Multifamily

Evergreen Devco Acquires Turnberry at Heather Ridge Multifamily Property in Colorado for $46M

by Amy Works June 30, 2020

AURORA, COLO. — Evergreen Devco has purchased Turnberry at Heather Ridge, an apartment community located at 2038 S. Vaughn Way in Aurora. Kevlyn Investments sold the asset for $46 million in an off-market transaction. Situated on 12 acres, Turnberry at Heather Ridge features 268 apartments, averaging 823 square feet, in a mix of 183 one-bedroom/one-bath units and 85 two-bedroom/two-bath units. The units feature fully appointed kitchens, fireplaces, large balconies or patios, ceiling fans and walk-in closets. The community features two swimming pools, a fitness center, business center, dog park and clubhouse. Evergreen plans to implement a three-year capital improvements program at the property that includes renovating the exterior and interior of the 13 residential buildings and leasing office, as well as updating the community amenities. Echelon Property Group will be the on-site manager for the community. John Blackshire and Tom Wanberg of Transwestern represented the seller in the deal.

June 30, 2020

Arizona Development Loans Multifamily Western

PCCP Provides $39.4M Loan for Development of Acero Glendale Apartment Community in Arizona

by Amy Works June 30, 2020

GLENDALE, ARIZ. — PCCP has provided a $39.4 million senior loan to Vancouver, Wash.-based IDM Cos. for the ground-up development of Acero Glendale. The Class A, garden-style multifamily property will be located at the northwest corner of 95th and Missouri avenues in Glendale. Situated on 15 acres, the project will feature 352 units in a mix of one-, two- and three-bedroom floor plans, averaging 986 square feet, across 18 residential buildings. Units will offer hard-surface countertops, vinyl-plank flooring, carpeted bedrooms, air conditioning, in-unit washers/dryers, stainless steel appliances and private patios or balconies. Community amenities will include two swimming pools, a fitness center, leasing office, community room and lounge with a kitchen and outdoor common areas. The first units are scheduled for delivery in mid-2021, with completion of the entire project in 2022. Adam Deermount, Steve Sims and John Meek of RanchHarbor, along with David Kidder of Landmark Real Estate, arranged the financing.

June 30, 2020

Development Illinois Midwest Multifamily

City Club Apartments Breaks Ground on Phase II of Chicago Apartment Property

by Kristin Harlow June 30, 2020

CHICAGO — City Club Apartments (CCA) has broken ground on the second phase of MDA within downtown Chicago’s Loop. The first phase was a 23-story historic building dating back to 1927 that CCA redeveloped into apartments in 2006. Phase II will include the addition of a new seven-story building that will add 81 units to the existing 190 apartments and penthouses. A new rooftop sky park will include a heated outdoor pool, outdoor theater, grill stations, cabanas and lounge seating. The sixth floor will house a clubroom and conference room that will connect to Phase I via a skybridge. Phase I and II residents will have access to combined amenities, including a library, fitness center, bark park and concierge services. The first residents are expected to begin moving into Phase II in March 2021. The initials MDA are derived from the building’s original name, the Medical & Dental Arts Building. Detroit-based CCA currently has four communities under construction — two in Detroit, one in Kansas City and one in Chicago.

June 30, 2020

Loans Midwest Multifamily South Dakota

JLL Provides $27.5M in Fannie Mae Loans for Refinancing of Two Apartment Communities in South Dakota

by Kristin Harlow June 30, 2020

RAPID CITY, S.D. — JLL Capital Markets has provided $27.5 million for the refinancing of Harmony Heights Apartments and Stoney Creek Apartments in Rapid City in western South Dakota. The two garden-style communities total 533 units. The two Fannie Mae loans feature 10-year terms and fixed rates. Brock Yaffe of JLL originated the financing on behalf of the borrowers, Harmony Heights Associates LLP and Stoney Creek Associates LLP. Built in 2003, Harmony Heights consists of 15 buildings housing 255 units. Developed in 2008, Stoney Creek consists of 16 buildings totaling 278 units.

June 30, 2020

Development Georgia Loans Multifamily Southeast

Truist Provides $93.8M Construction Loan for Multifamily Community in Atlanta

by Alex Tostado June 29, 2020

ATLANTA — Truist Financial Corp. has provided a $93.8 million construction loan for Phase II of Modera Prominence, a 395-unit multifamily community underway in Atlanta’s Buckhead district. Renasant Bank and Trustmark National Bank were part of the syndicate loan provided to developer, Mill Creek Residential. Phase II will comprise the multifamily portion of the project. Phase I, which comprises 21,000 square feet of retail and restaurant space, is nearing completion. Communal amenities will include a fitness facility, saunas, dog park, dog spa, clubroom, lounges and concierge services. The property is located at 3699 Lenox Road at the corner of Lenox and Piedmont roads, nine miles north of downtown Atlanta. A timeline for completion was not disclosed.

June 29, 2020

Development Florida Multifamily Seniors Housing Southeast

Atlantic Housing Partners to Open $15M Affordable Seniors Housing Community in Central Florida

by Alex Tostado June 29, 2020

ORANGE CITY, FLA. — Atlantic Housing Partners LLLP will open Parc Hill Senior Living Apartments, an 88-unit affordable seniors housing community in Orange City, later this summer. The $15 million development will have units reserved for residents earning between 40 and 80 percent of the area median income (AMI). The property offers one- and two-bedroom floor plans, and each unit features granite countertops, CleanSteel energy-efficient appliances and screened-in patios. Communal amenities include a clubhouse with dedicated senior resident activities center, Collector’s Edition 1965 Mustang Pool Table, business center, heart-healthy cardio and fitness studio and pedestrian-friendly sidewalks. The community is located at 1010 Skyline Loop, equidistant between Daytona Beach and Orlando. The general contractor was ConcordRents. The project’s financing includes $7.5 million in tax-exempt bonds from the Housing Finance Authority of Volusia County, $5.8 million from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. and equity from the developer.

June 29, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates $38M Sale of Apartment Complex in Durham

by Alex Tostado June 29, 2020

DURHAM, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Parc at University Tower, a 186-unit apartment complex in Durham. KnightVest acquired the property for an undisclosed price, but the Triangle Business Journal reports the sales price was $38 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, lighted tennis court, 24-hour fitness center, pet park, 24-hour business center, poolside BBQ grilling station, clubhouse with billiards, Amazon Hub package lockers and complimentary bike exchange. The garden-style community is located at 20 Morcroft Lane, four miles west of downtown Durham. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Duck Pond Realty, in the transaction.

June 29, 2020

Affordable Housing Loans Multifamily Texas

KeyBank Provides $43.8M Freddie Mac Financing for Affordable Housing Project in Central Texas

by Taylor Williams June 29, 2020

SAN MARCOS, TEXAS — KeyBank Real Estate Capital has provided $43.8 million in Freddie Mac financing for Reserves at San Marcos, a 376-unit multifamily project in San Marcos, roughly midway between Austin and San Antonio. Approximately 80 percent of the units are reserved for renters earning up to 60 percent or less of the area median income. Units will feature one-, two- and three-bedroom floor plans ranging in size from 650 to 1,350 square feet. Robbie Lynn and Hector Zuniga of KeyBank originated the financing, which carries a fixed interest rate and a 36-month term. Construction is expected to be complete by 2022.

June 29, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 144-Unit Parkwood Terrace Apartments in Metro Austin

by Taylor Williams June 29, 2020

ROUND ROCK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parkwood Terrace, a 144-unit multifamily community located in the northern Austin suburb of Round Rock. Built in 2000, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and resident clubhouse. Jordan Featherston, Will Balthrope, Drew Kile, Drew Garza and Kent Myers of IPA represented the seller, private investor James Pinheiro, in the transaction. Los Angeles-based investment firm Langdon Street Capital purchased the asset for an undisclosed price.

June 29, 2020

Acquisitions Illinois Midwest Multifamily

JLL Brokers Sale of 111-Unit Luxury Apartment Community in Metro Chicago

by Kristin Harlow June 29, 2020

LAKE FOREST, ILL. — JLL Capital Markets has brokered the sale of Apartment Homes at Kelmscott Park in Lake Forest, about 30 miles north of Chicago. The sales price was undisclosed. The luxury apartment property consists of three buildings with 111 units that average 1,220 square feet. The community is 92 percent occupied and the majority of renters are age 50 and older. Monthly rents start at $2,141. Marty O’Connell, Wick Kirby, Kevin Girard and Amanda Friant of JLL represented the sellers, Focus and funds managed by Castlelake LP. Matt Schoenfeldt and Chris Knight of JLL originated acquisition financing on behalf of the buyer, Intercontinental Real Estate Corp. The Fannie Mae loan has a 10-year term. Steve Centrella and Chris LaFrance of Intercontinental led the transaction on behalf of Intercontinental.

June 29, 2020

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