Multifamily

Marcus & Millichap Negotiates Sale of 108-Unit Red Oak Apartments in Fort Worth

by Taylor Williams July 10, 2020

FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of Red Oak, a 108-unit apartment community in Fort Worth. The property was built in 1969, renovated in 1993 and offers studio, one-, two-, three- and four-bedroom units. Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the seller, a private investors, in the transaction. George Miller, also with Marcus & Millichap, secured the buyer, a limited liability company that acquired the asset via a 1031 exchange.

July 10, 2020

Loans Multifamily ORIX Seniors Housing Texas

Lancaster Pollard Arranges $20.8M Refinancing for Seniors Housing Community in Dallas

by Taylor Williams July 10, 2020

DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million loan for the refinancing of a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger of Lancaster Pollard placed the debt. The borrower and direct lender were not disclosed.

July 10, 2020

Market Reports Multifamily Texas Texas Market Reports

McAllen Multifamily Market Shows Positive Rent Growth Amid COVID-19

by Taylor Williams July 10, 2020

By Brad Frisby, Associate, NAI Rio Grande Valley The McAllen-Edinburg-Mission MSA’s multifamily market has posted positive rent growth for the first half of 2020, despite the outbreak of COVID-19 causing nationwide job losses and impacting landlords’ ability to push rents during much of that time. The combined effect of a stimulus package for renters and pandemic legislation that bans evicting residents who cannot pay due to COVID-19-related job losses has largely kept occupancy rates steady throughout the first half of the year. Occupancy rates for Class B and C product rose to the mid-90s, but absorption at Class A properties has taken a small dip. As construction — and economic activity in general — resumes at a greater pace in the second half of the year, we expect new deliveries to come on line and bring the marketwide occupancy rate down slightly. As of May, the McAllen area had added about 500 new apartments to its supply, with an additional 700 or so set to be delivered by year’s end. The North McAllen, Edinburg and Weslaco submarkets will receive the bulk of new deliveries this year. Over half of the new units delivered will be through the Texas …

July 10, 2020

Development Multifamily North Carolina Southeast

Joint Venture Unveils Plans to Build 357-Unit Multifamily Community Within Fenton Mixed-Use Project Near Raleigh

by Alex Tostado July 9, 2020

CARY, N.C. — A joint venture between Hines, Columbia Development and USAA Real Estate has unveiled plans for The Canopy at Fenton, a 357-unit multifamily community situated within the 69-acre Fenton development in Cary. The property will stand six stories high and offer studio, one-, two- and three-bedroom floor plans. In addition, 47 of the apartments will provide private terraces and loft-style units will be available on the ground floor. Communal amenities will include a fitness center, coworking lounge, clubroom, pool, pool deck and five common terraces that overlook the shops and eateries of Fenton. The developers expect to begin preleasing in spring 2022 with delivery slated for later in 2022. Construction on Fenton’s other components is expected to be completed in fall 2021. Previously announced retail tenants include anchors Wegmans and CMX CineBistro, as well as Sephora, Bailey’s Fine Jewelry, Superica and Honeysuckle Gelato. Phase I will include approximately 345,000 square feet of retail and entertainment space, 170,000 square feet of office space, The Canopy at Fenton and a 175-room boutique hotel. The mixed-use project will be located at the intersection of Interstate 40 and Cary Towne Boulevard, three miles from downtown Cary and eight miles southwest of downtown …

July 9, 2020

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of Two Tampa Bay Apartment Complexes Totaling 598 Units

by Alex Tostado July 9, 2020

ST. PETERSBURG AND TAMPA, FLA. — CBRE has arranged the sale of a two-property apartment portfolio located in St. Petersburg and Tampa. The first property is Viera Bayside, a 208-unit property located at 500 110th Ave. N. in St. Petersburg. Communal amenities include a 24-hour business center, clubhouse, fitness center and a pool. Unit interiors feature granite countertops, as well as modernized lighting and plumbing fixtures. The second property is Veranda at Westchase, a 308-unit community located at 12401 W. Hillsborough Ave. in Tampa. Community amenities include a fitness center, spa, pool, tennis court, car wash area, business center and a clubhouse. Francesco Carriera and Michael Regan of CBRE represented the undisclosed seller and the buyer, Bridge Investment Group, in the transaction. The sales price was not disclosed.

July 9, 2020

Loans Multifamily Texas

Paragon Mortgage Provides $38.4M HUD Loan for Refinancing of Multifamily Asset in Metro Dallas

by Taylor Williams July 9, 2020

EULESS, TEXAS — Phoenix-based Paragon Mortgage Corp. has provided a $38.4 million HUD loan for the refinancing of The Franciscan at Bear Creek, a 264-unit multifamily asset located in the western Dallas suburb of Euless. The property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling areas and a resident clubhouse. Jim Swanson of Paragon Mortgage placed the nonrecourse loan through HUD’s 223(f) program, a product that carries a loan term of up to 35 years, on behalf of the undisclosed borrower.

July 9, 2020

Acquisitions Massachusetts Multifamily Northeast

CBRE Arranges Sale of Two Multifamily Assets in Springfield, Massachusetts, for $76M

by Taylor Williams July 9, 2020

SPRINGFIELD, MASS. — CBRE has arranged the sale of Pynchon Terrace and Edgewater Apartments, a pair of multifamily assets in Springfield, Massachusetts, for $76 million. Pynchon Terrace was built in 1971, renovated in 2006 and totals 250 units in three- and four-bedroom floor plans. Edgewater Apartments was constructed in the mid-1970s, renovated in 2006 and features 362 units that comprise a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Simon Butler, Biria St. John, John McLaughlin, Jeff Kunitz and Mike Canori of CBRE represented the seller, Silver Street Development Corp., in the transaction. The team also procured the buyer, Los Angeles-based investment firm BLVD Capital.

July 9, 2020

Development Multifamily New Jersey Northeast

Larken Associates Begins Leasing 198-Unit Apartment Community in Lopatcong, New Jersey

by Taylor Williams July 9, 2020

LOPATCONG, N.J. — Development and management firm Larken Associates has begun leasing Autumn Ridge, a 198-unit apartment community in Lopatcong, located near the New Jersey-Pennsylvania border. The 14-building property consists of 148 multifamily residences and 50 units that are reserved for renters age 55 and older. Floor plans feature one-, two- and three-bedroom units that are equipped with quartz countertops, stainless steel appliances, vinyl plank flooring and individual washers and dryers. Amenities include a pool, package concierge system, game area, conference room, fitness center, playground and a lounge with a dry bar. The first units are expected to be available for occupancy later this year.

July 9, 2020

Development Multifamily Northeast Seniors Housing

Pennrose to Repurpose Historic Mary Stone School in Massachusetts as Affordable Seniors Housing

by Taylor Williams July 9, 2020

AUBURN, MASS. — Pennrose has received financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will involve the repurposing of the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of new units in studio, one- and two-bedroom formats. The property sits on 1.3 acres, and construction is set to begin before the end of the month. Eighty percent of the units will be reserved for seniors earning up to 60 percent of area median income. The remaining units will have market-rate rents. As part of the development plan, Pennrose has contributed $25,000 to the Town of Auburn for new equipment for the public playground on the property.

July 9, 2020

Development Illinois Midwest Multifamily Seniors Housing

McShane Underway on 166-Unit Senior Living Development in Algonquin, Illinois

by Kristin Harlow July 9, 2020

ALGONQUIN, ILL. — McShane Construction Co. is underway on the construction of a new senior living development in suburban Chicago known as The Oaks at Algonquin. The 166-unit project will incorporate independent living, assisted living and memory care units. Spectrum Retirement Communities is the developer and Vessel Architecture is the architect. The three-story community will feature amenities such as three restaurants, a salon, media lounge, theater, health club, community center and doctor and therapist offices. Completion is slated for January 2022.

July 9, 2020

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