Multifamily

Casey Development Secures Sale of Student Housing Property in San Marcos

by Haisten Willis January 20, 2016

SAN MARCOS, TEXAS — Casey Development has completed the sale of Uptown Square Apartments, a 512-bed student housing apartment community located in San Marcos. The buyer, Inland Real Estate Group, is a commercial real estate and finance firm specializing in commercial real estate acquisitions, brokerage, development and management. Developed and constructed in 2015 by Casey Development, Uptown Square is located near Texas State University, the fourth largest public university in Texas. Unit interiors at Uptown include nine-foot ceilings, granite countertops, oversized closets, stainless steel appliances, crown molding and private patios/balconies. Community amenities include a fitness center, clubhouse, study rooms, computer lab, tanning bed, pool, volleyball court and an outdoor kitchen. Occupancy was above 97 percent at the time of the sale.

January 20, 2016

Loans Multifamily Texas

LMI Secures Multifamily Acquisition Loans in Metro Houston

by Haisten Willis January 20, 2016

GALVESTON AND HOUSTON, TEXAS — Jamie Safier of LMI Capital has procured financing for a two-phase complex in Galveston that includes a historic building component. The loan represented 84 percent of the purchase price and featured a five-year fixed term with one year of interest-only payments and no pre-payment restrictions. The borrower was a first-time buyer of commercial properties and plans to use a portion of the proceeds to enhance the property’s interior and exterior appeal. Brandon Brown of LMI originated a second transaction to close a $7 million loan for a garden-style community in west Houston containing nearly 300 units. An agency loan was assumed and closed simultaneously with a supplemental loan that reduced the borrower’s required equity needed for the acquisition.

January 20, 2016

Loans Multifamily Texas

BMC Capital Provides Trio of Loans for Texas Multifamily Properties

by Haisten Willis January 20, 2016

NACOGDOCHES, CORPUS CHRISTI AND TYLER, TEXAS — BMC Capital’s Dallas office has arranged a trio of loans for multifamily properties in Texas. In the first transaction, BMC arranged a $2.2 million loan for the refinancing of Northview Condominiums, a 72-unit multifamily property located in Nacogdoches. The loan featured a 10-year fixed term at 5 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding agency relationships. In the second transaction, BMC arranged a $3.9 million loan for the purchase of Bordeaux Apartments, a 102-unit multifamily property located in Corpus Christi. The loan featured a 10-year fixed term at 4.7 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding agency relationships. In the third transaction, BMC arranged a $3.6 million loan for the refinancing of Oxford Pointe Apartments, a 152-unit multifamily property located in Tyler. The loan featured a seven-year fixed term at 3.9 percent interest and a 30-year amortization schedule.

January 20, 2016

Renaissance on Peachtree Atlanta Buckhead

Georgia Seniors Housing Southeast

ARC Acquires Seniors Housing Community in Atlanta for $78.6M

by John Nelson January 20, 2016

ATLANTA — American Realty Capital Healthcare Trust III LLC (ARC), a healthcare REIT, has purchased Renaissance on Peachtree, a 229-unit independent living and assisted living community in Atlanta’s Buckhead district, for $78.6 million. Lisa Widmier and Matthew Whitlock of CBRE Capital Markets’ National Senior Housing team represented the seller, a joint venture between The Carlyle Group and Formation Development Group, in the transaction. The seniors housing community was 94 percent occupied at the time of sale.

January 20, 2016

Florida Loans Multifamily Southeast Student Housing

Franklin Street Capital Advisors Closes $20M Loan for Student Housing Property in Tampa

by John Nelson January 20, 2016

TAMPA, FLA. — Franklin Street Capital Advisors (FSCA) has closed the $20 million refinancing of Campus Palms Apartments, a 570-bed student housing property in Tampa. Ben Miller and Casey Siggins of FSCA arranged the 10-year loan on behalf of a private investor based in Miami. The non-recourse loan features a fixed 4.85 percent interest rate and a 30-year amortization schedule.

January 20, 2016

Illinois Midwest Multifamily

High Street Residential, The Carlyle Group Sell 115-Unit Apartment Community in Chicago Suburb

by Christina Cannon January 20, 2016

PARK RIDGE, ILL. — A joint venture consisting of High Street Residential and The Carlyle Group has sold a 115-unit apartment community to L&B Realty Advisors LLC for an undisclosed price. Park 205 is a three-story, Class A apartment community located in Park Ridge, a northwestern suburb of Chicago. ESG Architects designed Park 205, which was completed in the last quarter of 2015. The project offers one-, two- and three-bedroom units. Amenities include a pool and sun deck, outdoor fire pits and cabanas, a clubroom, Wi-Fi coffee lounge, fitness center, business center, dog spa, bicycle storage and covered and heated parking. The community also has the LEED Silver designation. John Jaeger of CBRE represented the joint venture in the transaction.

January 20, 2016

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Trilogy Open 70-Bed, $12M Skilled Nursing Facility in Indiana

by Christina Cannon January 20, 2016

RICHMOND, IND. — Mainstreet, an Indiana-based developer of skilled nursing and rehabilitation facilities, has opened The Springs of Richmond, a 70-bed property in Richmond, which is located midway between Indianapolis and Columbus, Ohio. The community includes 70 beds in a 48,034-square-foot building. Development costs totaled $12 million. Construction began in March 2015. The Springs of Richmond was developed in partnership with Trilogy Health Services, which now operates the community.

January 20, 2016

California Multifamily Western

Ivanhoé , Veritas Buy 16 Multifamily Properties in San Francisco for $200M

by Nellie Day January 20, 2016

SAN FRANCISCO — A joint venture between Ivanhoé Cambridge and Veritas Investments has purchased 16 apartment communities in San Francisco for about $200 million. The communities were not named. The properties are located in some of San Francisco’s most prominent communities, including Russian Hill, NOPA, Noe Valley, Duboce Triangle, Alamo Square, Mission Dolores and North Panhandle, and Lower and Upper Nob Hill. The JV now owns 45 multifamily properties, with an average of 30 residential units per building. Many communities also feature ground-floor retail space.

January 20, 2016

California Loans Multifamily Western

Oakmont Properties Receives $100M Loan to Buy Sacramento Apartment Properties

by Nellie Day January 20, 2016

SACRAMENTO, CALIF. — Oakmont Properties has received more than $100 million in senior loans to acquire to two apartment communities in the Sacramento area. The properties include The Preserve at Roseville, a 336-unit community, as well as the 304-unit Oak Brook Apartments. The Preserve is located at 1299 Antelope Creek Drive in Roseville. It was 97 percent occupied at the time of sale. The Class A property was built in 1999. Oak Brook is located at 12499 Folsom Blvd. in Rancho Cordova. It was also 97 percent occupied. This Class A property was built in 2001. PCCP provided the loans, which are cross-collateralized with each other.

January 20, 2016

Colorado Multifamily Western

Braddock & Logan Buys Canyons at Saddle Rock in Aurora for $56.7M

by Nellie Day January 20, 2016

AURORA, COLO. — Braddock & Logan has purchased the 263-unit Canyons at Saddle Rock apartment community in Aurora for $56.7 million. The Class A community is located at 6850 South Versailles Way, about 25 miles southeast of downtown Denver. The property was 95 percent occupied at the time of sale. This property was Braddock & Logan’s first acquisition in metro Denver. Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment of ARA Newmark represented the seller, Inland Private Capital Corporation, in this transaction.

January 20, 2016

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