Multifamily

University Partners Acquires Vertex Student Housing Community Near Arizona State University

by Amy Works September 14, 2020

TEMPE, ARIZ. — University Partners has acquired Vertex, a 600-bed student housing community located near Arizona State University in Tempe. The property was built in 2015 and offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include 7,700 square feet of retail space, a resort-style swimming pool, two-story fitness center with a rock-climbing wall, clubhouse, private study rooms and a cycle room. University Partners plans to upgrade and refresh community common areas and will oversee management of the property. The seller and terms of the transaction were undisclosed.

September 14, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges Sale of 70-Unit Torrey Pines Villas in Glendale, Arizona

by Amy Works September 14, 2020

GLENDALE, ARIZ. — Marcus & Millichap has brokered the sale of Torrey Pines Villas, a 70-unit multifamily property located in Glendale. A limited liability company sold the asset to another limited liability company for $8.3 million. Paul Bay of Marcus & Millichap represented both parties in the deal. Located at 5712 N. 67th Ave., Torrey Pines Villas features 44 one-bedroom/one-bath units and 26 two-bedroom/two-bath units. The community was built in 1985 on 1.14 acres.

September 14, 2020

Company News Multifamily Student Housing Texas

ACC Reports Occupancy Decline of 710 Basis Points Across Student Housing Portfolio

by Taylor Williams September 14, 2020

AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC), the nation’s largest owner and manager of student housing properties, reported that its portfolio had an occupancy rate of 90.3 percent as of Sept. 11, 2020. The Austin-based REIT posted a same-store portfolio-wide occupancy rate of 97.4 percent a year ago, netting a year-over-year decline of 710 basis points. CEO Bill Bayless said that the company was encouraged by overall leasing activity in June and July but remains concerned about whether in-person classes will prevail throughout the fall semester. ACC has already felt some of this impact, Bayless said, noting that the delay or cancellation of on-campus classes stemming from the COVID-19 pandemic had already caused a 16 percent year-over-year drop in occupancy across properties that primarily serve first-year students. As of mid-2020, ACC owned 166 student housing properties totaling 111,900 beds across the country.

September 14, 2020

Development Multifamily Texas

Billingsley Opens 432-Unit Wallis & Baker Multifamily Community Near Fort Worth

by Taylor Williams September 14, 2020

GRAPEVINE, TEXAS — Locally based developer Billingsley Co. has opened Wallis & Baker, a 432-unit multifamily community in the northern Fort Worth suburb of Grapevine. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, clubroom with a bar, a wine room with a billiards table, sand volleyball court, dog park, private dining room and a library with individual workspaces. Billingsley is also developing 27,400 square feet of office and retail space on an adjacent parcel that will create a walkable neighborhood for residents of Wallis & Baker.

September 14, 2020

Development Multifamily Texas

Inland, Cambridge Complete 308-Unit Citadel at Tech Ridge Apartments in North Austin

by Taylor Williams September 14, 2020

AUSTIN, TEXAS — A partnership between Inland National Development Co. LLC and Cambridge Development Group Inc. has completed Citadel at Tech Ridge, a 308-unit apartment community in North Austin. The property spans 14.8 acres and is located near Tech Ridge Business Park and Parmer Business Park, both of which are employment hubs for major tech users. Citadel at Tech Ridge features one-, two- and three-bedroom units. Amenities include a pool, fitness center, dog park, resident clubhouse and a cybercafé. Approximately 62 percent of the units were leased as of the end of August. Rents start a $1,195 per month for a one-bedroom unit, according to apartments.com.

September 14, 2020

Development Multifamily Texas

Howard Hughes Begins Preleasing 163-Unit Lane at Waterway Apartments in The Woodlands

by Taylor Williams September 14, 2020

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has begun preleasing residences at The Lane at Waterway, a 163-unit multifamily community in The Woodlands, about 30 miles north of Houston. The seven-story property spans 1.7 acres and offers one-, two and three-bedroom units, as well as townhomes. Units are furnished with quartz countertops, stainless steel appliances, smart thermostats and keyless entry systems. Amenities include a clubroom, fitness center and an outdoor cooking area. The Lane at Waterway also features coworking office space, and residents may also rent private offices for an additional charge. The first units are expected to be available for occupancy in December. Rents start at $1,217 for a one-bedroom unit, according to apartments.com.

September 14, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $5.9M HUD Loan for Refinancing of Seniors Housing Property in Minnesota

by Kristin Harlow September 14, 2020

ROCHESTER, MINN. — Colliers Mortgage has provided a $5.9 million HUD 223(a)(7) loan for the refinancing of Fairway Ridge Cooperative, a 52-unit seniors housing property in Southeast Minnesota’s Rochester. All units at the property, built in 2003, are restricted to households where the head of household is 62 years of age or older. The refinance will enable the borrower to reduce the interest rate on the loan.

September 14, 2020

Loans Midwest Multifamily Ohio

Gelt Financial Provides $3M Loan for 152-Unit Multifamily Community in Columbus

by Kristin Harlow September 14, 2020

COLUMBUS, OHIO — Gelt Financial has provided a $3 million first mortgage loan for Crown Pointe Apartments in Columbus. The multifamily community, built in 1989, features 152 units. Loan proceeds of the two-year bridge loan will be used for property improvements. South Florida-based Gelt says it plans to close an additional $15 million in non-stabilized property loans by the end of the year.

September 14, 2020

Loans Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $37.1M Refinancing Loan for New Seniors Housing Community in Charleston

by Alex Tostado September 14, 2020

CHARLESTON, S.C. — Cushman & Wakefield has arranged a $37.1 million refinancing loan for Wellmore of Daniel Island, an assisted living, memory care and skilled nursing community in Charleston. Wellmore of Daniel Island is a 186-unit, 198-bed community that opened in 2018. It is located within the Daniel Island area, near downtown Charleston and overlooking the Daniel Island Club Beresford Creek golf course. Truist Financial provided the loan to the borrower and owner, an affiliate of Maxwell Group. The Cushman & Wakefield Senior Housing Capital Markets team involved in the transaction included Richard Swartz, Tim Hosmer and Chris Remeika.

September 14, 2020

Acquisitions Multifamily Texas

Berkshire Property Holdings Buys Multifamily Portfolio in Metro Dallas for $56.8M

by Taylor Williams September 11, 2020

RICHARDSON, TEXAS — Orlando-based investment firm Berkshire Property Holdings has purchased a two-property multifamily portfolio totaling 568 units in the northeastern Dallas suburb of Richardson for $56.8 million. The Parks at Walnut is a 308-unit property that consists of 25 two-story residential buildings on a 12-acre site, and NinetyNine44 on Walnut is a 260-unit community that features one- and two-bedroom units across 27 buildings on a 10.4-acre site. Both properties offer amenities such as pools, outdoor grilling areas, playgrounds and resident clubhouses. William Jarnagan, Jay Gunn, Taylor Hill, Tom Burns and Michael Ware of Berkadia represented Berkshire Property Holdings and the undisclosed seller in the transaction. A CBRE team led by Brian Eisendrath arranged a 10-year Freddie Mac acquisition loan on behalf of the new ownership.

September 11, 2020

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