PHOENIX — Taylor Street Advisors has brokered the sale of The Hepburn, a multifamily property located at 631 N. 4th Ave. in Phoenix. A local syndicator sold the asset to an out-of-state 1031 exchange investor for $3.9 million, or $243,750 per unit. The fully renovated property features 16 apartments with quartz countertops, new cabinetry, stainless steel appliances, in-suite washers/dryers, and upgraded bathrooms with custom tile showers and vanities. Built in 1957, the property underwent renovations in 2022 that included a new roof, plumbing, electrical, exterior and interior doors, lighting, exterior paint, courtyard landscaping, fencing, gates and asphalt parking. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented both parties in the transaction.
CHICAGO — Emerald Empire has acquired Pangea Properties’ Chicago portfolio for an undisclosed price. The portfolio spans several hundred multifamily properties and thousands of units, 97 percent of which are designated as affordable for residents who earn up to 60 percent of the area median income. Arbor Realty Trust and NewPoint Real Estate Capital provided acquisition financing through Fannie Mae. Pangea’s Chicago-area employees will continue to manage the properties on behalf of Emerald Empire. Chestnut Ridge, N.Y.-based Emerald Empire maintains $2 billion of assets and roughly 17,000 units under management.
ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $14.7 million loan for the refinancing of a 152-unit multifamily property in the Minneapolis suburb of St. Louis Park. The unnamed property features two outdoor pools and is located on a bus line with an express bus to downtown. Tony Carlson and Will Perry of Grandbridge arranged the fixed-rate loan through a bank.
WASHINGTON, D.C. — In 2022, local and state legislatures across the country raised the issue of rent control to address the high cost of living and the ongoing affordable housing crisis. Some municipalities enacted rent control measures or expanded on those already in place, while the efforts of others were shot down by city councils and state law. Rent control measures are regulations enacted by state or local governments that place a limit on the amount a landlord can charge to lease a home or increase rent upon the renewal of a lease. Rent control regulations are legally binding once signed by a governor or passed through a referendum. The intent of rent control is to keep living costs affordable for renters, particularly those who are earning lower incomes. However, the official position of the National Multifamily Housing Council (NMHC) as well as the National Apartment Association (NAA) is that rent control exacerbates housing shortages, causes existing buildings to deteriorate and disproportionately benefits higher-income households. The NMHC and NAA, both based in Washington, D.C., have stated that they are in favor of alternative methods, such as voucher-based rental assistance, to address affordable housing shortages. Rent Control Efforts Gain Traction Though …
CHICAGO — Standard Communities led a public-private partnership that acquired Bryn Mawr Belle Shore Apartments in Chicago’s Edgewater Beach neighborhood. The total capitalization of the acquisition was roughly $46 million. The affordable housing community includes 371 units across two buildings as well as 15,000 square feet of retail space. Standard plans to make improvements such as new common area lighting, refurbished common areas and amenities, and renovated management offices. Standard completed the transaction in partnership with the Illinois Housing Development Authority, Chicago Housing Authority, the City of Chicago Department of Housing and the U.S. Department of Housing and Urban Development.
LINCOLN AND ASHLAND, NEB. — Walker & Dunlop has originated a total of $20.9 million in HUD refinancing for Fallbrook Assisted Living and Memory Care in Lincoln and Oxbow Living Center in Ashland. Walker & Dunlop’s Kevin Giusti and Mikko Erkamaa originated the loans in both deals on behalf of the borrower, MJ Senior Housing. Both transactions refinanced floating-rate debt and provided cash proceeds. Fallbrook Assisted Living and Memory Care received a $13.3 million loan. The property is a 71-unit assisted living and memory care facility that was built in 2018 and opened in 2019. Oxbow Living Center received a $7.6 million loan. The property is a three-story, 79-unit assisted living and memory care community.
KANSAS CITY, MO. — Greystone has provided an $18.6 million Freddie Mac loan for the acquisition of a 200-unit multifamily property located outside of Kansas City. Originally built in the 1980s, the garden-style community features one- and two-bedroom units. Adam Lipkin of Greystone originated the loan, which features a fixed interest rate, 10-year term, 30-year amortization schedule and five years of interest-only payments. The borrower and name of the property were not provided.
COLORADO SPRINGS, COLO. — Capstone has arranged the sale of a 29,732-square-foot apartment building located at 801-849 S. Union Blvd. in Colorado Springs. The asset traded for $6.4 million. The names of the seller and buyer were not released. Pat Knowlton of Capstone represented the seller and buyer in the deal. Built in 1972, Union Boulevard Apartments features 970-square-foot, two-bedroom/one-bath units. The property underwent significant upgrades, including exterior painting and updating the parking lots. Additionally, a portion of the units were renovated. The buyer plans to continue renovating the units.
HOUSTON — Three Pillars Capital Group, a locally based private equity firm specializing in multifamily properties, has acquired Aspen Apartments, a 208-unit complex in Houston’s Brookhollow neighborhood. Built in 1973, the property offers studio, one- and two-bedroom apartments and amenities such as a pool, basketball court, playground and onsite laundry facilities. Rebus Capital sold the property for an undisclosed price. Three Pillars plans to implement a value-add program that will primarily focus on enhancing unit interiors.
IRVING, TEXAS — Hunt Capital Partners has provided $12.9 million in Low-Income Housing Tax Credit (LIHTC) equity for The Heights at MacArthur, a 76-unit affordable housing project in Irving. The property will offer one-, two- and three-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a pool, fitness center, business center and a community room. The borrower is a partnership between Hill Tide Ventures and Generation Housing Partners. Total project costs are $21.3 million..