INDIANAPOLIS — An affiliate of Inland Private Capital Corp. has sold Solana Apartments in Indianapolis to a real estate fund managed by Covenant Capital Group. The 384-unit waterfront apartment community is situated in the Keystone Crossing submarket of Indianapolis. The three-story property was built in 2014. Amenities include a pool, clubhouse, business center, fitness center and game room. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller.
HIGHLAND PARK, MICH. — Berkadia has brokered the sale of the Palmer Park Portfolio, a four-property multifamily portfolio totaling 144 units in Highland Park, a suburb of Detroit. The sales price was undisclosed. The properties include Parkview Court East, Parkview Court West, Parkway Apartments and Whitmore Plaza. Kevin Dillion, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan and Corey Krug of Berkadia’s Great Lakes team represented the seller, BSG Management Co., as well as the buyer, Urban Communities.
CHICAGO — ShainRealty Capital has acquired Madison Terrace, a 96-unit affordable housing property located at 3147 W. Madison St. in Chicago’s East Garfield Park, for $8.2 million, or $93 per square foot. The sales price represents a cap rate of 6.9 percent. The property was built in 1986. Units average 800 square feet, and most are leased on a Section 8 basis via the Chicago Housing Authority. ShainRealty plans to implement a renovation plan. Arbor Realty Trust provided a $6.7 million Fannie Mae loan for the acquisition. Jeff Baasch and Finley Askin of SVN Chicago Commercial brokered the sale.
IRVING, TEXAS — Locally based general contractor KWA Construction has topped out 880 LYN, a $46 million apartment project located on 3.4 acres in Irving’s Las Colinas district. Designed by REES Associates and developed by Legacy Partners and HGC Investment Management, 880 LYN will feature 293 units ranging in size from 580-square-foot studio apartments to 1,945-square-foot two-bedroom units. Amenities will include a pool, spa, fitness center, demonstration kitchen, wine grotto, sports lounge, business center, video conferencing facility and a private party suite. Residents will also have access to water taxi services, as well as paddleboards and kayaks, on Lake Carolyn. Completion is slated for October 2021.
NEW YORK CITY — Black Bear Capital Partners (BBCP) has arranged $186.4 million for the refinancing of a portfolio of 16 multifamily properties totaling 1,126 units in The Bronx. Bryan Manz, Emil DePasquale, Phil Bowman and Jack Cohen of BBCP arranged 16 separate loans through Fannie Mae’s Green Rewards program, which provides savings to apartment owners that commit to reducing annual water and/or energy usage by at least 30 percent. The borrower was locally based owner-operator Finkelstein Timberger East Real Estate. The loans were structured with an averaged fixed interest rate of 2.98 percent for 12 years with partial interest-only payments, followed by 30-year amortization schedules.
READINGTON, N.J. — New Jersey-based developer Larken Associates has received approval for The Ridge at Readington, a 254-unit multifamily redevelopment in Readington, about 50 miles west of New York City. The 17.2-acre site was originally intended to house an eight-building office campus that was branded Readington Commons. The new multifamily community will consist of 10 buildings featuring one- and two-bedroom units across 21 different floor plans. Amenities will include a pool, fitness center, resident clubhouse, outdoor lounge area, children’s play area and a dog park. Completion is scheduled for spring/summer 2022.
The recent webinar “What Will Denver Multifamily Activity Look Like in 2021?“, hosted by Western Real Estate Business, brought together industry leaders to discuss how the area’s apartment sector can continue to operate successfully. What can investors and developers expect in 2021? Tune in to this two-part presentation for an in-depth discussion of investor insights, followed by an analysis from developers. See below for a list of some important topics covered, including rent collection, occupancy levels, investment activity, cap rates and much more. Panel One: Investment Managing uncertainty in acquisitions Work-from-home considerations Valuations and how they have been impacted Tenants and collections Interest rates and debt markets Cap rates Panel Two: Development Rising costs for building Rent relief and delinquency Asset returns and equity Leverage, capital stacks and acquisitions Impact of COVID-19 protocols on leasing, renewals and evictions 2021 multifamily revenue predictions Development Panel: Craig Stack, Colliers International (moderator) Bobby Khorshidi, Archway Capital Phillip Gause, Marcus & Millichap David Moghaven, Trion Properties Jason Wine, Avanti Enrique Huerta of Clear Capital Investment Panel: Mike McKenzie, Dwight Capital (moderator); Lane Cutter, Legacy Partners Cory Palmeiro, MPC. Christopher Gillies, LMC – A Lennar Company Emilie Baratta, Turnbuckle Development Doug Elenowitz, Trailbreak Partners Webinar sponsors: Archway …
ARLINGTON, VA. — Phillips Realty Capital has arranged a $141.8 million refinancing loan for The Sur, a 360-unit apartment community in Arlington’s National Landing district. Erkiletian Development Co. delivered the property earlier this year and will use the funding to recapitalize the construction loan, with reserves funding additional lease-up costs. KKR provided the three-year, non-recourse loan, which features interest-only payments and extension options. The Sur offers studio to three-bedroom floor plans. According to Apartments.com, unit interiors range from 507 to 1,419 square feet and rents range from $1,989 to $7,728 per month. Communal amenities include 16,503 square feet of retail space, a fitness center, firepits, Zen garden, pet spa, conference center, pool and a clubhouse. The Sur is located at 3400 Potomac Ave., five miles south of downtown Washington, D.C., and one mile south of Amazon’s HQ2 campus. Adam Bieber, Malcolm Shaw and Bill Wrench or Phillips Realty represented the borrower in the loan transaction.
MARIETTA, GA. — Capital One Commercial Banking has provided a $43.7 million Freddie Mac refinancing loan for Stratford Ridge, a 446-unit apartment complex in Marietta. FCP is the owner and borrower. Thomas Reynolds of Capital One originated the 10-year term loan, which features a fixed interest rate below 3 percent and five years of interest-only payments followed by a 30-year amortization schedule. The loan utilizes the Secured Overnight Financing Rate (SOFR) in the United States, avoiding the need to switch from LIBOR when it comes to an end at the end of 2021. Stratford Ridge offers one- to four-bedroom floor plans. Communal amenities include a pool, fitness center, package lockers and a dog park. The community is situated at 2560 Delk Road, 15 miles northwest of downtown Atlanta.
RICHMOND, VA. — Enterprise Community Development (ECD) has completed construction of The Rosa, an affordable seniors housing community in Richmond’s historic Jackson Ward neighborhood. Partners on the project include the City of Richmond, the Richmond Redevelopment & Housing Authority, Virginia Housing (formerly VHDA), the Federal Home Loan Bank, the U.S. Department of Housing and Urban Development (HUD), Truist Financial Corp., Enterprise Housing Credit Investments and the Virginia Department of Housing and Community Development. Grimm + Parker served as the project architect, while Harkins Builders was the general contractor. The four-story building features 82 mixed-income apartments, including 36 affordable units designated for workforce housing. The Rosa is named after the former school on the site. Although primarily new construction, the project included the adaptive reuse of a historic convent into eight of the multifamily units, as well as the preservation of a garden established by the Catholic Diocese to commemorate the former site of St. Joseph’s Catholic Church, believed to be the first Catholic congregation for African-Americans in the South. The complex also features 6,000 square feet of retail space. All residents of The Rosa previously lived in Fay Towers, a 200-unit senior community built in 1976. The ribbon cutting of …
