Multifamily

Balfour Beatty to Develop New Student Housing for University of Houston-Victoria

by Haisten Willis March 12, 2015

VICTORIA, TEXAS — Balfour Beatty Campus Solutions has been selected to design, build and finance a $20 million on-campus housing project for the University of Houston-Victoria through a public-private partnership. KSQ Architects designed the new, 380-bed housing facility that will include two- and four-bedroom suites. The University of Houston System Board of Regents approved the project at its February board meeting and construction on the project is expected to begin in June for a scheduled delivery in August 2016. Dallas-based Balfour Beatty Construction, a residential and commercial construction firm and a sister division of Balfour Beatty Campus Solutions, is the construction partner on the project. Upon completion, the university will operate the housing. Balfour Beatty Campus Solutions is a developer and operator of infrastructure projects for the college and university market.

March 12, 2015

Loans Multifamily Texas

Q10 KDH Secures $4M Loan for Apartment Complex in Houston

by Haisten Willis March 12, 2015

HOUSTON — Q10 Kinghorn, Driver, Hough & Co. has secured a $4 million fixed-rate loan for Forest Palm Apartments with correspondent lender, StanCorp. The Class A multifamily property was built in 2014 and includes 119 garden-style units across six two-story buildings. Q10 KDH is a Texas-based full service commercial mortgage banking company that arranges financing for developers and owners of commercial real estate. Ryan Watson of Q10 KDH arranged the transaction.

March 12, 2015

Multifamily Texas

Marcus & Millichap Arranges Sale of 72-Unit Apartment Building in East Texas

by Haisten Willis March 12, 2015

NACOGDOCHES, TEXAS — Marcus & Millichap has arranged the sale of Woodland Trails, a 72-unit apartment property located in Nacogdoches. Scott Ogilvie and Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Ogilvie and Denninger also procured the buyer, a limited liability company. Woodland Trails is located at 1410 Martinsville St. less than one mile southeast of Stephen F. Austin State University. Built in 1984, the Class B apartment community is situated on five acres. Woodland Trails consists of seven three-story buildings with 72 two-bedroom/two-bath units, all of which span 900 square feet. The asset is within walking distance to numerous retail businesses and restaurants such as Belk, Payless, Bath & Body Works, JCPenney, Subway, Dollar General, Aaron’s, Arby’s, CVS, Popeye’s, and Brookshire Brothers.

March 12, 2015

Colorado Multifamily Seniors Housing Student Housing Western

Bethany Rehabilitation Center in Lakewood Sells for $17.9M

by Nellie Day March 12, 2015

LAKEWOOD, COLO. – Bethany Rehabilitation Center, a 56,502-square-foot skilled nursing facility in Lakewood, has sold to CareTrust for $17.9 million. The center is located at 5301 West 1st Ave., about five miles southwest of Denver. The property was built in 1969. It has 170 active beds and is licensed for 50 additional beds. CareTrust entered into a triple-net lease with Eduro Healthcare LLC, which took over operations on Feb. 1. The seller was represented by Mark Myers, Joshua Jandris and Charles Hilding of Institutional Property Advisors. Richard Bird of Marcus & Millichap’s Denver office was the firm’s broker of record in Colorado.

March 12, 2015

California Multifamily Western

San Diego Apartment Building Sells for $6.2M

by Nellie Day March 12, 2015

SAN DIEGO – An 18-unit apartment building in San Diego has sold to Allen Properties Group 43 for $6.2 million. The community is located at 1941 Columbia Street. Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group represented both the buyer and seller, Westventures LP, in this transaction.

March 12, 2015

Colorado Loans Multifamily Western

The Confluence Apartment Building in Denver Receives $79M in Financing

by Nellie Day March 11, 2015

DENVER — The Confluence, a 288-unit residential development in Denver, has received $79 million in financing. The project is located at the southwest corner of 15th Street and Little Raven Street, in the Riverfront Park area of the city’s Lower Downtown (LoDo) district. The 34-story tower will include 10,000 square feet of retail space and a 300-space underground parking garage. Community amenities will include a fitness center, swimming pool with lounge and cabanas, spa, fire pit, game room, clubhouse and business center. The Confluence is being developed by PM Realty Group and National Real Estate Advisors. The construction loan was arranged by HFF’s Rob Rizzi, Josh Simon, Colin Oberg, Leon McBroom and Matt Gangawar through a national bank. It features a 48-month term at 65 percent loan-to-cost. HFF also arranged the joint venture partnership in 2013.

March 11, 2015

Arizona Multifamily Western

MG Properties Group Buys Trillium Papago Apartments in Phoenix

by Nellie Day March 11, 2015

PHOENIX — MG Properties Group (MGPG) has acquired the 270-unit Trillium Papago Apartments in Phoenix for $36.2 million. The community is located at 4950 E. Van Buren Street. The property is situated northeast of Phoenix Sky-Harbor Airport. It was built in 2007. Common-area amenities include a resort-style pool and spa, modern fitness center, movie theater and pool room. MGPG plans to rebrand the property as Ascent at Papago Park. This is the firm’s fourth acquisition in the past six months. MGPG is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon and Washington. The acquisition was financed with a 10-year, fixed-rate mortgage from Fannie Mae that was arranged by CBRE. The seller was Trillium Residential.

March 11, 2015

California Multifamily Western

Frank Gehry to Design New Mixed-Use Development in Los Angeles

by Nellie Day March 11, 2015

LOS ANGELES — Acclaimed architect Frank Gehry has been selected to design a new mixed-use project in Los Angeles. The new project will be located at 8150 Sunset. The development will be situated on one of the largest contiguous parcels of land on the Sunset Strip, at the intersection of Crescent Heights Boulevard. The development will contain 249 units, in addition to ground-floor restaurant and retail space and open-air space on the rooftop. Extensive open spaces will also connect to a central plaza, which will have pedestrian and bicycle access. Gehry has started the initial design development process. Plans are expected to be released this spring. The site of the new development was formerly home to the Garden of Allah hotel, which was demolished in 1959. The master site plan was developed in 2013 by Hart Howerton. The firm established the initial design principles focused on environmental sustainability, open spaces, and pedestrian and public transit accessibility. Last year, the development became the first project in Los Angeles County to be designated a California Environmental Leadership Development Project (ELDP)—and the only mixed-use project in California to receive that designation. To qualify as an ELDP, a project must include an investment in …

March 11, 2015

Multifamily Texas

Resource Real Estate Opportunity REIT Sells Apartment Complex in Houston

by Haisten Willis March 11, 2015

HOUSTON — Resource Real Estate Opportunity REIT Inc., a non-traded real estate investment trust sponsored by Resource Real Estate Inc., has sold Cityside Crossing Apartments in Houston. Opportunity REIT acquired the 360-unit multifamily residential community in December 2012. The property benefited from a value-add strategy, professional management and capital enhancements. As a result, the sale of Cityside Crossing produced a cash profit of $10.7 million, and an average annual return of 28.4 percent.

March 11, 2015

Loans Multifamily Seniors Housing Texas

KeyBank Arranges $26.7 M Loan for Texas Long-Term Care Portfolio

by Haisten Willis March 11, 2015

COPPERAS COVE, HARKER HEIGHTS and KILLEEN, TEXAS — KeyBank Real Estate Capital has arranged a total of $26.7 million in FHA financing for a three-property, long-term care portfolio in Texas. Two of the properties are skilled nursing facilities and one is a combination skilled nursing and assisted living facility. The properties were built in the 1990s and have a combined total of 250 units and 418 beds. Allison Holland of KeyBank arranged the non-recourse, fixed-rate first mortgages for all three properties. The portfolio is comprised of Hill Country Rehab and Nursing Center located in Copperas Cove; Indian Oaks Living Center located in Harker Heights; and The Rosewood Retirement Community located in Killeen.

March 11, 2015

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