Multifamily

Investors Management Group Buys San Antonio Multifamily Community for $33M

by Taylor Williams April 27, 2021

SAN ANTONIO — California-based Investors Management Group (IMG) has purchased Encore281 Apartments, a 228-unit multifamily property in north San Antonio, for $33 million. The property features one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, clubhouse with a coffee bar, picnic area and a dog park. Sean Sorrell, Greg Toro and Robert Arzola of JLL brokered the deal, the seller of which was not disclosed. Charlie Mentzer of Capital One Multifamily Finance originated Freddie Mac acquisition financing for IMG, which plans to invest $1.2 million in capital improvements.

April 27, 2021

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens Bellevue Overlake Seniors Housing Community Near Seattle

by Amy Works April 27, 2021

BELLEVUE, WASH. — Aegis Living has opened Aegis Living Bellevue Overlake, located in the city of Bellevue where the company is headquartered. The community features 122 senior living apartments in the 106,000-square-foot-building. Its opening follows Aegis Living’s joint acquisition of 10 communities across California, Washington, and Nevada. Aegis has eight additional communities in development, including communities in Kirkland and the Eastlake neighborhood of Seattle. Aegis Living Bellevue Overlake is the first community Aegis Living has designed to be fully centered in the scientific benefits of biophilia and the innate connection to nature, a concept that has been shown to elicit a therapeutic response both physical and emotionally, according to Aegis. “We are delighted to open a community that is rooted in nature, bringing the outdoors in and creating an oasis in the city, particularly coming out of a year when the COVID-19 pandemic demonstrated just how important home is,” says Aegis founder, CEO and chairman Dwayne Clark.

April 27, 2021

Affordable Housing California Loans Multifamily Seniors Housing Western

Greystone Provides $29.9M in HUD-Insured Financing for Affordable Housing Property in Pomona, California

by Amy Works April 27, 2021

POMONA, CALIF. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona. Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL. The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property. Originally constructed by the borrower in 2002, Serenity Villas is an age- and income-restricted apartment community for adults aged 55 years and older. Set across six mid-rise elevator buildings, the property offers one- and two-bedroom units, including Section 8 voucher units.

April 27, 2021

Colorado Development Multifamily Western

John Buck Co., Element Properties Break Ground on 86-Unit Apartment Community in Boulder

by Amy Works April 27, 2021

BOULDER, COLO. — Chicago-based The John Buck Co. and Boulder-based Element Properties have broken ground for Platform, a multifamily property within S’PARK, a 6.8-acre mixed-use, mixed-income multifamily development in Boulder. Situated on 1.2 acres at 3350 Bluff St., Platform will feature 86 apartments in a mix of studio, one-, two- and three-bedroom apartments, as well as ground-level retail space. Residents of Platform will also be able to use the amenities of Timber, a sister apartment community located across the street. KTGY is designer for the project, which is slated for completion in summer 2022.

April 27, 2021

Acquisitions Multifamily Northeast Pennsylvania Student Housing

University Partners Acquires 755-Bed Student Housing Community Near Pennsylvania State University

by Taylor Williams April 27, 2021

STATE COLLEGE, PA. — University Partners has acquired HERE, a 755-bed student housing community located near the Pennsylvania State University campus in State College. The property was built in 2020 and offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities include 30,000 square feet of retail space, private study rooms and a penthouse sky lounge with a kitchen and deck, as well as a spa with a hot tub and sauna.

April 27, 2021

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Merchants Capital Provides $18.2M Loan for Affordable Seniors Housing Property in Harlem

by Taylor Williams April 27, 2021

NEW YORK CITY — Merchants Capital has provided an $18.2 million loan for Mannie Wilson Towers, a 102-unit seniors affordable housing property in Harlem. The building was originally constructed in 1892 as the Syndenham Hospital and converted to a residential use after closing in 1980. Mannie Wilson Towers now consists of one- and two-bedroom units that are reserved for residents age 62 and above who earn 50 percent or less of the area median income. The borrower, West Harlem Group Assistance Inc., will use the proceeds to fund capital improvements and preserve the property’s affordability. The loan was structured with a 30-year term and a 40-year amortization schedule.

April 27, 2021

Content Partner Features Leasing Activity Midwest Multifamily Office Retail Southeast Texas Walker & Dunlop Western

Walker & Dunlop: U.S. Economy Displays Long-Term Signals for Recovery, Growth

by Sarah Daniels April 27, 2021

Back to Normal? The U.S. economy has improved significantly since April 2020, the peak of the pandemic-induced recession. The national unemployment rate stood at 6.0 percent in March of this year, well below the peak of 14.8 percent in April 2020. Companies were effective in implementing work-from-home technology, keeping unemployment rates for office-based service sectors relatively low. For those with a bachelor’s degree or higher, unemployment rates were only 3.7 percent as of March 2021. In 2020, third-quarter GDP growth made up much of the second-quarter losses, followed by 4 percent annualized economic growth in the fourth quarter. Retail sales also rebounded quickly, returning to pre-pandemic levels by June and continuing to increase through the beginning of 2021. However, the U.S. economy is still far from “normal.” Of the 22 million people who lost jobs in March and April 2020, only 57.8 percent had regained employment by March 2021. Stronger growth should return jobs to industries hit hardest during the pandemic. In March of this year, restaurants and bars added 176,000 jobs; arts, entertainment and recreation venues added 64,000 jobs and accommodations added 40,000 jobs. Still, employment in the overall leisure and hospitality sector is down by 3.1 million, or 18.5 …

April 27, 2021

Acquisitions California Multifamily Top Stories Western

Waterford, Development Authority Jointly Acquire Metro LA Apartments for $300M, Plan Workforce Housing Conversion

by Amy Works April 27, 2021

GLENDALE, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Altana, an apartment community located at 633 N. Central Ave. in Glendale, for $300 million. The partnership plans to convert the 507-unit property to workforce housing. Upon taking ownership, Waterford and CSCDA will immediately lower rents for qualified new residents making 80 percent to 120 percent of the area median income (AMI) in Los Angeles County. Current tenants who qualify can participate in the program during lease renewals. The AMI for Los Angeles County is $52,574 annually, which translates to roughly $4,381 per month. To be considered affordable, a household would need to spend less than 30 percent of its monthly income on rent. For Los Angeles County and Glendale, this means that rents equal to or less than $1,314.30 per month are deemed affordable for households earning 100 percent of AMI. Rental rates at Altana currently range from $2,235 per month for a one-bedroom unit to $4,340 for a two-bedroom apartment and loft layout, according to the property website. In partnership with CSCDA, Waterford has now acquired four multifamily communities in California since the start of the year as part of …

April 27, 2021

Loans Multifamily Texas

PCCP Provides $30M Acquisition Loan for Houston Multifamily Property

by Taylor Williams April 26, 2021

HOUSTON — Los Angeles-based PCCP LLC has provided a $30 million acquisition loan for Alexan Southside, a 270-unit multifamily property located at 4139 Bellaire Blvd. within Houston’s inner loop. The borrower was Lubbock-based Madera Residential. Built in 2017, the four-story property consists of 190 one-bedroom units averaging 752 square feet and 80 two-bedroom units averaging 1,241 square feet. Units are furnished with stainless steel appliances, custom cabinets, granite/quartz countertops, nickel fixtures and individual washers and dryers. Amenities include a pool, fitness center, business center, private courtyards, grilling areas and a private dining room.

April 26, 2021

Loans Multifamily Oklahoma Texas

NorthMarq Arranges $22.5M Loan for Refinancing of Oklahoma City Apartments

by Taylor Williams April 26, 2021

OKLAHOMA CITY — NorthMarq has arranged a $22.5 million bridge loan for the refinancing of The Restoration at Candlewood, a 328-unit apartment community in northwest Oklahoma City. The property features one-, two-, three- and four-bedroom units and amenities such as two pools, a clubhouse, fitness center, outdoor grilling areas, dog park and a children’s play area. Connecticut-based Avant Capital provided the financing, proceeds of which will be used to repay an existing first mortgage and to complete an ongoing renovation project. The borrower was not disclosed.

April 26, 2021

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