Multifamily

JCM Partners Sells Camden Parc Apartments in Vacaville, California for $58M

by Amy Works October 9, 2020

VACAVILLE, CALIF. — JCM Partners has sold Camden Parc Apartments, a multifamily property located on Aegean Way in Vacaville. Camden Parc Residential LLC acquired the community from JCM for $58 million, or $250,000 per unit. Situated on 15 acres, Camden Parc Apartments features 232 apartments in a mix of one-, two- and three-bedroom layouts spread across 24 two-story buildings. JCM completed interior and exterior renovations to Camden Parc in 2019. Steven Nelson and Dusty Haeling of Marcus & Millichap represented the seller and procured the buyer in the deal.

October 9, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $74M Refinancing Loan for Multifamily Community in Northeast Orlando

by Alex Tostado October 9, 2020

ORLANDO, FLA. — Berkadia has provided a $74 million Freddie Mac refinancing loan for Linden Audubon Park, a 449-unit multifamily community in Orlando. The 10-year loan features a floating interest rate with a partial interest-only payment period. The 19-acre property comprises 12 three- and four-story buildings offering one- to three-bedroom floor plans. Communal amenities include two pools, a poolside bar and TVs, outdoor kitchen, two-story clubhouse, fitness center and a dog park. The asset is situated at 990 Warehouse Road, four miles northeast of downtown Orlando. Charles Foschini and Chris Apone of Berkadia originated the loan on behalf of the borrower, Norfolk, Va.-based Harbor Group International.

October 9, 2020

District of Columbia Multifamily Southeast

NMHC: 79.4 Percent of Apartment Dwellers Paid October Rent, Up 300 Basis Points from September

by Alex Tostado October 9, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has found that 79.4 percent of renters made at least a partial rent payment as of Oct. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The number of households paying rent this month is up from Sept. 6, when 76.4 percent of renters made a payment. The Washington, D.C.-based organization also reports that the figure is unchanged from Oct. 6, 2019. NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, Entrata and MRI Software.

October 9, 2020

Acquisitions Multifamily Texas

Excelsa Properties Acquires 260-Unit Aspen at Mercer Crossing Apartments in Metro Dallas

by Taylor Williams October 9, 2020

FARMERS BRANCH, TEXAS — Excelsa Properties has acquired Aspen at Mercer Crossing, a 260-unit apartment community located in the northern Dallas metro of Farmers Branch. Built in 2019, the property features studio, one-, two- and three-bedroom units ranging in size from 663 to 1,423 square feet. Amenities include a pool, outdoor kitchen and gaming area, fitness center and a dog park. The seller was not disclosed.

October 9, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 78-Unit Multifamily Complex in Hurst, Texas

by Taylor Williams October 9, 2020

HURST, TEXAS — Marcus & Millichap has arranged the sale of Arbor Park, a 78-unit multifamily complex in Hurst, located northeast of Fort Worth. According to Apartments.com, Arbor Park offers one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor

October 9, 2020

Illinois Loans Midwest Multifamily

Berkadia Provides $18.3M Refinancing for Multifamily Property Near St. Louis

by Kristin Harlow October 9, 2020

BETHALTO, ILL. — Berkadia has provided an $18.3 million Fannie Mae loan for the refinancing of Metro Apartments at Bethalto, a 351-unit multifamily complex in Bethalto, northeast of St. Louis. The garden-style asset is located at 190 Rue Sans Souci. It features one-, two- and three-bedroom floor plans along with a basketball court, playground, baseball field and outdoor grilling areas. John Schorgl of Berkadia originated the loan on behalf of the borrower, Missouri-based KH Properties. The 12-year loan features a fixed interest rate at low-3 percent with two years of interest-only payments, a 75 percent loan-to-value ratio and a 30-year amortization schedule.

October 9, 2020

Loans Massachusetts Multifamily Northeast Seniors Housing

Rockport Arranges $81.8M Loan for Refinancing of Boston Seniors Housing Community

by Taylor Williams October 9, 2020

BOSTON — Rockport Mortgage Corp. has arranged an $81.8 million loan for the refinancing of South Cove Plaza, a 231-unit seniors housing community in Boston. South Cove Plaza consists of a 142-unit building on Stuart Street and an 89-unit building on Tremont Street in the city’s Back Bay area. The buildings feature 193 one-bedroom units and 38 two-bedroom units, as well as a combined 10,200 square feet of ground-floor commercial space. The borrower, Weston Associates, will use some of the proceeds to renovate unit interiors, mechanical systems and amenity spaces.

October 9, 2020

Loans Massachusetts Multifamily Northeast

ORIX Provides $19.9M Loan for Refinancing of Metro Boston Multifamily Asset

by Taylor Williams October 9, 2020

QUINCY, MASS. — ORIX Real Estate Capital has provided a $19.9 million FHA-insured loan for the refinancing of Fenno House, a 152-unit affordable housing community located in the southern Boston suburb of Quincy. The property was built in 1973. Hampden Park Capital arranged the loan on behalf of the borrower, Wollaston Lutheran Housing Corp., which will use a portion of the funds to rehabilitate and preserve the affordability of the property. Curtis Construction Co. is the general contractor for the renovation project.

October 9, 2020

Acquisitions Multifamily North Carolina Southeast

Peak Capital Partners Purchases 12-Property Apartment Portfolio in North Carolina for $181.5M

by Alex Tostado October 8, 2020

PROVO, UTAH — Provo-based Peak Capital Partners has purchased a 12-property apartment portfolio in North Carolina for $181.5 million. The portfolio comprises 1,859 units, though a list of the properties was not disclosed. The seller, a partnership between Threshold Capital and BMA Capital LLC, also sold 18 communities to Morgan Properties for $323 million. Marc Robinson, Brooks Colquitt and Jacquelyn Aaron of Cushman & Wakefield represented the seller in both transactions.

October 8, 2020

Acquisitions Georgia Multifamily Southeast

Joint Venture Sells Newly Built Apartment Complex Near Atlanta for $65.8M

by Alex Tostado October 8, 2020

NEWNAN, GA. — A joint venture between PointOne Holdings, Batson-Cook Development Co. (BCDC) and Novare Group has sold Promenade at Newnan Crossing, a 298-unit apartment community in Newnan, for $65.8 million. The property, which was delivered in 2019, comprises a mix of three-story buildings offering apartment units and for-rent townhomes with units averaging 942 square feet. The community spans 24 acres and offers studio to three-bedroom floor plans. Communal amenities include a pool, clubhouse, car charging station, fitness center, a business center and storage space. Glen Allen, Va.-based Capital Square 1031 acquired the asset. David Gutting of Newmark Knight Frank (NKF) represented the sellers in the transaction. Humphreys & Partners Architects and Kimley-Horn & Associates Inc. designed the community. Hathaway Construction Services was the general contractor. Promenade at Newnan Crossing is located at 1450 Newnan Crossing, 37 miles southwest of downtown Atlanta. The property is situated near LINC, a 25.5-mile walking trail.

October 8, 2020

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