Multifamily

KeyBank Secures $23.5M for 177-Unit Arcadia Apartments Development in Utah

by Amy Works October 24, 2019

SANDY, UTAH — KeyBank Community Development Lending and Investment (CDLI) has arranged $23.5 million of construction and permanent financing for Arcadia Apartments II, a 177-unit affordable multifamily project in Sandy. The borrower is Salt Lake City-based Wasatch Residential Group, a real estate development, construction, finance and asset management company. Arcadia Apartments II will feature 52 one-bedroom units, 82 two-bedroom apartments and 43 three-bedroom units. The property will be limited to residents making 60 percent or less of the area median income. The asset is adjacent to Arcadia Apartments I and will share access to amenities including a pool, hot tub and fitness center. The project was awarded a 4 percent Low-Income Housing Tax Credit (LIHTC), and Enterprise Community Partners, the equity investor, is providing $15.6 million in LIHTC equity. Additionally, the property was awarded private activity bonds, which were purchased by KeyBank as a private placement. Sarah Geis of KeyBank’s CDLI team arranged the financing.

October 24, 2019

Acquisitions Multifamily Texas

JLL Negotiates Sale of 542-Unit Villa Nueva Apartment Community in Houston

by Taylor Williams October 24, 2019

HOUSTON — JLL has negotiated the sale of Villa Nueva, a 542-unit apartment community located at 5300 W. Gulf Bank Road in Houston. The property was built in phases between 1980 and 1983 and features one- and two-bedroom units. Amenities include multiple pools, storage rooms and onsite laundry facilities. Chip Nash, Bob Heard and Greg Austin of JLL represented the seller, Claro Villanueva, in the transaction. Iliad Realty Group purchased the asset for an undisclosed price.

October 24, 2019

Acquisitions Midwest Missouri Multifamily

Lux Living Sells Luxury Apartment Community in St. Louis for $44M

by Kristin Harlow October 24, 2019

ST. LOUIS — Lux Living and Big Sur Construction have sold Tribeca, a 160-unit luxury apartment community in the Central West End of St. Louis, for $44 million. Built in 2018 and located near Washington University and Barnes-Jewish Hospital, the six-story asset includes an outdoor pool, concierge robot, self-pour bar, fitness center, pet park and outdoor lounge. Will Mathews, Tyler Hague, Bob Galamba and Gregory Russell of Colliers International represented the buyers, Hamilton Zanze and an affiliate of Cantor Fitzgerald LP. Management of the property has been transitioned to Hamilton Zanze affiliate, Mission Rock Residential.

October 24, 2019

Illinois Loans Midwest Multifamily Student Housing

NorthMarq Arranges $20M Refinancing of Student Housing Property in Carbondale, Illinois

by Kristin Harlow October 24, 2019

CARBONDALE, ILL. — NorthMarq Capital has arranged a $20 million Freddie Mac loan for the refinancing of Aspen Court Apartments in Carbondale, home of Southern Illinois University. The property is located at 1101 E. Grand Ave. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

October 24, 2019

Affordable Housing California Development Multifamily Top Stories Western

Facebook Commits $1B, Partners with State of California to Build 20,000 Affordable Housing Units

by Alex Tostado October 24, 2019

MENLO PARK, CALIF. — Facebook (NASDAQ: FB) has committed $1 billion and will partner with the State of California to build 20,000 affordable workforce- and low-income housing units over the next 10 years. Many of the units will serve first responders and teachers who can’t afford to live in the communities they serve, according to a press release from Facebook. According to David Wehner, CEO of Facebook, a family of four making $100,000 in San Francisco is considered low income. “The issue of affordable housing affects people across middle-class and low-income families alike,” says Wehner. Facebook will invest $1 billion over the next 10 years as follows: $250 million to a partnership with the State of California for mixed-income housing on excess state-owned land in communities where housing is scarce. $150 million for production of affordable housing, including housing for the homeless, in the San Francisco Bay Area. Facebook will contribute to the Bay’s Future Fund, the affordable housing investment fund of Partnership for the Bay’s Future, to work toward a more livable, equitable and racially and economically diverse Bay Area. $225 million in land in Menlo Park. This is land Facebook previously purchased, that is now zoned for housing, on which …

October 24, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Negotiates $41M Sale of Multifamily Community in Augusta

by Alex Tostado October 23, 2019

AUGUSTA, GA. — Cushman & Wakefield has negotiated the $41 million sale of Estates at Perimeter, a 240-unit multifamily community in Augusta. The property offers one- through three-bedroom floor plans. Communal amenities include a bark park, clubhouse, media center, car care center, fitness center, playground and a swimming pool. Estates at Perimeter was built in 2007 in west Augusta where Interstates 20 and 520 meet. Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield represented the sellers, Coastal Ridge Real Estate and H. Katz Capital, in the transaction. Young Homes acquired the property.

October 23, 2019

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $10.6M Sale of Apartment Property in Chicago’s Lincoln Park

by Kristin Harlow October 23, 2019

CHICAGO — Interra Realty has brokered the sale of 1540 Fullerton in Chicago’s Lincoln Park neighborhood for $10.6 million. The four-story, 25-unit apartment property is located at 1540 W. Fullerton Ave. Completed in 2015, the fully leased asset includes 12 two-bedroom units, 12 three-bedroom units and one commercial space. Joe Smazal of Interra represented the private seller while Jeremy Morton and Ted Stratman of Interra represented the undisclosed buyer. At $425,400 per unit, the sale was the largest multifamily sale in Lincoln Park so far this year, according to CoStar data.

October 23, 2019

Acquisitions Multifamily Texas

Passco Acquires 313-Unit Lakeview Villas Apartments Near San Antonio

by Taylor Williams October 23, 2019

NEW BRAUNFELS, TEXAS — California-based investment and development firm Passco Cos. has acquired Lakeview Villas, a 313-unit apartment community in New Braunfels, a northeastern suburb of San Antonio. The community’s one and two-bedroom units feature stainless steel appliances, hardwood-style ﬂooring, granite countertops, brushed nickel hardware, gooseneck faucets in the kitchen and private detached garages. Amenities include a resort-style pool with tanning ledge and outdoor kitchen, poolside lounge and ﬁre pit, as well as a ﬁtness center, a resident clubhouse and a walking trail surrounding a lake on the grounds. Will Balthrope, Jordan Featherston and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller.

October 23, 2019

Company News Multifamily Texas

Roscoe Property Management Awarded 3,500-Unit Multifamily Portfolio in DFW, Houston

by Taylor Williams October 23, 2019

AUSTIN, TEXAS — Austin-based Roscoe Property Management (RPM) has been awarded the B/K portfolio, which consists of 14 apartment communities totaling approximately 3,500 units, the majority of which are located in the Dallas-Fort Worth (DFW) and Houston markets. RPM has now added more than 50 communities to its management portfolio in 2019 alone.

October 23, 2019

Acquisitions Multifamily Texas

JLL Negotiates Sale of 53-Unit Dakota Lofts Apartments in Houston’s Warehouse District

by Taylor Williams October 23, 2019

HOUSTON — JLL has negotiated the sale of the historic Dakota Lofts apartment building, a 53-unit property in Houston’s Warehouse District. The property was originally built in 1911 and housed the Bute Paint Factory. The Randall Davis Co. renovated the building in 1993, when the facility was converted to multifamily housing featuring vintage loft-style units. Chip Nash and Bob Heard of JLL, along with Jim Hurd and Bishale Patel of Houston Income Properties, represented Randall Davis in the sale. Dakota Lofts was more than 90 percent occupied at the time of sale.

October 23, 2019

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