Multifamily

Hunt Breaks Ground on Apartment Complex in Metro Dallas

by Haisten Willis May 8, 2015

RICHARDSON, TEXAS — Hunt Cos. has broken ground on a transit-oriented development located in Richardson. The 250,000-square-foot project is scheduled for completion in the summer of 2016. The development will include 280 market-rate apartments in a mix of one- and two-bedroom apartments and lofts. Situated within the Dallas-Fort Worth Metroplex and home to the Telecom Corridor,the five-acre site is located near the North Central Expressway and Campbell Road. This project will be the first of many where Hunt is leading the development with support of its affiliates Moss & Associates, as general contractor, and Pinnacle Property Management Services, as the property manager.

May 8, 2015

Topping Out Ceremony Held for Three Hughes Landing, Embassy Suites The Woodlands/Hughes Landing

by Haisten Willis May 8, 2015

THE WOODLANDS, TEXAS — A topping out ceremony was recently held for Three Hughes Landing and the Embassy Suites The Woodlands/Hughes Landing. The two properties represent the newest additions to Hughes Landing in The Woodlands, a 66-acre mixed-use development offering views of 200-acre Lake Woodlands. Three Hughes Landing is a 12-story, 321,000-square-foot Class A office building designed for LEED Silver certification. The nine-story, 205-key Embassy Suites is an all-suite, full-service hotel for both business and leisure travelers. One Hughes Landing, a 197,719-square-foot, eight-story, Class A office building, opened September 2013. Two Hughes Landing, a 197,714-square-foot, eight-story, Class A office building, opened in May 2014.

May 8, 2015

Bay Meadows Ashford at Feather Sound Clearwater

Florida Multifamily Southeast

RADCO Buys Clearwater Apartment Community for $34.2M

by John Nelson May 8, 2015

CLEARWATER, FLA. — The RADCO Cos., a value-add multifamily investment firm based in Atlanta, has purchased Bay Meadows, a 276-unit apartment community in Clearwater, for $34.2 million. The property is RADCO’s third acquisition in 2015 and its second property in the state of Florida. The apartment community features a 2,500-square-foot leasing center that has a fitness facility, office space and meeting areas. The property also has a pool that overlooks a lake situated in the center of the community. RADCO financed the acquisition using a mixture of Freddie Mac debt and private capital. Built in 1985, the apartment community is located within the master-planned Feather Sound Country Club. The property was 97.1 percent occupied at the time of sale. RADCO plans to invest $3.6 million to upgrade the apartment community and rebrand the community as Ashford at Feather Sound. Since August 2011, RADCO has raised more than $230 million of private capital to fund its purchases.

May 8, 2015

California Multifamily Western

Champion Real Estate Buys the Vines Apartments in Oxnard

by Nellie Day May 8, 2015

OXNARD, CALIF. — Champion Real Estate has acquired the Vines, a 164-unit apartment community in Oxnard, for $55.5 million. The community is located at 3040 N. Oxnard Blvd., within the master-planned community of RiverPark. The acquisition represents a per-unit price of $338,628. This is the highest per-unit price paid in Ventura County for a multifamily community with 100 or more units over the past 10 years, according to Berkadia, which executed the transaction. The Vines was built in two phases in 2013 and 2014. It offers two- and three-bedroom units. The property features seven different parks with playgrounds, basketball and tennis courts, picnic areas with barbecues and water fountains. The community was 95 percent leased at the time of sale. Notable employers in the area include St. John’s Regional Medical Center, Boskovich Farms Inc., Ventura Superior Municipal Court and Walmart Supercenter. Champion Real Estate is led by Bob and Parker Champion. The sellers, Corona Riverpark Promenade LLC and Corona Riverpark Luminaria LLC, were represented by Tony Koeijmans of RSF Partners. The transaction was negotiated by Adrienne Barr of Berkadia.

May 8, 2015

Arizona Multifamily Western

Cabana on Thomas Apartments in Phoenix Sells for $24.3M

by Nellie Day May 8, 2015

PHOENIX — The 382-unit Cabana on Thomas apartment community in Phoenix has sold for $24.3 million. The buyer was not named. The community is located at 1645 East Thomas Road. Cabana on Thomas is situated a half-mile west of State Route 51, also known as the Piestewa Freeway, which provides access to Downtown Phoenix and Sky Harbor International Airport. Nearby employers include public entities like the City of Phoenix, Maricopa County and the State of Arizona, as well as companies like Wells Fargo, Bank of America, JPMorgan Chase, Freeport McMoRan Copper & Gold Inc., Ernst & Young, United Healthcare and Cigna Healthcare. Common-area amenities include a clubhouse, four resort-style pools, a fitness center, electric vehicle charging stations, a bike storage room and a dog park. It offers studios to three-bedroom units. The seller, Deco Communities, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.

May 8, 2015

Multifamily Oregon Western

Clinton Court Apartments in Portland Sells for $6M

by Nellie Day May 8, 2015

PORTLAND, ORE. – The 46-unit Clinton Court apartments in Portland has sold to Clinton Properties LLC for $6 million. The community is located at 2725 SE 29th Street. The seller repositioned the property in 2013. Kirk Ward of Norris & Stevens represented both the buyer and seller, CCA LLC, in this transaction.

May 8, 2015

Illinois Midwest Multifamily

Pillar Arranges $9.4M Loan for Apartment Property in Hinsdale, Ill.

by Danielle Everson May 7, 2015

CHICAGO — Pillar has arranged a $9.4 million loan with Freddie Mac for the Hidden Lakes of Hinsdale Apartments, a 105-unit multifamily property located in the Western suburbs of Chicago. The fixed rate, 10-year loan includes a 30-year amortization schedule. Joe Markech and Brooke Jackson of Pillar’s Chicago origination team arranged the loan. Hidden Lakes of Hinsdale Apartments was built in 1971 and purchased by Pillar’s client in 2007. Upon acquiring the property, the sponsor invested $1.3 million to upgrade all units and the exterior of the property, which is 100 percent leased at market rates. The borrower is a local owner/operator of multifamily properties.

May 7, 2015

Multifamily Texas

Marcus & Millichap Arranges Sale of Apartment Complex in Fort Worth

by Haisten Willis May 7, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Forest Apartments, a 24-unit apartment property located in Fort Worth. Trey McGhin and John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. McGhin and Barker also represented the buyer, a private investor that purchased the property in a 1031 exchange. Forest Apartments is located at 3200 Lake Como Drive. The property includes access to the Camp Bowie cultural district, I-30 and is five miles from Downtown Fort Worth. Each unit has one bedroom and one bathroom, with laminate and carpet flooring.

May 7, 2015

Loans Multifamily Texas

KeyBank Provides $10M in Financing for Apartment Complex in Tulsa

by Haisten Willis May 7, 2015

TULSA, OKLA. — KeyBank Real Estate Capital has secured a $10 million interim loan for Fairmont Terrace Apartments, an affordable housing complex located in Tulsa. The 336-unit, garden-style apartment property was built in 1975 and will be renovated using low-income housing tax credits and HUD financing. Kelly Frank of Key’s Community Development Lending Group arranged the financing on behalf of Millennia Housing Development, which was used to acquire the property.

May 7, 2015

Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $66M Financing for CCRC in North Carolina

by John Nelson May 7, 2015

HIGH POINT, N.C. — Ziegler, a specialty investment bank, has arranged a $66.1 million bond issue for Maryfield Inc., a North Carolina not-for-profit that owns and operates Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point. Proceeds of the bonds will be used to pay off bonds from 2005 and 2010, fund a debt service reserve fund for the bonds and pay fees and expenses incurred by the sale of the new bonds. Located on 68 acres, Pennybyrn consists of 180 independent living units (131 apartments and 49 cottages); 48 assisted living units (24 standard care and 24 memory care); and 125 skilled nursing beds.

May 7, 2015

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