Multifamily

Dominion Realty Partners Tops Out 29-Story FNB Tower in Uptown Charlotte

by Alex Tostado October 7, 2020

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has topped out FNB Tower, a 29-story mixed-use building located at 401 S. Graham St. in Uptown Charlotte. The developer expects to deliver the asset in the second quarter of 2021. The building will feature 116,915 square feet of office space as well as 196 multifamily units. Pittsburgh-based FNB Corp., the parent company of First National Bank, will occupy 40,000 square feet of the tower to serve as the company’s regional headquarters. Batson-Cook Construction is the general contractor.

October 7, 2020

Acquisitions Midwest Missouri Multifamily

Abacus Capital Group Acquires 398-Unit Luxury Apartment Community Near Kansas City’s Country Club Plaza

by Kristin Harlow October 7, 2020

KANSAS CITY, MO. — An affiliate of Abacus Capital Group has acquired Fountain View, a 398-unit luxury apartment community located adjacent to the Country Club Plaza shopping center in Kansas City. The purchase price was undisclosed. The property was built in 1998. Jeff Stingley, Max Helgeson and Michael Spero of CBRE represented the seller, a global investment advisor. The planned southern extension of Kansas City’s streetcar line will make Fountain View a transit-oriented development, according to CBRE.

October 7, 2020

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $40M Refinancing for Multifamily Property in Minneapolis

by Kristin Harlow October 7, 2020

MINNEAPOLIS — Colliers Mortgage has provided a $40 million Fannie Mae loan for the refinancing of Stevens Community Apartments in Minneapolis. The 618-unit multifamily property consists of 23 buildings. The asset was constructed in phases from 1913 to 1964 and has been renovated several times. The loan features a 12-year term and a 30-year amortization schedule. Stevens Community Associates LP was the borrower.

October 7, 2020

Colorado Development Loans Multifamily Western

Parkview Financial Provides $26M Construction Loan for Art District Lofts in Downtown Denver

by Amy Works October 7, 2020

DENVER — Parkview Financial has provided a $26 million construction loan to CRE Development Investments for the development of Art District Lofts, an apartment community located at 1275 Santa Fe Drive in Denver. With this financing, construction has now commenced with completion slated for December 2021. Situated in Denver’s Art District, the eight-story project will feature 115 apartments and 2,622 square feet of ground-floor retail space. Art District Lofts will offer 51 studios, 55 one-bedroom units and nine two-bedroom units with an average unit size of 548 square feet. Community amenities will include private balconies, a fitness center, rooftop deck and secure bike parking. The property will also offer 48 garage and surface parking spaces.

October 7, 2020

California Development Multifamily Western

MBK Rental Living Buys Development Site for 292-Unit Apartment Community in Duarte, California

by Amy Works October 7, 2020

DUARTE, CALIF. — MBK Rental Living has purchased a 3.4-acre site in Duarte for the development of 292-unit apartment community in Duarte, situated 11 miles from downtown Pasadena and 22 miles from downtown Los Angeles. MBK is developing the project in partnership with Haseko Corp. Located along the Interstate 210 corridor and steps away from City of Hope Metro Gold Line, the five-story, transit-oriented development will feature a mix of flats and lofted studios, one-, two- and three-bedroom units, as well as co-living apartments. Amenities will include a fitness center and resort-style pool and spa, clubroom and “Bru Hause” gathering spot. Construction of the property, which will also include an eight-story parking structure, is scheduled to start in 2022. The new development is situated adjacent to Esperanza at Duarte Station, the partnership’s first project that will deliver 344 apartments upon completion in mid-2023.

October 7, 2020

California Loans Multifamily Western

Greystone Funds $52M Fannie Mae DUS Refinancing for Manufactured Housing Community in San Jose

by Amy Works October 7, 2020

SAN JOSE, CALIF. — Greystone has provided a $52.2 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 434-unit manufactured housing community in San Jose. Tim Thompson of Greystone originated the transaction for the borrower, Chateau La Salle LLC. The financing has a 10-year term and 30-year amortization, with a fixed rate and full-term interest-only payments. The loan enables the borrower to refinance its existing Greystone loan and monetize its existing equity in the property. Built in 1980, Chateau La Salle consists of 434 pads across 58 acres. Property amenities include a community clubhouse with wine tasting room, swimming pool, fitness center, laundry facilities and tennis courts.

October 7, 2020

Loans Multifamily Texas

Associated Bank Provides $34.3M Loan for Rehabilitation of Houston Apartments

by Taylor Williams October 7, 2020

HOUSTON — Associated Bank has provided a $34.3 million loan for the rehabilitation of Pinewood Apartments, a 240-unit affordable housing community in Houston that was built in 2001. The borrower, Minnesota-based Dominium Management Services LLC, acquired the property earlier this year. Renovations will preserve the affordability of all units for renters earning 60 percent or less of the area median income and will include new lighting, appliances and countertops, as well as the addition of in-unit washers and dryers. In addition, Dominium will upgrade amenity spaces, including the dog park, outdoor grilling area and pavilion. Renovations are expected to be complete in the second quarter of next year.

October 7, 2020

Acquisitions Multifamily North Carolina South Carolina Southeast

Morgan Properties Purchases $323M Multifamily Portfolio in Carolinas

by Alex Tostado October 6, 2020

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 18-property multifamily portfolio in North and South Carolina for $323 million. The portfolio comprises 3,256 units, primarily located in metro Charlotte. King of Prussia-based Morgan Properties now owns nearly 5,000 units in the Carolinas. The 10 properties in and around Charlotte comprise 2,243 garden-style units. The properties include Village at Brierfield, Wexford and Sharon Pointe in Charlotte; Parkway Station, Trinity Station and Waters Edge in Concord; Kannon Station and McClain Heights in Kannapolis; Woodbrook in Monroe; Alexander Station, Ashton Woods and Lakewood in Salisbury; and Huntersville Apartment Homes in Huntersville. The other three North Carolina properties total 562 units and include Highland Ridge in High Point, Clemmons Station in Clemmons and Enclave at North Point in Winston-Salem. The three properties in South Carolina include Gable Oaks in Rock Hill, 1022 West in Gaffney and Station 153 in Anderson. The three communities comprise 583 units. Morgan Properties plans to implement a $20 million renovation program throughout the portfolio, which will include upgrading curb appeal; renovating kitchens and bathrooms; upgrading communal amenities to include dog parks, playgrounds, fitness centers, club rooms and package rooms with Amazon hub lockers; and installing washers and …

October 6, 2020

Acquisitions Maryland Multifamily Southeast

JLL Negotiates Sale of 538-Unit Multifamily Community Near D.C.

by Alex Tostado October 6, 2020

GAITHERSBURG, MD. — JLL has arranged the sale of Cadence at Crown, a 538-unit multifamily community in Gaithersburg. JRK Property Holdings acquired the asset for an undisclosed price. The property offers studio to three-bedroom floor plans averaging 863 square feet. Communal amenities include a pool, sundeck, 24-hour fitness center, internet café, conference room, gaming lounge, pet spa and electric car charging stations. The community is situated at 113 Ellington Blvd., 21 miles north of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the undisclosed seller in the transaction.

October 6, 2020

Acquisitions Arizona Multifamily Western

Rockwood Capital Sells MetroPointe Apartments Near Phoenix for $96.7M

by Amy Works October 6, 2020

TEMPE, ARIZ. — Rockwood Capital has completed the sale of MetroPointe Apartments, a multifamily property located in Tempe. Cortland acquired the asset for $96.7 million, or $233,133 per unit. Built in 2009, the property features 415 apartments in a mix of one-, two- and three-bedroom layouts, two swimming pools and a spa. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

October 6, 2020

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