Multifamily

CBRE Provides $18.1M HUD Refinancing for Apartment Community in Knoxville

by Camren Skelton April 11, 2018

KNOXVILLE, TENN. — CBRE Capital Markets has provided an $18.1 million loan through the U.S. Department of Housing and Urban Development (HUD) for the refinancing of The Villas of Emerald Woods, a 198-unit apartment community in Knoxville. Ann Cone and K.O. Kennedy of CBRE originated the 35-year loan on behalf of the borrower, The Williams Co. LLC. The Knoxville-based company developed the property in three phases between 2006 and 2009. The Villas of Emerald Woods features two- and three-bedroom, townhome-style apartments. Community amenities include a fitness center, tennis court, resort-style pool, hot tub and attached garages.

April 11, 2018

Features Multifamily Student Housing

Continued Industry Growth, High Investor Interest Lift Student Housing Sector

by Jeff Shaw April 11, 2018

AUSTIN, TEXAS — Sunny skies continue to be the forecast for the student housing sector, with investor interest in this property niche continuing to increase, more institutional capital flooding into the space and a continued demand seen for new development. Each of these points of growth was highlighted extensively during last week’s InterFace Student Housing conference in Austin. The conference’s first general session, titled “The Power Panel,” brought together a consortium of CEOs from the industry’s top companies to discuss their perspectives on industry trends, the future of the sector and capital markets shifts, among other topics. “There has never been a more intriguing time to be in the sector,” began moderator Peter Katz, executive director of Institutional Property Advisors. “The vast majority of the industry is showing significantly solid year-over-year NOI growth, coupled with institutional and private capital flooding into the space. The quality of the product and the performance of the industry stands on its own among other real estate sectors.” “Being the 10th anniversary of this conference, and thinking about all of the conversations that we’ve had over the last decade, we’re finally realizing everything that we had hoped would occur in the industry,” continued Bill Bayless, …

April 11, 2018

Market Reports Multifamily New York Northeast Northeast Market Reports

Manhattan Multifamily Building Sales Slow in 2017 after 2016 Surge

by David Cohen April 11, 2018

In 2017, the multifamily investment sales market in New York City followed the trends seen within the broader market with sales volumes dropping while property values were mixed. The year ended on a high note with regard to contract execution activity, which bodes well for sales volume in 2018. This year, we expect volumes to rise while values bottom out and start to climb by the end of the year as positive movements in fundamentals start to exert upward pressure on property values. With regard to the number of properties sold, there were 1,215 apartment buildings sold last year, down 19 percent from the 1,507 that were sold in 2016. The elevator building sector, which we differentiate from walk-up buildings as a separate asset class, performed better with 235 sales, down 14 percent from the 273 elevator buildings that were sold in 2016. In the walk-up sector, there were 980 sales, down 21 percent from the 1,234 walk-up buildings that were sold in 2016. If we compare the Manhattan submarket to the outer boroughs, we see that activity in the outer boroughs held up much better than in Manhattan. In the outer boroughs, elevator building sales dropped by 13 percent …

April 11, 2018

Florida Loans Multifamily Southeast

KeyBank Provides $35.2M Fannie Mae Acquisition Loan for Apartment Community in Broward County

by Camren Skelton April 10, 2018

DANIA BEACH, FLA. — KeyBank Real Estate Capital has provided a $35.2 million Fannie Mae loan for the acquisition and rehabilitation of Sheridan Lake Club Apartments, a 240-unit multifamily community in Dania Beach. Timothy DeWispelaere of KeyBank originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Fannie Mae’s Green Rewards program. The name of the borrower was not disclosed, but local media outlets report American Landmark Properties acquired the property. Situated in South Florida’s Broward County, Sheridan Lake Club Apartments was built in 2001 and features a resort-style pool, 24-hour fitness center, business center, pet park and a playground.

April 10, 2018

Acquisitions Maryland Multifamily Southeast

Peak Management Buys Apartment Community Near Baltimore for $24.5M

by Camren Skelton April 10, 2018

PIKESVILLE, MD. — Peak Management LLC has acquired Annen Woods, a 131-unit apartment community in Pikesville, for $24.5 million. The community is located at 1 Harness Court, roughly 20 miles northwest of Baltimore. Peak Management, an affiliate of Hill Management Services Inc., acquired the asset from Harbor Group Management. Annen Woods includes a mix of one- to three-bedroom units and was 96 percent occupied at the time of sale. Community amenities include a swimming pool with sundeck, lighted tennis court, fitness center and a fenced-in dog park. Peak Management plans to upgrade the community by renovating approximately 90 percent of units with the addition of stainless steel appliances, granite countertops, Nest light fixtures and new bathroom vanities and countertops. In addition, the company will remodel the leasing office and fitness center and install low-flow plumbing fixtures in each unit to reduce water consumption.

April 10, 2018

Landmark-at-Lake-Village-North-Garland-Texas

Loans Multifamily Texas

KeyBank Arranges $56.4M Acquisition Loan for Apartment Community in Metro Dallas

by Taylor Williams April 10, 2018

GARLAND, TEXAS — KeyBank Real Estate Capital has arranged a $56.4 million loan for the acquisition of Landmark at Lake Village North, an 848-unit multifamily community located in the Dallas metro of Garland. The property was built in 1983 and comprises 69 two- and three-story apartment buildings. Amenities include a fitness center and on-site laundry facilities. Amber Rao of KeyBank secured the non-recourse, floating-rate loan through an undisclosed life insurance company on behalf of Madera Residential. The loan also includes three years of interest-only payments and $5.4 million in funding for future capital improvements.

April 10, 2018

Villas-on-Bear-Creek-North-Richland-Hills-Texas

Affordable Housing Loans Multifamily Texas

Love Funding Secures $14.4M HUD Refinancing for Affordable Housing Asset in Metro Fort Worth

by Taylor Williams April 10, 2018

NORTH RICHLAND HILLS, TEXAS — Love Funding has secured a $14.4 million loan for the refinancing of Villas on Bear Creek, a 240-unit affordable housing community located in North Richland Hills, a northern suburb of Fort Worth. Built in 2000, the age-restricted property offers one- and two-bedroom units. Amenities include a pool, shuffleboard courts, putting green, business center, billiard room, a library and walking trails. Jonathan Camps of Love Funding secured the loan through HUD’s 223(f) program on behalf of The Wentwood Cos., an Austin-based investment firm

April 10, 2018

Acquisitions Midwest Minnesota Multifamily

Praedium Group Acquires 168-Unit Multifamily Community in Minneapolis

by Kristin Harlow April 10, 2018

MINNEAPOLIS — The Praedium Group has acquired Maverick North Loop Apartments in Minneapolis for an undisclosed price. Built in 2017, the rental property includes a six-story building with 155 units and a four-story building with 13 townhomes. The property also features 5,095 square feet of ground-floor retail space, half of which is leased to Starbucks. Amenities include a pool terrace, fitness center, clubhouse, dog bath and walk area. The seller was not disclosed.

April 10, 2018

Loans Multifamily New York Northeast

KeyBank Provides $30M in Financing for Apartment Complex in Queens

by David Cohen April 9, 2018

NEW YORK CITY — KeyBank Real Estate Capital has provided $30 million in first-mortgage financing through Freddie Mac for The Lanes, a seven-story apartment complex in Long Island City. The 57-unit, Class A complex was built in 2017 and totals 83,000 square feet with 11,000 square feet of ground-floor retail space. Tom Peloquin of KeyBank arranged the fixed-rate financing. The loan includes a 10-year term with five years of interest-only payments and a 30-year amortization schedule. The loan was used to refinance existing debt.

April 9, 2018

Acquisitions Multifamily Retail Texas

Dell Affiliate Acquires Retail, Multifamily Share of Knox District in Dallas

by Taylor Williams April 9, 2018

DALLAS — MSD Capital LP, a private investment firm that manages the capital of computer magnate Michael Dell and his family, has acquired shares of the Knox District, a mixed-use development located in the Oak Lawn area of Dallas. The acquisition totals approximately 11 acres, including 170,000 square feet of retail space and 165 multifamily units. Current retail tenants include Crate & Barrel, Trader Joe’s and Pottery Barn. Other terms of sale were not disclosed, but The Dallas Morning News reports that the acquired properties are valued as high as $250 million.

April 9, 2018

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