Multifamily

Marcus & Millichap Negotiates $12.6M Sale of Two Multifamily Assets in Suburban Minneapolis

by Kristin Harlow February 25, 2021

BROOKLYN CENTER AND BROOKLYN PARK, MINN. — Marcus & Millichap has negotiated the sale of two multifamily properties in suburban Minneapolis for $12.6 million. Built in the late 1960s, West Broadway Apartments in Brooklyn Park includes 59 units. Monthly rents range from $850 to $1,673. Sterling Square Apartments in Brooklyn Center features 54 units across four buildings. Units average 820 square feet and monthly rents range from $860 to $1,665. Abe Roberts of Marcus & Millichap marketed the properties on behalf of the seller and procured the buyer, a national investor.

February 25, 2021

Development Multifamily Texas

High Street Residential Breaks Ground on 370-Unit Montgomery Apartments in Allen, Texas

by Taylor Williams February 25, 2021

ALLEN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., has broken ground on The Montgomery, a 370-unit apartment community in the northeastern Dallas suburb of Allen. Units will be available in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, dog park, business center, micro-market and a resident clubroom, as well as outdoor space for exercise and other activities. High Street is developing the project, completion of which is slated for the fourth quarter of 2022, in a joint venture with Principal Real Estate Investors. JHP Architecture is designing the development. Andres Construction will serve as general contractor.

February 25, 2021

Acquisitions Multifamily Texas

Embrey Partners Sells 353-Unit Kelley at Samuels Avenue Apartments in Fort Worth

by Taylor Williams February 25, 2021

FORT WORTH, TEXAS — San Antonio-based developer Embrey Partners has sold Kelley at Samuels Avenue, an apartment community that overlooks the Trinity River in Fort Worth. According to Apartments.com, Kelley at Samuels Avenue was built in 2018 and totals 353 units. The property features one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, game room, beer garden, outdoor kitchen and a pet spa. The buyer was not disclosed.

February 25, 2021

Echelon-at-Monterrey-Village-San-Antonio

Acquisitions Multifamily Texas

180 Multifamily Properties Buys 240-Unit Apartment Community in West San Antonio

by Taylor Williams February 25, 2021

SAN ANTONIO — 180 Multifamily Properties, an investment firm based in Arlington, Texas, has purchased Echelon at Monterrey Village, a 240-unit apartment community in west San Antonio. Built in 2018, the property features one-, two- and three-bedroom units with stainless steel appliances, tile backsplashes and oversized tubs. Amenities include a pool, fitness center, coffee bar, sand volleyball court, a resident lounge and business center and communal outdoor green space. Will Caruth, Mike Miller and Cody Courtney of Berkadia represented the seller, The Garrett Cos., an Indiana-based developer.

February 25, 2021

Loans Multifamily Texas

BridgeCore Capital Provides Loan for Refinancing of 34-Unit Multifamily Asset in Dallas

by Taylor Williams February 25, 2021

DALLAS — California-based BridgeCore Capital has provided a $1 million bridge loan for the refinancing of an undisclosed 34-unit multifamily asset in Dallas. The undisclosed borrower required a nonrecourse loan to cash out and to make capital improvements at the property. The borrower expects the loan to be taken out by a Freddie Mac Small Balance Loan and to eventually sell the property. The asset’s occupancy rate was 62 percent at the time of the loan closing.

February 25, 2021

Loans Multifamily New Jersey Northeast Seniors Housing

Ziegler Arranges $114.8M Bond Refinancing for New Jersey Senior Living Community

by Taylor Williams February 25, 2021

WALL TOWNSHIP, N.J. — Ziegler has arranged $114.8 million in bond financing for Springpoint Senior Living, located near the Jersey Shore in Wall Township. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. In addition to refinancing all of the outstanding debt of the previous obligated group, the refinancing also reimbursed Springpoint for approximately $25 million in recent capital expenditures. The fixed-rate, tax-exempt bonds were underwritten simultaneously with $85 million of taxable bank financings with two regional banks. Marathon Capital Strategies LLC provided municipal advisory services to Springpoint in connection with the transaction.

February 25, 2021

Development Multifamily New Jersey Northeast Seniors Housing

Joint Venture Completes 35-Unit Multifamily Project in East Rutherford, New Jersey

by Taylor Williams February 25, 2021

EAST RUTHERFORD, N.J. — A joint venture between Diversified Properties and North Jersey Builders Group has completed construction of 480 Flatz, a 35-unit multifamily project in the Northern New Jersey community of East Rutherford. Units feature two- and three-bedroom floor plans and are furnished with granite countertops, stainless steel appliances and individual washers and dryers. Project partners included Thomas J. Brennan Architects, MCB Engineering Associates and Morris Construction Management. Kearny Bank provided construction financing.

February 25, 2021

Arkansas Development Multifamily Southeast

Mia Rose, ERC Construction Break Ground on 234-Unit Multifamily Community in Springdale, Arkansas

by Julia Sanders February 24, 2021

SPRINGDALE, ARK. — Mia Rose Holdings and ERC Construction Group have formed a joint venture to build Pure Springdale, a 16-building, 234,000-square-foot multifamily community in Springdale. Courtyard Building and Block LLC is the architect, Crafton Tull is the engineer of record and Trinity Multifamily is the property manager. Mia Rose and ERC recently broke ground on the 234-unit property, which is scheduled to be complete in fall 2022. The project includes new construction of one- and two-bedroom apartment units on 13.7 acres. The apartment complex will feature walking trails, three ponds, a resort-inspired pool, 1,300-square-foot fitness center, technology lounge/business center, gated dog park and numerous green spaces with grills and seating. All units will have washers and dryers, Energy Star-rated kitchen appliances, energy-efficient mechanical systems, upgraded interior finishes and window coverings. Single-car garages will be available for 32 residents at an additional fee. Pure Springdale is the first joint venture project between Mia Rose Holdings and ERC Construction Group LLC. Mia Rose Holdings is a St. Louis-based developer, and ERC Construction Group is an Arkansas-based general contractor.

February 24, 2021

Georgia Loans Multifamily Southeast

American Street Capital Arranges $8.1M Loan for Multifamily Complex in Riverdale, Georgia

by Julia Sanders February 24, 2021

RIVERDALE, GA. — American Street Capital (ASC) has arranged an $8.1 million cash-out refinance loan for River Ridge Apartments, a 150-unit multifamily complex in Riverdale. The borrower and agency lender’s names were not disclosed. Edward Streit of ASC arranged the Fannie Mae loan, which features a 12-year term with two years of interest-only payments and a 30-year amortization schedule. The loan retired the existing agency debt. Built in 1972 and renovated in 2019, River Ridge is a 20-building community, with 110 two-bedroom and 40 three-bedroom apartments. The market-rate property is located at 235 Roberts Drive, approximately 7.4 miles from Hartsfield-Jackson Atlanta International Airport. Community amenities include 276 surface parking spaces, a common laundry facility, playground and an onsite property manager.

February 24, 2021

Acquisitions Multifamily Texas

Morningside Group Acquires 232-Unit Urban Crest Apartments in North San Antonio

by Taylor Williams February 24, 2021

SAN ANTONIO — An affiliate of Chicago-based investment firm Morningside Group has acquired Urban Crest, a 232-unit apartment community in north San Antonio. Built in 2015, the property features studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, social lounge, conference center, game room, outdoor grilling areas and a pet park. Patton Jones and Matt Michelson of Newmark represented the seller, Austin-based CFH Investment Partners, in the transaction. Urban Crest was 88 percent occupied at the time of sale.

February 24, 2021

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