Multifamily

IPA Negotiates Sale of 240-Unit Coventry Apartments in Denton, Texas

by Taylor Williams February 22, 2021

DENTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Coventry Apartments, a 240-unit multifamily community in the North Texas city of Denton. The property was built on eight acres in 2001 and features one-, two- and three-bedroom floor plans. Amenities include a pool, clubhouse, fitness center, business center, coffee bar, volleyball court and a dog park. Drew Kile, Joey Tumminello, Will Balthrope, Asher Hall and Grant Raymond of IPA represented the seller, SPI Advisory, in the transaction. Additional terms of sale were not disclosed.

February 22, 2021

Loans Multifamily Oklahoma Texas

Berkadia Provides $46.1M HUD-Insured Loan for Refinancing of Multifamily Property Near Tulsa

by Taylor Williams February 22, 2021

BROKEN ARROW, OKLA. — Berkadia has provided a $46.1 million HUD loan for the refinancing of Creekside Apartments I and II, a 380-unit multifamily property located in the Tulsa suburb of Broken Arrow. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, childcare area, business center and a dog park. Jennifer Quigley of Berkadia originated the loan through HUD’s 223(f) program on behalf of the borrower, Montana-based BlackRidge Cos. The program insures loans used to acquire or refinance existing multifamily properties that may have been originally financed with conventional or FHA-insured mortgages.

February 22, 2021

Acquisitions Multifamily Texas

Momentum Multifamily Buys 228-Unit Henry at Liberty Hills Community in East Houston

by Taylor Williams February 22, 2021

HOUSTON — Dallas-based investment firm Momentum Multifamily has purchased The Henry at Liberty Hills, a 228-unit apartment community in East Houston. The property was built in 2012 as SYNC at Liberty Hills and offers one-, two- and three-bedroom units with built-in workspaces, entertainment bars and private balconies or patios. Amenities include a pool, fitness center, a dog park, game/media room and a business center. Cutt Ableson and Colin Marusak of Berkadia arranged Freddie Mac acquisition financing and preferred equity on behalf of Momentum Multifamily for the transaction.

February 22, 2021

Development Multifamily Student Housing Texas

Spectra Student Living Underway on 180-Bed Community in Stephenville, Texas

by Taylor Williams February 22, 2021

STEPHENVILLE, TEXAS —Spectra Student Living is underway on construction of Fireside District, a 180-bed student housing development located near the Tarleton State University campus in Stephenville. The project is scheduled to be delivered in time for the 2021 fall semester. The 66-unit community will include eight three-story buildings featuring one-, two- and four-bedroom floor plans with bed-to-bath parity. Communal amenities will include a media production room, computer center, private study areas, a gaming area, bike storage, a pool with a sundeck, an outdoor social lounge and a grilling area.

February 22, 2021

Acquisitions California Multifamily Western

Colliers Negotiates $43M Sale of Historic Keystone Apartments in San Francisco

by Amy Works February 22, 2021

SAN FRANCISCO — Colliers International has arranged the sale of Keystone Apartments, a multifamily property located in San Francisco’s Nob Hill neighborhood. A San Francisco-based family sold the asset to an undisclosed buyer for $43 million. Located at 1369 Hyde St., the seven-story building features 87 apartments in a mix of 13 efficiency units, one studio, 31 one-bedroom units, 35 two-bedroom units and six two-bedroom “plus” units. At the time of sale, the property was 20 percent vacant. The property is historically and culturally significant to San Francisco as it appeared in the 1982 film 48 Hours starring Eddie Murphy and Nick Note, and has served as a general landmark for the city since its opening in 1910. The Keystone Apartments name is derived from its original developer, Keystone Real Estate Co., which developed the property as a hotel. The Devincenti Lagomarsino Team of Colliers, led by Dustin Dolby, represented the seller in the transaction.

February 22, 2021

Loans Multifamily New York Northeast

PCCP Provides $32.7M Loan for Refinancing of Leasehold Interest of Manhattan Apartment Building

by Taylor Williams February 22, 2021

NEW YORK CITY — Los Angeles-based PCCP LLC has provided a $32.7 million loan for the refinancing of the leasehold interest of Renoir House, a 151-unit apartment building located at 225 E. 63rd St. on Manhattan’s Upper East Side. An investment fund sponsored by San Francisco-based Carmel Partners acquired the leasehold interest in the property, which was built in 1962, in November 2011. Since that time, the firm has upgraded the property by renovating units, installing and improving amenity spaces and modernizing common areas. Specific loan terms were not disclosed.

February 22, 2021

Acquisitions Multifamily Nevada Western

Next Wave Investors Purchases Spanish Oaks Multifamily Community in Las Vegas for $28.1M

by Amy Works February 22, 2021

LAS VEGAS — Next Wave Investors has acquired Spanish Oaks, a 216-unit apartment property located at 2301 S. Valley View Blvd. in Las Vegas. The company purchased the asset from an undisclosed seller for $28.1 million in an off-market transaction. Built in 1976, Spanish Oaks features a mix of one- and two-bedroom units offering large closets and private balconies or patios. Community amenities include a fitness center, pool, clubhouse, laundry facilities and a leasing center. Next Wave plans to upgrade all unrenovated units through its value-add program with interior additions, including stainless steel or black appliances, lighting fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, stone countertops, new paint and tile backsplashes in kitchens. Additionally, the company plans to enhance the exterior and amenity spaces with the addition of carports, exterior paint, roofing, and upgrades to the pool area and landscaping.

February 22, 2021

Acquisitions Arizona Loans Multifamily Western

Tower Capital Arranges $24.8M Acquisition Loan for Apartment Community in Phoenix

by Amy Works February 22, 2021

PHOENIX — Tower Capital has arranged $24.8 million in acquisition financing for a two-story multifamily property located in the Phoenix I-17 Employment Corridor. The names of the borrower/buyer and seller were not released. Built in 1980 on eight acres, the community features 224 apartments, a swimming pool, leasing office, clubhouse, two on-site laundry facilities, basketball court, community playground, dog park and picnic area with barbecue grills. The non-recourse Freddie Mac loan features a seven-year, floating-rate term with two years of interest-only payments followed by a 30-year amortization schedule. Vin Basa of Tower Capital secured the financing for the buyer.

February 22, 2021

Acquisitions Arizona Multifamily Western

Metro Tucson Living Acquires Villas at Roger Road Multifamily Property in Tucson for $19M

by Amy Works February 22, 2021

TUCSON, ARIZ. — Metro Tucson Living SPE has purchased The Villas at Roger Road, a multifamily community located at 3985 N. Stone Ave. in Tucson. Equilibrium Villas sold the asset for $19 million. Located at 3985 N. Stone Ave., the property features 232 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

February 22, 2021

Development Loans Multifamily New Jersey Northeast

Progress Capital Arranges $30M Acquisition Loan for Former Hospital in Jersey City

by Taylor Williams February 22, 2021

JERSEY CITY, N.J. — Progress Capital has arranged a $30 million acquisition and construction loan for the site of the former Fairmount Hospital in Jersey City. The borrower, New York-based Monticello Equities, plans to redevelop the property into a 99-unit multifamily property with 2,240 square feet of retail space and a 75-space parking garage. Brad Domenico of Progress Capital arranged the financing through Leumi Bank.

February 22, 2021

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