Multifamily

Transwestern Arranges Sale of 332-Unit Apartment Community in Dallas

by Taylor Williams July 20, 2018

DALLAS — Transwestern has arranged the sale of Highland Road Village, a 332-unit multifamily community located at 2704 S. Cockrell Hill Road in southwest Dallas. Built in 1965 and renovated in 2000, the property features one-, two- and three-bedroom units ranging in size from 418 to 1,222 square feet. Amenities include a soccer field, playground and access to nearby jogging trails. Taylor Snoddy, Philip Wiegand and James Roberts of Transwestern arranged the transaction on behalf of the seller, New York-based Code Capital Partners. The buyer was not disclosed.

July 20, 2018

Acquisitions Multifamily Texas

Napali Capital Acquires 187-Unit Apartment Property Near Dallas

by Taylor Williams July 20, 2018

DALLAS — Southlake, Texas-based Napali Capital LLC has acquired Westwood Apartments, a 187-unit multifamily property in Dallas, a northern suburb of Fort Worth. The community was built in 1969 and consists of one-, two- and three-bedroom units across 15 buildings. Amenities include a pool and on-site laundry services. Napali will invest approximately $400,000 in capital upgrades. The seller was not disclosed.

July 20, 2018

Loans Multifamily Seniors Housing Southeast Virginia

STCC Provides $11.2M Financing for Two Seniors Housing, Retail Redevelopment Projects in Richmond

by Camren Skelton July 20, 2018

RICHMOND, VA. — SunTrust Community Capital (STCC) has provided $11.2 million in financing for two redevelopment projects in Richmond’s historic Jackson Ward neighborhood. The Community Preservation and Development Corp. (CPDC) is leading the redevelopments, which will replace current public housing with new workforce housing, seniors housing and retail. The first project, dubbed Jackson Ward, will include 72 newly constructed, one-bedroom seniors housing units in a four-story building. The second project will provide 82 units of mixed-income housing and 6,000 square feet of retail in one building that will be located adjacent to the seniors housing building. CPDC’s Jackson Ward project is part of a larger redevelopment effort to provide replacement housing for 200 units at the Fay Towers Senior Public Housing site in Richmond’s Gilpin neighborhood. CPDC is utilizing the United States Department of Housing and Urban Development (HUD)’s Rental Assistance Demonstration (RAD) program to fund the . CPDC is currently developing replacement housing at three other sites in Richmond.

July 20, 2018

Acquisitions Multifamily North Carolina Southeast Student Housing

Waypoint Residential Acquires 576-Bed Student Housing Community Near UNC Charlotte

by Camren Skelton July 20, 2018

CHARLOTTE, N.C. — Waypoint Residential LLC has acquired 901 Place, a 576-bed student housing community located less than two miles from the University of North Carolina (UNC) at Charlotte. The name of the seller and sales price were not disclosed. Constructed in 2000, the garden-style community features a clubhouse, computer room, game room, swimming pool, fitness center, yoga studio, sand volleyball courts, tennis courts and basketball courts. Waypoint plans to invest $3 million in property upgrades across unit interiors, common areas and amenities.

July 20, 2018

Acquisitions Arizona Multifamily Western

IPA Brokers $60.5M Sale of 402-Unit Multifamily Property in Tempe, Arizona

by Amy Works July 20, 2018

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Creek, a value-add multifamily asset located in Tempe. Acacia Capital sold the property to JB Partners for $60.5 million, or $150,498 per unit. Constructed in 1984, the property features 402 apartment units, three swimming pools and a recently renovated clubhouse. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

July 20, 2018

Loans Michigan Midwest Multifamily Seniors Housing

Cohen Financial Arranges $4.1M HUD-Insured Loan for Refinancing of Assisted Living Community in Michigan

by Kristin Harlow July 20, 2018

ALMA, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4.1 million HUD-insured loan for the refinancing of Arbor Grove Assisted Living in Alma, which is located in Central Michigan. The assisted living community includes 41 units. Cathy Bronkema of Cohen arranged the fixed-rate loan, which is fully amortized over 35 years. The borrower was a Grand Rapids, Mich.-based senior living owner and operator.

July 20, 2018

Acquisitions Arizona Multifamily Western

HSL Properties Acquires Two Multifamily Assets in Tucson for $37.4M

by Amy Works July 20, 2018

TUCSON, ARIZ. — HSL Properties has purchased two multifamily properties in Tucson from California-based MG Properties for $37.4 million. The company acquired Casas Lindas Apartment Homes, located at 699 W. Magee Road, for $17.6 million. The property features one- and two-bedroom floor plans with in-unit washers and dryers, wood-burning fireplaces and patios or balconies. On-site amenities include a basketball court, pool, fitness center, clubhouse and covered parking. HSL Properties also purchased Springhill Apartment Homes, located at 8030 E. Lakeside Parkway, for $19.8 million. The community features one- and two-bedroom units with full-size washers and dryers, oversized closets, ceiling fans and balconies. Community amenities include a fitness facility, covered parking, pool and barbecue grills.

July 20, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $58M Construction Loan for Apartment Community Near Boston

by David Cohen July 19, 2018

QUINCY, MASS. — Cornerstone Realty Capital has arranged $58 million in financing for the construction of Quarry Hills Apartments, a 269-unit apartment community in Quincy. The borrower was undisclosed, though Chicago-based owner-operator Equity Apartments lists the property on its website. The community, which is located 11 miles south of downtown Boston, will consist of two five-story residential buildings. Amenities will include two courtyards, a firepit, outdoor kitchen, lounge area, clubroom, fitness center and spa. Cornerstone arranged a construction-to-permanent loan with a fixed rate for the entire term. The loan includes a period of interest-only payments for construction and stabilization followed by a 30-year amortization schedule. The lender was not disclosed.

July 19, 2018

Acquisitions Illinois Midwest Multifamily

Draper and Kramer, Intercontinental Acquire 298-Unit Apartment Building in Chicago

by Kristin Harlow July 19, 2018

CHICAGO — Draper and Kramer Inc. and Intercontinental Real Estate Corp. have acquired Burnham Pointe, a 28-story, 298-unit apartment building in Chicago’s Printers Row neighborhood. The purchase price was not disclosed. Located at 730 S. Clark St., the property features a mix of one- and two-bedroom units as well as 14,391 square feet of ground-level retail space. The property is currently 96 percent occupied. The buyers plan to renovate the indoor aquatic area, fitness center, business center, club lounge and pet run. Draper and Kramer will manage the apartment building. Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF brokered the sale. Robert Goldman and Stacy Osmond, lawyers with DLA Piper, advised the buyers on the acquisition. Crescent Heights was the seller.

July 19, 2018

Loans Midwest Multifamily Wisconsin

NorthMarq Arranges $38.6M Loan to Refinance Two Apartment Properties in Suburban Milwaukee

by Kristin Harlow July 19, 2018

GREENFIELD, WIS. — NorthMarq Capital has arranged a $38.6 million loan through Freddie Mac for the refinancing of Rivershire and Riverwood Apartments in Greenfield, a southwest suburb of Milwaukee. Together, the apartment properties total 54 buildings and 432 units. Brett Hood of NorthMarq arranged the financing through Freddie Mac’s Green Advantage Program. The 10-year, fixed-rate loan features a 30-year amortization schedule. The undisclosed borrower originally developed the properties between 1989 and 1999. Over the past five years, the properties received $2.7 million in capital improvements that included a new clubhouse featuring an upgraded fitness center, an expanded community room and renovated leasing office.

July 19, 2018

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