Multifamily

Pillar Provides $9.4M Fannie Mae Loan for Apartment Community in Dallas

by Christina Cannon July 8, 2016

DALLAS — Pillar has originated a $9.4 million acquisition loan for Villa Bonita Apartments, a 232-unit multifamily community in Dallas. Built in 1969, the property features both affordable and market-rate apartment units. The complex consists of 20 two-story buildings and features amenities such as a playground and laundry facility. The asset was fully occupied at the time of financing. Evan Hom of Pillar’s New York office arranged the fixed-rate, Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, California-based BRC Bellaire Holdings LLC.The sponsor and its affiliates own several properties in the Dallas/Fort Worth area. The seller was a New Jersey-based investor. Al Silva of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

July 8, 2016

Multifamily Texas

Greysteel Arranges Sale of 20-Unit Apartment Building in Fort Worth

by Christina Cannon July 8, 2016

FORT WORTH, TEXAS — Greysteel has arranged the sale of a 20-unit apartment building in Fort Worth for an undisclosed price. The Edmundton Apartments, located at 5601 Birchman Ave., is a two-story building that was constructed in 1968. The property, which is situated on less than a half acre, has recently undergone renovations including faux wood flooring, brushed nickel features, upgraded bathroom vanities and toilets, upgraded appliance packages, a new irrigation system and the replacement of 15 of the 20 HVAC units. Both the buyer and seller in the transaction were undisclosed. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel brokered the transaction.

July 8, 2016

Florida Multifamily Southeast

IPA Brokers $44.5M Sale of Apartment Community in Orlando

by John Nelson July 8, 2016

ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $44.5 million sale of Pine Harbour Apartments, a 366-unit luxury multifamily community located at 10600 Bloomfield Drive in east Orlando. Built in 1990, the gated community features a 24-hour fitness center, indoor racquetball court and a Wi-Fi-enabled clubhouse and business center. Pine Harbour Apartments features one-, two- and three-bedroom units that range in size from 622 square feet to 1,255 square feet. Steve Witten, Still Hunter III and Victor Nolletti of IPA, along with Evan Kristol, Francesco Carriera and Michael Regan of Marcus & Millichap, represented the seller and procured the buyer.

July 8, 2016

Loans Multifamily New York Northeast

Capital One Provides $32M Loan to Refinance Residential Building in Manhattan

by Amy Works July 8, 2016

NEW YORK CITY — Capital One has provided a $32 million, fixed-rate Freddie Mac loan for the refinancing of Turtle Bay Towers, a 27-story cooperative apartment complex located in Manhattan’s Turtle Bay neighborhood. The 15-year loan will be used to pay off existing debt on the property and to fund future capital improvements and repairs. Jonathan Smith of Capital One arranged the financing for the undisclosed borrower. Built in 1929 for commercial use and converted to residential use in the mid-1970s, the complex features 338 units in a mix of studio, one-, two- and three-bedroom apartments.

July 8, 2016

Loans Multifamily New Jersey Northeast

Jonathan Rose Cos. Receives $20M in Refinancing for Apartment Building in New Jersey

by Amy Works July 8, 2016

NEWARK, N.J. — Jonathan Rose Cos. has received $20 million in refinancing for Court Tower Apartments, a senior HUD Section 236 property in Newark. The loan will allow the undisclosed borrower to enhance the asset through an $8 million capital improvement program, while preserving and expanding affordability for residents. Located at 1 Court St., the property features 221 residential units. Jonathan Rose Cos. acquired the property through its Rose New Jersey Green Affordable Housing Preservation Fund, a joint venture with Goldman Sachs Urban Investment Group, in 2013. The refinancing was arranged through Prudential, a Fannie Mae DUS lender.

July 8, 2016

Multifamily New York Northeast

Cignature Realty Brokers $11.1M Sale of Apartment Building in Manhattan

by Amy Works July 8, 2016

NEW YORK CITY — Cignature Realty has arranged the sale of an apartment building located at 880 Saint Nicholas Ave. in the Hamilton Heights section of Manhattan. Shamah Properties acquired the 37-unit apartment building from 880 St. Nick LLC for $11.1 million. Peter Vanderpool and Lazer Sternhell of Cignature represented the buyer and the seller in the deal.

July 8, 2016

Arizona Multifamily Western

TruAmerica Multifamily Purchases Scottsdale Springs Apartments for $81M

by Nellie Day July 7, 2016

SCOTTSDALE, ARIZ. — TruAmerica Multifamily has purchased the 644-unit Scottsdale Springs apartment complex for $81 million. The community is located at 7791 E. Osborn Road in Scottsdale. Scottsdale Springs was built in 1980. TruAmerica plans to renovate the property, which will include the addition of a clubhouse, fitness center, and media and business center. It will also include a new rooftop lounge overlooking a redesigned resort-style pool. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, Abacus Capital Group, in this transaction.

July 7, 2016

Multifamily Texas

Morgan Opens 444-Unit Luxury Apartment Complex in Austin

by Christina Cannon July 7, 2016

AUSTIN — Morgan has completed Pearl Lantana, a 444-unit luxury apartment complex in southwest Austin. The newly finished property offers one-, two- and three-bedroom options that range from 660 to 1576 square feet. Residents will have views of the Barton Creek Greenbelt and the downtown Austin skyline. Interior amenities include open floor plans, wood-style floors, quartz countertops with tile backsplash, gas appliances, full size washers and dryers, tankless hot water heaters, under-mount sinks, walk-in closets, USB outlets, and patios or balconies. Common areas are solar powered and include a resident e-lounge and cafe, athletic club, three pool areas with sundecks, an infinity-edge pool, lap pool, hammock spaces, covered kitchen, dog park and footpaths throughout the property. Morgan is a Houston-based developer and operator of Class A multifamily properties.

July 7, 2016

Multifamily Texas

IPA Brokers Sale of 296-Unit Apartment Property in Houston

by Christina Cannon July 7, 2016

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 296-unit apartment property in Houston, for an undisclosed price. Retreat at Cypress Station, located at 18200 Westfield Place Drive, features amenities such as a swimming pool, clubhouse, playground, fitness center, business center and picnic area. The undisclosed buyer plans to renovate the property and complete unit renovations such as new vinyl plank flooring, stainless steel appliances, hardware fixtures and lighting. Retreat at Cypress Station was built in 2004. Will Balthrope, Drew Kile, Jennifer Campbell and Jeffrey Fript of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer.

July 7, 2016

Loans Multifamily Texas

CBRE Arranges $6.7M Loan for 120-Unit Apartment Complex in Irving, Texas

by Christina Cannon July 7, 2016

IRVING, TEXAS — CBRE Group Inc. has arranged a $6.7 million refinancing loan for Rochelle Plaza, a 120-unit apartment complex in Irving, approximately 10 miles northwest of Dallas. The fixed-rate, non-recourse loan features a 35-year term and was placed with HUD’s section 223(f) program. The Class B Rochelle Plaza was built in 1978. The complex offers 40 one-bedroom units, 64 two-bedroom units and 16 three-bedroom units. Rochelle Plaza Associates Ltd. was the borrower and plans to use the funds to rehabilitate the property. Chad Ricks and Jeff Shaw of CBRE originated the loan.

July 7, 2016

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