FORT WORTH, TEXAS — Dougherty Mortgage LLC has closed a $25 million HUD 221(d)(4) loan for the construction of Reserve at Quebec, a 296-unit multifamily affordable housing property located in Fort Worth. The property will include 12 three-story buildings. The 40-year term loan was arranged for the borrower, Reserve at Quebec LLC, through Dougherty’s Dallas office.
NEW YORK CITY — TerraCRG has arranged the sale of a multifamily property located at 310 12th St. in Brooklyn’s Park Slope neighborhood. The five-story asset sold for $9.2 million, or $628 per square foot. The 14,644-square-foot building features one four-bedroom apartment with side yard access, six three-bedroom apartments and 13 two-bedroom units. Of the 20 units, eight are fully renovated, free-market units and 12 are rent stabilized. Adam Hess, Sam Shalumov, Eddie Setton and Kirill Galperin of TerraCRG brokered the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 1072 Woodycrest Ave. in the Bronx’s Highbridge section. An institutional investor acquired the 49-unit asset for $7.7 million. Marco Lala and Chris Wynne of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer in the transaction.
AUSTIN, TEXAS — With approximately $4.8 billion in total sales volume and 133 individual transactions, 2015 has become the highest sales volume year in the history of the student housing sector, according to a year-end report by Austin-based brokerage FourPoint Student Housing Investments. The sales volume seen in 2015 surpassed the previous sales volume record — set in 2014 — by over $1 billion. Last year also saw a spike in pricing compared to 2014, with price per unit, per bed and per-square-foot all seeing a surge throughout the year. Much of this increase can be attributed to location. A large percentage of the product being delivered is located in core, urban areas with high rents and high development costs in order to maintain walkability to universities. The convergence of low U.S. Treasury rates and increased desire for student housing resulted in some of the most expensive trades and lowest capitalization rates ever recorded, according to the report. CMBS lenders continue to play a significant role in the overall capital markets space as well, as many of the CMBS-financed assets reach loan maturity. Congruently, many owners will put value-add properties up for sale, seeking to divest in a seller’s market. …
HOUSTON — Tony Talamas of BMC Capital’s Houston office has arranged $10.1 million in financing for the cash-out refinance of six multifamily properties in Houston. The properties were built between 1958 and 1980. The five-year loan includes a fixed interest rate of 3.5 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent life company relationships.
DALLAS — Marcus & Millichap has arranged the sale of Newport Landing Apartments, a 185-unit apartment property in Dallas. John Barker and Daniel Burton of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker also secured the buyer, a private investor. Newport Landing Apartments is located in the Highland Meadows neighborhood of northeast Dallas. The property spans 185 units and 168,802 square feet, with an average unit size of 912 square feet. The complex includes 36 buildings constructed with wood siding and concrete slab foundations. On-site amenities include a swimming pool, 326 parking spots, controlled access gates, business center, clubhouse, courtyard and five laundry facilities. Unit amenities include fireplaces, walk-in closets, frost-free refrigerators and private balconies.
NORTH KINGSTOWN, R.I. — Kennedy Funding Financial has completed a $1.8 million loan secured by a development site in North Kingstown. The borrower was property owner CIOE A34 LLC. Located on Ten Rod Road, the 5.3-acre parcel is currently zoned for approximately 200,000 square feet of mixed-use development. Kevin Wolfer of Kennedy Funding Financing arranged the financing for the borrower.
ROME AND CEDARTOWN, GA. — Enlivant has purchased two assisted living and memory care communities, both located in rural Georgia, from affiliates of Winthrop Senior Living for $10 million. The two properties are Winthrop West in Rome and Winthrop at Polk in Cedartown. The two towns are near to each other, approximately 70 miles northwest of Atlanta. Winthrop West was built in 1999 and comprises 42 memory care units in a 25,591-square-foot facility on 3.7 acres. Winthrop at Polk was built in 1991 and added 20 memory care units in 2014 to its existing 29 assisted living units. The 27,715-square-foot community is situated on 2.4 acres. Senior Capital Advisors, a brokerage firm based in Florida, represented the seller in the deal. Enlivant is a Chicago-based owner/operator. These acquisitions expand its regional presence to seven communities between Chattanooga, Tenn., and Atlanta.
MONTGOMERY, ALA. — Berkadia has arranged the $8.1 million sale of Woodmere at the Lake, a 200-unit apartment community located in Montgomery. Built in 1978, the garden-style property has an average unit size of 870 square feet. Woodmere Apartment Partners LLC purchased the community from ABACO Partners LLC. Josh Jacobs and David Oakley of Berkadia’s Birmingham office represented the seller in the transaction.
DEKALB, ILL. — Marcus & Millichap has arranged the sale of a 365-bedroom off-campus student housing complex in DeKalb, approximately 70 miles west of Chicago, for $11.6 million, or $64,444 per unit. Ridgebrook Court Apartments is a three-building, 180-unit property that is located at 832 Ridge Drive, 808 Ridge Drive and 835 Edgebrook Drive. The apartments are less than a mile from Northern Illinois University and 7.5 miles from Kishwaukee College. The property has undergone recent renovations including new plumbing, electrical, HVAC, drywall, doors, frames, lighting and security systems. The complex also features updated wood floors, laundry room, kitchens and bathrooms. A private developer sold the asset to a private investor. Eric Bell of Marcus & Millichap represented the seller in the transaction and procured the buyer.
