Multifamily

Carroll Organization Arranges Sale of Apartment Complexes in Houston

by Haisten Willis January 7, 2015

HOUSTON — Carroll Organization has arranged the sale of ARIUM Westheimer and ARIUM Westheimer Villas. The properties are located at 13099 Westheimer Road and 2727 Synott Road in Houston. Carroll acquired the properties in 2013 with plans to implement a value-add renovation plan and streamline management operations. The two properties were built in 2006 and 2009 and are located within a block of the southern boundary of Houston’s Energy Corridor. The corridor includes more than 18 million square feet of office space, 1.4 million square feet of retail and 1.4 million square feet of industrial space. Each complex spans 330 units.

January 7, 2015

Independence Realty Trust Acquires Apartment Complex in Austin

by Haisten Willis January 7, 2015

AUSTIN, TEXAS — Independence Realty Trust Inc. has acquired an apartment complex in Austin for $35.3 million. IRT used $26.7 million of cash and issued operating partnership common units valued at $8.6 million to acquire the complex. RAIT Presidential will provide property management services. The 300-unit apartment complex was built in 2001 and 2002 and has an average unit size of 1,055 square feet. The property was 96 percent occupied at the time of sale with an average effective rent per occupied unit of $1,146.

January 7, 2015

Loans Multifamily New Hampshire Northeast Seniors Housing Vermont

Cushman & Wakefield Senior Housing Arranges $49.6M Construction Financing for LCB Senior Living

by Amy Works January 7, 2015

SALEM, N.H., AND SOUTH BURLINGTON, VT. — Cushman & Wakefield Senior Housing Capital Markets has arranged $49.6 million in construction financing and joint venture equity for two senior housing developments in New England. The projects are LCB Senior Living’s seventh and eighth senior housing developments since it began its development program in 2013. The properties are The Residence at Salem Woods in Salem and The Residence at Quarry Hill in South Burlington. The Salem property will offer 84 apartments with 88 beds for independent, assisted and memory-care living. Wells Fargo provided $15.6 million in construction financing while the joint venture equity was provided by an institutional investor. The project broke ground in November 2014 and is expected to open in early 2016. The South Burlington property features 102 apartments with 104 beds for independent, assisted and memory-care living. PNC Bank provided $18.4 million in construction financing, while Virtus Real Estate Capital provided $8.5 million in joint venture equity. Construction is slated to begin in January 2015 with a planned summer 2016 opening. Rick Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield negotiated the transactions.

January 7, 2015

Multifamily New York Northeast

Gaia Real Estate Sells Brooklyn Apartment Building for $13M

by Amy Works January 7, 2015

NEW YORK CITY — Gaia Real Estate has completed the sale of an apartment building located at 11 Spencer Court in Brooklyn’s Bedford-Stuyvesant neighborhood. Persam White LLC purchased the 13-story residential property for $13 million. The 23-unit property features a mix of studio, two-bedroom and duplexes, private elevators, floor-to-ceiling windows, terraces, a gym and a lounge-style roof top deck with views of the Manhattan skyline.

January 7, 2015

Multifamily Southeast Virginia

Capstone Brokers $17.5M Sale of Apartment Community in Richmond

by John Nelson January 7, 2015

RICHMOND, VA. — Capstone Apartment Partners has brokered the $17.5 million sale of Ashton Square Apartments, a 372-unit apartment community located in Richmond. The property, originally built in 1964, was 95.4 percent occupied at the time of sale. Kohn Family Trust purchased Ashton Square from Weinstein Properties for roughly $47,151 per unit. Todd Conner, Jared Alcorn and Beau McIntosh of Capstone represented Weinstein Properties in the transaction.

January 7, 2015

Arizona Multifamily Western

HSL Breaks Ground on Encantada at Tucson National Apartments

by Nellie Day January 7, 2015

TUCSON, ARIZ. — HSL Properties has broken ground on the 368-unit Encantada at Tucson National apartment community. The $46-million luxury community is located at 8323 N. Shannon Road. Encantada at Tucson National is scheduled for completion in fall 2016. It will begin leasing this summer. The newest community will join HSL’s existing apartment properties in northwest Tucson, including Encantada at Riverside Crossing, Dove Mountain and Steam Pump. Common amenities at Tucson National include a clubhouse, fitness center, movie theater, indoor/outdoor living space with a professional kitchen, two resort-style pools with a large spa and private cabanas, a complimentary coffee bar and a dog area.

January 7, 2015

Loans Multifamily Texas

BMC Capital Provides Loans for Apartment Complexes in Metro Dallas, Austin

by Haisten Willis January 6, 2015

CEDAR PARK & SEAGOVILLE, TEXAS — BMC Capital has provided a $5.9 million acquisition loan for a 100-unit multifamily property located in Cedar Park, a suburb of Austin. BMC has also provided a $588,000 acquisition loan for a 16-unit multifamily located in the Dallas suburb of Seagoville. The first is a five-year loan that includes a 69 percent loan-to-value ratio, a 4 percent fixed interest rate and a 30-year amortization schedule. The second is a seven-year loan that includes a 70 percent loan-to-value ratio, a 4.75 percent interest rate and a 25-year amortization schedule. The loans were arranged through BMC’s correspondent banking relationships.

January 6, 2015

Multifamily Texas

M&M Arranges Sale of 357-Unit Apartment Complex in Dallas

by Haisten Willis January 6, 2015

DALLAS — Marcus & Millichap has arranged the sale of Villas at Montierra, a 28 building, 357-unit apartment property built in 1984 in Dallas. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company located in the state of Washington. Villas at Montierra is located at 1603 John West Road in Dallas just north of I-30. The property was recently renovated with new roofs and exterior paint. The new owners plan to make additional improvements to the interior and exterior of the apartments.

January 6, 2015

Multifamily North Carolina Southeast

ARA Brokers Sale of Raleigh Apartment Property

by John Nelson January 6, 2015

RALEIGH, N.C. — ARA has brokered the sale of Lexington Farms, a 188-unit garden-style apartment community in northwest Raleigh. The property is situated between Rex Healthcare and Crabtree Valley Mall near I-440. Sean Wood, Blake Okland, Dean Smith and John Heimburger of ARA represented the seller, Church Street Partners LLC, a private real estate investment firm based in Raleigh. The buyer, Chicago-based Redwood Capital Group LLC, purchased Lexington Farms for an undisclosed price. The apartment community was 96 percent occupied at the time of sale and 70 percent of the unit interiors were recently renovated. Redwood Capital plans to invest $800,000 to continue the renovations.

January 6, 2015

Multifamily New York Northeast

GFI Realty Services Brokers $25.7M Sale of Brooklyn Multifamily Building

by Amy Works January 6, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of a multifamily building located at 115 Ocean Ave. in Brooklyn’s Prospect Lefferts Gardens section. The 89-unit building sold for $25.7 million, or $290,000 per unit or $295 per square foot. Erik Yankelovich of GFI represented the seller, a local investor, and the buyer, a local family, in the transaction.

January 6, 2015

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