Multifamily

MBK Rental Living Buys Development Site for 292-Unit Apartment Community in Duarte, California

by Amy Works October 7, 2020

DUARTE, CALIF. — MBK Rental Living has purchased a 3.4-acre site in Duarte for the development of 292-unit apartment community in Duarte, situated 11 miles from downtown Pasadena and 22 miles from downtown Los Angeles. MBK is developing the project in partnership with Haseko Corp. Located along the Interstate 210 corridor and steps away from City of Hope Metro Gold Line, the five-story, transit-oriented development will feature a mix of flats and lofted studios, one-, two- and three-bedroom units, as well as co-living apartments. Amenities will include a fitness center and resort-style pool and spa, clubroom and “Bru Hause” gathering spot. Construction of the property, which will also include an eight-story parking structure, is scheduled to start in 2022. The new development is situated adjacent to Esperanza at Duarte Station, the partnership’s first project that will deliver 344 apartments upon completion in mid-2023.

October 7, 2020

California Loans Multifamily Western

Greystone Funds $52M Fannie Mae DUS Refinancing for Manufactured Housing Community in San Jose

by Amy Works October 7, 2020

SAN JOSE, CALIF. — Greystone has provided a $52.2 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 434-unit manufactured housing community in San Jose. Tim Thompson of Greystone originated the transaction for the borrower, Chateau La Salle LLC. The financing has a 10-year term and 30-year amortization, with a fixed rate and full-term interest-only payments. The loan enables the borrower to refinance its existing Greystone loan and monetize its existing equity in the property. Built in 1980, Chateau La Salle consists of 434 pads across 58 acres. Property amenities include a community clubhouse with wine tasting room, swimming pool, fitness center, laundry facilities and tennis courts.

October 7, 2020

Loans Multifamily Texas

Associated Bank Provides $34.3M Loan for Rehabilitation of Houston Apartments

by Taylor Williams October 7, 2020

HOUSTON — Associated Bank has provided a $34.3 million loan for the rehabilitation of Pinewood Apartments, a 240-unit affordable housing community in Houston that was built in 2001. The borrower, Minnesota-based Dominium Management Services LLC, acquired the property earlier this year. Renovations will preserve the affordability of all units for renters earning 60 percent or less of the area median income and will include new lighting, appliances and countertops, as well as the addition of in-unit washers and dryers. In addition, Dominium will upgrade amenity spaces, including the dog park, outdoor grilling area and pavilion. Renovations are expected to be complete in the second quarter of next year.

October 7, 2020

Acquisitions Multifamily North Carolina South Carolina Southeast

Morgan Properties Purchases $323M Multifamily Portfolio in Carolinas

by Alex Tostado October 6, 2020

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 18-property multifamily portfolio in North and South Carolina for $323 million. The portfolio comprises 3,256 units, primarily located in metro Charlotte. King of Prussia-based Morgan Properties now owns nearly 5,000 units in the Carolinas. The 10 properties in and around Charlotte comprise 2,243 garden-style units. The properties include Village at Brierfield, Wexford and Sharon Pointe in Charlotte; Parkway Station, Trinity Station and Waters Edge in Concord; Kannon Station and McClain Heights in Kannapolis; Woodbrook in Monroe; Alexander Station, Ashton Woods and Lakewood in Salisbury; and Huntersville Apartment Homes in Huntersville. The other three North Carolina properties total 562 units and include Highland Ridge in High Point, Clemmons Station in Clemmons and Enclave at North Point in Winston-Salem. The three properties in South Carolina include Gable Oaks in Rock Hill, 1022 West in Gaffney and Station 153 in Anderson. The three communities comprise 583 units. Morgan Properties plans to implement a $20 million renovation program throughout the portfolio, which will include upgrading curb appeal; renovating kitchens and bathrooms; upgrading communal amenities to include dog parks, playgrounds, fitness centers, club rooms and package rooms with Amazon hub lockers; and installing washers and …

October 6, 2020

Acquisitions Maryland Multifamily Southeast

JLL Negotiates Sale of 538-Unit Multifamily Community Near D.C.

by Alex Tostado October 6, 2020

GAITHERSBURG, MD. — JLL has arranged the sale of Cadence at Crown, a 538-unit multifamily community in Gaithersburg. JRK Property Holdings acquired the asset for an undisclosed price. The property offers studio to three-bedroom floor plans averaging 863 square feet. Communal amenities include a pool, sundeck, 24-hour fitness center, internet café, conference room, gaming lounge, pet spa and electric car charging stations. The community is situated at 113 Ellington Blvd., 21 miles north of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the undisclosed seller in the transaction.

October 6, 2020

Acquisitions Arizona Multifamily Western

Rockwood Capital Sells MetroPointe Apartments Near Phoenix for $96.7M

by Amy Works October 6, 2020

TEMPE, ARIZ. — Rockwood Capital has completed the sale of MetroPointe Apartments, a multifamily property located in Tempe. Cortland acquired the asset for $96.7 million, or $233,133 per unit. Built in 2009, the property features 415 apartments in a mix of one-, two- and three-bedroom layouts, two swimming pools and a spa. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

October 6, 2020

Arizona Development Multifamily Seniors Housing Western

Ryan Cos. Breaks Ground on 248-Unit Clarendale Arcadia Seniors Housing Project in Phoenix

by Amy Works October 6, 2020

PHOENIX — Ryan Cos. has broken ground on Clarendale Arcadia, an independent living, assisted living and memory care community in Phoenix. The project is a joint venture between Harrison Street, LCS and Ryan. The partnership entered into a long-term ground lease with the landowner, LAKO. Located on six acres, the 347,346-square-foot community will feature 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. Independent living residences will range from 696 square feet to 1,692 square feet, and assisted living residences will range from 439 square feet to 1,315 square feet. Fifth Third Bank N.A. acted as administrative agent and lead arranger alongside Regions Bank as syndication agent to finance the project. The amount of the financing was not disclosed. Craig Coppola of The Coppola Cheney Group at Lee & Associates worked on behalf of the land lessor and Ryan Cos. to negotiate this transaction. According to a market study conducted by Moore Diversified Services, senior living is undersupplied in this area, and the nearby communities that exist were built, on average, in 1990. ORB Architecture LLC is the project architect. Thoma-Holec Design is the interior designer. Phase I is scheduled for completion in summer 2022, followed …

October 6, 2020

Loans Multifamily Texas

BRES, Advalurem Receive $60.5M Loan for Refinancing of Apartment Community in Metro Dallas

by Taylor Williams October 6, 2020

LEWISVILLE, TEXAS — A joint venture between real estate services firm BRES and New York-based investment firm Advalurem Group has received a $60.5 million Freddie Mac loan for the refinancing of Bella Madera, a 612-unit apartment community in the northern Dallas suburb of Lewisville. Bella Madera features one- and two-bedroom units and amenities such as a pool, fitness center, two dog parks, a volleyball court and a tanning studio. The Class A property was 97 percent occupied at the time of the loan closing. The loan was structured with a 10-year term and a sub-3 percent fixed interest rate. The lender was not disclosed.

October 6, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $78.8M in Financing for Multifamily Redevelopment in South Boston

by Taylor Williams October 6, 2020

BOSTON — MassHousing has provided $78.8 million in financing for the third phase of the redevelopment of Old Colony, a federal housing development originally built in 1940 in South Boston. The borrower, Beacon Communities LLC, in partnership with the Boston Housing Authority, will demolish 135 older public housing units at the Anne M. Lynch Homes and construct 170 new affordable homes for lower-income families and senior citizens. The project is part of the larger redevelopment of Old Colony, which has thus far added 420 new apartments and townhomes to the local supply.

October 6, 2020

Acquisitions Massachusetts Multifamily Northeast

Rockport Mortgage Arranges $32.8M Loan for Refinancing of Metro Boston Apartments

by Taylor Williams October 6, 2020

STONEHAM, MASS. — Rockport Mortgage Corp. has arranged a $32.8 million HUD loan for the refinancing of Mountain View Terrace Apartments, a 194-unit community located in the northern Boston suburb of Stoneham. Built in 1981 and renovated in 2011, the property sits on 8.2 acres and offers one- and two-bedroom apartments as well as three- and four-bedroom townhomes. A portion of the proceeds will be used to fund capital improvements. The owner of the property is 7th AP Co. LP.

October 6, 2020

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