Multifamily

JLL Arranges $43M Loan for Refinancing of Multifamily Building in Jersey City

by Taylor Williams July 28, 2021

JERSEY CITY, N.J. — JLL has arranged a $43 million bridge loan for the refinancing of BELA, a 104-unit multifamily building in Jersey City. The newly built property offers one- and two-bedroom units that average 982 square feet and are furnished with stainless steel appliances, island kitchens and full-size washers and dryers. Amenities include a fitness center, grilling stations, outdoor lounge and a clubroom. BELA also houses 2,600 square feet of ground-floor retail space. Matthew Pizzolato and Thomas Didio Jr. of JLL arranged the floating-rate loan through BrightSpire Capital Inc. on behalf of the borrower, Golden Glades Capital Management.

July 28, 2021

Acquisitions Multifamily North Carolina Southeast

EverWest Acquires Mint Apartments in Uptown Charlotte for $64.1M

by Julia Sanders July 27, 2021

CHARLOTTE, N.C. — EverWest Real Estate Investors has purchased The Mint, a 178-unit multifamily community in Uptown Charlotte. EverWest purchased The Mint from Spectrum Cos. Allan Lynch and Caylor Mark of NorthMarq represented Spectrum Cos. in the transaction. The sales price was $64.1 million. Located 425 W. Trade St., The Mint totals seven stories and 161,723 square feet. The property offers studio, one- and two-bedroom apartments with an average unit size of 909 square feet. Delivered in 2015, The Mint features a brick, stone and stucco façade. Community amenities include a fitness center, Zen courtyard, swimming pool, resident clubhouse, sky lounge and dog run. Denver-based EverWest plans to upgrade the property’s unit interiors, amenity spaces and exteriors. The plan includes modernization of all amenity spaces and an upgrade of unit interiors with new plank flooring, updated kitchen and bathroom cabinets, designer lighting and hardware fixtures and a full technology package.

July 27, 2021

Acquisitions Development Maryland Multifamily Office Southeast

Trout Daniel Arranges Sale of Former Department Store in Baltimore, Buyer Plans Multifamily Conversion

by Julia Sanders July 27, 2021

BALTIMORE — Trout Daniel & Associates (TD&A) has arranged the sale of 300 West Fayette Street, a 120,000-square-foot building in Baltimore. The buyer, an entity doing business as 300 W. Fayette Finance LLC, is led by a local investment group. The company plans to redevelop the property into an apartment community. The sales price and seller were not disclosed. The property is a seven story building that formerly was a department store. The building will be converted into 107 market-rate apartments and will include street-level retail and flexible office space. Construction is slated to start in a few months. Built in 1908, the building was the original home of Berkheimer Brothers Department Store. In addition to the original department store, the sale includes an adjoining brownstone building that once housed Robert L. Richardson Mortgage Co. Gary Olschansky of TD&A represented the undisclosed seller, who had owned the building since 2005. Brad Byrnes of Byrnes & Associates Inc. represented the buyer. TD&A is a Baltimore-based commercial real estate services company.

July 27, 2021

Acquisitions Midwest Multifamily Wisconsin

JLL Brokers $53M Sale of Apartment Community in Milwaukee

by Kristin Harlow July 27, 2021

MILWAUKEE — JLL Capital Markets has brokered the sale of Vim + Vigor in Milwaukee for $53 million. Constructed in 2019, the 274-unit apartment community is located in the city’s Brewery District, which was once home to Pabst Brewing Co. The property comprises two buildings and was more than 90 percent leased at the time of sale. Units range from 376 to 1,340 square feet. The property features 7,050 square feet of ground-floor retail space, a 237-parking garage, courtyard, fitness center, home brewing studio and conference rooms. Wick Kirby, Amanda Friant and Jaime Fink of JLL represented the sellers, Milhaus Development and The Davis Cos. Weidner Apartment Homes was the buyer.

July 27, 2021

Development Multifamily Washington Western

Vulcan Buys Development Site in Seattle for 249-Unit Apartment Project

by Amy Works July 27, 2021

SEATTLE — Vulcan has purchased a fully entitled, 1.4-acre development site at 1600 132nd Ave. NE in Seattle’s Bel-Red corridor. Summerhill Apartments Communities sold the plot for an undisclosed price. The buyer plans to develop a 270,000-square-foot multifamily property on the site. The property is entitled with permits for an eight-story, 249-unit residential building. Construction could start early as fourth-quarter 2021, for completion in fourth-quarter 2023. Runberg Architecture Group is architect of record.

July 27, 2021

Colorado Development Multifamily Western

Titan, Pivot to Develop $80M Lock at Flatirons Multifamily Community in Broomfield, Colorado

by Amy Works July 27, 2021

BROOMFIELD, COLO. — A joint venture between Titan Development and Pivot Development has unveiled plans for The Lock at Flatirons, an apartment property located in the Interlocken Technology Park in Broomfield. Situated on 3.3 acres, The Lock at Flatirons will feature 254 apartments, a fitness center, resort-style pool, bike storage and stations, secure access parking, technology packages throughout the property and co-working space. Construction is slated to begin in third-quarter 2021, with completion planned within approximately 28 months.

July 27, 2021

Acquisitions Multifamily Texas

Keener Investments Acquires 312-Unit Montelago Apartments in Houston’s Bay Area

by Taylor Williams July 27, 2021

HOUSTON — Locally based firm Keener Investments has acquired Montelago Apartments, a 312-unit multifamily community located in Houston’s Bay Area neighborhood. Built in 2004, the property features one-, two- and three-bedroom units with built-in desks, breakfast bars, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, coffee bar, a newly remodeled clubhouse and outdoor grilling stations. Keener will implement a value-add program and will also manage the property. The seller and sales price were not disclosed.

July 27, 2021

Loans Multifamily Texas

Alliant Credit Union Funds $39M Acquisition Loan for Austin Student Housing Property

by Taylor Williams July 27, 2021

AUSTIN, TEXAS — Alliant Credit Union has funded a $39 million acquisition loan for a newly built, 451-unit student housing tower located two blocks from the University of Texas at Austin’s campus. The 18-story building, the name of which was not disclosed, offers amenities such as a rooftop pool, fitness center and various study areas. Alliant provided the loan, which was structured with a period of interest-only payments and flexible exit options, to the borrower, Versity Investments. Josh Perew of Walker & Dunlop arranged the financing.

July 27, 2021

Loans Multifamily Texas

Berkadia Provides $33.3M Construction Loan for Multifamily Project in College Station

by Taylor Williams July 27, 2021

COLLEGE STATION, TEXAS — Berkadia has provided a $33.3 million construction loan for Midtown Station Apartments, a 264-unit multifamily project in College Station. Midtown Station will feature 178 one-bedroom, one-bathroom units and 86 two-bedroom, two-bathroom units. Amenities will include a clubhouse, pool and deck, dog parks, dog wash station and a mail kiosk. The borrower was a partnership between Cross Development and StoneCreek Real Estate Partners. Construction is slated for a spring 2023 completion.

July 27, 2021

Acquisitions California Company News Multifamily Northeast Pennsylvania Top Stories Western

Independence Realty Trust and Steadfast Apartment REIT to Merge, Creating $7B Multifamily Owner

by John Nelson July 27, 2021

PHILADELPHIA AND IRVINE, CALIF. — Independence Realty Trust Inc. (NYSE: IRT), a publicly traded apartment REIT based in Philadelphia, has agreed to acquire Irvine-based Steadfast Apartment REIT Inc. On a pro-forma basis, the combined company is expected to have a total enterprise value of approximately $7 billion and be equally owned by shareholders of both firms. Post-merger, the company will operate under the Independence Realty Trust banner and trade under the same stock symbol. The portfolio will total 131 apartment communities comprising approximately 38,000 units across 16 states. The combined company’s 10 largest markets by unit count would be Atlanta, Dallas-Fort Worth, Denver, Oklahoma City, Louisville, Columbus, Indianapolis, Raleigh-Durham, Houston and Memphis. According to an investor presentation, the portfolio averages $1,231 in effective rent per month and is 96.2 percent occupied. The combined company would rank at No. 26 on the National Multifamily Housing Council’s (NMHC) 2021 ranking of the top 50 apartment owners. Neither Independence Realty Trust nor Steadfast Apartment REIT is on the NMHC Top 50 Owners ranking for 2021. Both companies expect the transaction to close during the fourth quarter of 2021, subject to customary closing conditions, including approval of both companies’ stockholders. The boards of directors …

July 27, 2021

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