Multifamily

Cantrell Arranges Sale of 117-Unit Apartment Community in Richardson, Texas

by Taylor Williams July 17, 2018

RICHARDSON, TEXAS — Dallas-based Cantrell Co. & Partners has arranged the sale of Camelot Apartments, a 117-unit multifamily community in the northern Dallas metro of Richardson. The property was built in phases in 1966 and 1970 and includes two pools, a fitness center and a playground. Sam Pettigrew of Cantrell represented the Toronto-based seller, which recently invested $650,000 in capital improvements to the property, in the sale. Pettigrew also represented the buyer, JSNB Camelot LLC, which will continue to make upgrades. Camelot Apartments was 96 percent occupied at the time of sale and drew a dozen offers.

July 17, 2018

Acquisitions Multifamily Nevada Western

La Esperanza Apartments in North Las Vegas Trades for $4.5M

by Amy Works July 17, 2018

NORTH LAS VEGAS — Northcap Multifamily has facilitated the sale of La Esperanza Apartments, a multifamily property located at 900-1208 E. Carey Ave. in North Las Vegas. Tayla Family Trust & Miklos Steuer Trs sold the asset for $4.5 million, or $62,500 per unit. Built in 1962, the property features 72 apartment units. The buyer plans to renovate the property. Devin Lee, Robin Willett, Jared Roberts and Jason Dittenber of Northcap Multifamily represented the seller and buyer in the off-market deal.

July 17, 2018

Acquisitions Arizona Development Multifamily Western

Orion Investment Brokers Acquisition of Nine-Acre Land Parcel for Multifamily Development in Chandler, Arizona

by Amy Works July 17, 2018

CHANDLER, ARIZ. — Orion Investment Real Estate has arranged the purchase of a nine-acre land parcel located within the Price Corridor of Chandler. Houston-based Kaplan Cos. acquired the property from Price Revocable Trust and Circle R Investments for $4.4 million. The buyer plans to develop The District at Chandler, 340-unit multifamily project on the site. Larry Kush of Orion represented the buyer in the deal.

July 17, 2018

Development Multifamily South Carolina Southeast

LandSouth Construction Breaks Ground on $37M Multifamily Community in Charleston

by Camren Skelton July 17, 2018

CHARLESTON, S.C. — LandSouth Construction, a Jacksonville, Fla.-based general contractor, has broken ground on The Merchant, a $37 million apartment community located at 15 Huguenin Ave. in Charleston’s NoMo district. Atlanta-based Pollack Shores Real Estate Group is developing the 231-unit community, which will include 10 buildings with a mix of one- and two-bedroom floor plans. Community amenities will include a resort-style pool, clubhouse with gaming area, fitness center, yoga studio, pet spa and a bike lounge. Raleigh, N.C.-based Cline Design Associates is the architect for the project, which is scheduled for completion in December 2019.

July 17, 2018

Development Midwest Minnesota Multifamily

Kraus-Anderson, Inland Break Ground on $53M Apartment Project in Richfield, Minnesota

by Kristin Harlow July 17, 2018

RICHFIELD, MINN. — Kraus-Anderson and Inland Development Partners have broken ground on a $53 million apartment project in Richfield, about nine miles south of Minneapolis. The three-story, 316-unit property will be located at 6745 18th Ave. The project includes six buildings, three of which are new construction. Approximately 20 percent of the units will be designated as affordable housing. Dougherty Mortgage arranged HUD financing for the project. The City of Richfield sold the property to the developers. Kraus-Anderson Construction is the general contractor. The first units are slated to open in the fall of 2019.

July 17, 2018

Development Multifamily Seniors Housing Texas

Tradition Breaks Ground on 23-Story Seniors Housing Property in Houston

by Taylor Williams July 16, 2018

HOUSTON — Tradition Senior Living has broken ground on The Tradition-Woodway, a 23-story seniors housing property that will be located in the Tanglewood area of Houston. The community will feature 222 independent living residences and 92 assisted living/memory care units. Amenities will include lounges and card rooms, a movie theater, indoor golf simulator, indoor pool, fitness center, dog park and a putting green. Jackson & Ryan Architects is handling design of the project and D.E. Harvey Builders is serving as general contractor. The opening is scheduled for April 2020.

July 16, 2018

Development Multifamily Texas

Fein to Develop 304-Unit Apartment Community in Houston’s Post Oak Submarket

by Taylor Williams July 16, 2018

HOUSTON — Fein, a Houston-based multifamily development firm, has acquired 3.3 acres for the development of Reverie at River Hollow, a 304-unit apartment community that will be located in the Post Oak area of Houston. Designed by Steinberg Dickey Collaborative, the property will feature one-, two- and three-bedroom units ranging in size from 558 to 1,966 square feet. Amenities will include a pool, rooftop clubhouse, fitness center, pet spa and a bike shop. The groundbreaking is slated for August and completion is scheduled for the fourth quarter of 2020. Simmi Jaggi and Elizabeth Clampitt of JLL represented the seller in the land sale. Chris Bergmann, also of JLL, represented Fein in that transaction.

July 16, 2018

Loans Multifamily Texas

NorthMarq Arranges $11.4M in Acquisition Financing for Lubbock Apartments

by Taylor Williams July 16, 2018

LUBBOCK, TEXAS — NorthMarq Capital has arranged $11.4 million in acquisition financing for Metropolitan Apartments, a 236-unit multifamily community in Lubbock. The property is located at 6402 Albany Ave. near South Plains Mall, about six miles from Texas Tech University. Carl Pankratz of NorthMarq Capital arranged the financing on behalf of the borrower, EBG Acquisitions, a Plano-based multifamily investment firm. The transaction was structured with a bridge loan.

July 16, 2018

Acquisitions Multifamily North Carolina Southeast

Dominion Realty Sells Newly Built Apartment Community in Uptown Charlotte for $68.8M

by Camren Skelton July 16, 2018

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has sold Centric Gateway, a 297-unit apartment community located at 1010 W. Trade St. in Uptown Charlotte. An affiliate of TH Real Estate acquired the property for $68.8 million. Justin Good, Allan Lynch and Jeff Glen of HFF arranged the transaction on behalf of DRP, which completed construction on the property in December 2017. Individual units feature quartz countertops, private balconies, exterior storage and keyless entry. Community amenities include a central courtyard with a saltwater pool, activity lawn, automated package delivery system, fitness center with an interactive studio and a game room. Centric Gateway was 43 percent occupied at the time of sale.

July 16, 2018

Loans Multifamily North Carolina Southeast

Hunt Mortgage Provides $65M Freddie Mac Acquisition Financing for Two Triangle Multifamily Assets

by Camren Skelton July 16, 2018

RALEIGH AND DURHAM, N.C. — Hunt Mortgage Group has provided two Freddie Mac loans totaling $65 million for the acquisition of two multifamily properties in North Carolina’s Triangle region. The borrower is a joint venture between an equity investor and American Landmark. Chicago-based Livcor sold the assets, according to local media reports. In Raleigh, Hunt Mortgage provided a $30.1 million, seven-year loan for Edinborough Commons, a 312-unit community that was completed in 1997. The new owner plans to invest an additional $2.2 million in improvements over the next few years. The community features resort-style pools, a spa area, gas grill stations, fitness center, dog park, sand volleyball court, car wash station, clothes care center and two tennis courts. In Durham, Hunt Mortgage provided a $34.9 million, seven-year loan for the acquisition of Edinborough at the Park. The 330-unit community features a concierge, package/grocery/dry cleaning reception, two resort-style pools, heated indoor lap pool, business center, fitness center, dog park with agility stations, car wash station and a tennis court. The new owner will invest $2.3 million to upgrade the property.

July 16, 2018

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