HUMBLE, TEXAS — California-based Bolour Associates Inc. has purchased Northeast Pines, a 136-unit multifamily property located in the northern Houston suburb of Humble, for $9.6 million. Built in 1980, the property offers one- and two-bedroom units ranging in size from 420 to 970 square feet and amenities such as a clubhouse and a pool. Bolour Associates plans to implement a value-add program that will upgrade kitchens with new countertops, cabinetry, flooring and appliances. The company will also renovate amenity spaces as part of the 24-month capital improvement project. Robert Su of Su Real Estate Group represented the seller, a private investor, in the transaction.
LONG BEACH, CALIF. — A fund sponsored by CBRE Global Investors has closed on a $41.5 million loan the acquisition of Elevate Long Beach Apartments, a multifamily property located in Long Beach. The borrower is Los Angeles-based investment firm Gelt. The floating-rate loan has an initial term of three years, which can be extend up to two additional years, and includes future funding to finance the sponsor’s business plan. Brandon Smith, Annie Rice and David Pelaia of JLL Capital Markets in Los Angeles arranged the loan for the borrower. Located at 225 W. Third St., Elevate Long Beach (formerly known as Sofi on Third) features 160 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a rooftop sundeck with grilling stations, 24-hour fitness center, swimming pool, resident lounge and secured subterranean parking garage.
Alliance Residential Starts Construction of 136-Unit Seniors Housing Project in Bellevue, Washington
BELLEVUE, WASH. — Alliance Residential has started construction of Holden of Bellevue, the first piece of a three-phase multifamily project in downtown Bellevue. Holden will rise seven stories and feature 110 assisted living units and 26 memory care units. It is scheduled to open in late fall 2021. The second phase of the overall project will be an independent living building, followed by standard multifamily in the third phase. Its location is in close proximity to the city’s restaurants, boutiques, art galleries, public parks and museums. Milestone Retirement Communities will operate Holden of Bellevue upon opening.
BURLINGTON, MASS. — Equity Residential, a Chicago-based REIT, has acquired The Reserve at Burlington, a 270-unit apartment community located northeast of Boston. Built in 2019, the property offers studio, one-, two- and three-bedroom units and amenities such as a clubroom lounge with a catering kitchen, a two-story fitness center, four elevated courtyards and a resort-style pool with an outdoor kitchen and bar. Simon Butler and Biria St. John of CBRE represented the sellers and developers, The Davis Cos. and Principal Real Estate Investors, in the transaction. The Reserve at Burlington was 96 percent occupied at the time of sale.
NEW YORK CITY — Berkadia has provided a $22.6 million HUD-insured loan for Seagirt Seniors Housing, an affordable housing property located in the Far Rockaway neighborhood of Queens. The 12-story, 120,278-square-foot building was built in 1985 with 151 Section 8 apartment units and one employee unit. Laura Smith of Berkadia originated the financing, which was structured with a 35-year term and a 71 percent loan-to-value ratio, through HUD’s 223(f) program. The borrower, New York-based operator JASA, will use a portion of the proceeds to fund capital improvements. Planned upgrades include modernizing kitchens and bathrooms, replacing circuit breaker panels, renovating common areas and elevators and installing a new boiler system.
BRIDGEPORT AND NORWALK, CONN. — Northeast Private Client Group (NEPCG) has brokered the sales of two Connecticut apartment buildings totaling 37 units for a combined price of approximately $5.8 million. Atlantic Street Apartments in Bridgeport totals 16 units and sold for $1.9 million, and Fairfield Avenue Apartments in Norwalk totals 21 units and sold for $3.9 million. Bradley Balletto, Jeff Wright, Rich Edwards, Robert Paterno and John Lockhart of NEPCG represented both parties in both deals.
A few weeks before Thanksgiving last year, the Federal Housing Finance Agency (FHFA) made sweeping changes to Fannie Mae and Freddie Mac’s multifamily business pursuits for 2021. The FHFA revised the previous structure that capped loan production at $200 billion combined for both government-sponsored enterprises (GSEs). And unlike most years, that cap was spread across five quarters spanning from the beginning of fourth-quarter 2019 to the end of 2020. For 2021, the FHFA is once again using the traditional four-quarter time frame but is now directing the agencies to produce $140 billion in multifamily loans combined ($70 billion apiece), which is lower than $159 billion in loans closed by the GSEs and their lending partners last year: $76 billion for Fannie Mae and $83 billion for Freddie Mac. The FHFA is again doing away with its long list of exclusions for loans on properties that don’t count toward the cap. In the past, the agencies had no limits to finance certain multifamily categories, including communities with five to 50 units, seniors housing, rural properties and manufactured housing. The FHFA is maintaining its directive for the agencies to finance properties deemed as “mission-driven affordable housing” — or those affordable to households …
KATY, TEXAS — Arizona-based investment and development firm MC Cos. has acquired Enclave at Cypress Park and Paramount, two adjacent apartment communities in the western Houston suburb of Katy totaling 648 units. Enclave at Cypress Park totals 384 units, and Paramount Apartments totals 264 units. According to Apartments.com, both properties offer one-, two- and three-bedroom units and amenities such as pools, fitness centers, spas and resident clubhouses. Clint Duncan and Matt Phillips of CBRE represented the undisclosed sellers in the transactions. Michael Thompson of CBRE arranged acquisition financing through MF1 Capital on behalf of the new ownership, which plans to combine and rebrand the properties as The Place at Barker Cypress. MC Cos. will also implement a value-add program to unit interiors and amenity spaces.
EAST ORANGE, N.J. — Developer J.G. Petrucci Co. Inc. will build The Station at East Orange, a 172-unit apartment community that will be located just west of Newark. The property will feature one-, two- and three-bedroom units, 30 percent of which will be reserved as affordable housing, with kitchen islands and stainless steel countertops. In addition, The Station at East Orange will include 3,477 square feet of retail space and amenities such as a fitness center, business center and an art gallery. J.G. Petrucci is developing the project in partnership with TD+ Partners and the City of East Orange. A firm construction timeline is still being established.
OXON HILL, MD. — Eastern Union has arranged the $42 million sale of Portabello Apartments, a 254-unit multifamily property in Oxon Hill. Alex Bensahel of Eastern Union led the sales transaction. The seller and buyer were not disclosed. Portabello Apartments is located at 6441 Livingston Road, about 13 miles from Washington, D.C. The apartment community includes one- to three-bedroom units, and rents ranges from $1,145 to $1,820. Built in 1965, the property’s amenities include a playground, pool, laundry facilities, onsite maintenance, property manager onsite, clubhouse and public transportation. Eastern Union is a New York-based national commercial real estate firm.