FORT WORTH, TEXAS — NorthMarq Capital has arranged a $13.4 million acquisition loan for Valencia Apartment Homes, a 263-unit multifamily asset located at 7301 Ederville Road in Fort Worth. The community offers a pool, laundry facility and resident clubhouse. Suzanne Jones of NorthMarq arranged the 12-year Fannie Mae loan, which features four years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower, Nicholas Residential.
DALLAS — Affiliates of Virginia-based investment firm Harbor Group International LLC (HGI) have sold five multifamily properties totaling 1,192 units in Dallas. HGI acquired the assets in 2014 as part of a 12-property, 3,100-unit portfolio. Ten of the properties are located in the Dallas area and two in Houston. With this transaction, HGI has now sold all 10 Dallas properties to three different buyers for approximately $295 million.
PHILADELPHIA — Independence Realty Trust Inc. (NYSE: IRT) has agreed to acquire a nine-property multifamily portfolio for $228.1 million. The portfolio contains 2,353 units across the U.S. The seller was not disclosed. This acquisition will allow IRT to further develop its presence in core markets like Atlanta, Indianapolis and Columbus, Ohio. It will also allow the REIT to enter two new markets, though further information regarding the assets’ locations was not disclosed. IRT maintains a large multifamily portfolio in the South and Midwest, particularly in Arkansas, Georgia, Florida, Kentucky, Missouri, North Carolina, Oklahoma, Tennessee and Texas. Rents range from $455 per month at Raindance Apartments in Oklahoma City to more than $1,265 per month at Sabal Key in Naples, Fla. The communities within the new portfolio were built or renovated between 2000 and 2011 and feature an average occupancy of 95 percent. Average effective rent per unit was $884 for the three months that ended July 31, 2017. “This acquisition represents another key milestone for IRT, bolstering our current portfolio with a collection of high-quality communities located in amenity-rich, non-gateway markets that are core to our investment thesis,” says Scott Schaeffer, chairman and CEO of IRT. “This is a tremendous …
CLIFFSIDE PARK, N.J. — DMG Investments has topped out One Park, a 14-story multifamily project in Cliffside Park. Slated for completion in fall 2018, the development will feature 204 one-, two-, three- and four-bedroom condominiums, starting at $495,000. Designed by Architectura, with interior spaces by VLDG Inc., the residences feature kitchens with chef-caliber appliances, floor-to-ceiling windows, freestanding sculpted tubs and open showers. Additionally, the property will feature 25,000 square feet of indoor and outdoor amenity space, including a 24-hour attended front desk; aquatic center with indoor heated pool; adjoining outdoor sun deck, sauna and steam rooms; furnished roof deck with grilling stations, fire pits, intimate seating areas and an outdoor movie theater; fitness center with Pilates room, squash court, golf simulator, children’s playroom, pet spa and guest suites; and a secure parking garage.
NEW YORK CITY — Bestreich Realty Group has arranged the sales of two mixed-use properties located in Brooklyn. In the first transaction, Starr Lofts sold a newly constructed 4,500-square-foot mixed-use building, located at 100 Starr St. in Bushwick. Private investors acquired the property, which features eight multifamily units, for $3.2 million. Derek Bestreich, Steve Reynolds, Tom Reynolds and Greg Rhodes of Bestreich Realty represented the buyer and seller in the deal. In the second transaction, Alchemy acquired a 20,468-square-foot mixed-use property located at 649 Argyle Road in Ditmas Park for $3.9 million. The property features 19 apartments and three retail stores. Bestreich, Erik Rodriguez and Brian Underkofler of Bestreich Realty represented the buyer and seller, a private investor, in the transaction.
DENVER — AvalonBay Communities has purchased the 252-unit the Lodge Denver West apartment complex for $76.8 million. The community is located at 14125 Denver W. Circle in the Denver submarket of Lakewood. The Lodge Denver West was built in 2016. The acquisition marks AvalonBay’s entry into the Denver metropolitan area.
TEMPE, ARIZ. — Chicago-based CA Student Living has completed seven student housing communities comprising more than 3,600 beds. Located in six different states, the communities opened throughout August and, together, are 96 percent leased for the upcoming academic year. Recent deliveries include RISE on Apache, an 833-bed community located near Arizona State University in Tempe; Identity Reno, a 325-bed community located near the University of Nevada, Reno in Reno; and Uncommon Fort Collins, a 247-bed community located near Colorado State University in Fort Collins, among other communities. CA Student Living plans to complete another seven communities comprising 2,200 beds in 2018 and an additional eight properties with 4,100 beds in 2019.
MISSOULA, MONT. — Campus Advantage has been awarded management of ROAM, a 498-bed student housing community currently under development near the University of Montana in Missoula. The property is the first purpose-built student housing complex to serve the University of Montana, according to Campus Advantage. Shared amenities will include a bike and ski tuning shop, outdoor kitchens with grilling stations, a fire pit and an expansive fitness center. Austin-based Catalyst will also manage brand development alongside Campus Advantage. The property is scheduled to open next fall.
ODENTON, MD. — Crows Holdings Capital – Real Estate has purchased NOVUS Odenton, a 244-unit multifamily property in Odenton, roughly 30 miles northeast of Washington, D.C. The sales price was not disclosed. Walter Coker and Brian Crivella of HFF marketed the property on behalf of the seller, a joint venture between Cafritz Interests and Clark Enterprises Inc. Located at 315 Nevada Ave., NOVUS Odenton is within walking distance of the Odenton MARC train station, which provides service to both the D.C. and Baltimore central business districts. The community includes one-, two- and three-bedroom units and features nine-foot ceilings, granite countertops, faux wood plank flooring, walk-in closets and in-unit washers and dryers. Community amenities include a swimming pool, patios with outdoor cooking areas, fitness center, yoga room, theater and media room, game room and a pet-grooming salon.
TALLAHASSEE, FLA. — Dougherty Mortgage LLC has arranged an $8.8 million Fannie Man loan for the acquisition of Rolling Hills Apartments, a 152-unit multifamily community in Tallahassee. The 12-year loan utilized Fannie Mae’s Green Rewards program and was structured with five years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Rolling Hills Investors LLC. The apartment community features a swimming pool, picnic area with grills and a fitness center.
