Multifamily

Del Marco Buys Desert Gardens Apartments in Glendale for $19.5M

by Nellie Day April 12, 2017

GLENDALE, ARIZ. — Del Marco LLC has acquired the 307-unit Desert Gardens apartments in Glendale for $19.5 million. The community is located at 13517 W. Glendale Ave. Desert Gardens was 99 percent leased at the time of the sale. It contains 17 two-story buildings situated on 11.1 acres. Community amenities include a covered playground, basketball court, dog park, tennis court, horseshoe pit, sand volleyball court, fitness center, clubhouse, heated pool, jetted hot tub and barbecue areas. It is situated near Luke Air Force Base, the Westgate Entertainment District, University of Phoenix Stadium and Gila River Arena. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International represented both the buyer and seller, Desert Gardens V LLC, in this transaction.

April 12, 2017

Multifamily Texas

Stoneleigh, Realty Capital Break Ground on 234-Unit Apartment Complex in Carrollton

by Taylor Williams April 12, 2017

CARROLLTON, TEXAS — Chicago-based developer Stoneleigh Cos. and partner Realty Capital Management have broken ground on Switchyard Apartments, a 234-unit apartment complex located at 1199 N. Broadway St. in Carrollton. The four-story building, which will be located next to a Dallas Area Rapid Transit (DART) station, will feature a resort-style pool, fitness center and a juice bar. Units will range from 525 square feet to 1,262 square feet.

April 12, 2017

Loans Multifamily Texas

Dougherty Mortgage Places $9.4M Acquisition Loan for 224-Unit Apartment Complex in Dallas

by Taylor Williams April 12, 2017

DALLAS — Dougherty Mortgage LLC has placed a $9.4 million Fannie Mae for the acquisition of Sierra Vista Apartments on behalf of SevenSeas Holdings IV LLC. The 224-unit multifamily property is located at 2775 Northaven Road in Dallas. The 12-year loan, which was arranged through a partnership with Old Capital Lending, features a 30-year amortization schedule and one year of interest-only payments.

April 12, 2017

Loans Multifamily Texas

Mason Joseph Arranges $6.6M HUD Refinancing of 152-Unit Apartment Community in Fort Worth

by Taylor Williams April 12, 2017

FORT WORTH, TEXAS — Mason Joseph Co. Inc., a San Antonio-based lender, has arranged a $6.6 million loan for the refinancing of Pennsylvania Place Apartments, a 152-unit multifamily complex located at 250 E. Pennsylvania Ave. in Fort Worth’s Medical District. The U.S. Department of Housing and Urban Development provided the 35-year, non-recourse loan to the borrower, Fort Worth Housing Solutions.

April 12, 2017

Multifamily Texas

EDGE Realty Brokers Sale of 10,501 SF Shopping Center in Metro Houston

by Taylor Williams April 12, 2017

SPRING, TEXAS — EDGE Realty Capital Markets has brokered the sale of Imperial Oaks Shopping Center, a 10,501-square-foot retail property located at 2319 Rayford Road in Spring. The center, which is shadow-anchored by Kroger, currently houses tenants such as Verizon Wireless, Today’s Vision and Sports Clips. Burdette Hoffman of EDGE represented the seller, Rayford Retail Partners, in the transaction. Sumner Hollingsworth of Hollingsworth & Associates represented the undisclosed buyer.

April 12, 2017

Georgia Multifamily Southeast

Pollack Shores Opens Apartment Community in West Midtown Atlanta

by John Nelson April 12, 2017

ATLANTA — Pollack Shores Real Estate Group has opened Millworks at Howell Mill, a 345-unit apartment community located on Emery Street in Atlanta’s West Midtown district. The property, which has 80 residences under lease, is situated near the intersection of Collier and Howell Mill roads. Millworks features one- and two-bedroom apartments ranging from 727 to 1,581 square feet. Matrix Residential, a Pollack Shores subsidiary, is managing Millworks. Community amenities at Millworks at Howell Mill include a conference room, Google Fiber connectivity, resort-style saline pool, bocce ball court and an outdoor lounge.

April 12, 2017

Illinois Midwest Multifamily

Crevo Capital to Develop $35M Apartment Property in Shiloh, Illinois

by Kristin Harlow April 12, 2017

SHILOH, ILL. — Crevo Capital has unveiled plans to develop a $35 million apartment property in Shiloh, about 22 miles east of St. Louis. The Savannah will consist of 300 luxury apartments on 26 acres. Amenities will include a health club and community lounge. Floor plans will consist of one-, two- and three-bedroom layouts. Housing Studio is designing the buildings and site layout. Fairview Heights, Ill.-based IMPACT Strategies will provide construction services. Pending approval from the Village of Shiloh, Crevo Capital expects to begin construction this fall with units available for occupancy in early 2019.

April 12, 2017

Iowa Loans Midwest Multifamily

Dougherty Mortgage Arranges $11M Acquisition Loan for Apartment Property in Des Moines, Iowa

by Kristin Harlow April 12, 2017

DES MOINES, IOWA — Dougherty Mortgage LLC has arranged an $11 million loan for the acquisition of Willow Park Apartments in Des Moines. The apartment property, which consists of 300 units, was built in 1976 and renovated in 2000. The 10-year Fannie Mae loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Willow Park Partners LLC.

April 12, 2017

Multifamily New Jersey Northeast

Sterling Properties to Develop 69-Unit Apartment Property in Somerville, N.J.

by Haisten Willis April 12, 2017

SOMERVILLE, N.J. — Sterling Properties will develop a four-story, 69-unit apartment property near downtown Somerville. Set to deliver in 2018, the property will be located at 110 S. Bridge St., which is within walking distance of New Jersey Transit’s Somerville Station, and will be known as SOMA. Floor layouts will consist of studio, one- and two-bedroom units. Initial site work on the property will begin this spring. Designed by architecture firm Comito Associates, SOMA’s units will range from 585 to 1,290 square feet with features including nine-foot ceilings and stainless steel appliances. Common area amenities will include a fitness studio and tech lounge. Interior Design firm Mary Cook and Associates will design the project’s unit interiors and common space.

April 12, 2017

Mixed-Use Multifamily Northeast Office Retail Vermont

Rouse Properties, Devonwood Investors to Redevelop Burlington Town Center in Vermont

by Haisten Willis April 12, 2017

BURLINGTON, VT. — Rouse Properties has formed a joint venture with Devonwood Investors LLC, owner of Burlington Town Center, to redevelop the retail property into a mixed-use development with apartments, retail, restaurants and offices. The joint venture is expected to close on the property in the next few weeks and will then begin construction on the project, which is expected to cost $225 million. HFF’s Porter Terry arranged the redevelopment financing. The project has received zoning approval from the Burlington Development Review Board. Groundbreaking is expected in mid-2017, with the project completed in phases over three years.

April 12, 2017

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