Multifamily

One Real Estate Acquires 222-Unit Lotus Village Apartments in North Austin

by Taylor Williams July 9, 2021

AUSTIN, TEXAS — An affiliate of Miami-based One Real Estate Investment has acquired Lotus Village, a 222-unit apartment community in North Austin. Built in 2012, the property offers one-, two- and three-bedroom units with hardwood floors, individual washers and dryers and private balconies/patios. Communal amenities include a fitness center, clubhouse, business center, picnic area and a pet play area. Brad Williamson of Berkadia arranged acquisition financing through LoanCore on behalf of the buyer. The seller was undisclosed.

July 9, 2021

Colorado Development Multifamily Western

Evergreen Devco Acquires Vacant Sears Building in Colorado Springs for 300-Unit Multifamily Redevelopment

by Amy Works July 9, 2021

COLORADO SPRINGS, COLO. — Evergreen Devco has purchased a former Sears store property located at Chapel Hills Mall in Colorado Springs from Northwood Investors for $5.7 million. The vacant property includes a two-story, 141,000-square-foot building, parking lots and 12.6 acres. Built in 1981, the Sears store served as the western anchor of the Chapel Hills Mall until the store closed in March 2019. Evergreen Devco plans to demolish the building and redevelop the property into Outlook Briargate, a 300-unit apartment complex. The development will offer a mix of one-, two- and three-bedroom units spread across multiple buildings. Community amenities will include a clubhouse, fitness center, outdoor pool, shade structures and barbecue areas. Construction is slated to begin in July, with the first units available for rent in 2022.

July 9, 2021

Acquisitions California Multifamily Western

Harbor International Group Buys Olive Ridge Resort Apartments in Pomona, California for $46.8M

by Amy Works July 9, 2021

POMONA, CALIF. — Harbor International Group (HGI) has purchased The Olive Ridge Resort, a multifamily property in Pomona, for $46.8 million. Located at 2261 Valley Blvd., the 11-building community features 220 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a fitness center; tennis and volleyball court; swimming pool and spa; business center; barbecue grilling stations; a junior soccer field; and on-site laundry facilities. Shane Shafer and Quinn Breslin of NorthMarq’s Newport Beach office handled the transaction.

July 9, 2021

Leasing Activity Multifamily New Jersey Northeast

Diversified Properties Completes Lease-Up of 35-Unit Apartment Complex in East Rutherford, New Jersey

by Taylor Williams July 9, 2021

EAST RUTHERFORD, N.J. — Regional developer Diversified Properties has completed the lease-up of 480 Flatz, a 35-unit apartment complex in the Northern New Jersey community of East Rutherford. The property, which is now fully occupied, features one-, two- and three-bedroom units with granite countertops, stainless steel appliances and in-unit washers and dryers. Diversified Properties developed the property in a joint venture with North Jersey Builders Group.

July 9, 2021

Acquisitions Multifamily New Jersey Northeast

Cushman & Wakefield Brokers $6.1M Sale of Multifamily Building in Cliffside Park, New Jersey

by Taylor Williams July 9, 2021

CLIFFSIDE PARK, N.J. — Cushman & Wakefield has brokered the $6.1 million sale of a 27-unit multifamily building in Cliffside Park, located across the Hudson River from Harlem. The sales price equates to roughly $226,000 per unit. Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, A&J Inc., and procured the buyer, JTS Inc., in the transaction. The property was fully occupied at the time of sale.

July 9, 2021

Features Illinois Multifamily

Origin Investments: Phoenix Tops List of Cities for Investing, Developing Multifamily Properties

by Julia Sanders July 9, 2021

CHICAGO — According to Origin Investments, a Chicago-based private equity real estate firm, the seven multifamily markets in the United States best poised to capitalize on post-pandemic trends are: Phoenix; Atlanta; Charlotte, North Carolina; Austin, Texas; Raleigh, North Carolina; Nashville, Tennessee; and Tampa, Florida. Origin’s analyzed 150 markets to identify the cities with the highest chance of success as pandemic restrictions loosen. Origin has been refining this model for the past three years to inform its investment strategy and acquisitions. All these cities are undergoing economic development that will spur rent growth and attract institutional real estate investment. The following is a breakdown of what industries each state grew in: 1. Phoenix: Phoenix’s economy grew during the pandemic with an increase of jobs in trade, transportation and utility. Arizona State University’s industry-leading cybersecurity, artificial intelligence and analytics programs continue to produce a strong labor pool for tech employers. Intel and Taiwan Semiconductor will break ground soon on facilities that are already drawing related investments. Additionally, robust hiring and affordable housing put Phoenix at the intersection of rent growth and capital demand. 2. Atlanta, Charlotte and Austin (three-way tie for second place): Atlanta is evolving into the tech capital of the …

July 9, 2021

Acquisitions Georgia Multifamily Southeast

Lee & Associates Arranges Sale of 320-Unit SkyHouse South Apartment Tower in Midtown Atlanta

by Julia Sanders July 8, 2021

ATLANTA — Lee & Associates arranged the sale of SkyHouse South, a 23-story high-rise apartment tower located at 100 6th St. in Atlanta. Allen Eager of Lee & Associates’ Atlanta office represented the buyer, Equity Residential, in the off-market transaction. Equity Residential purchased the property from a partnership between the developers, Novare Group and Batson-Cook Development Co. The sales price was not disclosed. Skyhouse South features 320 studio, one-, two- and three-bedroom units. Community amenities include a lounge on the 23rd floor, a rooftop pool and a 24-hour gym. The Midtown Atlanta property is located 0.5 miles away from the MARTA Midtown Transit Station and 13 miles away from Hartsfield-Jackson Atlanta International Airport.

July 8, 2021

Florida Loans Multifamily Southeast

CBRE Secures $39M HUD-Insured Refinancing for Integra 289 Exchange Apartments in DeBary, Florida

by Julia Sanders July 8, 2021

DEBARY, FLA. — CBRE has secured the refinancing for Integra 289 Exchange, a 289-unit multifamily property in DeBary. The borrower, Integra Land Co., completed the project in 2020 after closing a HUD 221(d)(4) construction loan in 2018. The $39 million refinancing will allow Integra Land to save over $285,000 in annual debt-service payments with the interest rate reducing from 4.80 percent loan to 3.80 percent. Ann Cone and David Borge of CBRE originated the new HUD loan. Located at 115 Integra Reserve Lane, Integra 289 Exchange includes one-, two- and three-bedroom apartments. Rents ranges from $1,235 to $1,795 per month and units range in size from 639 to 1,300 square feet. The property is 97 percent occupied. Community amenities include a clubhouse, saltwater pool, fitness center and pet park. Interior finishes on the apartments include granite countertops, standalone islands and breakfast bars and a full appliance package, including microwaves and washers/dryers in each unit.

July 8, 2021

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $55M Mixed-Income Project in South Dallas

by Taylor Williams July 8, 2021

DALLAS — Locally based developer Palladium USA has broken ground on Palladium Simpson Stuart, a 270-unit mixed-income project in South Dallas that is valued at $55 million. About 90 percent (243) of the units will be reserved for households earning between 40 and 80 percent of the area median income, while the remainder will be rented at market rates. Amenities will include a resort-style pool, dog park, trails, conference room, computer lab, kids’ playroom and a fitness center. HEDK is the project architect, and BBL Construction is the general contractor. PNC Bank provided construction financing for the project, and the Texas Department of Housing and Community Affairs issued 4 percent Low-Income Housing Tax Credit equity. The first units are scheduled to be delivered in October 2022.

July 8, 2021

Loans Multifamily Texas

Dwight Capital Provides $45M HUD-Insured Loan for Refinancing of Metro Dallas Multifamily Asset

by Taylor Williams July 8, 2021

GRAND PRAIRIE, TEXAS — New York City-based Dwight Capital has provided a $45 million HUD-insured loan for the refinancing of Prairie Gate Community, a 264-unit multifamily property in Grand Prairie, located roughly midway between Dallas and Fort Worth. The property was built on 14.5 acres in 2019 and consists of eight three-story residential buildings, a clubhouse/leasing office and 15 garage buildings. Amenities include a pool, fitness center, media center, game room, dog park, playground and walking trails. Josh Sasouness of Dwight Capital originated the financing. The borrower was undisclosed.

July 8, 2021

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