Multifamily

Lincoln Ventures Completes 18-Story Student Housing Community Near UT Austin

by Taylor Williams September 18, 2020

AUSTIN, TEXAS — Lincoln Ventures has completed the development of Moontower, an 18-story student housing community located about a mile from the University of Texas at Austin. The property offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a rooftop pool and lounge, a study lounge with individual study rooms, a fitness center, yoga and spin studio, coffee bar and 24-hour package concierge. The community’s development team included interior designer Chelsea Kloss Interiors, contractor JE Dunn and architect Gensler.

September 18, 2020

Acquisitions Multifamily Texas

Rosewood Realty Arranges Sale of 260-Unit Cottonwood Creek Apartments in Waco

by Taylor Williams September 18, 2020

WACO, TEXAS — New York City-based Rosewood Realty Group has arranged the sale of Cottonwood Creek Apartments, a 260-unit multifamily community in Waco. The property features one-, two- and three-bedroom units with designer finishes, walk-in closets, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling area and a pet playground. Jonathan Brody of Rosewood Realty represented the seller, Continental Properties, and procured the buyer, Borei Olam Management. The sales price was not disclosed.

September 18, 2020

Affordable Housing Loans Multifamily Texas

Bellwether Provides $32.6M Agency Loan for Austin Affordable Housing Project

by Taylor Williams September 18, 2020

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $32.6 million Freddie Mac permanent loan for the construction of Austin Colorado Creek, a 240-unit affordable housing project at 2917 Falwell Lane on the city’s east side. The property will offers one-, two-, three- and four-bedroom units and amenities such as a pool, clubhouse, business center and a playground. A majority of the units (192) will be reserved for renters earning 60 percent or less of the area median income (AMI) and 48 will be reserved for renters earning 50 percent or less of AMI. Phil Melton and Cindy Hannon of Bellwether originated the financing. The borrower was not disclosed.

September 18, 2020

Loans Multifamily New Jersey Northeast Walker & Dunlop

Walker & Dunlop Provides $87.4M Fannie Mae Loan for New Jersey Workforce Housing Portfolio

by Taylor Williams September 18, 2020

NEPTUNE CITY, RED BANK AND MATAWAN, N.J. — Walker & Dunlop has provided an $87.4 million Fannie Mae loan for the refinancing of a 792-unit workforce housing portfolio located in northern and coastal New Jersey. The portfolio includes Brighton Arms Apartments in Neptune City; Grandville Towers in Red Bank; and Tree Haven Apartments in Matawan. John Banas, Kris Wood, John Wilson and Rhett Saltiel of Walker & Dunlop originated the financing on behalf of the borrower, The PRC Group.

September 18, 2020

Development Indiana Midwest Multifamily

Milhaus, Kite Realty Group to Develop $40M Apartment Project at Glendale Town Center in Indianapolis

by Kristin Harlow September 18, 2020

INDIANAPOLIS — Milhaus and Kite Realty Group Trust have unveiled plans to develop AYR, a $40 million apartment development at Glendale Town Center in Indianapolis. The developers identified underutilized land to be transformed into the 267-unit multifamily project. Milhaus and Kite will also build new bike lanes, a left turn lane and green spaces. Completion of the apartments is slated for 2021. Glendale Town Center, a shopping center dating back to 1958, is home to tenants such as Target and Lowe’s. The name AYR comes from the department store L.S. Ayres & Co., which was part of Glendale Town Center when it first opened.

September 18, 2020

Acquisitions Michigan Midwest Multifamily

Berkadia Arranges $30.4M Sale of Multifamily Property in Ypsilanti, Michigan

by Kristin Harlow September 18, 2020

YPSILANTI, MICH. — Berkadia has arranged the sale of Arbor One Apartments in Ypsilanti near Ann Arbor for $30.4 million. The 469-unit, garden-style multifamily property is located at 799 Green Road. It features newly renovated one-, two- and three-bedroom units. Kevin Dillion, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan, Carly Dietz and Corey Krug of Berkadia’s Great Lakes team represented the seller, Michigan-based Watermark Partners Real Estate. New Jersey-based Valleytree Partners was the buyer. Aaron Moll of Berkadia’s Detroit office secured $23.5 million in acquisition financing through Freddie Mac.

September 18, 2020

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Presidio Bay Ventures Takes Overs Construction of Mixed-Use Development in Menlo Park, California

by Amy Works September 18, 2020

MENLO PARK, CALIF. — San Francisco-based Presidio Bay Ventures has taken over construction, lease-up and stabilization of the 6.4-acre mixed-use development, located at 1300-1302 El Camino Real and 550 Oak Grove Ave. in Menlo Park. The strategic operation of the project, renamed Springline, was transitioned to Presidio Bay mid-construction in June. Since then, the firm’s development team has overhauled nearly all aspects of the project. Situated in Menlo Park’s pedestrian-oriented downtown city center, Springline will feature two 100,000-square-foot Class A office buildings, 183 residences, retail, dining, a dual-level subterranean parking garage and public outdoor space. Approved by Menlo Park City Council in early 2017, original construction for the project started later that year. Delivery of the commercial buildings is slated for fourth quarter and leasing of the residential component is scheduled to begin in second-quarter 2021. Christian Prelle, Mike Courson and Clay Jones of Newmark Knight Frank’s Palo Alto, Calif., office, along with Cassidy Zerrer of NKF’s San Francisco office, are handling office leasing efforts for the project.

September 18, 2020

Confluence-Three-Springs-Apts-Durango-CO

Acquisitions Colorado Multifamily Western

Trailbreak Partners Acquires Confluence at Three Springs Apartments in Durango, Colorado for $35.2M

by Amy Works September 18, 2020

DURANGO, COLO. — Trailbreak Partners, a Denver-based private equity firm, has purchased Confluence at Three Springs Apartments, located at 150 Confluence Ave. in Durango. GF Properties Group sold the asset for $35.2 million. Built in 2016 and 2018, Confluence at Three Springs features 171 units in a mix of one- and two-bedroom apartments and three commercial tenants, including a Mexican restaurant, a yoga studio and a bridal boutique. Community amenities include direct hiking trail access, playground, outdoor cooking areas, seating and a resident lounge. Josh Simon and Rob Bova of JLL Capital Markets worked on behalf of the buyer to secure a 10-year, fixed-rate loan through Freddie Mac.

September 18, 2020

Acquisitions Arizona Loans Multifamily Western

Berkadia Arranges $33M Sale of Villas de Azul Multifamily Property in Phoenix

by Amy Works September 18, 2020

PHOENIX — Berkadia has arranged the sale of Villas de Azul, a garden-style multifamily in Phoenix. North Carolina-based Sterling Real Estate Partners sold the property to Vancouver, Canada-based Western Wealth Capital for $33 million. Located at 2627 N. 45th Ave. on 17 acres, Villas de Azul features 301 apartments in a mix of one- and two-bedroom apartments and three-bedroom townhouse units. Community amenities include a swimming pool, basketball court, soccer field, playground and laundry facilities. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal. Clay Akiwenzie of Berkadia’s San Francisco office secured $26.4 million in financing for the acquisition of the property. The 10-year Freddie Mac loan features an 80 percent loan-to-purchase ratio, a five-year interest-only period and a 30-year amortization.

September 18, 2020

Development Florida Multifamily Southeast

Ram Realty Advisors Delivers 243-Unit Multifamily Community in Fort Lauderdale

by Alex Tostado September 17, 2020

FORT LAUDERDALE, FLA. — Ram Realty Advisors has delivered CURV, a 243-unit multifamily community in Fort Lauderdale. The property offers one-, two- and three-bedroom floor plans ranging from 748 to 1,603 square feet with rents starting at $2,010 per month. Communal amenities include a pool, private cabanas, outdoor kitchen with grills and a TV, fitness center, yoga studio, pet grooming salon and electric car chargers. CURV is situated at 410 SE 16th Court, two miles south of downtown Fort Lauderdale. Bozzuto manages and heads leasing for the eight-story asset. Virtual leasing is underway at CURV, which is named for its curved facade reminiscent of Miami decor in the 1950s and 1960s. The City of Fort Lauderdale issued the developer a temporary certificate of occupancy Aug. 26.

September 17, 2020

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