MIAMI — Transcendent Electra, a joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM) and multifamily owner/operator Electra America, has purchased 1,889 new single-family homes. The company has $496 million in contract process and closing and another $1 billion in the pipeline. This acquisition marks Transcendent Electra’s first significant acquisition since launching in February. The properties are new single-family homes and townhomes that are purchased directly from homebuilders throughout the following markets: Birmingham and Huntsville, Ala.; Florida; Savannah and Atlanta, Ga.; North Carolina; South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin in Texas. Transcendent Electra aims to acquire or develop approximately $3 billion in SFR housing over the next three years, with a focus on new-build homes in the $175,000 to $300,000 price range, where average rent will be $1,500 to $2,800 per month.
ILLINOIS, INDIANA AND MICHIGAN — RHP Properties has acquired a portfolio of 29 manufactured home communities across Illinois, Indiana and Michigan for $184 million. The communities contain more than 4,200 sites. RHP plans to add new or enhanced amenities, playgrounds and roads. The company also plans to add new homes at affordable prices, where residents can enjoy the privacy of a single-family home with the energy-efficient features and design of a manufactured home. The seller was undisclosed. With these acquisitions, RHP now owns and operates 297 manufactured home communities totaling 71,184 sites.
OCONOMOWOC, WIS. — Developer Mandel Group has selected McShane Construction Co. to build Hackney House Apartments at Pabst Farms in Oconomowoc, about 35 miles west of Milwaukee. The apartment community will include 302 units across 20 garden-style and townhome buildings. Amenities will include a 4,000-square-foot clubhouse, fitness center, outdoor pool, grill area, dog wash and bike storage. HUD 221(d)(4) financing will be used to finance the project. Completion is slated for April 2023. BSB Design is the architect.
THE WOODLANDS, TEXAS — Tampa-based investment firm American Landmark has purchased Pine Creek Ranch, a 240-unit apartment community located about 30 miles north of Houston in The Woodlands. Built in 2005, the property features one- and two-bedroom units with granite countertops, walk-in closets and individual washers and dryers. Amenities include a pool, resident clubhouse, tennis court and an outdoor picnic area. The seller was not disclosed. American Landmark, which now owns 41 properties in Texas and 17 in the Houston area, will invest $2.7 million in capital improvements and rebrand the community as Stone Creek at The Woodlands.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.5 million loan for the refinancing of a 65-unit multifamily property in Houston. The loan was structured with a fixed 3.45 percent interest rate, a 10-year term and three years of interest-only payments. Jamie Safier of MMCC arranged the financing on behalf of the undisclosed borrower. The property name and direct lender were also not disclosed.
MONROE, N.Y. — New York City-based finance firm Eastern Union has arranged a $28 million construction loan for a 159-unit multifamily project in Monroe, located about 60 miles north of Manhattan. The loan was structured with a 24-month term and a 75 percent loan-to-cost ratio. Abraham Bergman and Yossi Orzel of Eastern Union originated the financing. The direct lender was a New Jersey-based bank, and the borrower was a local family office.
CHELSEA, MASS. — Bellingham Square LLC, a partnership between Vantage Real Estate, Harbor Run Development and Wallace Capital, has acquired a portfolio of six multifamily buildings totaling 90 units in Chelsea, a northeastern suburb of Boston. The sales price was $19 million. The portfolio features studio, one- and two-bedroom units and has a historical occupancy rate above 97 percent. John Kelly and Collin Brennan of CBRE arranged $15 million in acquisition financing for the deal. A portion of those proceeds will be used to fund renovations.
AURORA, COLO. — Watermark Residential, a wholly owned affiliate of Indianapolis-based Thompson Thrift, has completed the disposition of The Townhomes at Dayton Station, a leased townhome community in Aurora. RedPeak acquired the asset for $33.5 million. Located at 3899 S. Dallas St., the property features 12 three-story buildings offering a total of 63 townhomes for renters. Each private-entry townhome features a three- or four-bedroom layout, two-car garage, ample storage, gourmet bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs and full-size washers/dryers.
DENVER — Capstone has brokered the sale of Sherman Commons, a 35-unit apartment community located at 10 S. Sherman St. in Denver’s West Washington Park neighborhood. An undisclosed buyer acquired the asset from an undisclosed seller for $8 million. The property offers a studio unit, 24 one-bedroom units and 10 two-bedroom units, as well as 34 off-street tenant parking spaces. This year, the building underwent renovations including new windows, stairs and landings. Brandon Kaufman and Nik MacCarter of Capstone represented the buyer in the deal.
By Dylan Simon, Kidder Mathews As we left 2020 behind, we collectively hoped that turning the calendar to 2021 would stem to tide of COVID and bring about a V-shaped economic recovery. Alas, we enter this spring with many of the same hold-over concerns from a very rocky 2020. Thankfully, stability is right around the corner! A comprehensive and broad recovery may not be immediately recognizable, but there are signs economic stability is imminent for the Seattle apartment market. Big Tech is Getting Back to Work Big Tech evacuated urban centers in March 2020, taking with it urban-dwelling apartment renters. Apartment rental rates across Seattle, San Francisco and New York City plummeted more than 30 percent in the ensuing months. Once these “occupiers” return, that light-switch will once again flip in the positive-growth position. Facebook announced in March that it is reopening its Seattle offices. Just as Big Tech was quick (and smart) to shut down in-office operations at the outset of COVID-19, it will act similarly quickly (and intelligently) in reopening its offices. Expect the reopening trend to spread throughout Big Tech in a coordinated and swift fashion as that industry tends to know it is more innovative and competitive …