Multifamily

Berkadia Brokers $75M Sale of East Ponce Village Multifamily Property in Tucker, Georgia

by Julia Sanders April 6, 2021

TUCKER, GA. — Berkadia has brokered the $75 million sale of East Ponce Village, a 977-unit, garden-style multifamily property in Tucker. Judy MacManus, Matt White, Paul Vetter and Andrew Mays of Berkadia’s Atlanta office completed the sale on behalf of the buyer, Pennsylvania-based Adams Investor Group. The seller was Toronto-based Medallion Corp. Formerly known as 13Ten, East Ponce Village spans 100 acres at 1310 Wood Bend Drive. The community features one- and two-bedroom floor plans with walk-in closets and washer and dryer connections. Community amenities include a clubhouse, business center, swimming pools, an outdoor area with grilling stations, fitness center and racquetball and tennis courts. The property is located near U.S. Route 78, Eagle Rock Studios, Stone Mountain Industrial Park and Amazon’s Robotic Distribution Facility.

April 6, 2021

Affordable Housing Development District of Columbia Loans Multifamily Seniors Housing Southeast

DHCD Provides Construction Financing for 54-Unit Affordable Seniors Housing Project in D.C.

by Julia Sanders April 6, 2021

WASHINGTON, D.C. — The Department of Housing and Community Development (DHCD) has provided financing from local and federal resources to develop 54 affordable housing units in Wards 4 at the Abrams Hall Senior Apartments in Washington, D.C. Abrams Hall Senior LP, a joint venture between Urban Atlantic and nonprofit organization Housing Up, received $2.4 million from the District’s Housing Production Trust Fund (HPTF) to develop the assisted living facility located at 1320 Main Drive NW. The project also received a $1.1 million allocation of 9 percent low income housing tax credits (LIHTC) from DHCD. The project will receive an annual subsidy from the Local Rent Supplement Program, which is administered by the D.C. Housing Authority (DCHA). All units at Abrams Hall Senior Apartments will be available for low-income seniors — those with annual household income at or below $26,500 — who are formerly homeless and have a need for assisted living services. Additionally, the residents will access Medicaid subsidies through the Department of Health Care Finance (DHCF). The Abrams Hall Senior Apartments building will feature studio apartments to accommodate assisted living facilities for seniors who may require medical, dental, rehabilitative and counseling services, along with 24-hour supervision to ensure resident …

April 6, 2021

Florida Loans Multifamily Southeast

Bank OZK Provides $64.8M Construction Loan for Natura Gardens Apartments in Miami

by Julia Sanders April 6, 2021

MIAMI — Bank OZK has provided $64.8 million in construction financing to Terra and New Valley, the development partners of Natura Gardens, a multifamily community in Miami. The loan will fund the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground in February 2021 and vertical construction is slated for completion by late 2022. Situated along NW 170th Street between Interstate 75 and Florida’s Turnpike, Natura Gardens will be located close to several employers, including Boeing, Royal Caribbean International, Preferred Freezer Services and The Home Depot. Natura Gardens’ units will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Units will include balconies, custom shaker-style kitchen cabinetry, built-in pantries, kitchen islands with breakfast areas, stainless steel appliances, full-size washer and dryers, walk-in closets and en-suite bathrooms. The community will feature landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community. Community amenities will include a two-story clubhouse with a pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks and lounge chairs, tables and …

April 6, 2021

Acquisitions Colorado Multifamily Western

Berkadia Arranges $14.6M Sale of Iron Works Village Multifamily Property in Englewood, Colorado

by Amy Works April 6, 2021

ENGLEWOOD, COLO. — Berkadia has arranged the sale of Iron Works Village, an apartment community in Englewood. An affiliate of Denver-based Treeline Multifamily Partners acquired the property from Denver-based Blvdway Communities for $14.6 million. Located at 519 W. Amherst Ave., the garden-style property was built in 2020. Nick Steele and Tyler King of Berkadia’s Denver office represented the seller in the deal. Additionally, Brian Huff and Kevin McCormack of Berkadia’s Denver office secured $9.2 million in acquisition financing through Fannie Mae for the buyer. The 10-year, fixed-rate loan features six years of interest-only payments followed by a 30-year amortization schedule.

April 6, 2021

California Loans Multifamily Western

Parkview Financial Provides $21.5M Construction Loan for Apartment Project in East Hollywood

by Amy Works April 6, 2021

LOS ANGELES — Parkview Financial has provided a $21.5 million construction loan to Oakwood CA LLC for the development of multifamily property located at 4065 Oakwood Ave. in Los Angeles’ East Hollywood submarket. Slated for completion in 2022, the five-story building will feature 68 apartments in a mix of two studios, 25 one-bedroom units and 41 two-bedroom units with an average size of 1,059 square feet. Fourteen of the units will be designated for low-income residents. Additionally, the community will feature a 4,000-square-foot courtyard and 100 parking spaces.

April 6, 2021

Broadstone-Watch-City-Waltham-Massachusetts

Affordable Housing Features Multifamily

COVID-19 Changed the Way We Calculate Affordable Housing Property Taxes

by Jeff Shaw April 6, 2021

By Carlos Suarez, Popp Hutcheson After a pandemic year that decimated rental incomes, owners of affordable housing properties should prepare to protest property tax assessments that overstate their liability. As stay-at-home orders in 2020 forced businesses across the county to change their operations, a large portion of the labor force began to work from home. But many renters, including a large contingent of affordable housing residents, found themselves without jobs and struggling to pay rent. Job losses and other issues related to COVID-19 adversely affected tenants and property owners alike, straining rental income while adding the cost of new safety procedures and equipment to landlords’ operating costs. To reduce property tax liabilities and limit financial losses from the pandemic, it is now crucial for owners of affordable housing to correctly navigate procedures across jurisdictions and weigh all relevant valuation considerations for their properties. Here are key areas for affordable housing owners to consider in arguing for a lower assessment. Procedures have changed The global pandemic transformed interactions between appraisal districts and property owners throughout the 2020 tax year. Many appraisal districts across Texas closed their doors to the public and shifted formal and informal meetings to a virtual setting to …

April 6, 2021

Acquisitions Multifamily Student Housing Texas

Centurion Property Group Acquires 737-Bed Student Housing Community in Lubbock

by Taylor Williams April 6, 2021

LUBBOCK, TEXAS — Miami-based private equity firm Centurion Property Group has acquired The Ranch at Lubbock, a 737-bed student housing community serving Texas Tech University. The property features 243 units in one-, two- three- and four-bedroom floor plans. Amenities include two pools, a volleyball court, basketball court, fitness center, study lounge and pet park. The new ownership plans to renovate the property and rebrand it as The ONE at Lubbock. Ryan Lang, Jack Brett and Ben Harkrider of Newmark brokered the deal, the seller and sales price in which were not disclosed.

April 6, 2021

Acquisitions Multifamily Texas

TMG Negotiates Sale of 136-Unit Porterwood Apartments in Metro Houston

by Taylor Williams April 6, 2021

PORTER, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Porterwood Apartments in Porter, located north of Houston. According to Apartments.com, the property was built in 1984, totals 136 units in one- and two-bedroom floor plans and offers amenities such as a pool, playground, picnic areas and onsite laundry facilities. Bryce Smith of TMG represented the buyer and seller, both of which requested anonymity, in the deal.

April 6, 2021

Loans Midwest Multifamily Ohio Single-Family Rental

NorthMarq Arranges $4.6M Loan for Refinancing of Rental Housing Portfolio in Southwest Ohio

by Kristin Harlow April 6, 2021

CINCINNATI — NorthMarq has arranged a $4.6 million loan for the refinancing of a rental housing portfolio comprising 50 units throughout Southwest Ohio. The portfolio included 26 single-family rental homes as well as one apartment property. Noah Juran and Chase Dawson of NorthMarq’s Cincinnati office arranged the 10-year loan, which features a 20-year amortization schedule and a 75 percent loan-to-value ratio. A regional bank provided the fixed-rate loan.

April 6, 2021

Development Maryland Mixed-Use Multifamily Retail Southeast

Brandywine Realty Trust, Terrapin Development to Build $300M Mixed-Use Neighborhood on UM Campus in College Park

by Julia Sanders April 5, 2021

COLLEGE PARK, MD. — Terrapin Development Co. (TDC), in partnership with the University of Maryland (UM) College Park, has entered into an exclusive development agreement with Brandywine Realty Trust for an upcoming mixed-use project on the UM campus. The Philadelphia-based REIT will develop a mixed-use neighborhood spanning five acres in College Park, within UM’s Discovery District. The development project is set to cost over $300 million. The Discovery District’s development will feature 550,000 square feet of Class A workspaces encompassing research, office, collaboration and retail space, as well as 200 to 250 multifamily residential units. The property will be located close to mass transit and major roadways and will serve as a natural extension of UM’s research enterprise. The Discovery District will provide pedestrian movement along the Baltimore Avenue corridor and campus. The project is adjacent to the new Purple Line, offering connections to Metro light rail system. The development has set forth sustainability goals, including LEED classification, to responsibly develop the land. The development plan will be executed over four phases. Baltimore-based Ayers Saint Gross and Michael Vergason Landscape Architects are the development’s architects.

April 5, 2021

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