Multifamily

Crown Bay Group Sells Apartment Community in Southwest Atlanta for $37.1M

by John Nelson February 18, 2022

ATLANTA — Crown Bay Group has sold FortyThree 75 Apartments, a 260-unit multifamily community in southwest Atlanta, for $37.1 million. Chandler Brown, Barden Brown and Taylor Brown of Global Real Estate Advisors represented the seller in the transaction. The Beach Co. was the buyer. Built in 1974, FortyThree 75 offers one-, two- and three-bedroom floorplans. Unit features include hardwood floors, home alarms, walk-in closets and washer and dryer connections. Community amenities include a leasing office, clubhouse, fitness center, swimming pool, grilling/picnic pavilion, laundry center playground and a dog park. The buyer plans to complete interior and exterior renovations, as well as add amenities. Located at 4375 Cascade Road, the property is situated 12.1 miles west from downtown Atlanta and 12.3 miles from the Hartsfield-Jackson Atlanta International Airport.

February 18, 2022

Loans Multifamily Texas

Colliers Mortgage Provides Agency Acquisition Loan for 224-Unit Multifamily Asset in Temple

by Taylor Williams February 18, 2022

TEMPLE, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the acquisition of The Retreat Apartments, a 224-unit multifamily asset located in the Central Texas city of Temple. The property comprises 20 two-story garden-style buildings, a leasing office, pool, laundry facility, fitness center and a picnic and BBQ area. Colliers Mortgage originated the 10-year loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.

February 18, 2022

Development Multifamily Seniors Housing Texas

Journey Capital, SilverPoint Complete Phase I of Seniors Housing Project in Saginaw, Texas

by Taylor Williams February 18, 2022

SAGINAW, TEXAS — A partnership between Journey Capital and SilverPoint Senior Living has completed Phase I of Edition of Saginaw, a 6.2-acre senior living campus in Saginaw, a northern suburb of Fort Worth. Phase I comprised 22 one- and two-bedroom independent living cottages. The development team has also broken ground on Phase II of the project, which will add 74 assisted living and memory care apartments. The 57,000-square-foot expansion is slated for a fall-2023 completion.

February 18, 2022

Development Multifamily New Mexico Western

Titan Development Breaks Ground on 111-Unit Allaso Vineyards Apartments in Albuquerque

by Amy Works February 18, 2022

ALBUQUERQUE, N.M. — Titan Development has broken ground on Allaso Vineyards, a multifamily community located the corner of Holly Avenue NE and Ventura Street NE in Albuquerque. The 123,000-square-foot development will take approximately 14 months to complete. The project team includes Dekker/Perich/Sabatini as architect and HB Construction as general contractor. Greystar will serve as operator. Situated in the Northeast Heights neighborhood, Allaso Vineyards will feature 111 apartments in a mix of studio, one- and two-bedroom layouts with quartz countertops, 42-inch cabinets and stainless steel appliances. Community amenities will include a resort-style pool and spa, rooftop decks, elevators, game lawns, fire pits, professional-style grills, a fountain, ramadas and an indoor/outdoor fitness area. To honor New Mexico’s historic past as the oldest wine region in America, dating back to 1629 when monks planted the first wine grapes for use in religious ceremonies, the property will feature themed amenities such as grapevines onsite and a winery-inspired lounge that residents can reserve for wine tastings and other private events. The wine lounge will include private wine lockers that can be rented for personal storage, plus each resident will be given a private-label bottle of wine upon move-in. Allaso Vineyards was funded by Titan Development …

February 18, 2022

Acquisitions Multifamily Oregon Western

Brinkman Enters Oregon Market with Acquisition of Willow Tree Place Apartments in Salem

by Amy Works February 18, 2022

SALEM, ORE. — Brinkman Real Estate has purchased Willow Tree Place Apartments, a multifamily community in Salem, for an undisclosed price. The transaction is Brinkman’s first acquisition in the Oregon multifamily market. Built in 2021, Willow Tree Place features 96 two- and three-bedroom garden-style apartments with Class A interior finishes. Brady O’Donnell, Jeff Halsey, Alex Scott and Jill Haug of CBRE Capital Markets’ Debt & Structured Finance group in Denver arranged a bridge loan through Ladder Capital for the buyer. Gabe Johansen of SMI Real Estate represented the undisclosed seller in the deal.

February 18, 2022

Affordable Housing Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Video Western

Factors Compressing Affordable Housing Pipeline in 2021 Likely to Resolve in 2022

by Sarah Daniels February 18, 2022

In 2021, supply chain issues, increased costs, wage inflation and the logistical challenges of completing projects compounded to negatively impact the affordable housing pipeline. According to Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, 2022 looks fantastic for the affordable housing sector as those issues are beginning to resolve. However, he notes that the affordable housing sector is still challenged by delays related to financing challenges, among other factors. Demand for affordable housing, federal level commitments to the sector and the continued involvement of Fannie Mae and Freddie Mac are all positive factors for the outlook of affordable housing. However, Gerken notes, “Financing is somewhat challenged by gaps in funding. With pricing and costs going up, there’s a gap between how much a project might support from a loan side versus how much in tax credits are allocated to that project during the last round of allocations. Some of that gap between overall costs and the funding sources is being made up as local agencies put in additional money in order to get affordable housing done.” Hear what Gerken has to say about the development of workforce and affordable housing and the involvement of government-sponsored …

February 18, 2022

Acquisitions California Multifamily Western

29SC Buys Sunterra Apartments in Oceanside, California from Ideal Group for $97.5M

by Amy Works February 17, 2022

OCEANSIDE, CALIF. — 29th Street Capital (29SC) has acquired Sunterra Apartments in Oceanside from Ideal Group for $97.5 million. Built in 1974, Sunterra features 240 apartments, a resort-style pool, two playgrounds, a sundeck with an outdoor fireplace and a fitness center. 29SC plans to implement a community improvement plan including installing stainless steel appliances, quartz countertops, oval soaking tubs and modern white cabinetry. Exterior improvement will include updating the roof, wrapping balconies in wood paneling and replacing windows and glass doors. Haven Residential, 29SC’s in-house property management company, will oversee management and leasing. Hunter Combs of Walker & Dunlop’s San Diego office brokered the off-market transaction. John Montakab and Mark Grace of Walker & Dunlop arranged the financing.

February 17, 2022

Loans Multifamily Oregon Western

Greystone Provides $97.2M Refinancing for Deveraux Glen Apartments Near Portland

by Amy Works February 17, 2022

BEAVERTON, ORE. — Greystone has provided a $97.2 million HUD 223(f) loan to refinance Deveraux Glen Apartments in Beaverton. Melvin Mark Capital Group brought the opportunity to Greystone for the borrower, Peterkort Residential I. Constructed in 2007, Deveraux Glen Apartments features 34 detached and semi-detached townhouse walk-up buildings consisting of one-, two-, three- and four-bedroom units. The fixed-rate loan carries a 35-year term and amortization, with a 65 percent loan-to-value ratio. Additionally, the property qualifies for a 25-basis-point reduction in mortgage insurance premium for achieving green standards.

February 17, 2022

Loans Multifamily Texas

Greystone Provides $49M Acquisition Loan for Life at Westpark Affordable Housing Property in Houston

by Taylor Williams February 17, 2022

HOUSTON — Greystone has provided a $49 million HUD-insured acquisition loan for The Life at Westpark, a 312-unit affordable housing community in Houston. Built in 1994, The Life at Westpark comprises two-, three- and four-bedroom units that are reserved for residents earning 60 percent or less of the area median income (AMI). Amenities include two pools, a playground and a basketball court. Shana Daby of Greystone originated the nonrecourse financing, which was structured with a fixed interest rate and a 35-year amortization schedule, on behalf of the borrower, New York City-based private equity firm Olive Tree Holdings. The new ownership plans to invest $25,000 per unit, or roughly $7.8 million, in capital improvements to preserve the property’s affordability status, which expires in 2025.

February 17, 2022

Development Multifamily Texas

Wood Partners Breaks Ground on 300-Unit Alta Berry Creek Apartments in Metro Austin

by Taylor Williams February 17, 2022

GEORGETOWN, TEXAS — Multifamily developer Wood Partners has broken ground on Alta Berry Creek, a 300-unit apartment community within the 314-acre Berry Creek Highlands master-planned community in Georgetown, located north of Austin. Units will come in one-, two- and three-bedroom formats and will be furnished with stainless steel appliances, tile backsplashes and full-size washers and dryers. Communal amenities will include a pool, outdoor kitchen, pet park, fitness center, business center and a resident lounge. Preleasing will begin in the fourth quarter, with the opening scheduled for January 2023. Upon completion, Berry Creek Highlands will consist of 1,500 single-family homes, retail and restaurant space, an elementary school and a 20-acre park.

February 17, 2022

Newer Posts

Older Posts