Multifamily

Guardian Real Estate to Develop 234-Unit Monroe Apartments in Milwaukie, Oregon

by Amy Works November 10, 2021

MILWAUKIE, ORE. — An affiliate of Guardian Real Estate Services has received preferred equity from PCCP for the development of Monroe Apartments, a multifamily property in Milwaukie, five miles south of Portland. Situated on 7.2 acres, the Class A property will feature 234 apartments spread across five residential buildings in a mix of studio, one-, two- and three-bedroom units. Unit interiors will include quartz countertops, vinyl-plank flooring, stainless steel appliances, in-unit washers/dryers, large closets and USB outlets. Community amenities will include a playground, dog park, outdoor workout area, barbecue stations and a clubhouse that will offer a feature room, bicycle storage and common area. Additionally, the community will feature 301 parking spaces.

November 10, 2021

Loans Midwest Multifamily Ohio

Ready Capital Closes $8.9M Acquisition Loan for Manufactured Housing Portfolio in Cincinnati

by Kristin Harlow November 10, 2021

CINCINNATI — Ready Capital has closed an $8.9 million loan for the acquisition, renovation and lease-up of a 197-unit, two-property manufactured housing portfolio within Cincinnati’s Butler County. The buyer plans to remove abandoned homes, purchase new homes and address deferred maintenance. The three-year, floating-rate loan includes a facility to provide future funding for capital expenditures.

November 10, 2021

Acquisitions Arizona Multifamily Western

Bridge Investment Group Buys Lakeside Casitas in Tucson from Monarch Investment for $63.2M

by Amy Works November 10, 2021

TUCSON, ARIZ. — Bridge Investment Group has acquired Lakeside Casitas, a multifamily property in Tucson, from Monarch Investment and Management Group for $63.2 million, or $204,032 per unit. Built in 1983 on 21 acres, Lakeside Casitas features 310 apartments, a business center, pool, spa, koi pond and covered parking. Apartments offer open-concept living areas, washers, dryers, oversized walk-in closets and private patios. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented seller and procured the buyer in the deal.

November 10, 2021

Acquisitions Multifamily Oregon Western

Norris & Stevens Brokers $6.7M Sale of Park Fiesta Apartments in Portland

by Amy Works November 10, 2021

PORTLAND, ORE. — Norris & Stevens has arranged the sale of Park Fiesta Apartments, a multifamily property located at 2121 SW Multnomah Blvd. in Portland. SW Multnomah Properties acquired the community from Park Fiesta LLC for $6.7 million. Constructed in 1968 on 1.1 acres, the two-story, 33,180-square-foot apartment complex features 46 units in a mix of one- and two-bedroom layouts. Community amenities include an on-site laundry facility, pool and courtyard. Cameron Mercer of Portland-based Norris & Stevens represented the buyer, while Craig McConachie of C&R Real Estate Services Co. represented the seller in the deal.

November 10, 2021

Loans Louisiana Multifamily Southeast

JLL Secures $31.3M Refinancing for Multifamily Tower in New Orleans

by Julia Sanders November 10, 2021

NEW ORLEANS — JLL Capital Markets has secured $31.3 million in refinancing for Hibernia Tower, a 175-unit, 23-floor multifamily tower in New Orleans’ Central Business District. Jesse Wright, Robert Tonnessen, Kenny Cutler and Joshua Odessky of JLL represented the borrower, a partnership between New Orleans-based HRI Properties and New York-based Almanac Realty, to secure the three-year, floating-rate loan through New York-based Voya Investment Management. Built as an office building in 1921, the owner purchased the historic landmark in 2005 and later completed a renovation of the tower into a multifamily property. Today, Hibernia Tower offers one-, two- and three-bedroom units averaging 767 square feet. Units feature granite countertops, expansive windows, stainless steel appliances and hardwood flooring. Community amenities include a rooftop deck with pool, community room, fitness center, onsite management, controlled access, bike storage and reserved parking in the onsite structured garage. The property also includes a ground-floor undisclosed bank branch and 29,000 square feet of office space. HRI Properties uses the office space as its headquarters. The property was about 93 percent occupied at the time of sale. Located at 812 Gravier St., Hibernia Tower is located near restaurants including Bar Marilou, The Daily Beet, Maypop, tM breads and …

November 10, 2021

Development Multifamily Texas

BHW Capital Breaks Ground on 239-Unit Park on Napoli Apartments in Houston

by Taylor Williams November 10, 2021

HOUSTON — Locally based developer BHW Capital has broken ground on Park on Napoli, a 239-unit multifamily project in northwest Houston. Park on Napoli will offer one- and two-bedroom units and amenities such as a pool, fitness center, dog park and a resident clubhouse with coworking space. Houston-based Mucasey & Associates is the project architect, and Blazer Building is the general contractor. Texas Capital Bank provided construction financing. The first units are expected to be available for occupancy in fall 2022, with full completion slated for the first quarter of 2023.

November 10, 2021

Loans Multifamily Texas

Dwight Capital Provides $25.8M Refinancing of Denton Apartment Community

by Taylor Williams November 10, 2021

DENTON, TEXAS — New York City-based Dwight Capital has provided a $25.8 million loan for the refinancing of Majestic Parc, a 217-unit apartment complex located in the North Texas city of Denton. Built between 2018 and 2019, the property consists of six three-story buildings on a 10-acre site. Amenities include a pool, fitness center, community room and walking trails. Daniel Malka of Dwight Capital originated the financing. Fisher Wells of Greysteel arranged the debt. The borrower was not disclosed.

November 10, 2021

Florida Loans Multifamily Southeast

Ready Capital Closes $10.1M Acquisition Loan for Multifamily Property in Tallahassee

by Julia Sanders November 10, 2021

TALLAHASSEE, FLA. — Ready Capital has closed the $10.1 million acquisition and stabilization financing for a 160-unit multifamily property in Tallahassee. The financing is a non-recourse, interest-only, floating-rate loan with a 24-month term and two extension options. The loan includes a facility to provide the unnamed borrower with future funding for capital expenditures. The name of the property was not disclosed.

November 10, 2021

Acquisitions Multifamily Texas

DB Capital Acquires 150-Unit Multifamily Property in North Austin

by Taylor Williams November 10, 2021

AUSTIN, TEXAS — Los Angeles-based investment firm DB Capital has acquired Laurel Woods, a 150-unit multifamily property in North Austin. Built in the 1980s, the complex features one- and two-bedroom units across 12 two-story buildings. Amenities include a pool, fitness center, business center, dog park, basketball court and outdoor grilling and picnic areas. The new ownership plans to implement a value-add program and rebrand the community as Summit at Westwood.

November 10, 2021

Loans Multifamily Texas

Ready Capital Closes $8.5M Acquisition, Renovation Loan for Dallas Multifamily Asset

by Taylor Williams November 10, 2021

DALLAS — New York City-based Ready Capital closed an $8.5 million loan for the acquisition, renovation and stabilization of a 64-unit multifamily property in the Kessler submarket of Dallas. The nonrecourse, interest-only loan features a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The name of the sponsor and property were not disclosed.

November 10, 2021

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