Multifamily

Trion, PCCP Acquires Two Multifamily Properties in Colorado Springs for $80M

by Amy Works April 7, 2021

COLORADO SPRINGS, COLO. — Trion Properties, along with its equity partner PCCP, has purchased a two-property apartment portfolio in Colorado Springs for a combined total of $80 million. Trion acquired both properties from one seller that held legacy ownership over each. Totaling 406 units, the portfolio includes the 200-unit Quail Cove at 3308 Quail Lake Road and the 206-unit Highland Park at 4815 Garden Ranch Drive. Built in 1983, Quail Cove features a mix of one- and two-bedroom units with washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies or patios. Additionally, the property underwent $5 million in capital improvements within the past five years, including new roofs, landscaping and clubhouse upgrades. Highland Park features a mix of one- and two-bedroom units with spacious floorplans, washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies and patios. The property underwent nearly $2 million in improvements within the last five years. Winston Black and Frank Farrell of Berkadia represented both parties in the transaction. Continental Partners arranged financing for both deals from Freddie Mac, through Andrew Kwok of Capital One.

April 7, 2021

Development Multifamily Texas

StreetLights Residential Breaks Ground on 377-Unit Multifamily Community in Northwest Austin

by Taylor Williams April 7, 2021

AUSTIN, TEXAS — StreetLights Residential has broken ground on a 377-unit multifamily community in the Lakeline neighborhood of northwest Austin. The project represents the Dallas-based firm’s third phase of its larger Presidio project. Units will come in one-, two- and three-bedroom formats and range in size from 676 to 1,763 square feet. Residences will be furnished with custom cabinetry, granite countertops and tile backsplashes. Amenities will include a pool, yoga lawn, coworking spaces, coffee bar, fitness center, pet wash and spa and lounge with space for personal projects or art classes. The first two phases of the Presidio development, The Elizabeth and The Michael, opened in 2019 and 2016, respectively. StreetLights Creative Studio is the architect of record for the project and is handling all interior design in-house. SLR Construction LLC is the general contractor. A tentative completion date for the third phase was not released.

April 7, 2021

Arizona Development Loans Multifamily Western

Cavan Cos. Receives $62M Construction Loan for Multifamily Project in Glendale, Arizona

by Amy Works April 7, 2021

GLENDALE, ARIZ. — Cavan Cos. has received a $62 million construction loan for the development of Bungalows on Cotton Lane, a built-to-rent community in Glendale. Jeremy Korer and Kristian Brown of Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix arranged the financing for the borrower, while ACRES Capital originated the financing. Situated on 35 acres, the gated community will feature 336 single-story one-, two- and three-bedroom residences and more than 850 parking spaces.

April 7, 2021

Acquisitions Multifamily Texas

CDC Houston Acquires 268-Unit Mark at CityPlace Apartments in Houston

by Taylor Williams April 7, 2021

HOUSTON — An entity managed by CDC Houston, which is an affiliate of New York-based Coventry Development Corp., has acquired Mark at CityPlace Springwoods Village, a 268-unit apartment community in Houston. Designed by WGW Architects, the property features one-, two- and three-bedroom units ranging in size from 572 to 1,599 square feet. Residences are furnished with stone countertops, tile backsplashes, stainless steel appliances and full-sized washers and dryers. Amenities include a pool, outdoor kitchen, fitness center, demonstration kitchen, library, conference rooms and a club area. The seller, a subsidiary of Houston-based Martin Fein Interests Ltd., will continue to manage the property, which it originally opened in 2017.

April 7, 2021

Acquisitions Maryland Multifamily Southeast

Concord Communities Acquires Four Apartment Properties in Northeast Baltimore for $29.5M

by Julia Sanders April 7, 2021

BALTIMORE, MD. — Concord Communities, a Washington, D.C.-based affordable housing owner and developer, has acquired four apartment properties totaling 340 units in northeast Baltimore for $29.5 million. Ralph Crozier led the acquisition on behalf of Concord Communities on an internal basis, and Christine Espenshade of Newmark represented the seller. The sales price and seller were not disclosed. The communities — Walther Avenue Apartments, Hazelcrest Apartments and Northern Village Apartments East and West — are located within one mile of each other. Built in 1967, the 64-unit Walther Avenue Apartments offers residences ranging from studio to two-bedroom floor plans across six three-story buildings. The community was 95 percent occupied at the time of sale. Hazelcrest Apartments, located at 5717 Plainfield Ave., was built in 1965. The 48-unit apartment community features two-bedroom apartment units across eight two-story buildings. Hazelcrest was 95 percent occupied at the time of sale. Northern Village Apartments East and West, located at 6623 Pioneer Drive, was built in 1972 and consists of 228 units in total. The communities offer a mix of one-, two- and three-bedroom floor plans across 23 two-story buildings. The Northern Village property was 97 percent occupied at the time of sale. Concord Communities is …

April 7, 2021

Illinois Loans Midwest Multifamily

Meridian Capital Group Arranges $57M Loan for Refinancing of Residential, Commercial Building in Chicago

by Kristin Harlow April 7, 2021

CHICAGO — Meridian Capital Group has arranged a $57 million loan for the refinancing of The Residences at Eagle Building, a residential and commercial building in Chicago’s Lakeview neighborhood. Completed in 2019, the asset includes 134 apartment units and 20,000 square feet of commercial space that is leased to Starbucks, Smylie Brothers and Lakeview Food Pantry. The geothermal property rests on top of 60 wells that extend 500 feet below ground, supplying heat and cooling for the building. Additionally, 130 solar panels on the roof help generate electricity. The Residences at Eagle Building is a LEED Gold property. An insurance company provided the 15-year loan, which features an interest rate of 3 percent. Gershon Friedman of Meridian’s Chicago office arranged the loan on behalf of the borrower, Dave Gassman of DLG Management. Of the $57 million total loan amount, the lender has disbursed $47 million to the borrower. The remaining $10 million will be disbursed once the property reaches stabilization.

April 7, 2021

Loans Midwest Missouri Multifamily

KeyBank Secures $54M Acquisition Financing for Apartment Complex in Chesterfield, Missouri

by Kristin Harlow April 7, 2021

CHESTERFIELD, MO. — KeyBank Real Estate Capital has secured $54 million of fixed-rate Fannie Mae financing for the acquisition of The Parq at Chesterfield in suburban St. Louis. Irvine, Calif.-based Passco Cos. was the borrower. Built in 2019, the 345-unit apartment complex spans three buildings on 13 acres. Amenities include a pool, spa, fitness center, business center, clubhouse and corporate suites. Caleb Marten and Chris Neil of KeyBank structured the financing.

April 7, 2021

Affordable Housing Development Illinois Midwest Multifamily

McHugh Construction, Brown & Momen Break Ground on $17.1M Mixed-Income Development in Chicago

by Kristin Harlow April 7, 2021

CHICAGO — James McHugh Construction Co. and Brown & Momen Inc. have broken ground on 508 Pershing at Oakwood Shores, a 53-unit mixed-income development in Chicago’s Bronzeville neighborhood. As part of a public-private partnership led by The Community Builders, the residential and retail building marks the latest phase of the larger Oakwood Shores project, which will span more than 100 acres. Located at 508 E. Pershing Road, the four-story building will include 50 one-bedroom units and three two-bedroom units. There will be 7,000 square feet of amenity space and management offices as well as 3,500 square feet of street-level retail space. Completion of the $17.1 million project is slated for February 2022. Nia Architects and Antunovich Associates are the architects. Of the 53 units, 36 will be low-income housing tax credit units for households earning up to 80 percent of the area median income. The remaining 17 units will be market rate. National Affordable Housing Trust provided project funding in partnership with investor UnitedHealth Group. The project is situated on land formerly occupied by the Chicago Housing Authority’s Ida B. Wells, Madden Park and Clarence Darrow Homes. All told, Oakwood Shores will be home to more than 2,000 rental and …

April 7, 2021

Acquisitions Kentucky Multifamily Southeast

Kirkland Co. Negotiates $7.6M Sale of Griffin Gate Apartments in Hopkinsville, Kentucky

by Julia Sanders April 7, 2021

HOPKINSVILLE, KY. — Brian Devlin, Brandon Wilson and John Seale of The Kirkland Co. have brokered the $7.6 million sale of Griffin Gate, an 80-unit multifamily complex located in Hopkinsville. The buyer was Fisher Bay LLC and the seller was Drury-McCoy LLC. Griffin Gate includes one-, two- and three-bedroom floorplans. The property is located at 302 Griffin Gate Drive, close to the Nashville MSA and about 18 miles from Fort Campbell. The community amenities and features include a pool with restrooms and gathering areas, nine-foot and vaulted ceilings, Energy Star appliances, water heaters, windows and HVAC, patio/balcony area, storage room, lighted carports, stainless steel or black appliances, cherry cabinets, quarry tile-kitchen and bathrooms and washer/dryer connections.

April 7, 2021

Loans Multifamily Northeast Pennsylvania

Naftali Credit Partners Provides $10M Mezzanine Loan for Philadelphia Multifamily Project

by Taylor Williams April 7, 2021

PHILADELPHIA — Naftali Credit Partners, a debt fund and subsidiary of global investment firm Naftali Group, has provided a $10 million mezzanine loan for a multifamily project that is under construction at 4224 Baltimore Ave. in Philadelphia. The six-story property will be located in the University City neighborhood will consist of 132 units and 19,000 square feet of retail space. The borrower and developer is New York City-based Thylan Associates.

April 7, 2021

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