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Multifamily

Granada-Homes-San-Antonio
Affordable HousingLoansMultifamilySeniors HousingTexas

Merchants Capital Arranges $102M in Financing for Affordable Seniors Housing Project in San Antonio

by Taylor Williams

SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Homes, a historic affordable housing property located along the River Walk area in downtown San Antonio. Originally constructed in 1927 as the Plaza Hotel, the property rises 14 stories and comprises 265 studio and one-bedroom units. The renovation plan includes upgrades to the finishes of all units that are designed to specifically meet the needs of seniors. The financing includes a $43 million Merchants Bank of Indiana construction loan, $35 million in Merchants Capital syndicated tax credit equity. Merchants Capital also secured a forward commitment for $24 million from Fannie Mae for permanent financing with the mortgage-backed security being purchased by the AFL-CIO Housing Investment Trust (HIT).

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Jameson-at-the-Bluffs-Fort-Worth
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 387-Unit Jameson at the Bluffs Apartments in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Jameson at the Bluffs, a 387-unit apartment community in Fort Worth. Built on nine acres in 2021, the property features an average unit size of 784 square feet and amenities such as a pool, clubhouse, rooftop lounge, arcade and two dog parks. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Jeffrey Kindorf of IPA represented the seller, StoneHawk Capital Partners, in the transaction and procured the buyer, Buchanan Street Partners.

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The-Alyssa-Tempe-AZ
ArizonaDevelopmentMultifamilyWestern

StreetLights Residential Breaks Ground on The Alyssa Multifamily Community in Tempe

by Amy Works

TEMPE, ARIZ. — StreetLights Residential has broken ground for The Alyssa, an apartment property located along E. Rio Salado Parkway in Tempe. The Alyssa will feature 335 apartments in a mix of studio, one-, two- and three-bedroom floor plans with an average size of 881 square feet. Community amenities will include two pools with an attached spa, an outdoor lounge, a bar with direct access to the pool, coffee lounge, maker’s lounge, mail room, app-activated parcel lockers, dry-clean lockers, pet spa, park and a fitness center. StreetLights Creative Studio will serve as the architect of record and is handling all interior design in-house. SLR Phoenix Construction is the general contractor and Norris Design is providing landscape design for the project.

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AcquisitionsCaliforniaMultifamilyWestern

IRA Capital Expands Long Beach Multifamily Portfolio with $42M Acquisition

by Amy Works

LONG BEACH, CALIF. — IRA Capital has acquired the Long Beach Collective, an apartment portfolio of 17 properties in the North Alamitos Beach submarket of downtown Long Beach. An undisclosed seller sold the property for $42 million, or $270,000 per unit. The portfolio includes 17 properties with a total of 155 units. At the time of closing, the portfolio was 99 percent occupied. IRA Capital is exploring the addition of up to 33 accessory dwelling units to the portfolio to further enhance affordable housing opportunities in the area. John Alden of Alden Pacific Investments represented IRA in the acquisition.

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ArizonaLoansMultifamilyWestern

Ready Capital Closes $21.5M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works

PHOENIX — Ready Capital has closed $21.5 million in financing for the acquisition, renovation and stabilization of a 181-unit, Class B apartment community in Phoenix’s Westside submarket. Upon acquisition, the undisclosed sponsor plans to implement a capital improvement plan to renovate unit interiors and property exterior. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

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AcquisitionsMultifamilyTexas

Investors Management Group Acquires 312-Unit Hardy Oak Apartments in San Antonio

by Taylor Williams

SAN ANTONIO — Investors Management Group, a multifamily investment firm with offices on the West Coast, has acquired Hardy Oak, a 312-unit apartment community in San Antonio. Built in 2020, the property offers one-, two- and three-bedroom units ranging in size from 791 to 1,446 square feet. Amenities include a pool, coworking space, outdoor kitchen and walking trails. Will Balthrope and Drew Garza of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal. Charlie Mentzer of Capital One originated Freddie Mac acquisition financing for the deal.

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LoansMultifamilyTexas

Ready Capital Closes $19.2M Acquisition Loan for Fort Worth Apartments

by Taylor Williams

FORT WORTH, TEXAS — New York City-based Ready Capital Corp. has closed a $19.2 million loan for the acquisition, renovation and stabilization of an unnamed, 212-unit apartment community in southeast Fort Worth. The nonrecourse, interest-only loan was structured with a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

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LoansMultifamilyNew JerseyNortheast

JLL Arranges Two Loans Totaling $45.5M for Refinancing of New Jersey Apartments

by Taylor Williams

NUTLEY AND PALISADES PARK, N.J. — JLL has arranged two loans totaling $45.5 million for the refinancing of a pair of multifamily properties totaling 321 units in Northern New Jersey. Village Manor is a 227-unit community in Nutley that was originally built in 1950 and features one- and two-bedroom units ranging in size from 659 to 910 square feet. Palisades Manor is a 94-unit complex that was originally constructed in 1935 and offers studio, one- and two-bedroom units with an average size of 946 square feet. John Hancock Financial provided the fixed-rate loans, which respectively total $31.5 million and $14 million, to the borrower, Tidewater Real Estate. Greg Nalbandian and Michael Lachs of JLL placed the loans.

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Venice-Townhome
Build-to-RentConference CoverageDevelopmentFeaturesMultifamilySingle-Family Rental

InterFace Panel: Site Costs, Entitlements Processes Contribute to Build-to-Rent Projects’ Unique Risk Profile

by Taylor Williams

ATLANTA — The build-to-rent (BTR) space boasts a scintillating story of short-term success, driven by demand from households that rent by choice and want the feel and privacy of owning a home without dealing with maintenance and paying property taxes. Building to rent involves developing residential properties with the explicit, predetermined purpose of renting them. This differs from single-family rental (SFR), a more established practice of buying existing single-family homes and renting them out that has its roots in mom-and-pop investments but is now being adopted by larger companies. The rapid growth of the BTR space has brought challenges that are markedly different from those of building and operating traditional multifamily and student housing properties. A panel of experts outlined some of these commonplace hurdles at the 12th annual InterFace Multifamily Southeast conference on Thursday, Dec 2. About 350 industry professionals attended the event, which took place at the Westin Buckhead hotel in Atlanta. For starters, the space can be a tough one to break into. Developers undertake different strategies for launching their BTR platforms and divisions, frequently partnering with single-family homebuilders or leveraging existing relationships with third-party general contractors. This is largely because these developers often lack the in-house …

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LIT-Cortez-Hill-San-Diego-CA
CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

Multifamily Rents Skyrocket in San Diego Despite Pandemic

by Jeff Shaw

By Allen Chitayat, First Vice President, CBRE Capital Markets The San Diego multifamily market has continued to exhibit very strong fundamentals in light of the pandemic. This is due to the region’s diversified economy, as well as the continued shortage of housing supply. Tourism, biotech, healthcare, education, the Navy, drone manufacturing, business services, software, and other high-tech industries have made San Diego a magnet for venture capital and other business investment, with several high-profile technology companies announcing expansions in San Diego. Local historic housing policies, which have been unfriendly to new development, have made it very expensive to build, and perpetuate the shortage of housing. This dynamic has continued to bode well for multifamily investment in the region. However, there have been numerous efforts by the various municipalities within San Diego County to increase housing density in their transit priority areas. This has been aided by more relaxed parking requirements and revisions of community plans in the City of San Diego (through the Complete Communities Initiative), Mission Valley, Kearny Mesa and Downtown’s Midway District.  These community plan amendments and initiatives call for an additional supply of about 70,000 new housing units. In addition, the Navy recently announced a preliminary decision to redevelop …

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