HOUSTON — LMI Capital has arranged $86.1 million in financing across eight multifamily properties in Houston on behalf of AM Houston, a joint venture between Ascension Commercial Real Estate and Moriah Partners. The loans will provide for the refinancing of seven previously owned properties and the acquisition of one property, together totaling more than 2,300 units. Originally purchased by AM Houston in 2011, the newly refinanced properties have an average occupancy of 93 percent, up from 70 percent at the time of purchase. The acquisition loan, which accounts for $18.5 million of the financing, includes five years of interest-only payments.
LAS VEGAS — The Praedium Group has purchased the 320-unit South Blvd. Apartments in Las Vegas for $41.9 million. The community is located at 10200 Giles Street. It is currently 93 percent occupied. The seller, Nevada West Development, was represented by Hendricks-Berkadia.
KATY, TEXAS — HFF has brokered the sale of The Solana at Cinco Ranch seniors housing property in the Houston suburb of Katy for $71.3 million. American Realty Capital purchased the 184-unit facility, which offers independent living, assisted living and memory care options and is located at 24001 Cinco Village Center Blvd. Completed in 2009 and expanded in 2013, the property was 98 percent occupied at the time of the sale and features amenities such as a restaurant, sports bar, salon, theater, fitness center, saltwater pool and bocce ball court. Ryan Maconachy and Chad Lavender of HFF represented the seller, Formation Development Group LLC and affiliates of The Carlyle Group Inc. The Arbor Company will continue to operate the facility.
COLUMBUS, OHIO — The Connor Group, a Centerville, Ohio-based real estate investment firm, has purchased Lennox Flats from Kinnear Road Redevelopment LLC for $17 million. The 194-unit community is located within walking distance of Ohio State University and features five different floor plans, as well as a resort-style swimming pool, 24-hour fitness center and private theater. The Connor Group, which specializes in Class A apartment communities in Class A locations, owns nine communities in the Columbus market.
MINNEAPOLIS — Dougherty Mortgage LLC has originated an $11.2 million HUD-insured 223(f) loan for the refinancing of Buzza Lofts of Uptown, a 136-unit multifamily property in Minneapolis. The self-amortizing loan features a 35-year term. The property was originally built in 1907 as a warehouse building and was renovated in 2012 into an apartment building. As part of the renovation, the owner secured federal historic preservation tax credits and a matching Minnesota historic preservation tax credit. The property operates as a Section 42 Low Income Housing Tax Credit property with all of the units having restricted rents at 60 percent or less of the area median income.
SPARTANBURG, S.C. — Westbridge Partners and TMS Development have reached an agreement to purchase the historic Drayton Mill, two 111-year-old former mill buildings located minutes from downtown Spartanburg. Westbridge and TMS will purchase the buildings from property owner Pacolet Milliken. The development team, headed by Pacolet Milliken, will develop 288 apartment units in the former mills, which feature 16-foot ceilings, maple floors and heavy timber construction. The project team features Durham, N.C.-based architect Belk Architecture, historic consultant Meek Architecture and Atlanta-based general contractor Gay Construction Co. In addition to the apartments, Pacolet Milliken plans to develop an event space, restaurant, community center and office space at the 230-acre Drayton Mill site. The development will be connected to the Spartanburg Trails & Greenway Master Plan via a one-mile greenway. Construction is slated to begin this spring, pending approval from the National Park Service.
COLUMBIA, S.C. — NAI Earle Furman’s multifamily division has arranged the sale of the Palms at Premier Park, a 240-unit apartment complex located at 1155 Clemson Frontage Road in Columbia. The Class B community, which was built in 2008, sold for approximately $19.4 million. Charleston, S.C.-based Companion Foundation and Companion Associates Inc. purchased the community from Greensboro, N.C.-based BRC Columbia LLC. Palms at Premier Park was 91 percent occupied at the time of sale.
NEW YORK CITY — Brack Capital Real Estate (BCRE) has sold The Greystone, a 362-unit luxury apartment building at 212 W. 91st St., for approximately $139 million. Acuity Capital Partners purchased the property. BCRE converted The Greystone, which was built as a hotel in 1923, into a luxury residential property in 2009. The Greystone includes apartments ranging from studios to three-bedroom units with modern design elements and premium finishes. Amenities at the property include a resident’s lounge, fitness center, bicycle storage, valet service, landscaped roof lounge and sun deck. Aaron Jungreis of Rosewood Realty Group represented the seller and buyer in the transaction. Eastdil Secured acted as an advisor to the seller. Acuity has taken out a $113.7 million loan facility on the property from Ares Commercial Real Estate, which was arranged by Michael Edery of Paradigm Funding.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Ambassador, a 62-unit multifamily building in Fort Worth. Originally constructed in 1962 and recently renovated, the property is located at 511 Tierney Road, in proximity to Highway 180. Apartment options include one- and two-bedroom layouts ranging from 640 to 960 square feet. Stephen Crittenden of the Ware Jarnagin team of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Crittenden also secured the buyer, another private investor.
AUSTIN, TEXAS — Architect BOKA Powell LLC and contractor Southern Cross Construction have completed RiverView, a 302-unit sustainable apartment complex in Austin. The four-building property sits on a four-acre waterfront site on Lady Bird Lake, in close proximity to Interstate 35, and offers amenities such as a fitness center, swimming pool, resident lounge and business center. Sustainable features of the LEED Silver-certified development include water-saving plumbing fixtures, local and recycled materials and a roof system that collects, filters and stores rainwater in a cistern for irrigation. Studio, one- and two-bedroom options are available with rents starting at $1,158 per month. Dallas-based CDK Realty Advisors LP provided equity for the project, The Whitworth Company acted as project manager, and Molly Nelson of Prestonwood Design Group served as interior designer.