Multifamily

Federal Realty Investment Sells Historic Pottery Barn Building in Old Pasadena for $16.1M

by Amy Works May 7, 2020

PASADENA, CALIF. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the more than 20 years, and last year executed a lease extension at the property. Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, while Rob Ippolito, Glenn Rudy and Pete Bethea of Newmark Knight Frank Capital Markets represented the buyer in the transaction.

May 7, 2020

Loans Multifamily Texas

Berkadia Provides Permanent Financing for 260-Unit Multifamily Asset in Metro Dallas

by Taylor Williams May 7, 2020

LEWISVILLE, TEXAS — Berkadia has provided an undisclosed amount of Fannie Mae permanent financing for Wellington Park, a 260-unit multifamily asset in the northern Dallas suburb of Lewisville. Built in 2005, the community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a playground. Charles Christensen, Vincent Punzi and Lowell Takahashi of Berkadia originated the loan on behalf of the undisclosed, California-based borrower.

May 7, 2020

Acquisitions Multifamily Texas

JLL Negotiates Sale of 252-Unit Apartment Community in Longview, Texas

by Taylor Williams May 7, 2020

LONGVIEW, TEXAS — JLL has negotiated the sale of Summer Lake, a 252-unit apartment community in Longview, about 100 miles east of Dallas. The property features one- and two-bedroom units averaging 852 square feet and amenities such as two pools, an outdoor grilling area, sports court, fishing lake and a dog park. Greg Toro and Steven Hahn Jr. of JLL represented the seller, Little Rock, Ark.-based BSR REIT, in the transaction. Mark Brandenburg and Chad Russell of JLL arranged acquisition financing on behalf of the buyer, Dallas-based Saxony Capital Management.

May 7, 2020

Loans Midwest Minnesota Multifamily Student Housing

Grandbridge Arranges $35.4M Refinancing for 199-Unit Multifamily Community Near University of Minnesota

by Kristin Harlow May 7, 2020

MINNEAPOLIS — Grandbridge Real Estate Capital has arranged a $35.4 million refinancing for The Arrow Apartments, a 199-unit multifamily community located near the University of Minnesota in Minneapolis. Chris Perry, Brett Olson and Joe Lindberg of Grandbridge originated the permanent, fixed-rate loan, which was funded through an undisclosed credit union. The financing offers an initial period of interest-only payments with a five-year term and 30-year amortization schedule. The Arrow Apartments offers shared amenities including a fitness center, multiple study rooms, a printing center, rooftop deck and a 24-hour fitness center.

May 7, 2020

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of 56-Unit Apartment Property in Geneva, Illinois

by Kristin Harlow May 7, 2020

GENEVA, ILL. — Marcus & Millichap has brokered the sale of Geneva Park Apartments in Geneva, a western suburb of Chicago. The sales price was undisclosed. The 56-unit apartment property is located at 7 Simpson St. All of the community’s units are two-bedroom floor plans. Andrean Angelov and Ryan Engle of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.

May 7, 2020

Acquisitions Georgia Multifamily Southeast

Capstone Arranges $21M Sale of Multifamily Community in LaGrange, Georgia

by Alex Tostado May 6, 2020

LAGRANGE, GA. — Capstone Apartment Partners has arranged the $21 million sale of SunRidge Apartment Homes, a 192-unit multifamily community in LaGrange. The property comprises 11 buildings offering one-, two- and three-bedroom floor plans there were 96 percent occupied at the time of sale. Communal amenities include a pool, playground, tennis courts, volleyball court, putting greens, grilling area, fitness center, a car washing station and laundry facilities. The property, which was built in 2001, is situated at 1235 Hogansville Road, three miles east of downtown LaGrange. Alex McDermott, Bryse Toothaker, Austin Green, Sean Henry and Dan McBurney of Capstone represented the seller, Sunny Pak, in the transaction. The buyer was Southwood Realty Group.

May 6, 2020

Acquisitions Multifamily Texas

37th Parallel Properties Acquires 344-Unit Apartment Portfolio in Austin, San Antonio

by Taylor Williams May 6, 2020

AUSTIN AND SAN ANTONIO — 37th Parallel Properties has acquired a portfolio of three apartment communities totaling 344 units in Austin and San Antonio. The properties include the 128-unit Bridgehead Apartments in Austin, the 132-unit Melrose Place Apartments in Austin and the 84-unit Tradewinds Apartments in San Antonio. The properties were built in the 1980s and had a collective occupancy of 97.6 percent at the time of sale. Cutt Ableson and Colin Marusak of Berkadia arranged an undisclosed amount of agency financing for the acquisition. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction.

May 6, 2020

Affordable Housing Development Midwest Minnesota Multifamily

Ryan Cos., PPL Close on Land Site for 136-Unit Affordable Housing Development in St. Paul

by Kristin Harlow May 6, 2020

ST. PAUL, MINN. — Ryan Cos. US Inc., in conjunction with Project for Pride in Living (PPL), has completed the land acquisition for the development of a 136-unit affordable housing project in St. Paul. Phase I calls for 60 units of supportive housing for residents who earn 30 percent or less of area median income. Phase II will consist of 76 units of workforce housing. Construction on both phases is expected to begin in 2021. The next step is for PPL to submit a public funding application with Minnesota Housing in July.

May 6, 2020

Iowa Loans Midwest Multifamily

Dougherty Mortgage Provides $3.7M Refinancing for Age-Restricted Multifamily Property Near Des Moines

by Kristin Harlow May 6, 2020

PLEASANT HILL, IOWA — Dougherty Mortgage LLC has provided a $3.7 million Fannie Mae loan for the refinancing of The Cottages of Pleasant Hill, a 60-unit multifamily property located just east of Des Moines. Constructed in 1995, the community consists of five buildings. The age-restricted property is for persons age 55 and older. The 12-year loan features a 30-year amortization schedule. The Cottages of Pleasant Hill LLC was the borrower.

May 6, 2020

California Development Loans Multifamily ORIX Western

Hunt Capital Arranges $3.5M in Financing for Acquisition, Rehab of Pacific Rim Apartments in Sacramento

by Amy Works May 6, 2020

SACRAMENTO — Hunt Capital Partners has closed $3.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Pacific Rim Apartments, an affordable housing property in Sacramento. The borrower, Alliance Property Group, plans to upgrade the garden-style complex, which was originally built in 2004. Slated for completion in July 2021, the renovated community will offer 31 three-bedroom units and an additional three-bedroom unit for management. The development team includes Day Builders, Musser: Architects and FPI Management. Planned site and exterior improvements include pavement, fencing and landscaping repair; installation of additional barbecue and playground areas; a new roofing overlay; and construction of a new management office/community room with a laundry facility. Individual units will be outfitted with new kitchen appliances, flooring, various automatic sensors and fresh paint. Once completed, Pacific Rim Apartments units will be leased to family households earning up to 50 percent and 60 percent of the area median income. Additionally, All Things Are Possible, a nonprofit organization, will provide a variety of residential services, including food distribution, parenting and mentor workshops, English-as-a-second-language classes, veteran services, toddler support, employment search and resume assistance. The total development cost for the Pacific Rim Apartments renovations is …

May 6, 2020

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