Multifamily

Proffitt Dixon Partners to Break Ground on Apartment Community in Nashville

by John Nelson February 16, 2015

NASHVILLE, TENN. — Proffitt Dixon Partners will soon begin construction on Fountains Germantown, a 249-unit luxury apartment community located at 1407 Third Ave. North in Nashville’s Germantown neighborhood. The multifamily developer will break ground on Feb. 26 with an estimated completion date set for summer 2016. Nashville-based Smith Gee Studio designed the five-story community to standards set by the National Association of Home Builder’s Green Building Program. HFF arranged construction financing through Synovus Bank on behalf of Proffitt Dixon. The project team includes general contractor Doster Construction Co., management firm Matrix Residential and landscape architects Land Design and Civil Site. Civil Site is also the project’s civil engineer.

February 16, 2015

Bay Park Florida RADCO City Park Clearwater

Florida Multifamily Southeast

RADCO Enters Florida Market with $29.6M Purchase of Apartment Community in Clearwater

by John Nelson February 16, 2015

CLEARWATER, FLA. — The RADCO Cos. has purchased the 228-unit Bay Park Apartments in Clearwater for $29.6 million. This is the first transaction for the Atlanta-based multifamily investor in 2015, as well as the company’s first asset in Florida. RADCO financed the acquisition with a mixture of private capital and Freddie Mac financing arranged by Walker & Dunlop. Constructed in 1990 by Atlanta-based REIT Post Property, the apartment units average 1,010 square feet and the property’s amenities include a pool, putting green, dog park, lake, tennis courts, movie theater, meeting rooms and a fitness center. RADCO plans to invest $2.1 million to upgrade the complex, which will be rebranded as City Park Clearwater.

February 16, 2015

California Multifamily Western

Iron Point at Prairie Oaks Apartments in Folsom Sells for $58.2M

by Nellie Day February 13, 2015

FOLSOM, CALIF. — Sequoia Equities has acquired the 280-unit Iron Point at Prairie Oaks in the Sacramento Valley submarket of Folsom for $58.2 million. The community is located at 1550 Iron Point Road. Iron Point was built in 2000. It is situated near Prairie City Crossing neighborhood shopping center, the Palladio at Broadstone lifestyle center, Folsom Premium Outlets, Broadstone Marketplace and Plaza, the Folsom Historic District and the central Folsom shopping district. Community amenities include a fitness center, resort-style swimming pool and hydrotherapy spa, a business center and a clubhouse. Sequoia Equities was represented by Kenneth Blomsterberg of Marcus & Millichap. The seller, Interland LLC, was represented by IPA’s Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni.

February 13, 2015

Multifamily Texas

Mill Creek Residential to Renovate Lakewood on the Trail Apartments in Dallas

by Haisten Willis February 13, 2015

DALLAS — Mill Creek Residential will renovate the Lakewood on the Trail apartment complex in Dallas as part of its value-add joint venture with AEW Capital Management. Mill Creek purchased the 352-unit complex in September 2013 and completed a renovation of the clubhouse. The company plans to renovate the units. Each apartment unit at the complex, built in the 1980s, will undergo an extensive upgrade package, including the addition of custom cabinets, granite countertops, modern lighting and new faucets. The new clubhouse and leasing office features a brand-new fitness studio and a Starbucks coffee station. Located at 101 N Brookside Dr., Lakewood on the Trail offers direct access to the Santa Fe Trail and is adjacent to the Lakewood Country Club. Mill Creek owns and operates 560 apartment homes in the Dallas market, with an additional 507 apartments under construction.

February 13, 2015

Loans Multifamily Texas

HFF Secures $15M in Financing for 514-Unit Apartment Complex in Houston

by Haisten Willis February 13, 2015

HOUSTON — HFF has secured $15 million in financing for the Trails of Ashford, a 514-unit apartment property in southwest Houston. HFF worked on behalf of the borrower, Bayshore Properties, to secure the 10-year, fixed-rate loan with Jefferies LoanCore LLC. Loan proceeds were used to refinance and recapitalize the asset. The Trails of Ashford consists of 34 two- and three-story buildings totaling 390,960 square feet. There are nine different floor plans with an average unit size of 751 square feet. The property features a fitness center, two swimming pools, sand volleyball court, a lighted tennis court and limited gate access. The property is situated on nearly 29 acres at 12710 Brant Rock Drive. The property is within 10 miles of both the 610 Loop and the Sam Houston Tollway (Beltway 8), which provides access to all other major highways in and around Houston. Jason Bond and Dan Kearns led the HFF debt placement team representing the borrower.

February 13, 2015

Multifamily Seniors Housing Texas

Satterfield & Pontikes to Construct Skilled Nursing Facility in Metro Houston

by Haisten Willis February 13, 2015

KATY, Texas — Satterfield & Pontikes Construction has been selected by Medistar Corporation to construct an 80-bed skilled nursing facility at Katy Fort Bend Road and Colonial Parkway in far west Harris County. Work on the 60,000-square-foot building is scheduled to begin early this year. Construction is expected to take approximately 11 months. The $12.3 million Kindred Parkwest Skilled Nursing Facility was designed by architect Davis Stokes Collaborative PC of Brentwood, Tenn. The 5-acre site will have room for future expansion to 120 inpatient rooms. The two-story building will feature a structural steel frame and an exterior façade of synthetic stucco, brick and stone. A separate generator with a weatherproof enclosure will be installed to provide emergency power. Medistar Corporation is a full-service real estate development company that specializes in the design, development, financing and construction of office buildings and other facilities for the healthcare industry.

February 13, 2015

Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $5.1M Fannie Mae Loan for Seniors Housing Community in St. Paul

by Danielle Everson February 13, 2015

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $5.1 million Fannie Mae loan for the refinance of Riverview Highlands, a 54-unit multifamily property in St. Paul. The 12-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower Riverview Highlands LLC. Riverview Highlands is 55-plus seniors community that offers planned activities and events for residents. The property features underground parking, an exercise room and a community room. Floor plans include walk-in closets, washer and dryer connections, oversized kitchens, vaulted ceilings and fireplaces in some of the units.

February 13, 2015

Illinois Midwest Multifamily

M&M Brokers $1.4M Sale of 24-Unit Apartment Building in Midlothian, Ill.

by Danielle Everson February 13, 2015

MIDLOTHIAN, ILL. — Marcus & Millichap has brokered the $1.4 million sale of 14800 Kenton Ave., a 24-unit apartment property located in Midlothian. The property is located at 14800-16 S. Kenton Ave., and includes two-bedroom units. The asset includes off-street parking and on-site laundry facilities in each building. Scott Harris, Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office, represented the seller, a private investor and the buyer, a limited liability company.

February 13, 2015

Loans Massachusetts Multifamily Northeast

Arbor Funds $2.4M Loan for Multifamily Property in Boston’s Mattapan Neighborhood

by Amy Works February 13, 2015

BOSTON — Arbor Commercial Mortgage has funded a $2.4 million loan for Adams Court Apartments, located at 415 River St. in Boston’s Mattapan neighborhood. Secured under the FHA 223(f) Loan product line, the 35-year refinance loan features a 35-year amortization schedule. The 50-unit property features laundry facilities in each building, off-street parking and balconies for most non-ground-level apartments. Ryan Duff of Arbor’s Boston office originated the loan for the undisclosed borrower.

February 13, 2015

Florida Georgia Multifamily Seniors Housing Southeast

Dominion Partners to Develop Seniors Housing Facilities in Florida, Georgia

by John Nelson February 13, 2015

BIRMINGHAM, ALA. — Dominion Partners, a Birmingham-based developer of senior living properties across the Southeast, has two projects underway in Georgia and Florida. Somerby of Peachtree City senior living community in Peachtree City was split into two phases of construction. Phase I, currently in lease-up, has 72 assisted living and 24 memory care apartments. Dominion Partners recently broke ground on the $25 million Phase II of Somerby, which is expected to reach completion in the fall of this year. The 13-acre project will add a four-story building with 101 one- to three-bedroom independent living units, as well as nine villas that will provide flow for the existing assisted living units. The company is also developing a property in Florida called Somerby of Santa Rosa Beach. The $13.8 million project includes 52 assisted living and 24 memory care apartments.

February 13, 2015

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