ALBANY, ORE. — Hunt Real Estate Capital has provided an $11.8 million Fannie Mae DUS conventional multifamily loan to refinance Albany Meadows Apartments in Albany, approximately 70 miles south of Portland. The borrower is KRBO Oregon Properties, backed by Paul A. Kerley as key principal. The loan features a 12-year term with four years of interest-only payments followed by a 30-year amortization schedule. Additionally, yield maintenance will apply during the first 138 months. Developed in 1974 on 10.5 acres, the property features 121,352 square feet of rentable space spread across 39 one-story residential buildings offering a total of 127 garden-style apartments. Property amenities include a clubhouse with fitness center and swimming pool, as well as 190 parking spaces.
CHICAGO — SVN Chicago Commercial has brokered the sale of a six-unit multifamily building located at 1644 W. 21st St. in Chicago’s Pilsen neighborhood for $1.3 million. The property, situated near the 18th Street Pink Line stop, was renovated in 2012. Paul Cawthon and Angelo Labriola of SVN brokered the transaction. Buyer and seller information was not disclosed.
IRVING AND PLANO, TEXAS — Cushman & Wakefield has brokered the sale of two seniors housing communities totaling 265 units in the Dallas area. The communities include MacArthur Hills in Irving and Prestonwood Court in Plano. The two Class A, infill properties offer a combination of independent living, assisted living and memory care services. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Jim Dooley and Chris Remeika. The buyer and sales price were not disclosed.
JERICHO, N.Y. — Jericho-based developer Engel Burman has opened Encore Luxury Living, a 102-unit seniors housing community in the Long Island hamlet of Jericho. The 160,000-square-foot property offers active adult living with 59 one-bedroom units, 42 two-bedroom units and one three-bedroom unit. Unit sizes range from 826 to 1,500 square feet, and rents start at $8,400 per month. Encore will share a campus with Engel Burman’s existing 200,000-square-foot assisted living community, The Bristal at Jericho.
BALA CYNWYD, PA. — Newmark Knight Frank (NKF) has brokered the $8.9 million sale of 130 Monument Road, a 5.2-acre development site in Bala Cynwyd, a northwestern suburb of Philadelphia. The site is zoned and approved for the development of 205 multifamily units with a mix of studio, one-bedroom and two-bedroom apartments, along with a parking garage and a leasing office. Mike Margolis, Dave Dolan, Dave Garonzik and Jeff Mack of NKF represented the seller, Roseland Residential Trust, in the transaction. Woodfield Development of Chevy Chase was the buyer. Further details and the schedule of the construction were undisclosed.
With the major markets of Texas adding thousands of new apartments every year, multifamily management firms are increasingly relying on technology to accelerate leasing activity, grow renewal rates and handle requests from tenants — all in the name of keeping their properties competitive and their investor clients happy. As beneficiaries of strong job and population growth throughout this cycle, Dallas-Fort Worth (DFW), Houston and Austin have all watched their multifamily supply levels increase. According to CoStar Group, DFW, a national leader in apartment development, has added more than 20,000 units per year in each of the last three years. Houston has also seen its supply of multifamily product grow over the past several years as natural population growth has worked to offset hiring slumps brought on by depressed energy prices. Austin and San Antonio are also facing demand for more housing via the strong population growth occurring throughout the region. Multifamily supply growth means that renters have more options on where to live and can afford to be more selective, not only with regard to rental rates, but also in terms of services. To the latter point, management professionals have taken on an added element of customer service that …
Both on- and off-campus, today’s student housing developments are providing more than just a place for students to rest their heads. Off campus, new communities are featuring everything from fashion boutiques and restaurants, to office and event space, while residence halls are bringing academics to student’s doorsteps with built-in incubator space and classrooms. While the addition of a mix of uses may seem like the perfect fit for ground floor space, careful planning and consideration is imperative to ensure that the development is a success — especially when it comes to retail. Choosing The Right Mix On the development side, successful mixed-use space should begin with thoughtful deliberation. Developers must consider not only the needs of the student population, but the community at large. “At the outset, we evaluate whether there is true retail market demand in locations where we target development,” says JJ Smith, president of CA Student Living. “If there isn’t a sufficient population base, it can be difficult for even the best businesses to survive, much less thrive. We don’t want to force retail in locations that simply don’t make sense.” Wes Rogers, president and CEO of Landmark Properties, knows firsthand how important careful planning can be when …
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of The Apartments at Fountains Center, a 418-unit multifamily community in Fort Worth. The property spans 62 buildings across 18.5 acres and offers proximity to Hulen Mall, Texas Christian University and downtown Fort Worth. Al Silva of Marcus & Millichap represented the seller, WAK Management, in the transaction. Silva also procured the buyer, a Texas-based private investment firm.
LUBBOCK, TEXAS — The Multifamily Group (TMG) has brokered the sale of Lubbock Lakeway, a 120-unit multifamily property in West Texas. The community offers one-, two- and three-bedroom units and amenities such as a pool, basketball court, tennis court and onsite laundry facilities. Paul Yazbeck, Bryce Smith, Jon Krebbs and Chibuzor Nnaji Jr. of TMG represented the seller, a Dallas-based investment group, in the transaction. Other terms of sale were not disclosed.
AUSTELL, GA. — Greystone Brown Real Estate Advisors has brokered the $36.5 million sale of a three-property, 490-unit multifamily portfolio in Austell, a suburb of Atlanta in Cobb County. Taylor Brown, Chandler Brown, Barden Brown and Walter Miller of Greystone Brown represented the seller, HKP Austell LLC, in the sale. Greystone & Co.’s Leor Dimant originated a $30 million acquisition loan on behalf of the undisclosed buyer. The three properties are adjacent to one another and less than five miles from downtown Austell. Built in 1988, Hunter’s Grove comprises 200 one- and two-bedroom units. Kingsley Village, which was built in 1974, includes 146 units, and Parkview Apartments, built in 1971, features 144 units. Both Kingsley Village and Parkview Apartments offer one-, two- and three-bedroom floor plans. All three apartment complexes feature access to nearby Interstate 20, several industrial parks and Six Flags Over Georgia.