Multifamily

New Condo Tower to Become Tallest Building in Austin

by Haisten Willis April 13, 2015

AUSTIN, TEXAS — A planned 58-story condo tower will become the tallest building in Austin upon completion. The planned 685-foot tall structure will be called The Independent. The property is also set to become the tallest residential building in the U.S. west of the Mississippi River. The Independent will feature 370 condo residences, ranging from 675 to 3,485 square feet, with floorplans featuring one to three bedrooms. Units will range in price from the mid-$300,000s to over $3 million. The 950,000-square-foot project is located at the northeast corner of West 3rd Street and West Avenue.

April 13, 2015

Hunt Entities Secures Financing, Project Development and Construction of Apartments in El Paso

by Haisten Willis April 13, 2015

EL PASO, TEXAS — Hunt Cos. has secured financing, project development and construction for 1,590 units across 13 properties in the city of El Paso. The project is Phase I of a rental assistance demonstration project. In December 2013, the Department of Housing and Urban Development approved The Housing Authority of the City of El Paso’s (HACEP) application to convert 6,100 units through the rental assistance demonstration initiative (RAD). RAD allows public housing agencies to leverage public and private debt and equity in order to rehabilitate public housing. HACEP selected Hunt Cos. as its development partner for Phase I of the project in 2014. The partnership will revitalize the properties over the next two years. Hunt Development Group will act as the development manager; Moss Construction will be the project’s master subcontractor; Hunt Mortgage Group provided the debt through a Freddie Mac tax-exempt loan direct purchase program; and Hunt Capital Partners secured the tax credit equity from Aetna, MetLife and USAA. The project represents a $250 million initial public/private investment, which could grow to a total of $1 billion over the next five years.

April 13, 2015

Florida Multifamily Southeast

CBRE Brokers Sale of Central Florida Multifamily Portfolio

by John Nelson April 13, 2015

ORLANDO, FLA. — CBRE has brokered the sale of a four-property multifamily portfolio in Central Florida that totals 1,075 residential units. The portfolio includes Vinings at Hunter’s Green in Tampa and Heritage on Millenia, Summit at Metrowest and Legends at ChampionsGate in Orlando. The portfolio was acquired by affiliates of Dallas- and New York-based The Milestone Group LLC and Milestone Apartments Real Estate Investment Trust and represents the largest apartment transaction in Central Florida in 2015 to date, according to CBRE. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

April 13, 2015

Midwest Missouri Multifamily

Grand Opening Set for The Heights Linden Square in Gladstone, Mo.

by Danielle Everson April 13, 2015

GLADSTONE, MO. — Flaherty & Collins Properties will host a grand opening ceremony for The Heights Linden Square, a luxury mixed-use development in Gladstone, on Thursday, April 16. The $26 million project features 222 market rate luxury apartments and 10,000 square feet of street-front retail. The property is located 601 NE 70th St. The ground level of The Heights includes 40 two-level apartment homes, each with their own attached single car personal garage. Above the two-level apartments are two levels of flats. The average apartment home is 942 square feet. Community amenities include a fitness center, tanning salon, cyber cafe, business center and a game and leisure center. In addition, the property features a pool that includes a wet deck and an “outdoor living room,” which includes fire pits, grills and outdoor furniture.

April 13, 2015

Multifamily New York Northeast Pennsylvania

Marcus & Millichap Arranges $88M Sale of Manufactured Housing Portfolio

by Amy Works April 13, 2015

PITTSFORD, N.Y. — Marcus & Millichap has brokered the sale of an 11-property manufactured housing portfolio located in western New York and Pennsylvania. Federal Capital Partners and Horizon Land Co. purchased the 2,413-site portfolio from Pittsford-based Morgan Management. Jonathon McClellan, Kyle Baskin, J.D. Parker and Mark Taylor of Marcus & Millichap represented the seller in the transaction.

April 13, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $11.2M Trade of Shore Hill Apartments in New Jersey

by Amy Works April 13, 2015

MOUNT ARLINGTON, N.J. — Gebroe-Hammer Associates has arranged the $11.2 million sale of Shore Hill Apartments, an apartment community located at 500-501 Bensel Dr. in Mount Arlington. The 80-unit community features 64 one-bedroom and 16 two-bedroom units. The undisclosed buyer plans to implement a capital improvement program to renovate and upgrade the property. Stephen Tragash and Joseph Brecher of Gebroe-Hammer represented the seller, the original developer, and procured the buyer.

April 13, 2015

California Multifamily Western

Pacific Reach Properties Buys Blu Beverly Hills Apartment Building

by Nellie Day April 13, 2015

LOS ANGELES – Pacific Reach Properties has acquired the 37-unit Blu Beverly Hills apartment building for an undisclosed sum. The luxury high-rise apartment building is located at 8601 Wilshire Blvd. in Los Angeles. It includes a fitness center, rooftop lounge, media room, business center and 24-hour concierge and valet. The building also includes 650 square feet of ground-floor retail space. Andrew Kirsh, Mark Nicoletti and Michael Floryan of Sklar Kirsh LLP advised Pacific Reach on the purchase, financing and reverse 1031 Exchange associated with this acquisition.

April 13, 2015

Kansas Loans Midwest Multifamily

NorthMarq Arranges $32.6M Acquisition Loan for Apartments in Overland Park, Kan.

by Danielle Everson April 10, 2015

OVERLAND PARK, KAN. — NorthMarq Capital’s Kansas City office has arranged acquisition financing of $32.6 million for Corbin Crossing Apartments, a 298-unit multifamily property in Overland Park. The property is located at 6801 W. 138th Terrace. Greg Duvall of NorthMarq arranged the seven-year loan that includes two-year interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

April 10, 2015

Indiana Midwest Multifamily

Tikijian Associates Brokers Sale of 740-Unit Apartment Property in South Bend, Ind.

by Danielle Everson April 10, 2015

SOUTH BEND, IND. — Tikijian Associates has brokered the sale of Castle Point Apartments in South Bend. The property is located at 18011 Cleveland Road and is less than two miles away from Notre Dame University’s campus. The property includes 740 units and is known for its castle-like architecture. Tikijian Associates represented the seller, Zidan Management Group. Metonic Real Estate Services, an Omaha-based real estate investment management company, purchased the property for an undislosed sales price. Metonic plans to complete a renovation at Castle Point to include a comprehensive clubhouse rehab, exterior updates such as a new paint scheme, interior unit upgrades, additional landscaping and more. Omaha, Neb.-based Seldin Co. will serve as property manager.

April 10, 2015

Loans Multifamily Texas

HFF Arranges $6.2M in Financing for Class A Apartment Complex in Metro Houston

by Haisten Willis April 10, 2015

KINGWOOD, TEXAS — HFF has arranged $6.15 million in mezzanine financing for the development of Kings Landing, a 327-unit, Class A apartment complex in Kingwood. HFF worked on behalf of the borrower, Mark-Dana Corp., to secure the loan through an affiliate of Prime Finance. Amegy Bank provided the senior construction loan in a non-HFF related transaction. Due for completion in 2016, the property will be composed of 12 two- and three-story garden-style buildings with units averaging 989 square feet each with attached garage parking. Situated on 12.6 acres at 331 Forest Center Drive, the property will have frontage along Highway 59 between the intersections of North Park Drive and Kingwood Drive, 24 miles north of downtown Houston. Colby Mueck led HFF’s equity placement team.

April 10, 2015

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