Multifamily

Cullinan Properties Develops 150,000 SF Mixed-Use Property in St. Louis

by Amy Works October 11, 2016

ST. LOUIS — Cullinan Properties hosted a grand opening celebration on Thursday, Oct. 6, for Lofts@Euclid, a mixed-use building located at the corner of Euclid and Delmar in St. Louis’ Central West End. The 150,000-square-foot project involved the complete renovation of the historic Langan and Taylor Co. building, which was originally developed by Widman & Walsh. The redeveloped building by Cullinan Properties features 87 loft apartment units, ground-level retail and office space, a fitness center, rooftop deck and clubhouse area. Constructed in 1910, the building is one of the largest commercial buildings remaining in the Central West End historic district. Residents began occupying the building in June, and the building is approximately 70 percent leased.

October 11, 2016

Illinois Midwest Multifamily

Essex Realty Brokers $1.5M Sale of Multifamily Building in Chicago

by Amy Works October 11, 2016

CHICAGO — Essex Realty Group has arranged the sale of a seven-unit multifamily building located at 1223-25 W. Foster Ave. in Chicago’s Andersonville neighborhood. An undisclosed buyer acquired the property for $1.5 million. The walk-up building features one two-bedroom, one-bath garden apartment; four two-bedroom, one-bath apartments; and two three-bedroom, one-bath apartments. Additionally, the property features five parking spaces. Steve Livaditis, Joe Scheck and Brian Karmowski of Essex represented the undisclosed seller, while Doug Imber and Kate Varde, also of Essex, represented the buyer in the deal.

October 11, 2016

Multifamily Southeast Virginia

Kettler Opens High-Rise Apartment Tower in Metro D.C.

by John Nelson October 11, 2016

ARLINGTON, VA. — Washington, D.C.-based Kettler has opened m.flats Crystal City, an 11-story, 198-unit high-rise apartment tower in Arlington’s Crystal City neighborhood. Situated on the former Crystal City Post Office, m.flats was the first residential building proposed to the Arlington County Board since the adoption of the Crystal City Sector Plan in 2010. KTGY Architecture + Planning designed the high-rise to meet LEED Silver certification. The property features one- and two-bedroom units with washed oak flooring, quartz countertops and stainless steel appliances. Community amenities include a clubroom, Wi-Fi access, fitness center, bike storage and workstation, all-season courtyard with fire and water features, rooftop swimming pool, sundeck with cabanas, outdoor kitchens and entertainment spaces with outdoor seating and dining areas. The design team includes civil engineer and consultant Bohler Engineering and general contractor John Moriarty & Associates.

October 11, 2016

Loans Multifamily North Carolina Southeast

Bellwether Enterprise Closes $12.4M Loan for Apartment Community in Greensboro

by John Nelson October 11, 2016

GREENSBORO, N.C. — Bellwether Enterprise Real Estate Capital LLC has closed a $12.4 million Fannie Mae loan for Piedmont Place Apartments, a newly built, 100-unit multifamily community in Greensboro. Glenn Enochs of Bellwether Enterprise’s Greensboro office originated the loan using Fannie Mae’s Green Financing program on behalf of the borrower, Piedmont Place Apartment Property Investors. Bellwether Enterprise Real Estate Capital closed 52 loans totaling nearly $420 million in September alone, including the Piedmont Place financing.

October 11, 2016

California Multifamily Top Stories Western

Strata Equity Group Acquires 24-Property Multifamily Portfolio in Southeast for $720M

by Katie Sloan October 11, 2016

SAN DIEGO — Strata Equity Group has acquired a 24-property multifamily portfolio from an affiliate of New York City-based DRA Advisors LLC for $720 million. The Southeast Residential Portfolio consists of 6,294 units located throughout 13 metropolitan areas in Georgia, North Carolina, Tennessee and South Carolina. The properties were built between 1985 and 2000, with an average year built of 1996. Over the past three years, net rental income for the portfolio has increased 12.2 percent while averaging 95.3 percent occupancy. Malcom McComb of CBRE negotiated the transaction on behalf of the seller. Bill Chiles and Robert LaChapelle of CBRE also secured $500 million in acquisition financing for Strata. The financing features a mixture of seven- and 10-year fixed- and floating-rate loans provided by Freddie Mac. “We negotiated a portion of the portfolio under a newly created version of the Freddie Mac Revolving Credit Facility,” says Chiles. “This facility gives Strata Equity Group more financing flexibility for certain assets, as well as an attractive vehicle for new purchases with similar business plans.” The names of only three properties in the portfolio were disclosed: Alta Mills, 1650 Anderson Mill Road, Austell, Ga.; Eagle Pointe Apartments, 8608 Eagle Pointe Drive, Knoxville, Tenn.; …

October 11, 2016

Conference Coverage Features Multifamily Texas Texas & Oklahoma Feature Archive Top Stories

Highs, Lows of Texas Apartment Market Under Microscope at InterFace Conference

by Jeff Shaw October 11, 2016

DALLAS — The multifamily market in Texas has cooled off on the lending and development front, and even leasing activity isn’t as robust as it once was in some markets. That’s the consensus of panelists at Interface Multifamily Texas, which took place last Thursday, Oct. 6 at the InterContinental Dallas. The conference’s opening panel, “What’s the Big Picture for Multifamily Supply, Demand & Demographics?” featured three economists specializing in the Texas multifamily market, all of whom agreed the sector was slowing from the same time a year ago. “‘Noise’ is a great term to use, and in our company we are using ‘chop’ to describe the market,” said Ryan Davis, senior economist with Witten Advisors. “Apartments are steady, but the economy is slowing from the ramp-up.” That said, the Texas economy is generating plenty of new jobs, which is a positive sign for apartments in certain markets, added Davis. Dallas Metroplex Shines Among individual markets, all agreed that Dallas/Fort Worth displayed the strongest real estate fundamentals. With the area benefiting from some large corporate relocations, demand for apartments is rising. Rents have grown in the market 7.7 percent over the past 12 months, and there are more than 30,000 units …

October 11, 2016

Multifamily New Jersey Northeast

Woodmont Metro at Metuchen Station Opens for Leasing in New Jersey

by Amy Works October 10, 2016

METUCHEN, N.J. — Woodmont Properties has opened Woodmont Metro at Metuchen Station, a transit-oriented development located at the New Jersey Transit Metuchen Train Station in Metuchen. Situated at the corner of Pearl and New streets, the property features 273 residential apartments, an indoor pet spa, a swimming pool, outdoor fireplace and barbecue grilling areas. The community was developed by Woodmont Properties and Nexus Parking Systems, which built and operates the parking deck for the Metuchen Municipal Authority.

October 10, 2016

Multifamily Texas

Allied Orion Group to Manage 400-Unit Apartment Complex in Metro Houston

by Katie Sloan October 10, 2016

WEBSTER, TEXAS — Allied Orion Group has been selected to manage The Falls at Clear Lake, a 400-unit apartment community located in Webster, roughly 25 miles southeast of Houston. The property, located at 801 E. Nasa Road 1, is owned by a joint venture between Oak Coast Properties LLC and Becker Properties. The complex offers newly renovated one- and two-bedroom apartments and townhomes with walk-in closets and alarm systems. Community amenities include two swimming pools, a playground, dog park, picnic area with grills and optional covered parking. A state-of-the-art fitness center, bocce ball court and a gazebo with an outdoor kitchen are all currently under construction.

October 10, 2016

Loans Multifamily Student Housing Texas

BMC Capital Arranges $5.3M Acquisition Loan for Student Housing Community in College Station

by Katie Sloan October 10, 2016

COLLEGE STATION, TEXAS — BMC Capital has arranged a $5.3 million loan for the acquisition of Broadstone Ranch at Wolf Pen Creek, a student housing community located minutes away from Texas A&M University in College Station. The property offers one- and two-bedroom units with washers and dryers and bed-to-bath parity. The FHA/HUD 223(f) loan features an 85 percent loan-to-value ratio and a 3.9 percent interest rate fixed over 35 years. Hank Crane of BMC Capital’s Austin office secured the loan on behalf of an undisclosed borrower through correspondent agency lenders.

October 10, 2016

California Multifamily Student Housing Western

Capstone Development, University of the Pacific Break Ground on $36M, 381-Bed Residence Hall

by Nellie Day October 10, 2016

STOCKTON, CALIF. — Capstone Development Partners and the University of the Pacific have broken ground on a 381-bed, on-campus residence hall in Stockton. The 158,000-square-foot development will include two four-story buildings consisting of 142 studio, two- and four-bedroom units. A 15,000-square-foot amenity space will offer social and study areas for residents. Mogavero Architects designed the $36 million project, which is scheduled to open for occupancy in January 2018. Sundt Construction has been tapped to build the facility.

October 10, 2016

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