Multifamily

JLL Negotiates Sale of 844-Unit Affordable Housing Portfolio in San Antonio

by Taylor Williams May 13, 2020

SAN ANTONIO — JLL has negotiated the sale of a portfolio of five garden-style affordable housing properties totaling 844 units in San Antonio. The portfolio includes the 120-unit Roselawn Apartments; the 160-unit Spanish Spur Apartments; the 160-unit Villas of Pecan Manor; the 308-unit Westwood Plaza Apartments and the 96-unit Winston Square Apartments. The properties were built between 1960 and 1976 and feature an average unit size of 769 square feet across the portfolio. Moses Siller and Zar Haro of JLL represented the seller, locally based investment firm Terravista Partners, and procured the buyer, Pico Union Housing Corp. Anson Snyder of JLL arranged acquisition financing on behalf of the new ownership.

May 13, 2020

Acquisitions Multifamily Texas

Presidium Completes Phase I of 188-Unit Multifamily Project in Frisco

by Taylor Williams May 13, 2020

FRISCO, TEXAS — Locally based developer Presidium has completed Phase I of Presidium at Edgestone, a multifamily project in the northern Dallas suburb of Frisco that will ultimately total 188 units. Designed by Cross Architects, Presidium at Edgestone will eventually offer amenities such as a pool, fitness center, media and game room, hair salon, cinema, bocce ball court and a dog park. Presidium expects to open the community this summer.

May 13, 2020

California Development Multifamily Western

Joint Venture Acquires Land Site for 480-Unit Millenia Apartment Complex in Chula Vista, California

by Amy Works May 13, 2020

CHULA VISTA, CALIF. — A joint venture between MetLife Investment Management, Allstate and Ryan Cos. has acquired a land site for the development of an eight-building multifamily property within Millenia, a 210-acre mixed-use community in Chula Vista’s Otay Ranch submarket. Meridian Development is developing Millenia on behalf of landowner Stratford Land. The 512,000-square-foot apartment project will feature 480 market-rate units in a mix of one-, two- and three-bedroom flats, two-story mezzanine lofts, live-work units and three-story townhomes. The apartments will range between 616 square feet and 2,336 square feet. Additionally, the community will feature 16,000 square feet of commercial space. Community amenities will include a pool, spa, clubhouse kitchen with lounge, community co-working spaces, fitness center, leasing center, two large dog run areas, rooftop deck, bocce court, bike maintenance and storage facilities, a speakeasy, live music studio and community green areas, including gardens. The project team will include ARK Architects, Design Line Interiors, Hunsaker & Associates and GMP. Ryan Cos. will serve as general contractor for the project, which is slated to break ground this summer. Completion of the first building is scheduled for late 2021. Pre-leasing will begin in August 2021. Additionally, the completed project will be part of …

May 13, 2020

Arizona Development Multifamily Western

P.B. Bell Opens First Phase of $45M Copper Falls Multifamily Community in Glendale, Arizona

by Amy Works May 13, 2020

GLENDALE, ARIZ. — P.B. Bell has opened the first phase of Copper Falls, an apartment property located at 5151 N. 95th Ave. in Glendale. The $45 million community is the first of the company’s multiple projects in the Glendale area. Copper Falls features 240 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 726 square feet to 1,315 square feet. The open-concept apartments feature smart light switches, smart thermostats, modern kitchen layouts with granite countertops, subway tile backsplashes, stainless steel energy-efficient appliances and kitchen islands. Additionally, the units offer wood-style flooring, nine-foot ceilings, a full-size washer and dryer, and a personal patio or balcony. The first phase includes a variety of floor plans and community amenities, including a resident clubhouse designed for entertaining, a theater room with complimentary movie rentals, a 24-hour fitness center with a group exercise studio, and a swimming pool and spa. The community also features a package locker systems, valet trash, electric vehicle charging stations, a playground, dog park and pet spa.

May 13, 2020

Features Student Housing

Outlook is Bright for Student Housing in Post-COVID-19 World, Says Developer

by Katie Sloan May 13, 2020

The student housing industry has been uniquely affected by the coronavirus (COVID-19) pandemic. The niche asset class has been proclaimed “recession-proof” since its inception, and COVID-19 has been the ultimate test. One after another, universities across the country shut down, transitioned to online classes and sent their students home. What we have found during this time is that college students do not go home just because class is cancelled. Across the nation, students are still living in their off-campus apartments and rent is still being collected. Additionally, students who were turned away from traditional university-owned residence halls are now seeking off-campus apartments. With today’s students valuing privacy, distance and cleanliness more than ever, we are seeing students who typically live in residence halls transition to off-campus apartments where they can have a private bedroom and bathroom. What does this mean? Student housing is truly recession-resilient. When every university in the country cancelled classes, privately owned student housing not only remained stable but it expanded its clientele. The unknowns regarding where the economy is headed in the immediate future will likely give a lot of investors pause, but I personally remain optimistic about the opportunities that will come out of this pandemic. A few …

May 13, 2020

Florida Loans Multifamily ORIX Southeast

Hunt Real Estate Capital Provides $71.3M Refinancing Loan for New Multifamily Property in Metro Miami

by Alex Tostado May 12, 2020

NORTH MIAMI BEACH, FLA. — Hunt Real Estate Capital has provided a $71.3 million Freddie Mac refinancing loan for Lazul Apartments, a 365-unit multifamily community in North Miami Beach. The 11-year, nonrecourse loan features a fixed interest rate in the 3 to 3.5 percent range, a 30-year amortization schedule and interest-only payments for the full term. The borrower, a limited liability company comprising Hunt Cos., EDEN Multifamily and Florida Value Partners, developed the asset in 2018. Lazul Apartments offers studio to three-bedroom units, which were 89 percent occupied at the time of the transaction. Communal amenities include a clubhouse, package services, picnic area, dog grooming area, fitness center, eight-story parking garage and a pool. The eight-story asset is situated at 2145 NE 164th St., 17 miles north of downtown Miami.

May 12, 2020

Acquisitions Multifamily Texas

Turner Impact Capital Acquires 312-Unit Bridgeport Apartments in Irving

by Taylor Williams May 12, 2020

IRVING, TEXAS — California-based investment firm Turner Impact Capital has acquired Bridgeport Apartments, a 312-unit multifamily community in Irving. Built in 1982, the property features one- and two-bedroom units and amenities such as a pool, tennis court, business center, resident clubhouse, dog park and onsite laundry facilities. The new ownership will implement capital improvements designed to reduce water and energy consumption. With this acquisition, Turner Impact Capital’s portfolio now comprises roughly 10,000 units.

May 12, 2020

Loans Michigan Midwest Multifamily

Knighthead Funding Provides $37.3M for Three Multifamily Projects in Michigan

by Kristin Harlow May 12, 2020

ANN ARBOR, DETROIT AND TRAVERSE CITY, MICH. — Knighthead Funding LLC has provided three separate loans totaling $37.3 million for three multifamily projects in Michigan. Knighthead provided a Michigan-based developer with a $17.7 million first mortgage loan to finance the completion of a four-story, 78-unit building in Traverse City. Located at 155 Garland St., the property will feature 162 parking spaces and 9,716 square feet of ground-level retail space. In the second financing, Knighthead provided Greatwater Opportunity Capital with a $10.8 million loan for the acquisition and renovation of two multifamily buildings in Midtown Detroit. The properties, totaling 118 units, are located within an opportunity zone in the Cass Corridor. Lastly, Knighthead provided an $8.8 million loan for the construction of a 19-unit condominium building in downtown Ann Arbor. Known as The Gallery, the property is 50 percent pre-sold. It will be situated in the Old West Side neighborhood and within walking distance of the University of Michigan. Ann Arbor Builders Inc. was the borrower.

May 12, 2020

Development Massachusetts Multifamily Northeast

RD Management to Develop 230-Unit Multifamily Project in Metro Boston

by Alex Patton May 11, 2020

BILLERICA, MASS. — RD Management LLC, a New York-based developer, will develop a 230-unit luxury multifamily project in Billerica, a northwestern suburb of Boston. The project will be constructed as an addition to RD Management’s 306,876-square-foot Shops at Billerica retail center. At the time of the multifamily project announcement, major tenants of the retail center included a 69,560-square-foot Burlington store, as well as grocer Market Basket, Big Lots and Planet Fitness. According to the development team, the project is on track to break ground by the end of year despite construction restrictions amid the COVID-19 health crisis.

May 11, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates Sale of 288-Unit Multifamily Community in Durham

by Alex Tostado May 11, 2020

DURHAM, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Southpoint Crossing, a 288-unit multifamily community in Durham. The property offers one-, two- and three-bedroom floor plans ranging from 635 to 1,301 square feet. The asset was 96 percent occupied at the time of sale. Communal amenities include a 24-hour fitness center, pool with lounge, a 24-hour business center, grilling area with picnic tables, playground, dog park and Amazon Hub package lockers. The seller, New York City-based Duck Pond Realty, upgraded several unit interiors with new appliances, resurfaced counters and faux-wood flooring in kitchens and bathrooms. The community is located at 1800 Southpoint Crossing Drive, seven miles south of downtown Durham. Toronto-based Starlight Investments purchased the property for an undisclosed amount. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller in the transaction.

May 11, 2020

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