Multifamily

Housing Trust Group Delivers Affordable Housing Community in Palm Coast, Florida

by Julia Sanders March 15, 2021

PALM COAST, FLA. — Housing Trust Group (HTG) has developed The Palms at Town Center, an 88-unit affordable housing community located at 470 Bulldog Drive in Palm Coast. The property is 100 percent occupied. The development opened in February 2021 and cost $17.8 million to build. The Palms at Town Center features three three-story buildings and a clubhouse. The new community offers a mix of units including 30 one-bedroom, 50 two-bedroom and eight three-bedroom units. Units feature open floor plans, full-sized Energy Star appliances, ceiling fans and washers and dryers. Community amenities include a swimming pool, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations. The affordable apartment complex is a mixed-income community, consisting of 32 units for families at or below 30 percent of the area median income (AMI), eight units for those at or below 60 percent of AMI and 48 units for those at or below 80 percent of AMI. Rents will range from $273 for a one-bedroom and up to $1,242 for a three-bedroom apartment. The reduced rents were made possible through the use of the federal Low Income Housing Tax Credit program and Florida Housing SAIL program. The Florida-based construction and …

March 15, 2021

Acquisitions Multifamily Texas

Sterling Equities Buys 364-Unit Flatiron | Domain Apartments in Austin

by Taylor Williams March 15, 2021

AUSTIN, TEXAS — New York-based Sterling Equities has purchased Flatiron | Domain, a 364-unit luxury apartment building located within the 300-acre Domain mixed-use development on Austin’s north side. Built in 2019, the community offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center and a coffee shop with workspaces. Patton Jones of Newmark represented the seller, Texas-based Stonelake Capital Partners, in the off-market transaction. The property was 93 percent occupied at the time of sale.

March 15, 2021

Acquisitions Multifamily Texas

Greystone Brokers Sale of 424-Unit Lakeside Apartments in Dallas

by Taylor Williams March 15, 2021

DALLAS — Greystone has brokered the sale of Lakeside Apartments, a 424-unit multifamily community located near the corner of Walnut Hill and Central Expressway in Dallas. Built in 1979, the property features a mix of one- and two-bedroom units and amenities such as a pool, clubhouse and a business center. The buyer and seller, both of which requested anonymity, were respectively based out of California and Texas. Chibuzor Nnaji and Mark Allen of Greystone brokered the deal.

March 15, 2021

Acquisitions Multifamily Texas

CAF Capital, Trinity Sell 360-Unit Multifamily Community in San Antonio

by Taylor Williams March 15, 2021

SAN ANTONIO — A partnership between Dallas-based CAF Capital Partners and Trinity Private Equity Group has sold Overlook at Stone Oak Park, a 360-unit multifamily community in San Antonio. Built on 27 acres in 2014, the garden-style property consists of 18 residential buildings, a clubhouse, pool and a fitness center. The average unit size is 986 square feet. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, represented the partnership in the transaction. The duo also procured the buyer, Univest Inc.

March 15, 2021

Affordable Housing Loans Multifamily Texas

Bellwether Provides $12.2M Agency Loan for Refinancing of Dallas Affordable Housing Property

by Taylor Williams March 15, 2021

DALLAS — Bellwether Enterprise has provided a $12.2 million Fannie Mae loan for the refinancing of Villas del Solamar, a 212-unit affordable housing property in Dallas. Anthony Tarter of Bellwether originated the loan through Fannie Mae’s Healthy Housing Rewards program, in which the sponsor, San Diego-based Comunidad Realty Partners (CRP), will self-impose rental restrictions. As such, CRP is restricting 60 percent of the community’s units are reserved for renters earning 60 percent or less of the area median income and will receive a discount on the interest rate of the loan.

March 15, 2021

Loans Michigan Midwest Multifamily

Greystone Provides $17.2M Acquisition Loan for Apartment Community Near Detroit

by Kristin Harlow March 15, 2021

HARRISON CHARTER TOWNSHIP, MICH. — Greystone has provided a $17.2 million Freddie Mac loan for the acquisition of The Shores of Lake St. Clair in Harrison Charter Township, just northeast of Detroit. The garden-style apartment community spans 13 buildings with 222 units. The complex was originally built in 1968. Amenities include a clubhouse, fitness center, pool, sports court and playground. Dan Sacks of Greystone originated the loan on behalf of Lightstone. The fixed-rate loan features a 10-year term and a 30-year amortization schedule with five years of interest-only payments. In addition to the acquisition, loan proceeds will be used for capital expenditures and property renovations.

March 15, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers Pair of Illinois Multifamily Transactions Totaling $13.6M

by Kristin Harlow March 15, 2021

CHICAGO AND EVANSTON, ILL. — Interra Realty has brokered a pair of multifamily sales totaling $13.6 billion. The first property is located in Chicago’s Logan Square at 1944 N. Spaulding Ave. Brad Feldman of Interra represented both the seller, Maven Real Estate Partners, and the buyer, Lauber Property Management. The 37-unit building sold for $7.2 million. It was built in 1929 and renovated in 2014. The buyer plans to spend $1 million on renovations. The second asset is located at 909 Washington St. in Evanston. The 37-unit building sold for $6.4 million. Feldman represented the seller, Robinson Rentals, as well as the private buyer. Robinson had owned the property for 43 years and completed renovations on about half of the units. The new owner plans to repair the roof and continue unit upgrades.

March 15, 2021

Development Midwest Minnesota Multifamily

Multifamily Development Site in Suburban Minneapolis Sells for $4.6M

by Kristin Harlow March 15, 2021

RICHFIELD, MINN. — Developer Schafer Richardson has purchased a 3.5-acre site in Richfield, an inner ring suburb of Minneapolis, for $4.6 million. Richardson plans to build a Class A apartment complex with 237 market-rate units to be named Rya Apartments. Andy Heieie, Ted Bickel and Jeff Budish of Colliers | Minneapolis-St. Paul represented the undisclosed seller of the land, which is located on Richfield Parkway. A timeline for construction was not disclosed.

March 15, 2021

Development Multifamily Seniors Housing Top Stories

Maplewood Senior Living, Omega Healthcare Investors Open 23-Story Senior Living Community in Manhattan

by Julia Sanders March 12, 2021

NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. have opened Inspīr Carnegie Hill, a high-rise senior living community in Manhattan’s Upper East Side neighborhood. Inspīr Carnegie Hill rises 23 stories at 1802 Second Ave. The property features 215 units of assisted living and memory care with a range of studio to two-bedroom options and over 50,000 square feet of amenity spaces. Community amenities include a salon, an open-air SkyPark, a lounge, library, fitness center, heated saltwater pool, screening room, two fine dining options with meals included, a 24-hour attended lobby, concierge, Mercedes-Maybach house car available daily and limousine service available upon request. Additionally, the community will offer residents Stage Access, an on-demand streaming platform that delivers performing arts content directly to residents via television or virtual reality. The seniors housing community also has a partnership with The Actors Fund, which integrates entertainment and arts professionals into the rhythm of each day through dance, music, storytelling and acting. Claire Davenport has joined the property’s integrated care team as house geriatrician through a collaboration with the Brookdale Department of Geriatrics and Palliative Medicine at the Icahn School of Medicine at Mount Sinai, which was recently ranked the No. …

March 12, 2021

Development Loans Mixed-Use Multifamily Office Southeast Virginia

BHI Provides $26.5M Construction Financing for Mixed-Use Conversion Project in Richmond

by Julia Sanders March 12, 2021

RICHMOND, VA. — BHI, a commercial bank based in New York, has provided $26.5 million in construction financing for the redevelopment of 629 E. Main St. in downtown Richmond, a 12- story office building that will be converted to a mixed-use property. Douglas Development Corp. (DDC) is the borrower, and it plans to convert the property into 188 rental units with studios, one- and two-bedroom apartments, as well as 132,806 square feet of commercial space. Built in 1922, the property will have a complete renovation of the building, while still preserving its historic interior and architectural details. The property is located 0.4 miles from the Virginia State Capitol building and a half-mile from City Hall. BHI is the U.S. operation of Israel-based Bank Hapoalim. 629 Main Street is the second transaction that BHI has funded for DDC.

March 12, 2021

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