ALBUQUERQUE — The Community Development Trust, an affordable housing REIT, and YES Housing Inc., an affordable housing operator, have formed a joint venture to recapitalize three YES-operated properties in New Mexico. CDT will invest $4.5 million to preserve 262 units of affordable Section 8 seniors housing in Albuquerque, Las Cruces and Roswell. The money will fund improvements and preserve affordability at the properties, which are reserved for seniors earning below 60 percent of the area median income. The first property to receive improvements will be the 60-unit Wildewood Apartments in Roswell. CDT and YES acquired the property earlier this month using Freddie Mac financing through Hunt Mortgage Group. The JV plans to make $300,000 in capital improvements to the asset, which was built in 1978 and renovated in 2000. The other two properties were not disclosed, as the acquisitions are still pending.
BALTIMORE — TruAmerica Multifamily, in partnership with MSD Capital LP, has purchased a 1,004-unit apartment portfolio in suburban Baltimore for $187 million. The acquisition is Los Angeles-based TruAmerica’s first purchase east of Colorado and includes the 158-unit Bayshore Landing in Annapolis, the 634-unit Sherwood Crossing in Eldridge and the 212-unit Southfield in Nottingham. Each property features resort-style pool areas, clubhouses, fitness centers and other recreational facilities. The apartment communities were built between 1984 and 1990. TruAmerica will complete an interior renovation plan started by the undisclosed seller that includes faux-wood flooring, granite countertops, updated cabinetry and new appliance packages. TruAmerica’s business plan also calls for upgrades to the portfolio’s common area amenities.
IRVING and SAN ANTONIO, TEXAS — Dougherty Mortgage has secured two loans for multifamily properties in Texas. In the first transaction, Dougherty closed a $9.3 million Fannie Mae loan for the acquisition of Silverado Apartments, a 184-unit apartment property located in Irving. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for borrower Elmstone Group OP1 through a partnership with Old Capital Lending. In the second transaction, Dougherty closed an $881,054 Fannie Mae loan for the acquisition of Windsor Village Apartments, a 124-unit complex located in San Antonio. Dougherty’s Vienna, Va., office arranged the loan with a 30-year amortization schedule on behalf of the borrower, Windsor Village SA Apartments LLC. The loan term is a little over eight years.
DALLAS — Marcus & Millichap has arranged the sale of Zora Lee, an eight-unit apartment property located in the Old East Dallas neighborhood. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen and Hoover also procured the buyer, an individual/personal trust. Zora Lee is located at 4831 Junius St. Built in 1923, the historic property is five miles northeast of the Dallas central business district.
ARLINGTON HEIGHTS, ILL. — Capital Funding Group has provided a $19.8 million Section 232 HUD construction loan for Transitional Care of Arlington Heights. Transitional Care of Arlington Heights is a planned 120-bed skilled nursing facility in the northwest Chicago suburb of Arlington Heights. The loan, which will finance the construction of the community, has a 40-year term. Craig Casagrande of Baltimore-based Capital Funding Group originated the loan.
PATERSON, N.J. — Marcus & Millichap has brokered the sale of Oak and Redwood Apartments, located at 441-443 10th Ave. and 374-376 10th Ave. in Paterson. A private investor acquired the asset for $2.8 million. Located within three blocks of each other, the two three-story walk-up properties feature a total of 34 apartment units. Brian Hosey led the Marcus & Millichap team that represented the seller, a private investor, and secured the buyer in the deal.
Ten years ago, the urban Nashville multifamily inventory consisted of a small handful of institutional-sized assets, offering sparse amenities and unit finishes that left much to be desired. Fast forward to 2016 and the seemingly insatiable demand by residents to live in the eclectic, urban enclaves that Nashville offers has resulted in more than 5,000 units delivered over the last few years, with nearly 8,000 additional units set to deliver over the next two years. The standard of the assets being delivered continues to raise the bar, as developers look for a competitive edge and renters have demonstrated their willingness to pay a premium, with rents in top locations flirting with $3.00 per square foot. Demand The absorption pace has accelerated each year, seemingly limited only by the number of units being delivered to the market. When looking at the entire metro area, not just the urban submarkets, absorption topped 6,000 units in 2015, with new supply totaling approximately 5,960 units. A significant portion of this demand is from Millennials, who traditionally prefer to live in urban neighborhoods, and with Nashville ranked as a top 10 destination for Millennial in-migration, this trend is likely to continue. Fueling the urban residential …
WICHITA, KAN. — Presbyterian Manors of Mid-America, a nonprofit operator of 18 communities in Missouri and Kansas, has completed a $35 million expansion at Wichita Presbyterian Manor, a continuing care retirement community in Wichita. The expansion consisted of two phases, both of which started in 2014. In the first phase, the owner added 24 memory care suites, 30 skilled nursing suites and 20 private “post-acute to home” rehabilitation rooms, as well as a new kitchen, bistro, library, beauty salon and barbershop. The second phase of development added The Westerly Residences, which included 90 independent living apartments and an array of new amenities.
PHOENIX — Greystone has provided a total of $45.5 million in financing for two multifamily communities in Phoenix. The first loan was $26.2 million for Granite Bay. The second was $19.3 million for Valencia Park. Both Fannie Mae DUS loans feature 10-year terms with 30-year amortization periods. Tony Spaeth of Greystone originated the loans.
CHICAGO — Interra Realty has brokered the $2.5 million sale of a multifamily property in Chicago’s Rogers Park neighborhood. The 24-unit property, located at 7526 N. Seeley Ave., features one- and two-bedroom units. Recent renovations include new porches, a new HVAC system, granite countertops, stainless steel appliances, hardwood floors and all new copper plumbing and electric wiring. A group of local investors sold the property to an undisclosed buyer. Interra Realty was the sole broker in the transaction.