Multifamily

Inco Real Estate Co. Acquires Fiesta Park Apartments in Mesa for $20M

by Nellie Day March 16, 2017

MESA, ARIZ. — Inco Real Estate Co. has acquired the 320-unit Fiesta Park Apartments in Mesa for $20 million. The community is located at 1033 S. Longmore Road. The 10-building asset was built in 1979. It was 93 percent leased at closing. Amenities include covered parking, a clubhouse and a playground. Mark Forrester and Ric Holway of Berkadia-Phoenix represented Inco. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International represented the seller, BH Properties, in this transaction.

March 16, 2017

California Multifamily Western

Zion Enterprises, TA Partners Buy Downtown LA Multifamily Development Site

by Nellie Day March 16, 2017

LOS ANGELES — A joint venture between Zion Enterprises and TA Partners has purchased a 1.3-acre development site in downtown Los Angeles for an undisclosed sum. The site is situated on Grand Avenue and Cesar Chavez Avenue. The land is entitled for a 22-story, 299-unit multifamily tower with 8,000 square feet of ground-floor retail. The JV received development entitlements during escrow. CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, an affiliate of locally based Cimmarusti Holdings, in this transaction.

March 16, 2017

Loans Multifamily New York Northeast

KeyBank Provides $24.8M Loan to Refinance Multifamily Property in Webster, N.Y.

by Haisten Willis March 16, 2017

WEBSTER, N.Y. — KeyBank Real Estate Capital has provided a $24.8 million Freddie Mac first mortgage loan for Waverlywood Apartments & Townhomes in Webster. The 361-unit multifamily property was built in 1974 and underwent $1.5 million in renovations over the past five years. Upgrades included new carpeting, floor tiling, appliances and boilers. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the non-recourse loan with a seven-year term, two years of interest only and a 30-year amortization schedule. The loan was used to refinance existing debt.

March 16, 2017

Connecticut Mixed-Use Multifamily Northeast Retail

Hunt Mortgage Group Provides $28M Loan to Recapitalize, Renovate Mixed-Use Property in Stamford, Conn.

by Haisten Willis March 16, 2017

STAMFORD, CONN. — Hunt Mortgage Group has provided a $28 million first mortgage bridge loan to facilitate the recapitalization and renovation of a mixed-use multifamily and commercial property in Stamford. Park Square West Apartments is a nine-story property located at 101 Summer St. The property was built in 1999 and includes 143 residential units, two commercial spaces and a 213-space parking garage. The unit mix features 10 studios, 64 one-bedroom units, 64 two-bedroom apartments and five three-bedroom units. The two-year floating rate loan includes three options to extend the term for a period of 12 months each. The residential component is currently 92 percent occupied and the commercial component is 100 percent occupied. The loan also includes a $703,000 capital improvement reserve, which will go toward renovations. Additional improvements planned include interior renovations of 48 of the property’s units, including replacing countertops and cabinets, flooring upgrades, installation of new lighting, bathroom fixtures and kitchen appliances. Property amenities include a concierge, shuttle service, valet dry cleaning, roof deck, fitness center, garage parking and a ground floor restaurant.

March 16, 2017

Uncommon Charlottesville Student Housing

Multifamily Student Housing Top Stories

The Scion Group-Led JV Acquires 11-Property Student Housing Portfolio for $640 Million

by Jeff Shaw March 16, 2017

CHICAGO — The Scion Group, along with sovereign wealth fund partners GIC and Canada Public Pension Investment Board (CPPIB), has acquired a portfolio of 11 student housing properties throughout the United States for $640 million. Harrison Street Real Estate owned nine of the properties in partnerships with Trinitas, Opus, CA Ventures and Vertex Nine. In addition, Scion, GIC and CPPIB acquired another asset from Trinitas and another property in Chicago from an undisclosed entity. The properties in the transaction total more than 6,300 beds, and include: University Trails Tallahassee, a 936-bed community located near Florida State University Alpha, a 698-bed community located near the University of Alabama VAMP, a 668-bed community located near the University of Indiana The Foundation, a 725-bed community located near CSU Sacramento NXNW, a 648-bed community located near Western Washington University Varsity Quarters, a 162-bed community located near the University of Wisconsin Uncommon Madison, a 408-bed community located near the University of Wisconsin Uncommon Tampa, a 516-bed community located near the University of South Florida Uncommon Charlottesville, a 342-bed community located near the University of Virginia LUX at Central Park, a 608-bed community located near the University of North Carolina 1237 West Fullerton, a 592-bed community …

March 16, 2017

Features Industrial Multifamily Northeast Northeast Feature Archive Office Pennsylvania Retail Top Stories

Pennsylvania Supreme Court Takes Up Issue of Reverse Property Tax Appeals Across State

by Haisten Willis March 16, 2017

By Gregory Schaffer Pennsylvania property owners and tenants, who pay some of the highest property taxes in the nation, are no doubt aware of the annual deadline to file a property tax appeal. After all, one look at a new tax bill is often enough to make even the most seasoned tax manager scramble to contact their local tax counsel. However, very few taxpayers are aware that the assessment they may have accepted as favorable could easily trigger a reverse appeal filed by the local school district. Assessment appeals filed by the taxing entities, often referred to as reverse appeals, are increasingly common as cash-strapped school districts seek to fill their coffers. Just as a tax manager might view an inflated assessment as a reason to appeal, more and more school districts see potentially under-assessed properties as a much-needed source of additional revenue. To the bane of many taxpayers, this tactic has now reached the city of Philadelphia. Despite undergoing a citywide property revaluation for the 2014 tax year, with another currently slated for 2018, the Philadelphia School District recently decided to begin filing reverse appeals against properties it feels are under-assessed. On Sept. 15, 2016, for the first time, …

March 16, 2017

Multifamily Utah Western

Restore Utah Acquires The 500 Apartment Community in Salt Lake City

by Nellie Day March 15, 2017

SALT LAKE CITY — Restore Utah has purchased The 500, a 109-unit apartment community in South Salt Lake City, for an undisclosed sum. The community is located at 3440 S. 500 E. The 500 offers two-bedroom apartment and townhome units near downtown Salt Lake City. Amenities include a swimming pool, playground, large private patios and covered parking. Restore Utah plans to enhance the community through interior renovations and a common area overhaul that will include a dog park and gathering pavilion. The acquisition was made possible by Goldman Sachs’ increased equity commitment of $24 million to Restore Utah’s Multifamily Acquisition Fund. The commitment allowed the fund to significantly increase its acquisitions and improve affordable housing options throughout the Wasatch Front. Restore Utah revitalizes low- and moderate-income neighborhoods by transforming vacant or neglected properties hit by the financial crisis into quality, affordable rental homes for low-income families.

March 15, 2017

North Carolina Southeast Student Housing

UNC Asheville to Build $33.8M On-Campus Student Housing Community

by John Nelson March 15, 2017

ASHEVILLE, N.C. — The University of North Carolina at Asheville is set to break ground on a $33.8 million, 300-bed on-campus student housing community. The six-building development will feature four-, five- and six-bedroom units with full kitchens. The sixth building will offer a multipurpose room and visitor’s center, fitness center and an apartment for the community director. Adjacent parking is also planned as part of the project. Construction will begin this spring.

March 15, 2017

Mississippi Multifamily Southeast

SVN Multi-Family Group Brokers $11.5M Sale of Apartment Community in Biloxi

by John Nelson March 15, 2017

BILOXI, MISS. — SVN Multi-Family Group has brokered the $11.5 million sale of Lexington Apartments, a 190-unit multifamily community located in Biloxi. Built in 1995, the property comprises 11 mid-rise residential buildings with an average unit size of 809 square feet. Community amenities include a resort-style swimming pool, grilling and picnic areas, business center with free Wi-Fi access, fire pit, controlled-access gates and concierge services. A private Northeastern real estate investor purchased Lexington Apartments from Beverly Hills, Calif.-based based Latitude Real Estate Investors for $60,526 per unit. Andrew Agee of SVN represented both the buyer and the seller in the transaction.

March 15, 2017

Illinois Midwest Multifamily

Gateway Multifamily Group Purchases 78-Unit Apartment Community in O’Fallon, Illinois

by Kristin Harlow March 15, 2017

O’FALLON, ILL. — Gateway Multifamily Group, along with its in-house property management company Tut and Tut Properties, has purchased a 78-unit apartment community in O’Fallon, about 17 miles east of St. Louis. The purchase price was not disclosed. The garden-style community will be rebranded as the Park Entrance Apartments. Gateway plans to invest an additional $2 million to $3 million in renovations. The property sits on 5.4 acres and consists of two-bedroom units averaging 1,200 square feet.

March 15, 2017

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