NEW YORK CITY — New York-based Meridian Capital Group has arranged a $60 million loan to refinance two portfolios of memory care assets across Ohio, Georgia, South Carolina, Colorado, California and Tennessee. In the first transaction, Meridian arranged $27.5 million for four memory care facilities totaling 264 beds in Ohio and Georgia. The five-year loan features a fixed interest rate and limited personal guarantees. In the second transaction, the Meridian team arranged a $32.5 million loan for memory care facilities totaling 264 beds in South Carolina, Colorado, California and Tennessee. A balance sheet lender provided the five-year, non-recourse loan with a fixed rate. Further details on the properties, locations and borrowers were not disclosed. Ari Adlerstein, Ari Dobkin and Josh Simpson of Meridian negotiated the two transactions.
AUSTIN, TEXAS — Rastegar Property Co. has acquired Highland Heights, a 50-unit multifamily asset located near Interstate 35 and U.S. Highway 290 in North Austin. The property offers one- and two-bedroom units and amenities such as an outdoor courtyard and onsite laundry facilities. The seller was not disclosed. Rastegar will implement a value-add program at the property.
AUSTIN, TEXAS — 3405 Helms Street LLC has sold 34@Helms Apartments, an 18-unit multifamily property in Austin. The property is located about six blocks from the University of Texas at Austin and two miles from the downtown area. The property recently underwent a capital improvement plan that upgraded the units’ hardware, backsplashes and cabinets. Muskin Commercial LLC brokered the sale of the asset to the buyer, Helms Eagle LLC.
ASHEVILLE, N.C. — KeyBank Real Estate Capital has provided $34.6 million in Freddie Mac financing for the purchase of a new multifamily community in Asheville. The borrower, an affiliate of Waypoint Real Estate Investments, a national real estate investment firm based in Boca Raton, Fla., will acquire Skyland Exchange Apartment Homes. Trevor Ritter and Joe Fadus of KeyBank structured the financing. Built in 2019, Skyland Exchange Apartment Homes is a 290-unit multifamily property comprising seven four-story buildings on 11 acres of land at 12 Sky Exchange Drive. The complex is located seven miles south of downtown Asheville and features one-, two-, and three-bedroom layouts, as well as a saltwater pool, outdoor lounge area, fitness center and a clubhouse.
FORT WORTH, TEXAS — CRG Development has broken ground on 401 Hemphill Apartments, a 242-unit community located in the Near Southside neighborhood of Fort Worth. The property will offer amenities such as a pool, fitness center, coworking space, outdoor grilling stations and a 277-space parking garage. Lamar Johnson Collaborative designed the project, and Cadence McShane is the general contractor. Completion is scheduled for the second quarter of 2021.
KENT AND EVERETT, WASH. — Rise Properties Trust and Aegon Real Assets have purchased two multifamily assets located in metro Seattle totaling $161.3 million. The joint venture acquired the 366-unit Mosaic Hills Apartments in Kent for $81 million and the 336-unit Colby Creek Apartments in Everett for $80.3 million. These transactions conclude more than $300 million of Seattle-area acquisitions for the joint venture in 2019. Seattle-based Thrive Communities will manage the properties. Including Mosaic Hills Apartments and Colby Creek Apartments, RISE owns approximately 4,000 units across 22 multifamily properties in the Pacific Northwest.
PORTLAND, ORE. — Vancouver, Wash.-based developer C.E. John Co. has completed the sale of The George Besaw, a multifamily and retail property located at 2323 NW Savier St. in Portland. An undisclosed buyer acquired the asset for $23.6 million. Located in Northwest Portland’s Alphabet District, The George Besaw features 51 apartment residences above three floors of retail space. Current retail tenants include Pine State Biscuits, Life of Pie, Moberi and The Barbers. The building was completed in 2018. Clay Newton, Jordan Carter and Tyler Linn of Kidder Mathews represented the seller in the transaction.
OAK PARK, ILL. — Albion Residential has completed Albion Oak Park in suburban Chicago. The 265-unit luxury apartment development is located at 1000 Lake St. Floor plans range from studios to three-bedroom units. The property features 7,000 square feet of retail space on the ground floor. Amenities include 20,000 square feet of outdoor space in addition to a wellness center, podcast studio, pet spa and indoor dog room. A 7,000-square-foot lobby is open to the public. Albion developed the project in partnership with Wilton Investment Management. CIBC and Associated Bank provided financing. Village Green manages the property. Clark Construction was the general contractor for the project. Monthly rental rates start at $1,750.
ELDRIDGE, IOWA — Marcus & Millichap has brokered the $2.5 million sale of Deercreek Apartments in Eldridge, north of Davenport and part of the Quad Cities metro area. Built in 1973, the 54-unit property is located at 1 Parkview Drive. David Orton of Marcus & Millichap’s Indianapolis office marketed the property on behalf of the seller, a partnership. Orton also secured and represented the buyer, a limited liability company.
Between 2014 and 2016, the Houston multifamily market struggled with an issue of oversupply as a result of accelerated apartment construction. When Hurricane Harvey hit in 2017, Houston residents displaced by the storm produced a surge in apartment demand that helped fill thousands of empty units over the ensuing 12 months. Fast forward to 2019, and two key factors are keeping a strong apartment pipeline flowing and forcing developers to play catch-up: new residents and more jobs. Over the past two years, demand has outpaced deliveries, a welcome sign for investors following the 2014-2016 era. More than 20,000 units came on line in 2016 alone and caused absorption to lag. According to the U.S. Census Bureau, steady increases in population have Houston competing with Chicago for the title of third-most populous city in the country. This demographic trend, coupled with the city’s strong labor market, has created a setting wherein capital keeps trying to find its way into the Bayou City. Underpinning the need for more housing product was the 94,000-plus new residents added during the last year, which ranked Houston’s net migration in the top three of U.S. metros. Given the rise in demand stemming from jobs and in-migration, …