KALAMAZOO, MICH. — NorthMarq Capital’s Chicago-based regional office has arranged $3 million in acquisition financing for Woodstone Apartments, a 99-unit multifamily property located in Kalamazoo. Sue Blumberg of NorthMarq arranged the 10-year loan, which includes a 30-year amortization schedule, for the undisclosed borrower through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
ATLANTA — Alliance Residential Co.’s Atlanta office has opened The Haynes House, an eight-story, 186-unit luxury apartment community in Atlanta. The opening marked the first delivery of what will be more than $300 million in new multifamily construction across the Southeast for Alliance Residential. The regional office is poised to either deliver or begin Class A communities in Nashville; Charleston; and Midtown, Buckhead, and Sandy Springs in the Atlanta metropolitan area over the next year, with more in the early planning stages. “As our first delivery this cycle, The Haynes House is the proverbial tip of the spear,” says Todd Oglesby, managing director of Alliance Residential Co. “It sets the tone for what we will be doing across the South; well-located, best-in-class communities in key Southeastern cities.” The Haynes House is located on Peachtree Road across from Peachtree Battle Shopping Center. Alliance acquired the site in May 2013, working with neighborhood and zoning officials to create a project that would integrate successfully with the fabric of Peachtree Road. The company was able to start the project quickly and deliver the upscale community in 20 months. According to Apartments.com, rental rates at The Haynes House ranges from $1,450 to $4,200. This …
IRVING, TEXAS — Marcus & Millichap has arranged the sale of MacArthur Apartments, an 86-unit apartment property located in Irving. The property is located at 1201 W. Rochelle Road between North MacArthur Boulevard and Clearbrook Drive. Built in 1963, the asset includes 43 one-bedroom and 43 two-bedroom units with a total of eight one-story buildings. The property features a leasing office, a storage unit and a laundry facility. The property was fully occupied at the time of sale. Matt Davis of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor.
SAN DIEGO – A six-unit apartment building in the San Diego neighborhood of Crown Point has sold to Walnut Company LLC for $2 million. The community is located at 3704 Promontory Street, near Mission Bay. Walnut Company was represented by Nga Nguyen of Berkshire Hathaway Home Services. The seller, Plotts Real Estate, was represented by Terry Moore of ACI.
LIVERPOOL, N.Y. — Meridian Capital Group and Capital One have arranged an $18 million mortgage for the refinancing for Grenadier Village, a multifamily property in Liverpool. The 25-year, self-liquidating loan, which was provided by a life insurance company, features a 4.63 percent fixed-rate. Located at 100 Kings Park Dr., Grenadier Village offers 534 apartment units. Seth Grossman of Meridian Capital and Greg Reed and Kristen Croxton of Capital One arranged the financing for the undisclosed borrower.
JERSEY CITY, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 238-242 Garfield Ave. in Jersey City. A limited liability company purchased the 44-unit property for $4.4 million. Built in 1928, the four-story building was 95 percent occupied at the time of sale. Steven Matovski of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the transaction.
RALEIGH, N.C. — Atlanta-based TWO Capital Partners and its capital advisor Patterson Real Estate Advisory Group have begun construction on Capital Creek, a 214-unit multifamily community in Raleigh’s North Wake submarket. The property will be part of the 2,000-acre Heritage master-planned development, which upon completion will feature a golf course, three public schools, a private school, a charter school, multifamily housing an multiple office and retail facilities. Patterson arranged construction financing through RBS Citizens for Capital Creek. TWO Capital Partners expects construction to last roughly 16 months with lease-up starting in early 2016.
CHARLOTTE, N.C. — First Capital Realty has brokered the $26.4 million sale of Belle Haven, a 176-unit, Class A apartment community in northeast Charlotte near UNC-Charlotte. The property was delivered in 2014 and has received LEED Silver certification. Rick Shinberg and Jeff Coles of First Capital Realty represented the seller, an undisclosed national developer, in the transaction.
As 2015 begins, the Raleigh-Durham market continues to see heavy investment and development interest in the multifamily sector. Strong fundamentals, including an influx of young professionals lured by healthy job growth, an emergent live-work-play atmosphere and an economy that has continued to outpace its national counterpart, justify the area’s reign as one of the most attractive non-gateway markets in the country. The healthy, long-term fundamentals are challenged by an apartment construction pipeline that is among the nation’s most active, but so far the market is performing remarkably well. Construction starts in the area have exploded during the last two years, and there are now 8,835 units under construction throughout the Triangle area, with an additional 4,919 units proposed, according to Real Data. Whether demand can keep up with supply has been a widely debated topic among real estate analysts. The high number of units delivered represents an increase in supply of 9.3 percent over the past 24 months. Strong demand has shielded the region from notable occupancy declines. In the first half of 2014, 2,453 units were absorbed and 2,642 new units were completed, providing a differential of only 189 units, according to Real Data. Average vacancy ticked up to …
AUSTIN, TEXAS — KeyBank Real Estate Capital has secured a $27.9 million Freddie Mac loan for Renaissance at North Bend, an apartment complex located in Austin. The 366-unit, garden-style apartment community was built in 1999. Alex Buecking of KeyBank’s commercial mortgage group arranged the financing, which was used to pay off an existing Fannie Mae Loan scheduled to mature in 2017.
