Multifamily

Silver Point, Origin Investments Acquire 462-Unit Ashley Oaks Apartments in San Antonio

by Taylor Williams December 3, 2020

SAN ANTONIO — New Jersey-based Silver Point Group and its Chicago-based preferred equity partner Origin Investments have acquired Ashley Oaks Apartment Homes, a 462-unit multifamily community in San Antonio. Built in phases between 1985 and 1995, the property is located approximately 15 miles from the downtown district and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling areas. The seller was LivCore, a subsidiary of Blackstone Group.

December 3, 2020

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 160-Unit Monterey Apartments in Irving

by Taylor Williams December 3, 2020

IRVING, TEXAS — CBRE has negotiated the sale of Monterey Apartments, a 160-unit multifamily community in Irving. The property was built in 1971, offers a pool and a playground and was 73 percent occupied at the time of sale. Chris Deuillet and William Hubbard of CBRE represented the seller, Plano-based Elmstone Group, in the transaction. The buyer was Forney, Texas-based BeazWorkz Investing.

December 3, 2020

Acquisitions Multifamily Texas

Rastegar Property Buys 30-Unit Lamar Oaks Apartments in North Austin

by Taylor Williams December 3, 2020

AUSTIN, TEXAS — Locally based investment firm Rastegar Property Co. has purchased Lamar Oaks, a 30-unit apartment complex on Austin’s north side. The property was built in 1969 and consists of 19,650 net rentable square feet. Rastegar will implement a value-add program to unit interiors and amenity spaces, including greater air circulation and social distancing in common areas. The seller was not disclosed.

December 3, 2020

Inwood-at-Renaissance-Square-Marlton-New-Jersey

Development Multifamily New Jersey Northeast

Canoe Brook, RD Management Begin Leasing 338-Unit Apartment Community in Marlton, New Jersey

by Taylor Williams December 3, 2020

MARLTON, N.J. — A partnership between Canoe Brook Development and RD Management has begun leasing Inwood at Renaissance Square, a 338-unit luxury apartment community in Marlton, located outside Philadelphia. The property offers studio, one- and two-bedroom units ranging in size from 602 to 1,238 square feet. Units feature custom cabinetry, quartz countertops and backsplashes, stainless steel appliances and individual washers and dryers. Communal amenities include a pool, fitness center, conference room, golf lounge and simulator and an onsite public park with a playground and dog run. Rents start at approximately $1,500 per month for a studio apartment.

December 3, 2020

Acquisitions Massachusetts Multifamily Northeast

Chozick Realty Brokers $9.2M Sale of Two Multifamily Assets in Western Massachusetts

by Taylor Williams December 3, 2020

AGAWAM AND WEST SPRINGFIELD, MASS. — Connecticut-based brokerage firm Chozick Realty has arranged the $9.2 million sale of Elizabeth Manor and Imperial Apartments, two multifamily assets totaling 115 units in Western Massachusetts. Elizabeth Manor is a 40-unit property in Agawam that was built in 1966, and Imperial is a 75-unit complex that was built in 1970. Tom Boyle and Steve Pappas of Chozick Realty represented the seller, Dow Management LLC, and procured the New York-based buyer in the transaction.

December 3, 2020

Iowa Loans Midwest Missouri Multifamily

NorthMarq Provides $89M in FHA Financing for Five-Property Multifamily Portfolio in Iowa, Missouri

by Kristin Harlow December 3, 2020

DAVENPORT, IOWA AND KANSAS CITY, MO. — NorthMarq has provided $89 million in FHA financing for the recapitalization of five multifamily properties located in Davenport and Kansas City. All of the communities were encumbered with existing FHA debt and eligible for HUD’s 223(a)(7) refinance program. The refinance enabled the undisclosed borrower to capitalize on lower interest rates, extend amortization and improve property cash flow with the reduced cost of debt service, according to NorthMarq. Loan amounts ranged from $8.8 million to $21.7 million. Brett Hood of NorthMarq’s Chicago office originated the loans. Two of the properties, Bennington Ridge Apartments and Bennington Park Townhomes, are located in Kansas City. Bennington Ridge was constructed in 2000 and features 288 units while Bennington Park was built in 1988 and includes 164 units. The three remaining properties are located in Davenport. Jersey Meadows, built in 1985, features 288 units. Ashford, constructed in 2004, is home to 140 units. Built in 2004, Alexis at Perry Pointe features 192 units.

December 3, 2020

Development Midwest Multifamily Ohio

Pizzuti Opens 100-Unit Residences at the Sutton in Columbus, Ohio

by Kristin Harlow December 3, 2020

COLUMBUS, OHIO — The Pizzuti Cos. has opened The Residences at the Sutton, a 100-unit luxury apartment development in the Short North Arts District of Columbus. Move-ins for the first residents have begun. The six-story project features studios, one- and two-bedroom floor plans as well as 123 parking spaces. Amenities include a fitness center with Peloton bikes, yoga area and package room. The third floor includes a 2,000-square-foot amenity deck with a bocce ball court, fire pit and clubroom. Lupton Rausch Architecture was the project architect. Monthly rents start at $1,175. Residents can now receive two months of free rent on a 14-month or longer lease.

December 3, 2020

Acquisitions Midwest Minnesota Multifamily

TMC Management Sells Four-Property Multifamily Portfolio in Metro Minneapolis

by Kristin Harlow December 3, 2020

MINNEAPOLIS — TMC Management Corp. has sold a four-property multifamily portfolio totaling 104 units in metro Minneapolis. Two buyers purchased the properties in two separate transactions for undisclosed prices. The properties include Bella Vista in New Hope, Highland Gables in Brooklyn Park, Hanson Court in Crystal and Cedar Lake in Minneapolis. RST Holdings LLC acquired Bella Vista, Highland Gables and Hanson Court, while LHF Equites LLC purchased Cedar Lake. Ted Abramson and Drew Rafshol of CBRE Minneapolis Multifamily represented the seller.

December 3, 2020

Illinois Loans Midwest Multifamily

Maverick Commercial Mortgage Arranges Two Loans Totaling $5.2M for Refinancing of Chicago Multifamily Portfolio

by Kristin Harlow December 3, 2020

CHICAGO — Maverick Commercial Mortgage has arranged two Fannie Mae loans in the amounts of $3.3 million and $1.9 million for the refinancing of a six-building multifamily portfolio located on Chicago’s North Side. The portfolio totals 36 units in the Lakeview, Wrigleyville and Wicker Park neighborhoods. The 10-year, fixed-rate loans have loan-to-value ratios of 55 percent. Loan proceeds paid off the existing lender, returned equity to the borrowing entity and paid for closing costs. Matthew Cohen of Maverick arranged the loans with an undisclosed national lender.

December 3, 2020

Acquisitions Affordable Housing Hawaii Multifamily Western

Standard Communities, Stanford Carr Development Buy Kamakee Vista Affordable Housing Project in Honolulu

by Amy Works December 3, 2020

HONOLULU — Standard Communities and Stanford Carr Development, in partnership with The State of Hawaii Housing Finance & Development Corp., have closed on the final phase of its $223.9 million public-private partnership that will preserve 1,221 units of affordable housing across six properties on the islands of Oahu, Hawaii and Maui. The last phase was the acquisition of Kamakee Vista, an affordable apartment community located at 1065 Kawaiahao St. in Honolulu. The building will undergo a $14.3 million rehabilitation program to renovate unit interiors, modernize building systems and update common areas. Residents of the property will not be displaced during renovations. Built in 1992, the 28-story property features 226 residences, more than 35,000 square feet of commercial space and an attached 251-stall parking facility. The community offers a landscaped rooftop recreation deck with barbecue areas, as well as meeting space and laundry facilities.

December 3, 2020

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