Multifamily

The Opus Group, McKinney Fund Deliver 520-Bed Student Housing Community Near UAB

by Alex Tostado December 11, 2020

BIRMINGHAM, ALA. — The Opus Group and The McKinney Fund have delivered Ascend Five Points South, a 520-bed student housing community near the University of Alabama at Birmingham (UAB). The property offers studio to four-bedroom floor plans with rents starting at $739 per month. Communal amenities include a pool, fitness center, study rooms and a spa. The asset is situated at 1001 20th St. S., adjacent to the UAB campus. The design team for Ascend Five Points South included Rabren General Contractors, Myefski Architects and Creative License International. Asset Living manages the community.

December 11, 2020

Acquisitions Multifamily Texas

Alex. Brown, Continental Acquire 250-Unit Apartment Community in San Antonio

by Taylor Williams December 11, 2020

SAN ANTONIO — A joint venture between Baltimore-based investment firm Alex. Brown Realty and Continental Realty Group has acquired The Club at Stone Oak, a 250-unit apartment community in northern San Antonio. Built in 2005, the property features a mix of one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, outdoor kitchen and a game room. The new ownership will implement a value-add program that will enhance unit interiors, common areas and amenity spaces. The seller was not disclosed.

December 11, 2020

Acquisitions Multifamily Texas

FourPoint Brokers Sale of Newly Built Fitzroy San Marcos Apartments

by Taylor Williams December 11, 2020

SAN MARCOS, TEXAS — FourPoint Investment Sales Partners has brokered the sale of The Fitzroy San Marcos, a 176-unit multifamily community in Central Texas that was built in 2020. Units are furnished with stainless steel appliances, granite countertops and designer finishes. Amenities include a pool with cabanas, a 24-hour fitness center and a business center. Kevin Dufour and Kyle Peco of FourPoint represented the seller in the off-market transaction. The Texas-based buyer plans to own and operate the property on a long-term basis. Rents start at approximately $1,080 per month for a one-bedroom unit, according to Apartments.com.

December 11, 2020

Loans Multifamily Texas

Greystone Provides $22.9M HUD-Insured Loan for Refinancing of Multifamily Asset in Metro Dallas

by Taylor Williams December 11, 2020

GARLAND, TEXAS — Greystone has provided a $22.9 million HUD loan for the refinancing of Carriage Homes on the Lake, a 147-unit multifamily asset located in the northeastern Dallas suburb of Garland. Built in 2015, the property consists of 15 three-story buildings housing one- and two-bedroom units. Amenities include a pool, fitness center, business center, clubhouse and outdoor picnic areas. Eric Rosenstock, Paul Smyth and Cary Williams of Greystone originated the loan, which carries a fixed interest rate and a 39-year term and amortization schedule, through HUD’s 223(a)(7) program. The borrower was Bridgeview Multifamily.

December 11, 2020

Arizona Development Loans Multifamily Western

ACRES Capital Originates $28M Construction Loan for Apartment Community Near Phoenix

by Amy Works December 11, 2020

MARICOPA, ARIZ. — ACRES Capital has originated a $28 million loan for the construction and stabilization of Bungalows on Bowlin, a single-story multifamily property located at Bowlin Road and John Wayne Parkway in Maricopa. Cavan Cos., a Scottsdale, Arizona-based real estate developer, is the borrower and has developed multiple Bungalow-branded projects across the Phoenix area. Bungalows on Bowlin will feature 196 apartments, a resort-style swimming pool and spa, a farmhouse-style clubhouse and 426 on-site parking spaces. Once completed, the 16-acre property will be one of the only single-story rental communities in the Maricopa submarket. Jeremy Korer of Cushman & Wakefield arranged the loan.

December 11, 2020

Development Multifamily New Jersey Northeast

AvalonBay to Develop 374-Unit Apartment Community in Somerville, New Jersey

by Taylor Williams December 11, 2020

SOMERVILLE, N.J. — AvalonBay Communities (NYSE: AVB), a Virginia-based multifamily REIT, will develop a 374-unit apartment community in Somerville, about 40 miles west of New York City. The community will be situated on 15 acres and will be part of Somerville Station, a transit-served, mixed-use development in the downtown area. Units will feature studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, courtyards with grilling stations, coworking space and a pet park. Somerset Development, the master developer of Somerville Station, sold the land on which the property will be built. Construction is underway and expected to be complete in the third quarter of 2023.

December 11, 2020

Loans Midwest Multifamily Wisconsin

JLL Arranges $87.6M in Construction Financing for 25-Story Ascent Apartments in Milwaukee

by Kristin Harlow December 11, 2020

MILWAUKEE — JLL Capital Markets has arranged $87.6 million in construction financing for Ascent, a 25-story, 259-unit luxury apartment tower in Milwaukee. Upon completion, Ascent will be the tallest mass timber building in the world, according to JLL. The 272,475-square-foot development will offer one-, two- and three-bedroom units averaging 1,052 square feet. Slated to deliver in summer 2022, the development will also include 8,000 square feet of retail space. Amenities will include an indoor and outdoor pool, sauna, lounge, fitness center and a rooftop with event space, fire pits, outdoor cinema area, shared workspaces and views of Lake Michigan. Timothy Joyce and Trent Niederberger of JLL arranged the financing on behalf of the borrower, a partnership between New Land Enterprises and Wiechmann Enterprises. Bank OZK provided senior financing while Hines Realty Income Fund provided a mezzanine loan. Construction is now underway. Mass timber is a category of framing styles typically characterized by the use of large solid wood panels for wall, floor, and roof construction.

December 11, 2020

Multifamily Seniors Housing Texas

Capital Senior Living to Turn 18 Communities Over to Fannie Mae to Reduce Debt by $217.7M

by Taylor Williams December 10, 2020

DEER PARK, TEXAS — Capital Senior Living Corp. (NYSE: CSU) has completed the operational transfer of its independent living community in the Houston suburb of Deer Park to Fannie Mae, the holder of the community’s nonrecourse debt. The Deer Park community is the first of 18 properties the company will transition to Fannie Mae under a cooperative process initiated in August 2020. A Dallas-based operator, CSU plans to enhance liquidity and improve operating cash flow by eliminating underperforming operations and focusing on its core owned and managed portfolio. CSU expects all 18 of the community transitions to be completed by the end of the first quarter of 2021, which the company estimates will reduce its debt load by $217.7 million and improve annual cash flow by $10 million. The Deer Park transfer alone will extinguish $19.4 million in debt for CSU.

December 10, 2020

Development Multifamily Seniors Housing Texas

Imprint, Batson-Cook Break Ground on Active Adult Community in New Braunfels, Texas

by Taylor Williams December 10, 2020

NEW BRAUNFELS, TEXAS — A partnership between California-based Imprint Property Group and Atlanta-based Batson-Cook Development Co. has broken ground on Larkspur at Creekside, an active adult community in the San Antonio suburb of New Braunfels. The project is being developed within New Braunfels Town Center at Creekside, a 400-acre master-planned community, and will consist of 152 units and 32 cottages for adults age 55 and over. HEDK Architects is the architect for the project, and Godfrey Construction Co. is the general contractor. Completion is scheduled for early 2022.

December 10, 2020

Acquisitions Multifamily Texas

BSR REIT Sells Four Apartment Communities in Texas as Part of $86M Deal

by Taylor Williams December 10, 2020

HOUSTON, BEAUMONT AND LONGVIEW, TEXAS — Arkansas-based BSR REIT has sold four apartment communities in Texas as part of a five-property disposition that fetched a sales price of $86 million. The portfolio included Windsor Estates I and II, two apartment communities in Houston that were built in the early 2000s. Also included was The Pointe in Beaumont (built in 2004), and Willow Lake in Longview (built in 1977). The fifth property was located in Little Rock, Ark. The buyer and number of units at each community were not disclosed, but the total size of the portfolio was 890 units.

December 10, 2020

Newer Posts

Older Posts