Multifamily

Rosewood, Trinsic Residential to Develop 339-Unit Aura Avery Ranch Apartments in Austin

by Taylor Williams August 4, 2020

AUSTIN, TEXAS — A partnership between two Dallas-based firms, Rosewood Property Co. and Trinsic Residential Group, will develop Aura Avery Ranch, a 339-unit apartment community that will be located on the north side of Austin. Designed by Davies Collaborative, the property will be built on 16.1 acres and will offer amenities such as a pool, fitness center, dog park and a resident clubhouse. The first units are expected to be available for lease by spring 2021, and full completion is slated for 2022.

August 4, 2020

Development Multifamily Texas

Presidium Begins Leasing 272-Unit Apartment Community at Pecan District in Metro Austin

by Taylor Williams August 4, 2020

PFLUGERVILLE, TEXAS — Texas-based developer Presidium has begun leasing Presidium The Pecan District, a 272-unit apartment community in the northern Austin suburb of Pflugerville. The property represents Phase I of the Texas-based developer’s Pecan District mixed-use project, a multi-phase project that will feature more residential units, office space and retail and restaurant space. Mark Odom Studios designed the apartment community, which features one- and two-bedroom units and amenities such as a pool, fitness center, coworking spaces, a game lounge and an outdoor kitchen. Full completion is scheduled for September.

August 4, 2020

Loans Multifamily Texas

Hunt Real Estate Capital Provides $11M Loan for Refinancing of Dallas Multifamily Asset

by Taylor Williams August 4, 2020

DALLAS — Hunt Real Estate Capital has provided an $11 million loan for the refinancing of Buckner Village Apartments, a 172-unit multifamily asset in Dallas. Built in 1972, Buckner Village Apartments is a garden-style workforce housing community that was approximately 98 percent occupied at the time of the loan closing. The loan carried a fixed interest rate and a 12-year term with two years of interest-only payments. Duke Stone of Churchill Capital placed the loan on behalf of the borrower, Texas-based JAG Acquisitions LLC.

August 4, 2020

Acquisitions Arizona Multifamily Western

Western Wealth Capital Sells Signature Place Apartments in Tempe for $62.5M

by Amy Works August 4, 2020

TEMPE, ARIZ. — Western Wealth Capital has completed the sale of Signature Place, a multifamily asset located at 600 W. Grove Parkway in south Tempe. Knightvest Capital acquired the property for $62.5 million. Signature Place features 300 apartments with nine-foot ceilings, fully equipped kitchens, full-size washers/dryers and private patios. Select units feature walk-in closets, dual vanities and fireplaces. Community amenities include two swimming pools, a fitness center, lighted tennis courts and outdoor grilling areas. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction.

August 4, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Ensign Group Acquires 224-Unit Seniors Housing Campus in Tempe, Arizona

by Amy Works August 4, 2020

TEMPE, ARIZ. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of a post-acute care retirement campus located in Tempe. The acquisition includes Tempe Post Acute, a 62-bed skilled nursing facility, and Desert Marigold Senior Living of Tempe, a senior living center with 72 assisted living beds and 90 independent living units. These acquisitions bring Ensign’s growing portfolio to 226 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns the real estate at 92 healthcare operations.

August 4, 2020

Acquisitions California Multifamily Western

Levin Johnston Arranges $34.3M Sale of Three-Property Multifamily Portfolio in Bay Area

by Amy Works August 4, 2020

SUNNYVALE, LOS GATOS AND SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sales of three apartment properties located in the Bay Area for a total consideration of $34.2 million. Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap represented the seller and procured the buyer for the sales. Details on the buyer and seller were not disclosed. The transactions include: The $15.3 million sale of 1234 Sunnyvale Saratoga Road in Sunnyvale. Originally constructed in 1963, the property features 34 units in a mix of studio, one-, two- and three-bedroom layouts. The $11.5 million sale of a 24-unit multifamily property located at 100 Oak Rim Way in Los Gatos. Constructed in 1961, the building features four one-bedroom/one-bath units and 20 two-bath/one-and-a-half bath units. The $7.5 million sale of 2905 Old Almaden Road, a 25-unit property in San Jose. Built in 1961, the 20,196-square-foot building features 20 one-bedroom/one-bath units, four two-bedroom/two-bath apartments and a three-bedroom/two-bath unit. The three communities each feature a community courtyard, picnic area, private carports, security cameras and an on-site laundry facility.

August 4, 2020

District of Columbia Features Loans Multifamily Southeast Southeast Feature Archive

US Multifamily Originations to Decline 20 to 41 Percent in 2020, Says Freddie Mac

by John Nelson August 4, 2020

WASHINGTON, D.C. — In its midyear multifamily outlook report, Freddie Mac predicts U.S. multifamily loan originations will drop severely for all of 2020 due to the outbreak of COVID-19 and the big blow the virus has dealt the U.S. economy. The gross domestic product from April to June plunged 32.9 percent on an annualized basis, according to the U.S. Commerce Department. The government-sponsored enterprise (GSE) is projecting that loan volume will decrease 20 to 41 percent across the multifamily sector this year compared with the total dollar amount of loans closed by lenders in 2019, which Freddie Mac estimates was $374 billion. Heading into this year, Freddie Mac expected that loan originations would increase 5 percent in 2020 to $390 billion. Depending on the overall strength of the U.S. recovery and the further spread of COVID-19, Freddie Mac outlined two scenarios for how the year will play out. The more optimistic scenario calls for the unemployment rate to fall just below 8 percent by the end of the year. The U.S. unemployment rate, which stood at 11.1 percent at the end of June, will be updated Friday when the Department of Labor releases the nonfarm payroll employment report for July. …

August 4, 2020

Acquisitions Loans Multifamily Texas

PCCP Acquires $99.3M Loan Secured by Star Apartment Complex in Downtown Houston

by Taylor Williams August 3, 2020

HOUSTON — PCCP has acquired a $99.3 million senior loan that is collateralized by The Star, a historic property in downtown Houston that was recently redeveloped into a 286-unit apartment complex with 26,442 square feet of ground-floor retail space. In conjunction with the purchase, PCCP has entered into a modified loan agreement with the original borrower, Dallas-based Provident Realty Advisors. The Star was originally constructed as the headquarters building for Texaco and was vacated in 1989. Provident Realty purchased the building in 2013 and completed its repositioning project in 2018.

August 3, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 147-Unit Self-Storage Facility in Metro Houston

by Taylor Williams August 3, 2020

CYPRESS, TEXAS — Marcus & Millichap has brokered the sale of Creekside Storage, a 147-unit self-storage facility located at 14660 Spring Cypress Road in Cypress, a northwestern suburb of Houston. The facility spans 33,600 square feet of net rentable space. Dave Knobler and Casey Kral of Marcus & Millichap represented the seller, a private investor, in the transaction. An El Paso-based limited liability company purchased the asset for an undisclosed price.

August 3, 2020

Development Multifamily New York Northeast

JLL Arranges $55M in Joint Venture Equity for Queens Multifamily Project

by Taylor Williams August 3, 2020

ASTORIA, N.Y. — JLL has arranged $55 million in joint venture equity for a multifamily project in the Astoria neighborhood of Queens. The project will be constructed on a 2.5-acre site at 30-77 Vernon Blvd and will consist of 534 units across three buildings. Stephen Palmese, Rob Hinckley, Jeffrey Julien, Nicco Lupo and Steven Rutman of JLL worked on behalf of the developer, Cape Advisors, to secure the undisclosed equity partner.

August 3, 2020

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