allocation Committee, California Debt Limit Allocation Committee, Federal Home Loan Bank and Wells Fargo Bank.

October 15, 2020

Loans Multifamily Washington Western

Columbia Pacific Advisors Funds $14.5M Loan for Cubix Othello Micro-Housing Project in Seattle

by Amy Works October 15, 2020

SEATTLE — Columbia Pacific Advisors Bridge Lending, a lending platform of Columbia Pacific Advisors, has provided a $14.5 million loan for Cubix Othello, a modular micro-housing development in Seattle. NexGen Housing Partners, as the borrower, will use the funds to refinance existing construction debt and fund completion of the multifamily property located at 7339 43rd Ave. in South Seattle. Overlooking Othello Park, the six-story building will feature 85 apartments in a mix of studio and one-bedroom layouts. To date, NexGen has completed five modular micro-housing properties in Seattle totaling 232 units.

October 15, 2020

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Taurus, Northbridge Acquire Boston-Area Seniors Housing Portfolio for $200M

by Taylor Williams October 14, 2020

BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million. The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space. The acquisition marks Taurus’ first investment in the seniors housing sector. The specific names and locations of the properties were not disclosed. Newmark Knight Frank represented Welltower in the transaction and also arranged acquisition financing for the buyer.

October 14, 2020

Development Multifamily New Jersey Northeast

Paramount Assets Nears Completion of 47-Unit Clinton Flats Apartments in Newark

by Taylor Williams October 14, 2020

NEWARK, N.J. — Development and investment firm Paramount Assets is nearing completion of a two-building, 47-unit historic multifamily redevelopment project in Newark. The building at 30 Clinton St. was constructed in 1910 and is complete, and the building at 40 Clinton St. was constructed in 1914 and is nearing completion. Residents at both buildings have access to a fitness center, lounge and storage spaces. The development also includes ground-floor retail space, 2,500 square feet of which is occupied by the U.S. Post Office.

October 14, 2020

Development Multifamily Texas

Thompson Realty, Trez Capital Break Ground on 350-Unit Dalton Apartments in Metro Austin

by Taylor Williams October 14, 2020

PFLUGERVILLE, TEXAS — A partnership between Thompson Realty Capital and Trez Capital has broken ground on The Dalton, a 350-unit apartment community in the northern Austin metro of Pflugerville. The property will be situated on 21 acres and will offer one-, two- and three-bedroom apartments with quartz or granite countertops and stainless steel appliances. Amenities will include a pool, courtyard, communal kitchen spaces, a social bar, fitness center, independent study rooms, a dog park and outdoor walking trails. The Dalton is the partnership’s fourth project and is expected to be complete in 2021. Texas Capital Bank provided construction financing.

October 14, 2020

Development Multifamily Texas

KWA Construction Completes 246-Unit Axiom Hub 121 Multifamily Project in McKinney, Texas

by Taylor Williams October 14, 2020

MCKINNEY, TEXAS — General contractor KWA Construction has completed Axiom Hub 121, a 246-unit multifamily project located in the northern Dallas suburb of McKinney. Designed by Domus Studio Group and developed by Seneca Investments, the property spans 340,000 square feet within the Craig Ranch master-planned development. Axiom Hub 121 offers one- and two-bedroom units that are furnished with stainless steel appliances, granite countertops, built-in workspaces and individual washers and dryers. Amenities include a pool with a tanning ledge, car wash facility, a sports lounge with a coffee bar, 24-hour fitness center, bocce ball court, Amazon package lockers and coworking space. Rents start at approximately $1,150 per month for a one-bedroom unit.

October 14, 2020

Loans Multifamily Texas

CBRE Provides $20M Freddie Mac Loan for Refinancing of Vintage Apartments in Houston

by Taylor Williams October 14, 2020

HOUSTON — CBRE has provided a $20 million Freddie Mac bridge loan for the refinancing of Vintage Apartments, a 292-unit multifamily community located in the Brookhollow neighborhood of Houston. The 10-year, floating-rate loan is the first to be purchased by Freddie Mac that is indexed by the Secured Overnight Financing Rate (SOFR), the new benchmark rate that lenders use to price loans and the replacement of the London Interbank Offered Rate (LIBOR). According to Apartments.com, Vintage Apartments was built in 1972 and offers studio, one-, two- and three-bedroom units, as well as a pool, playground, outdoor grilling area and onsite laundry facilities. The borrower was not disclosed.

October 14, 2020

Development Florida Multifamily Southeast

Bainbridge Cos. to Manage 297-Unit Multifamily Development in Metro Orlando

by Alex Tostado October 14, 2020

MINNEOLA, FLA. — The Bainbridge Cos. has been selected to manage Minneola Hills, a multifamily community that is under construction in Minneola. VRM Cos. and Skorman Development Corp. are the developers of the asset, which spans 16.5 acres at 450 Hillside Park St., 25 miles west of downtown Orlando. Upon completion, the property will feature 297 units with a mix of one-, two- and three-bedroom floor plans. Communal amenities will include a clubhouse, fitness center, cyber café, dog park and a car washing area. The co-developers expect to deliver the community this winter. Bainbridge Cos. is based in Wellington, Fla., and operates 57 communities in five states and Washington, D.C.

October 14, 2020

Arizona Development Multifamily Western

Risi Cos. to Develop 238-Unit Crystal Cove Multifamily Community in Avondale, Arizona

by Amy Works October 14, 2020

AVONDALE, ARIZ. — Risi Cos. has purchased 9.5 acres of land at 290 La Canada Blvd. in Avondale for $1.3 million, or $136,842 per acre. Earlier this month, Risi received approval to rezone the land from commercial to high-density residential, enabling the company to develop the Crystal Cove apartment community on the site. Crystal Cove will feature 238 apartments in a mix of one-, two- and three-bedroom units. Additionally, the gated community will offer a clubhouse, swimming pool, 109 garages and additional covered parking for Avondale residents. Larry Kush of Orion Investment Real Estate represented the sellers, Robert Delacour and Dianna Costa, while Zack Mishkin of Orion Investment Real Estate represented the buyer in the land sale transaction.

October 14, 2020

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