PATERSON, N.J. — KeyBank’s Community Development Lending and Investment (CDLI) team has provided $5 million in acquisition financing for Rosa Parks Apartments, a 50-unit affordable housing property for seniors in Paterson. The borrower was Radiant Property Management LLC, a Newark-based real estate services company that will also manage the property following the acquisition. Eric Steinberg of KeyBank’s CDLI team structured the financing.
TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of sale of Onnix, an apartment community located in Tempe. Bridge Investment Group sold the asset to Western Wealth Capital for $117.5 million, or $178,300 per unit. Constructed in 1984 on 30 acres, Onnix features 659 apartments at the intersection of Broadway Road and McClintock Drive. The property offers a mix of studio, one- and two-bedroom layouts and one four-bedroom/four-bath unit. Community amenities include four swimming pools with cabanas, hammocks and barbecue grills, as well as a clubhouse with sauna and yoga studio. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.
DENVER — Nexus Commercial Realty has directed the sale of 1302 Milwaukee, a multifamily property in Denver. The property traded hands for $2.4 million. The names of the buyer and seller were not released. Brandon Kaufman and Nik MacCarter of Nexus represented the seller, while Gunnar Wilson of Nexus represented the buyer in the transaction. Located at the corner of 13th Avenue and Milwaukee Street, the property consists of 10 one-bedroom units and two studio apartments. The seller implemented a capital improvement program including the addition of a new boiler, windows and plumbing. The buyer plans to renovate the units and bring the rents up to market value.
Over the course of the past six months, the student housing industry has grappled with a variety of challenges. For colleges and universities, the largest hurdle heading into the fall semester was deciding the safest route to take for reopening campus. This included decisions on everything from whether or not in-person learning would be allowed, to whether students would be welcomed back into residence halls at normal volumes. These questions was deliberated over throughout the summer, sending a ripple effect through the industry as transactional volume slowed while investors waited to see how universities would proceed. As we move toward the close of October, universities have selected their path forward, and while these choices haven’t been set in stone due to the changing nature of the coronavirus, the industry is now able to get a better view of the pandemic’s impact on the fall semester and the outlook moving forward. Leaders in market analytics and multifamily research sat down for an early afternoon panel yesterday at the NMHC/InterFace Student Housing Conference to provide a comprehensive update on the economy at large with a focus on the student housing sector. Economic Update “COVID-19 ended almost an 11-year expansion period for the …
CUMMING, GA. — A joint venture between Terwilliger Pappas and Mill Green Partners will break ground this month on Solis Cumming Town Center, a $70 million apartment development in downtown Cumming. The development will include 300 apartment units and 20 townhome units. The asset will be the multifamily component of Mashburn Village, a mixed-use development that will feature 193,000 square feet of retail space and 85 single-family homes in addition to Solis Cumming Town Center. Dwell, E&M, B&C Studio and Kimley-Horn designed the community, and New South served as the general contractor. Cadence Bank provided construction financing, and Atlanta-based Preferred Apartment Communities provided a mezzanine loan. Terwilliger Pappas and Mill Green Partners expect to deliver the community in 2022.
CASSELBERRY, FLA. — McLean, Va.-based Jefferson Apartment Group has delivered Jefferson at Lake Howell, a 384-unit multifamily community in Casselberry. The property comprises 16 three-story buildings spanning 22 acres. The community offers one-, two- and three-bedroom floor plans ranging from 727 to 1,410 square feet. Unit interiors feature nine-foot ceilings, stainless steel appliances, wine refrigerators, quartz countertops and screened-in balconies. Communal amenities include two pools, fitness center, clubhouse, dog park, playground, paddleboard storage and a private dock on Lake Howell. Rents will range from $1,310 per month to $2,245 per month. The asset is situated 1124 Shoreview Circle, 13 miles northeast of downtown Orlando.
PLANO, TEXAS —San Francisco-based investment firm Hamilton Zanze has sold Fountains at Steeplechase, a 368-unit apartment community in Plano. Built in 1985, the property features one- and two-bedroom units averaging 857 square feet. Amenities include a pool, fitness center, business center, playground, clubhouse and a dog park. Hamilton Zanze acquired the property in 2013 and implemented a valued-add program that upgraded the appliances, flooring, countertops and hardware of the units, as well as the building exteriors and amenity spaces. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of Institutional Property Advisors, a division of Marcus & Millichap, worked with Bard Hoover and Nick Fluellen of Marcus & Millichap’s Dallas office to represent Hamilton Zanze in the sale. The team also procured the buyer, Bridge Partners.
AUSTIN, TEXAS — JLL has arranged a $27.1 million acquisition loan for Cannon Oaks Apartments, a 230-unit multifamily community in south Austin. Built in 2001, the property consists of 12 residential buildings that are situated on 18 acres and offer two-, three- and four-bedroom floor plans. Amenities include a recently renovated clubhouse, pool and fitness center. Marko Kazanjian, Chris McColpin, Rob Hinckley, Jackson Finch and Andrew Cohen of JLL arranged the loan through Prime Finance on behalf of the borrower, Old Three Hundred Capital. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented the seller, Arizona-based Sterling Real Estate Partners, in the transaction.
NEW ROCHELLE, N.Y. — Black Bear Capital Partners has arranged a $32 million bridge loan for the refinancing of The Millennia, a 110-unit luxury apartment complex in the northern New York City suburb of New Rochelle. The newly built property also houses 4,500 square feet of commercial space and roughly a dozen units that are reserved for renters earning 80 percent or less of the area median income. Amenities include a fitness center, private office space, outdoor grilling areas, a rooftop terrace and a putting green. Bryan Manz, Emil DePasquale and Philip Bowman of Black Bear arranged the loan, which will be used to retire $25 million in construction debt and stabilize the property, through MF1 Capital on behalf of the undisclosed borrower.
BETHLEHEM, PA. — Walker & Dunlop has provided a $25 million Fannie Mae loan for the refinancing of Bethlehem Fields Apartments a multifamily community located in Pennsylvania’s Lehigh Valley region. The property features one- and two-bedroom apartments and townhomes for a total of 216 residences. John Banas, Kris Wood, John Wilson and Rhett Saltiel of Walker & Dunlop originated the 10-year, fixed-rate loan, which was also structured with three years of interest-only payments. The borrower was Pennsylvania-based Boyd Wilson.
