Multifamily

City Lights Atlanta Old Fourth Ward Wingate Columbia Residential

Wingate Cos., Columbia Residential Break Ground on Seniors Housing Facility in Atlanta

by John Nelson January 23, 2015

ATLANTA — Wingate Cos. and Columbia Residential have broken ground on City Lights, an 80-unit affordable seniors housing development located at 430 Boulevard in Atlanta’s Old Fourth Ward district. The project is the first phase of the redevelopment of the Village of Bedford Pine. The property’s one-bedroom apartments will be made available to qualifying seniors aged 62 or older. The project’s financial partners include Community Affordable Housing Equity Corp., Sugar Creek Capital, HUD, the Georgia Department of Community Affairs and Atlanta’s Office of Housing. Prudential Huntoon Paige is providing construction financing for the project, which is slated for a summer 2016 completion. Amenities at City Lights will include a fitness center, TV and movie room, community kitchen, sundeck, covered garage, Wi-Fi access and a business center.

January 23, 2015

Colorado Loans Multifamily Western

One City Block Apartments in Denver Receives $57M Loan

by Nellie Day January 23, 2015

DENVER — The 302-unit One City Block apartment community in Denver has received a $57-million loan. The community is located at 444 East 19th Ave. in Downtown Denver’s Uptown neighborhood. The property was completed in January 2014. It features 207,598 square feet of residential space and 10,035 square of ground-floor retail. One City Block is currently 95 percent leased. Community amenities include a lap pool with sun deck and hot tub, grilling areas, fire pit, sport court with practice putting green, four rooftop terraces, fitness center, yoga studio, game room with ping pong and pool table, demonstration kitchen, on-site bike repair shop and pet spa. The fixed-rate loan proceeds will replace the borrower’s existing construction loan. Financing was arranged by HFF’s Eric Tupler, Josh Simon and Leon McBroom, on behalf of RedPeak Properties. The loan was placed with Cornerstone Real Estate Advisers LLC, which acted on behalf of an institutional client.

January 23, 2015

California Multifamily Western

Woodmont Cos. Pays Record Price for Casa Roja Apartments in Mill Valley

by Nellie Day January 23, 2015

MILL VALLEY, CALIF. — Woodmont Companies has acquired the 38-unit Casa Roja Apartments in Mill Valley, just 14 miles north of San Francisco. Though the purchase price was not disclosed, the deal set a new record for the price paid per square foot for a multifamily property in Marin County, according to Colliers International, which represented the seller. The sales price equates to about $570 per square foot, while the in-place cap rate was in the low 4 percent range. Casa Roja is located at 396 Pine Hill Road. It is situated just 10 minutes from the Golden Gate Bridge. The community underwent an extensive renovation over the past 18 months. Common-area amenities include a pool terrace and laundry facilities. The seller, Red Island Real Estate LLC, was represented by Ryan Wagner, Brad Lagomarsino and James Devincenti of Colliers International.

January 23, 2015

California Loans Multifamily Seniors Housing Western

Thunderbird Retirement Resort in Glendale Receives $21.2M Loan

by Nellie Day January 22, 2015

GLENDALE, ARIZ. – The 345-unit Thunderbird Retirement Resort in Glendale has received $21.2 million in financing. The seniors housing community is located at 5401 West Dailey Street. The fixed-rate, non-recourse loan was provided to ROC Seniors for the acquisition of the community. It features a three-year term with two, one-year extensions. The initial term is interest-only, with amortization beginning in the extensions. The loan includes about $5 million for renovations and repurposing. Financing was originated by Richard Thomas and Meredith Davis of the Seniors Housing and Healthcare Finance team at Grandbridge Real Estate Capital. It was provided through BB&T Real Estate Funding’s Structured Loan Program.

January 22, 2015

California Multifamily Western

Apartment Building in Orange Sells for $2.9M

by Nellie Day January 22, 2015

ORANGE, CALIF. – A 12-unit apartment building in Orange has sold to Miracle Manor LLC for $2.9 million. The community is located at 323-333 S. Flower Street. It was built in 1977. The seller was a partnership that had owned the property since 1996. The transaction was executed by Berkadia’s Steven C. Brombal, Peter M. Hauser and Shane Shafer.

January 22, 2015

Multifamily Texas

Gaia Real Estate Sells Apartment Complex in Metro Houston

by Haisten Willis January 22, 2015

HUMBLE, TEXAS — Gaia Real Estate has sold Township Apartments, a residential community located in Humble, to an unnamed buyer. The 300-unit property was built in 1972 and is comprised of 41 residential buildings spread through 15 acres. The property is near George Bush Intercontinental Airport and the Greenspoint Business District. After acquiring the property in January 2012, Gaia embarked on a value-add interior renovation program, with upgrades including new roofs, full exterior paint, a redesigned fitness-center, business center and pool.

January 22, 2015

Loans Multifamily Office Texas

BMC Capital Provides Loans Totaling $4.4M for Three Texas Properties

by Haisten Willis January 22, 2015

AUSTIN, HOUSTON AND COPPELL, TEXAS — BMC Capital has provided three loans totaling $4.4 million for a trio of Texas properties. The first is a $1.9 million refinancing loan for an apartment complex located in Austin. The 10-year, non-recourse loan features a fixed rate of 4.64 percent, a 75 percent loan-to-value ratio and a 30-year amortization schedule. The second loan is a $0.8 million refinancing loan for an apartment complex located in Houston. The five-year loan features a fixed rate of 4.38 percent, a 58 percent loan-to-value ratio and a 20-year amortization schedule. The third is a $1.7 million purchase loan for an office building located in the Dallas suburb of Coppell. The seven-year loan features a 4.46 percent fixed interest rate, a 65 percent loan-to-value ratio and a 25-year amortization schedule. Each loan was arranged through BMC Capital’s agency and correspondent banking relationships.

January 22, 2015

Multifamily Texas

M&M Arranges Sale of 186-Unit Apartment Complex in Metro Austin

by Haisten Willis January 22, 2015

SAN MARCOS, TEXAS — Marcus & Millichap has arranged the sale of Blanco River Lodge, a class A, 186-unit multifamily property located at 1650 River Road in San Marcos. Joe James and Kent Myers of Marcus & Millichap’s Austin office arranged the transaction on behalf of the seller, a regional developer. James and Myers also secured the buyer, a partnership.

January 22, 2015

Multifamily Texas

Waterton Associates Acquires Apartment Complex in Houston

by Haisten Willis January 22, 2015

HOUSTON — Waterton Associates LLC has acquired Villas at Hermann Park, a 320-unit apartment complex in Houston near Hermann Park and the Texas Medical Center. Located on Almeda Road, just south of Houston’s Midtown neighborhood, the community offers one-, two- and three-bedroom units across 12 four-story buildings, as well as two parking garages. Amenities at Villas at Hermann Park include in-unit laundry rooms, private patios and balconies, access gates, a pool, two outdoor kitchens with grilling stations, a clubhouse, 24-hour fitness center, business center and two conference rooms. Waterton plans to make improvements to the community’s common areas and residential units, including kitchen and bathroom upgrades, and the addition of fenced-in backyards for 55 ground-level units.

January 22, 2015

Kansas Midwest Multifamily

M&M Arranges $18.6M Sale of Multifamily Property in Overland Park, Kan.

by Danielle Everson January 22, 2015

OVERLAND PARK, KAN. — Marcus & Millichap has arranged the $18.6 million sale of Town Center Apartments, a 156-unit apartment complex in Overland Park located 20 miles southeast of Kansas City. Built in 1997 on nearly 14 acres, the 176,904-square-foot property includes 20 two-story buildings. The complex’s one-, two- and three-bedroom apartments average 1,134 square feet and feature nine-foot ceilings with crown molding, in-unit washers and dryers and fully equipped kitchens. Select units have attached garages. The complex is located at 6233 W. 120th St. Alex Blagojevich of Marcus & Millichap’s Tampa office, David Gaines of the firm’s Chicago downtown office, and Michael Sullivan, Grant Kollman and Brett Meinzer of the firm’s Kansas City office represented the undisclosed seller and buyer.

January 22, 2015

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