Multifamily

Bolour Associates Sells Multifamily Development Site in Metro Los Angeles for $8.5M

by Amy Works December 13, 2019

EAST PASADENA, CALIF. — Bolour Associates has completed the disposition of an entitled land site in East Pasadena for $8.5 million. Los Angeles-based APPA Real Estate acquired the land parcel for the development of a transit-oriented, mixed-use project. The parcel is the first development under Los Angeles County’s updated zoning supporting high-density development near metro retail sites. From 2015 to 2018, Bolour worked with county officials to re-entitle the site, located at 3768 E. Colorado Blvd., under the new zoning code. Upon completion, the project will feature 5,800 square feet ground-floor commercial space, 100 multifamily units, a private gym, co-working space, rooftop barbecue, decks, courtyards, a dog run and on-site parcel lockers. Additionally, the property will offer two levels of subterranean parking. Construction is scheduled to begin in early 2020, with an opening slated for early to mid-2022. The land transaction was a direct sale between Bolour and APPA, with all details handled in-house by both parties.

December 13, 2019

Acquisitions California Development Loans Multifamily Retail Western

Parkview Financial Funds $7M Acquisition, Development Loan for 28-Story Mixed-Use Project in San Diego

by Amy Works December 13, 2019

SAN DIEGO — Parkview Financial has provided a $7 million loan to San Francisco-based India & Beech for the acquisition of a land parcel and the first phase of construction funding for a high-rise residential and retail tower in downtown San Diego. Located at 1460 India St. within the Little Italy neighborhood, the 10,019-square-foot site is currently being used as a parking lot. The borrower recently acquired the property for $7.1 million, using Parkview’s loan in conjunction with cash on hand. The buyer plans to develop a fully entitled, 28-story, mixed-use urban infill project. The proposed development will feature 150 apartments, 11,724 square feet of retail space and two levels of above-grade parking totaling 150 spots. Construction is slated to begin in 2020, with completion scheduled for 2022.

December 13, 2019

Acquisitions Iowa Midwest Multifamily

Four Mile Capital Acquires Multifamily Community in Waukee, Iowa for $25M

by Kristin Harlow December 13, 2019

WAUKEE, IOWA — Four Mile Capital has acquired The Bricks Waukee East, a 216-unit multifamily community in suburban Des Moines, for $25 million in an off-market transaction. Completed in 2017, the property sits on 9.2 acres and features one- and two-bedroom units. Amenities include a pool and fitness center. BH Management will manage the property. The buyer received a nonrecourse, fixed-rate mortgage loan from Luana Savings Bank. Four Mile Capital now owns about 450 units in the Des Moines metro area. The seller was undisclosed.

December 13, 2019

Market Reports Multifamily Texas Texas Market Reports

Dallas, Fort Worth Multifamily Markets Continue to Capitalize on New Development

by Taylor Williams December 13, 2019

Known for both its big-city excitement and suburban living options, the Dallas-Fort Worth (DFW) metroplex is now the fourth-largest metropolitan area in the country with 7.5 million residents. At this rate of growth, DFW is poised to surpass Chicago as the third-most populous metroplex in the country within the next two decades. Although DFW is commonly recognized as a shared marketplace, it’s important to understand that Dallas and Fort Worth are two separate cities with separate real estate markets. Fort Worth’s downtown area and Western charm have attracted a total population of about 880,000 compared to Dallas’ international and metropolitan mecca of roughly 1.34 million, according to U.S. Census Bureau. As Dallas and Fort Worth continue to provide a record number of jobs to accommodate this growth, multifamily development is keeping pace. In the past year, 81 multifamily developments with 23,916 units opened in DFW, of which the market absorbed 20,456 units in that same period, reaching an occupancy rate of 91.8 percent. The strong job market and affordable cost of living throughout the metroplex continue to have a positive impact on multifamily development and construction, bringing a plethora of new players to the space. However, we continue to see …

December 13, 2019

Acquisitions Illinois Midwest Multifamily Top Stories

CIM Group Sells Interest in Downtown Chicago Apartment Tower for $265M

by Alex Tostado December 13, 2019

CHICAGO — CIM Group has sold its interest in Marquee at Block 37, a 34-story, 691-unit multifamily tower in downtown Chicago, for $265 million. Morguard North American Residential REIT (TSX: MRG.UN), a subsidiary of Morguard Corp., acquired the 51 percent interest. The community offers a mix of studio, one-, two- and three-bedroom floor plans ranging from 650 to 2,100 square feet. Communal amenities include an outdoor pool, sundeck, fire pits, rooftop hot tub, dog run, dog washing station, fitness center, event room, business center and an outdoor terrace overlooking State Street. Ontario, Canada-based Morguard Corp. was CIM’s investment partner for Marquee at Block 37, and as such already owned a 49 percent stake in the development. Morgaurd Corp. and Morguard REIT now have an equal partnership in the property. CIM developed the community in 2016 above the four-story Block 37 shopping center at 25 W. Randolph St. The 275,000-square-foot retail property includes shopping, dining and entertainment options, including an 11-screen AMC Dine-In Theatre, to which residents of Marquee at Block 37 have private elevator access. The transit-oriented property is connected to the Loop, granting residents direct access to the red and blue CTA lines as well as the city’s pedway …

December 13, 2019

Acquisitions Georgia Multifamily Southeast

Passco Buys Buckhead Multifamily Complex from Greystar for $106.5M

by Alex Tostado December 12, 2019

ATLANTA — California-based Passco Cos. has purchased Avana Lenox, a 423-unit apartment community in the Buckhead district of Atlanta. The firm purchased the asset from Greystar for $106.5 million. CBRE’s Paul Berry represented Greystar in the transaction. Avana Lenox was built in 1998 and offers units with one-, two-, and three-bedroom floorplans, as well as units with two-story loft floor plans and townhomes with attached garages. The property located at 925 Canterbury Road has nearby access to Interstate 85 and Ga. Highway 400. Amenities include a newly renovated ﬁtness center, pool, club rooms, a fire pit, game room, shuffleboard, conference room, package locker system and tennis courts. Greystar will continue to manage the property. Capital improvements were made recently to Avana Lenox’s common areas and some units. Passco has plans for more unit updates. The acquisition brings Passco’s Atlanta multifamily portfolio to more than 1,800 units.

December 12, 2019

Development Multifamily Texas

Stillwater Capital Underway on Phase I of 750-Unit Apartment Project in Austin

by Taylor Williams December 12, 2019

AUSTIN, TEXAS — Dallas-based Stillwater Capital is underway on construction of Phase I of a 750-unit apartment project in Austin. The development will feature a mix of studio, one- and two-bedroom units averaging 830 square feet. Amenities will include a pool, fitness center, outdoor grilling area, resident lounges and a clubhouse. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia secured an overseas institutional family office as Stillwater Capital’s joint venture equity partner for the project.

December 12, 2019

Loans Multifamily ORIX Texas

Hunt Provides $12M Fannie Mae Acquisition Loan for Multifamily Asset in Arlington

by Taylor Williams December 12, 2019

ARLINGTON, TEXAS — Hunt Real Estate Capital has provided a $12 million Fannie Mae acquisition loan for Cedar Ridge, a 124-unit multifamily asset in Arlington. The property was built in 1980 on 7.8 acres and consists of 31 two-story buildings. The loan carries a 12-year term and two years of interest-only payments. The borrower and previous owner were not disclosed.

December 12, 2019

Colorado Development Multifamily Western

Wood Partners Opens 260-Unit Alta Green Mountain Multifamily Asset in Colorado

by Amy Works December 12, 2019

LAKEWOOD, COLO. — Wood Partners has opened Alta Green Mountain, an apartment community in Lakewood. Situated on 12.6 acres at 13055 W. Mississippi Court, the 10-building Alta Green Mountain features 260 units in a mix of one-, two- and three-bedroom floor plans, each with a private balcony. The units offer granite countertops, wood-plank flooring, 42-inch kitchen cabinets, stainless steel appliances and in-unit washers/dryers. Community amenities include keyless entry, a double-height fitness space, co-working spaces, community game room and an outdoor kitchen with a dining area. Additionally, the pet-friendly property features a dog walk and on-site dog run.

December 12, 2019

Acquisitions Colorado Multifamily Western

Castle Lanterra Acquires 84-Unit RiDE at RiNo Apartment Complex in Downtown Denver

by Amy Works December 12, 2019

DENVER — New York-based Castle Lanterra Properties has purchased RiDE at RiNo, a newly built, Class A multifamily community located in the River North (RiNo) neighborhood of downtown Denver. McWhinney sold the property for $23 million. Located at 3609 Wynkoop St., RiDE at RiNo features 84 modern suites and large live/work units, ranging in size from 369 square feet to 849 square feet, with loft-style 12- or 18-foot ceilings. Community amenities include a 24-hour fitness center, a rooftop deck with a barbecue area, club and conference rooms, lounge, underground parking, bicycle repair station and a video intercom systems. Terrance Hunt and Shane Ozment of Newmark Knight Frank’s Denver office brokered the transaction.

December 12, 2019

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