Multifamily

MG Properties Acquires Andante Apartments in Phoenix for $145.2M

by Amy Works January 13, 2021

PHOENIX — San Diego-based MG Properties Group has purchased Andante Apartments, a Class B multifamily property in Phoenix, for $145.2 million. The name of the seller was not released. Rocco Mandala of CBRE arranged a 10-year, fixed-rate, $99.4 million Fannie Mae loan for the buyer. Built in phases between 1999 and 2002, Andante Apartments features 576 units in a low-density setting. Common amenities include three swimming pools with picnic areas, a resident clubhouse and fitness center. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the deal.

January 13, 2021

Acquisitions Arizona Multifamily Western

Dominium Sells 184-Unit HUE97 Apartments in Mesa to Colrich Group

by Amy Works January 13, 2021

MESA, ARIZ. — Dominium Group has completed the disposition of HUE97 Apartments located at 9736 E. Balsam Ave. in Mesa. Colrich Group acquired the asset for an undisclosed price. HUE97 Apartments features 184 units and recently underwent a $5 million repositioning and renovation program. NorthMarq’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle represented the buyer and seller in the transaction. Additionally, Steve Hollister and Aaron Beck of NorthMarq arranged $32.1 million in Freddie Mac financing for the buyer. The 15-year loan features seven years of interest-only payments at 3 percent.

January 13, 2021

Development Florida Hospitality Multifamily Single-Family Rental Southeast Top Stories

Dart Interests to Redevelop 1,100-Acre Resort Bordering Walt Disney World in Orlando

by Kristin Harlow January 13, 2021

ORLANDO, FLA. — Dart Interests has unveiled plans to redevelop Villas at Grand Cypress in Orlando into a massive vacation rental resort and hotel project named Evermore Orlando Resort. The 1,100-acre resort is adjacent to Walt Disney World. At full buildout in 2023, the 10,000-bedroom project will represent an equity investment in excess of $1 billion. Evermore’s first phase will include nearly 1,500 rooms spread across single-family rental homes, villas, flats and hotel guestrooms. Plans call for 69 houses ranging in size from five to 11 bedrooms. “Dart is introducing an entirely new hospitality category that will change the landscape of vacation rental homes,” says Christopher Kelsey, president of Dart. “We are creating the first-ever wholly owned, large-scale community of purpose-built vacation rental homes and operating them with hotel-quality standards.” According to Kelsey, Dart’s approach to this project solves the main problem for vacation renters — uncertainty in the quality of the home. The centralized ownership model ensures the same quality for each residence, as opposed to most other vacation homes that are owned by individuals. In addition to vacation homes, the complex will also include 76 four-bedroom flats, 41 two- and four-bedroom villas and a Conrad hotel, which is …

January 13, 2021

Florida Loans Multifamily Southeast

JLL Provides $50.5M Refinancing Loan for Multifamily Community in South Florida

by Alex Tostado January 12, 2021

AVENTURA, FLA. — JLL has provided a $50.4 million Freddie Mac refinancing loan for Lincoln Pointe Apartments in Aventura. JLL Real Estate Capital LLC, a Freddie Mac Optigo lender, will service the loan. The 285-unit property comprises four three-story buildings with one- and two-bedroom floor plans averaging 904 square feet. Communal amenities include a clubhouse, fitness center, business center and a pool. The complex is located at 17900 NE 31st Court, 19 miles north of downtown Miami. Elliott Throne and Steven Klein of JLL originated the loan on behalf of the borrower, a partnership between New York City-based firms LCOR and Madison International Realty.

January 12, 2021

Development Illinois Midwest Multifamily

MZ Capital Partners Begins Pre-Leasing 112-Unit Apartment Community in Naperville, Illinois

by Kristin Harlow January 12, 2021

NAPERVILLE, ILL. — MZ Capital Partners has begun pre-leasing efforts for Vantage Naperville Apartments. The 112-unit apartment community, located at 1350 E. Ogden Ave. in Naperville, is slated to open in April. To commemorate the opening of the property, MZ donated a gift to the Northern Illinois Food Bank that will feed a local family of four for an entire year. Vantage Naperville Apartments features small studio and one-bedroom units with monthly rents as low as $950. Residents who pre-lease units are eligible to receive one month of free rent. Amenities include a fitness center, package pickup, common areas and private work suites.

January 12, 2021

Loans Multifamily Texas

Berkadia Provides $29.7M Agency Loan for Refinancing of Palazzo Apartments in San Marcos

by Taylor Williams January 12, 2021

SAN MARCOS, TEXAS — Berkadia has provided a $29.7 million Freddie Mac loan for the refinancing of Palazzo, an apartment community located in the Central Texas city of San Marcos. According to Apartments.com, the property was built in 1997 and totals 300 units in one-, two- and three-bedroom formats. Amenities include a pool, a fitness center, clubhouse, business center and a dog park. Andy Hill and Tyler Nowlin of Berkadia originated the 10-year loan, which was structured with five years of interest-only payments and a 30-year amortization schedule. The borrower, Florida-based Atlantic Pacific Real Estate Group, originally acquired the property in 2014.

January 12, 2021

Affordable Housing Development Multifamily New York Northeast

NRP Group Breaks Ground on 179-Unit Workforce Housing Project in New Rochelle, New York

by Taylor Williams January 12, 2021

NEW ROCHELLE, N.Y. — The NRP Group has broken ground on Renaissance at Lincoln Park, a 179-unit workforce housing project in New Rochelle, located north of New York City. The project will also include the construction of a 23,400-square-foot Boys & Girls Club facility that will feature a gym, basketball court, recording studio, demonstration kitchen, administrative offices and other rooms for work and play. The NRP Group is developing the project in partnership with Guion Renaissance Housing Development Finance Corp. (HDFC), Kensworth Consulting, The Boys & Girls Club of New Rochelle and The City of New Rochelle. The total development cost of the project is $97 million. The New York State Homes & Community Renewal provided $48 million of tax-exempt bonds issued by its Housing Finance Agency to help fund development costs.

January 12, 2021

Acquisitions Multifamily New York Northeast

Alpha Realty Brokers $25M Sale of Multifamily Portfolio in Queens

by Taylor Williams January 12, 2021

NEW YORK CITY — Locally based firm Alpha Realty has brokered the $25 million sale of a five-building, 115-unit multifamily portfolio in the Far Rockaway area of Queens. All of the buildings recently underwent full renovation programs that added new roofs and windows, as well as electrical and mechanical systems. Lev Mavashev of Alpha Realty represented the seller and buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.8 percent.

January 12, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $8.5M Sale of Apartment Property in Morristown, New Jersey

by Taylor Williams January 12, 2021

MORRISTOWN, N.J. — Kislak Co. has arranged the $8.5 million sale of a 23-unit luxury multifamily property in the Northern New Jersey city of Morristown. Units at the property, which was built in 2015, feature individual washers and dryers, balconies and two assigned private parking spaces. Joseph Keenan and Robert Holland of Kislak represented the seller, Morristown Gateway LLC, in the transaction. Jason Pucci and Justin Lupo, also with Kislak, procured the buyer, an affiliate of regional multifamily owner-operator The Kamson Corp. The property was 96 percent occupied at the time of sale.

January 12, 2021

Affordable Housing California Development Multifamily Western

Alta Housing Breaks Ground on $46.3M Wilton Court Affordable Housing Project in Palo Alto

by Amy Works January 12, 2021

PALO ALTO, CALIF. — Alta Housing (formerly Palo Alto Housing), a nonprofit affordable housing developer, has broken ground on Wilton Court, a 100 percent affordable housing community in Palo Alto. Located at 3705 El Camino Real, the four-story property will feature 59 units offering independent living for a mix of single- and two-person households earning between 30 percent and 60 percent of the area median income. Twenty-one of the units are reserved for adults with intellectual or developmental disabilities. The property is within walking distance of a grocery store, retail, restaurants, parks and public transportation. The project team includes L&D Construction Co. as general contractor and PYATOK as designer. Completion is scheduled for summer 2022. The City of Palo Alto, Santa Clara County, Wells Fargo Bank, Enterprise Community Partners California Community Reinvestment Corp., California Tax Credit Allocation Committee, California Department of Housing and Community Development, and California Municipal Finance Authority are providing financing for the $46.3 million project.

January 12, 2021

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