Multifamily

JLL Secures $149M Financing for Southeast Multifamily Portfolio

by John Nelson January 24, 2024

SAN DIEGO — JLL has secured a $149 million loan for the refinancing of a three-property multifamily portfolio in the Southeastern United States. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The properties in the portfolio include the 313-unit Verde Vista in Asheville, N.C.; the 288-unit Avenues at Verdier Point in Charleston, S.C.; and the 256-unit Adara at Godley Station in Savannah, Ga. San Diego-based Sunroad Enterprises acquired the three properties in 2021 and has since completed 100 percent of its planned exterior and common area renovations and 50 percent of interior renovations.

January 24, 2024

Acquisitions Loans Multifamily Southeast Virginia

Berkadia Negotiates $38.5M Sale of Woodmere Trace Apartments in Norfolk

by John Nelson January 24, 2024

NORFOLK, VA. — Berkadia has negotiated the $38.5 million sale of Woodmere Trace, a 300-unit apartment community located at 6741 E. Tanners Creek Drive in Norfolk. Raleigh-based Fulton Peak Capital purchased the garden-style property from Enterprise Community Development, a nonprofit owner and developer of affordable housing in the Mid-Atlantic. Drew White, Carter Wood and Cole Carns of Berkadia represented the seller in the transaction. Additionally, Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia arranged a $25.5 million Fannie Mae acquisition loan on behalf of the buyer. Built in 1974, Woodmere Trace was renovated in 2014 and features one- and two-bedroom floor plans. Amenities include a swimming pool, laundry facility, fitness center, picnic pavilion with grilling stations, playground and a dog park.

January 24, 2024

Development Georgia Loans Multifamily Southeast

BWE Arranges $29.5M Construction Loan for Apartment Development in Oakwood, Georgia

by John Nelson January 24, 2024

OAKWOOD, GA. — BWE (formerly Bellwether Enterprise) has arranged a $29.5 million construction loan for the development of Imperium Oakwood, a 229-unit apartment development in Oakwood, about 48 miles northeast of Atlanta. Thomas Wiedeman, Alan Tapie, Hanley Long and Brad Walker of BWE arranged the fixed-rate loan through an unnamed community bank on behalf of the developer, Alpharetta, Ga.-based Imperium Development. The property will be situated adjacent to University of North Georgia’s Gainesville campus and will feature a clubhouse with fitness and office rooms, resort-style pool, fireplace, grill stations, covered lounge, game area, onsite parking and a dog park with a wash station. The construction timeline was not disclosed.

January 24, 2024

Acquisitions Multifamily Texas

Eastham Capital, Mosaic Residential Acquire 318-Unit Sola Westchase Apartments in Houston

by Taylor Williams January 24, 2024

HOUSTON — Eastham Capital and Mosaic Residential have acquired a 318-unit apartment community in Houston’s Westchase neighborhood. Sola Westchase was built in 1999 and offers one-, two- and three-bedroom units that range in size from 626 to 1,436 square feet. Amenities include a pool, outdoor BBQ pavilion, fitness center, clubhouse lounge and a business center. Sola Westchase was 95 percent occupied at the time of sale. The seller and sales price were not disclosed.

January 24, 2024

Acquisitions California Multifamily Western

HGIT Acquires 249-Unit Hanover Diridon Apartments in San Jose, California

by Amy Works January 24, 2024

SAN JOSE, CALIF. — Hines Global Income Trust (HCIT) has purchased Hanover Diridon, a Class A multifamily property in San Jose. The buyer plans to rebrand the asset at Diridon West. Located at 715 W. Julian St., the seven-story property features 249 apartments in a mix of studios, one-bedroom and two-bedroom layouts with luxury finishes. Community amenities include a pool with cabanas, rooftop sky deck with cityscape views, fitness center, dog spa, an indoor/outdoor clubhouse and below-grade parking. Developed in 2021, the property is currently 95 percent leased. Terms of the transaction were not released.

January 24, 2024

Acquisitions Multifamily Seniors Housing Texas

Blueprint Arranges Sale of 93-Unit Seniors Housing Complex in Dallas

by Taylor Williams January 24, 2024

DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 93-unit seniors housing complex in Dallas. The unnamed property is located in the Preston Hollow area and offers assisted living and memory care services. The buyer was the existing operator, Juniper Communities, and the seller was undisclosed. Alex Florea, Giancarlo Riso and Amy Sitzman handled the transaction for Blueprint.

January 24, 2024

Leasing Activity Multifamily Texas

Keller Williams Metropolitan Signs 20,656 SF Office Lease in Houston

by Taylor Williams January 24, 2024

HOUSTON — Keller Williams Metropolitan has signed a 20,656-square-foot office lease on the eighth floor at 4265 San Felipe Street, a 223,545-square-foot building in Houston’s River Oaks neighborhood. Ty Martin of McCann Commercial represented the tenant in the lease negotiations. Brad Fricks and Matt Asvestas of Stream Realty Partners represented the landlord, Woodbranch Management Inc. The building is now 90 percent leased.

January 24, 2024

The-August-at-Steelpointe-Harbor-Bridgeport

Connecticut Development Multifamily Northeast

Partnership Breaks Ground on $190M Multifamily Project in Bridgeport, Connecticut

by Taylor Williams January 24, 2024

BRIDGEPORT, CONN. — A partnership between two developers, Indianapolis-based Flaherty & Collins Properties and locally based firm RCI Group, has broken ground on The August at Steelpointe Harbor, a $190 million multifamily project in Bridgeport. The property will comprise 420 units in one-, two- and three-bedroom floor plans on a 6.5-acre site within the 52-acre Steelpointe Harbor master-planned community. Amenities will include a pool, fitness center, coworking lounge, pet park, outdoor kitchens and a pickleball court, as well as 10,000 square feet of retail space. Cupkovic Architecture designed the project, and KBE Building Corp. is serving as the general contractor. Old National Bank provided a $111 million senior construction loan for the project, with a myriad of private institutions and public agencies also contributing to the financing. Completion is slated for August 2025.

January 24, 2024

Illinois Loans Midwest Multifamily Student Housing

JLL Arranges $45M Loan for Refinancing of Student Housing Property at University of Chicago

by Kristin Harlow January 24, 2024

CHICAGO — JLL Capital Markets has arranged a $45 million loan for the refinancing of Vue53, a 403-bed student housing property at the University of Chicago. Vue53 offers 267 units in studio, one- and two-bedroom layouts. Amenities include a bike storage facility, business center, study lounges, a fitness center, clubroom and sundecks. Residents also have access to a 24-hour doorman, onsite parking, package storage and handling, and campus shuttle pickup. The property features 27,367 square feet of ground-floor retail space that is anchored by a Target with a Starbucks. Brian Walsh, Dan Kearns, Tara Hagerty and Dave Hunter of JLL arranged the loan on behalf of the borrower, a venture between Blue Vista and Bain Capital Real Estate. A fund managed by Argentic Investment Management LLC provided the loan.

January 24, 2024

Affordable Housing Illinois Loans Midwest Multifamily

KeyBank Provides $34.3M for Rehabilitation of Six Affordable Housing Communities in Chicago

by Kristin Harlow January 24, 2024

CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program for the rehabilitation of six affordable housing communities on Chicago’s South Shore. The 6900 Crandon Apartments provides 151 units for elderly and disabled residents subsidized under a project-based Section 8 contract. The remaining five properties provide 126 units for families. Evergreen Real Estate Group is the sponsor. The communities are owned by a Low-Income Housing Tax Credit (LIHTC) partnership created by the Housing and Human Development Corp. (HHDC), a nonprofit public housing facility in Chicago. The project also received LIHTC and tax-exempt bond allocations from the Illinois Housing Development Authority. KeyBanc Capital Markets served as the sole manager and underwriter for the $55.1 million bonds. Improvements will include new cabinets, countertops, flooring, energy-efficient appliances and fixtures for resident units as well as elevator modernization, upgrades to mechanical, electrical and plumbing systems, replacement of roofs and exterior repairs. HHDC serves as the owner-operator and will provide onsite social service coordinators. Leslie Meyers and Robbie Lynn of KeyBank CDLI structured the HUD financing, and Sam Adams of KeyBanc Capital Markets marketed the bonds.

January 24, 2024

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