Multifamily

Passco Acquires 313-Unit Lakeview Villas Apartments Near San Antonio

by Taylor Williams October 23, 2019

NEW BRAUNFELS, TEXAS — California-based investment and development firm Passco Cos. has acquired Lakeview Villas, a 313-unit apartment community in New Braunfels, a northeastern suburb of San Antonio. The community’s one and two-bedroom units feature stainless steel appliances, hardwood-style ﬂooring, granite countertops, brushed nickel hardware, gooseneck faucets in the kitchen and private detached garages. Amenities include a resort-style pool with tanning ledge and outdoor kitchen, poolside lounge and ﬁre pit, as well as a ﬁtness center, a resident clubhouse and a walking trail surrounding a lake on the grounds. Will Balthrope, Jordan Featherston and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller.

October 23, 2019

Company News Multifamily Texas

Roscoe Property Management Awarded 3,500-Unit Multifamily Portfolio in DFW, Houston

by Taylor Williams October 23, 2019

AUSTIN, TEXAS — Austin-based Roscoe Property Management (RPM) has been awarded the B/K portfolio, which consists of 14 apartment communities totaling approximately 3,500 units, the majority of which are located in the Dallas-Fort Worth (DFW) and Houston markets. RPM has now added more than 50 communities to its management portfolio in 2019 alone.

October 23, 2019

Acquisitions Multifamily Texas

JLL Negotiates Sale of 53-Unit Dakota Lofts Apartments in Houston’s Warehouse District

by Taylor Williams October 23, 2019

HOUSTON — JLL has negotiated the sale of the historic Dakota Lofts apartment building, a 53-unit property in Houston’s Warehouse District. The property was originally built in 1911 and housed the Bute Paint Factory. The Randall Davis Co. renovated the building in 1993, when the facility was converted to multifamily housing featuring vintage loft-style units. Chip Nash and Bob Heard of JLL, along with Jim Hurd and Bishale Patel of Houston Income Properties, represented Randall Davis in the sale. Dakota Lofts was more than 90 percent occupied at the time of sale.

October 23, 2019

grandview-gardens-apts-hasbrouck-heights-nj-primary-photo

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $3.6M Sale of Grandview Gardens Apartments in Hasbrouck Heights, New Jersey

by Alex Patton October 23, 2019

HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of Grandview Gardens Apartments, a 20-unit multifamily property located in Hasbrouck Heights, a northwestern suburb of New York City. The property offers one-, two- and three-bedroom floor plans ranging from $1,475-$1,930. Kevin Taub, Daniel Aviles and Casey Egan of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also secured and represented the buyer, a private investor.

October 23, 2019

Arizona Development Multifamily Seniors Housing Western

LivGenerations, Ryan Cos. Start Construction of 181-Unit Seniors Housing Community in Arizona

by Amy Works October 23, 2019

SCOTTSDALE, ARIZ. — Liv Communities and Ryan Cos. US Inc. have started construction of LivGenerations Mayo Blvd., a luxury senior living community approximately 1.5 miles from the Mayo Clinic hospital campus in Scottsdale. Upon completion, the 285,212-square-foot seniors housing property will offer 181 units of independent living, assisted living and memory care. Todd & Associates is the architect of record and interiors were designed by Thoma-Holec Design. Ryan Cos. is leading construction, with a planned completion of third-quarter 2021. Liv Communities will be the community’s operator. Ryan Companies and Liv Communities celebrated the grand opening of LivGenerations Pinnacle Peak in March 2019, which is now 80 percent occupied. That project is also located in Scottsdale.

October 23, 2019

Acquisitions Multifamily Southeast Tennessee

Passco Acquires Newly Built Multifamily Property in Knoxville for $40.4M

by Alex Tostado October 22, 2019

KNOXVILLE, TENN. — Passco Cos. has acquired Tapestry at Turkey Creek, a 220-unit multifamily community in Knoxville, for $40.4 million. The seller, Arlington Properties, developed the property in 2018. The community offers one- through three-bedroom floor plans. Communal amenities include a saltwater swimming pool, dog park, fitness center, coffee bar and a game room. Tapestry at Turkey Creek is located at 810 Tapestry Way, 16 miles west of downtown Knoxville and 15 miles west of the University of Tennessee.

October 22, 2019

Acquisitions Alabama Multifamily Southeast

Berkadia Arranges Sales of Two Apartment Complexes in Alabama Totaling $39.5M

by Alex Tostado October 22, 2019

BIRMINGHAM AND PHENIX CITY, ALA. — Berkadia has arranged the sales of two apartment complexes totaling $39.5 million in Alabama: The Park at Alloa in Birmingham and Steeple Crest in Phenix City. Peak Capital Partners acquired The Park at Alloa, a 270-unit complex in Birmingham’s Avondale Entertainment District, from Blue Magma Residential for $21 million. The Park at Alloa offers one-, two- and three-bedroom floor plans. Communal amenities include a breakfast bar, business center, car care area, fitness center, swimming pool and a playground. In the other deal, Pillar Income Asset Management acquired Steeple Crest from its original developer for $18 million. Located near Columbus, Ga., the 200-unit property offers one- through three-bedroom floor plans. Community amenities include a car wash area, pet play area, business center, clubhouse, tanning salon and outdoor grilling areas. David Oakley, David Wilson, Caleb Frizzell and Jay Briley of Berkadia represented the sellers in both transactions.

October 22, 2019

Development Florida Loans Multifamily Seniors Housing Southeast

SunTrust Provides $39M Construction Financing for 424-Unit Seniors Housing Development in South Florida

by Alex Tostado October 22, 2019

WELLINGTON, FLA. — SunTrust Bank has provided $39 million in construction financing for Wellington Bay, a seniors housing development in Wellington. The borrower is a joint venture between Liberty Healthcare, ZOM Holdings and Ares Management. The first phase of construction, scheduled for completion in mid-2021, will feature 283 independent living, assisted living and memory care units, plus a two-story, 65,000-square-foot clubhouse and amenity building. Upon full buildout, Wellington Bay will total 424 units, including apartments, single-story villas with garages and three-story garden flats. Development costs were estimated at $180 million. The developers purchased 46 acres for the project in 2018. The site is located adjacent to 400,000 square feet of retail and restaurants, including The Mall at Wellington Green. LS3P Architects and MSA Architects are providing design and architectural services for Wellington Bay, while Balfour Beatty was selected as general contractor.

October 22, 2019

Development Multifamily New Jersey Northeast

KRE, Northwestern Mutual Underway on 507-Unit Multifamily Building in Jersey City

by Alex Patton October 22, 2019

JERSEY CITY, N.J. — A joint venture between KRE Group and Northwestern Mutual is underway on development of 351 Marin, a 507-unit multifamily building in Jersey City. The building will feature 8,000 square feet of commercial space, a 4,500-square-foot public plaza and two floors of amenities for residents. The property is located in close proximity to numerous retail and restaurant options, as well as the Grove Street PATH transit station. Leasing is slated to begin in fall 2021.

October 22, 2019

Loans Multifamily Northeast Pennsylvania

Greystone Provides $8M Loan for Refinancing of 10 Workforce Housing Properties in Philadelphia

by Alex Patton October 22, 2019

PHILADELPHIA — Greystone has provided an $8 million Fannie Mae loan for the refinancing of a portfolio of workforce housing properties totaling 88 units in Philadelphia. All properties received fully amortizing adjustable-rate mortgages. The exact locations of the properties were undisclosed. Anthony Cristi of Greystone originated the loan on behalf of the borrower, La Gioconda Co.

October 22, 2019

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