Multifamily

Cushman & Wakefield Arranges $9.6M Sale of Workforce Housing Asset in Gurnee, Illinois

by Kristin Harlow February 3, 2020

GURNEE, ILL. — Cushman & Wakefield’s Midwest Multifamily Advisory Group has arranged the $9.6 million sale of Carriage House Apartments in Gurnee, about 40 miles north of Chicago. Constructed in the 1970s, the 17-building, 136-unit workforce housing property is located at 4344 McClure Ave. Brad Smith, Jason Stevens and Todd Stofflet of Cushman & Wakefield represented the seller, California-based Steadfast Apartment REIT III Inc. Wisconsin-based GP Property Management purchased the asset. Steadfast had acquired the property in 2016 and completed unit upgrades. The new owners are planning additional improvements. At the time of sale, the property was 97 percent occupied. Workforce housing refers to housing that is affordable to households earning 60 to 120 percent of the area median income, according to the Urban Land Institute. It’s often utilized for public employees, such as teachers, police officers and firefighters.

February 3, 2020

Development Multifamily Texas

Southern Properties Begins Leasing 144-Unit Chelsea Apartments in Beaumont

by Taylor Williams February 3, 2020

BEAUMONT, TEXAS — Southern Properties Capital, a subsidiary of Dallas-based Transcontinental Realty Investors Inc., has begun leasing Chelsea Apartments, a 144-unit community in Beaumont. Southern Properties acquired the property in 2018 and implemented a value-add program. Chelsea Apartments offers one-, two- and three-bedroom units ranging in size from 618 to 1,239 square feet. Amenities include a pool, fitness center, business center, resident clubhouse, spa and outdoor grilling stations.

February 3, 2020

Loans Multifamily New York Northeast

Morgan Stanley Provides $43.8M Loan to Refinance Bronx Multifamily Portfolio

by Alex Patton February 3, 2020

NEW YORK CITY — Morgan Stanley has provided a $43.8 million loan to refinance a six-property multifamily portfolio in the Bronx. The loan, which Morgan Stanley provided to Timberger East Real Estate, features a fixed rate of 3.74 percent and ten years of full-term, interest-only payments. The properties include 305 total units and are located at 104 W. 190th St., 1055 Grand Concourse, 1354 Commonwealth Ave., 2085 Valentine Ave., 2264 Creston Ave. and 3425 Knox Ave. Bryan Manz, Rob Serra and Emil DePasquale of Black Bear Capital Partners secured the loan.

February 3, 2020

Development Multifamily Seniors Housing South Carolina Southeast

Resort Lifestyle Communities Plans $30M Active Adult Community in Columbia, South Carolina

by Alex Tostado January 31, 2020

COLUMBIA, S.C. — Resort Lifestyle Communities (RLC) has unveiled plans for Lakeview Retirement Community, an active adult property in Columbia. The 180,000-square-foot property will offer units ranging from studios to three-bedroom apartments. Development costs are estimated at $30 million. A groundbreaking ceremony is scheduled for Tuesday, Feb. 11. Although services will not be offered directly, residents needing care are free to contract with a home health provider, according to RLC.

January 31, 2020

Acquisitions Loans Multifamily North Carolina Southeast

Berkadia Provides $25.8M Acquisition Loan for Multifamily Complex in North Carolina’s Triad Region

by Alex Tostado January 31, 2020

GREENSBORO, N.C. — Berkadia has provided a $25.8 million Freddie Mac acquisition loan for Waterford Place, a 240-unit apartment complex in Greensboro. The property was built in 1997 at 101 Shore Lake Drive, a few blocks from Lake Jeanette and six miles north of downtown Greensboro. Waterford Place offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, tennis court and maid service. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured the loan on behalf of the buyers, a joint venture between New York City-based GMF Capital and Lakewood, N.J.-based Eminent Capital. The loan features a 10-year term with a fixed interest rate and five years of interest-only payments. The seller was McLean, Va.-based Kettler Management.

January 31, 2020

Acquisitions Multifamily Texas

Castle Lanterra Sells 350-Unit Villas Tech Ridge Apartments in Austin

by Taylor Williams January 31, 2020

AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties (CLP) has sold Villas Tech Ridge, a 350-unit apartment community in Austin. Built in 2008, the property is part of the 236-acre Tech Ridge master-planned community and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a resident clubhouse. CLP acquired the asset in 2016 and implemented a value-add program that upgraded unit interiors and amenity spaces. Villas Tech Ridge was 98 percent occupied at the time of sale.

January 31, 2020

Development Multifamily Texas

Wood Partners Opens 285-Unit Alta Champions Circle Apartment Community in Fort Worth

by Taylor Williams January 31, 2020

FORT WORTH — Multifamily developer Wood Partners has opened Alta Champions Circle, a 285-unit community in Fort Worth. The property is located near the recently completed Tanger Outlet Fort Worth and the Texas Motor Speedway. Floor plans include one-, two- and three-bedroom units with full-size washers and dryers and private yards in select units. Amenities include a pool with a tanning deck, fitness center, micro offices, indoor party room, a pet park and outdoor grilling stations.

January 31, 2020

Acquisitions Multifamily Texas

Muskin Commercial Arranges Sale of 72-Unit Palo Santo Apartments in Austin

by Taylor Williams January 31, 2020

AUSTIN, TEXAS — Muskin Commercial LLC has arranged the sale of Palo Santo Apartments, a 72-unit community located in north central Austin. Units at the property feature hardwood-style flooring and upgraded appliances, and amenities include a pool and onsite laundry facilities. Muskin Commercial represented the seller, AL Rundberg Apartments LLC, in the transaction. James Young of Newmark Knight Frank represented the buyer, 1809 West Rundberg Lane LP.

January 31, 2020

Loans Michigan Midwest Multifamily ORIX

Hunt Provides $18.3M Refinancing for Two Multifamily Properties in Michigan

by Kristin Harlow January 31, 2020

KALAMAZOO AND SAGINAW, MICH. — Hunt Real Estate Capital has provided two Freddie Mac loans totaling $18.3 million for the refinancing of two multifamily properties in Michigan. The borrower is Michigan-based limited liability company ROCO Real Estate. Both loans feature 10-year terms with 30-year amortization periods. The properties include Waverly Place, a 228-unit community in Kalamazoo; and Bancroft, a 152-unit community in Saginaw.

January 31, 2020

Affordable Housing Development Illinois Midwest Multifamily

Joseph J. Duffy Co. to Break Ground on 37-Unit Affordable Housing Project in Oak Park, Illinois

by Kristin Harlow January 31, 2020

OAK PARK, ILL. — Joseph J. Duffy Co. is set to break ground on a new four-story, 37-unit affordable housing project in Oak Park. An official groundbreaking ceremony will take place on Monday, Feb. 10. The project will be situated on a vacant lot at the corner of Oak Park Avenue and Van Buren Street. The ground floor will house approximately 900 square feet of commercial space plus bicycle storage. Plans also call for a 28-car parking area, an outdoor roof terrace and a multipurpose room. Nonprofit real estate developer The Community Builders is the developer and DesignBridge Ltd. is the architect.

January 31, 2020

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