COLUMBUS, OHIO — Ready Capital has provided a $19.3 million loan for the acquisition, renovation and stabilization of a multifamily property within an Opportunity Zone in the North Rickenbacker submarket of Columbus. The Class B community spans 419,000 square feet and includes 376 units. Upon acquisition, the undisclosed borrower plans to upgrade all units and common areas. The nonrecourse, floating-rate loan features a 48-month term and a loan-to-cost ratio of 75 percent.
It’s an exciting time to be living in Lubbock, Texas. The amazing smells of Evie Mae’s Beef Ribs fill the air. McPherson, llano Estacado and English Wineries are producing gold medal wines, on point with anywhere in the country. The Texas Tech men’s basketball team was 30 seconds away from a national championship; the men’s track team won the NCAA Championship; and the Red Raiders’ Meat Judging Team continued its dominant reign. Winning has infected the community culture, translating into a strong local economy. Things are great for the local consumer, but how is that playing out for multifamily investors? Here, the message is mixed. We will begin by discussing the Lubbock economy as a whole, then the key numbers for the Lubbock multifamily market, followed by a general discussion. Economic Outlook The Lubbock economy continues to perform at record levels. Per the Bureau of Labor Statistics, the city’s unemployment rate in June was 3.2 percent. As amazing as this number is, it actually represents an increase from the unemployment experienced in the two previous months. Over the last 12 months, the Lubbock economy added an estimated 2,000 new jobs. Per the Lubbock National Bank Economic Report, some of the …
CHARLESTON, S.C. — Northland Investment Corp. has acquired two multifamily communities in Charleston: Wharf 7 and The Standard. The 312-unit Wharf 7 is located on Daniel Island, 13 miles north of downtown Charleston. The community offers studio- through three-bedroom floor plans. Communal amenities include a saltwater pool, poolside TV lounges and grilling stations, hammock garden, fitness center with a separate yoga/spinning studio, community bikes and an event lawn with a terraced, outdoor amphitheater. The 280-unit The Standard is located on James Island, five miles southwest of downtown Charleston. The Standard offers communal amenities such as a saltwater pool with a tanning ledge and cabanas, picnic courtyard with grilling station and outdoor kitchen, public courtyard and a Lowcountry-inspired clubhouse. The seller and sales prices were not disclosed.
KATY, TEXAS —American Landmark, a Tampa-based multifamily owner-operator, has acquired Elan 99 West, a 360-unit multifamily community in Katy, a western suburb of Houston that will be rebranded as Elite 99 West. Built in 2016, the property features one-, two- and three-bedroom units with quartz countertops, washes and dryers, private patios and yards, walk-in closets and wood flooring. Community amenities include a pool with lounge seating, lake with jogging path, fitness center, outdoor kitchen and lounge and a clubhouse. Mitch Sinberg, Matthew Robbins, Robert Falese and Matthew Cullison of Berkadia arranged acquisition financing on behalf of American Landmark, which will implement a $1.3 million capital improvements program. Following this transaction, American Landmark now owns and manages about 28,000 apartments throughout the Southeast and Texas.
NEW JERSEY — NorthMarq has secured a $69 million loan for the refinancing of four affordable housing properties all in Hudson County, a western suburb of New York City. The properties include Church Square South, an 81-unit property in Hoboken; Eastview Apartments, a 79-unit property also in Hoboken; New Floral Gardens, a 91-unit property in North Bergen; and Parkview East, a 71-unit property in Weehawken. Gary Cohen of NorthMarq secured the refinancing through two New Jersey-based banks. The borrower was not disclosed.
SAN ANTONIO — Berkadia has arranged the sale of Villas de Santa Fe, a 208-unit multifamily asset located near San Antonio Medical Center on the city’s northwest side. Built in 1982, the property features one- and two-bedroom units with tile floorings, window coverings, pantries, solar screens and washer and dryer connections. Community amenities include a clubhouse, swimming pool, fitness center, picnic area and a sports court. Mike Miller, Will Caruth, Chris Ross and Cody Courtney of Berkadia handled the transaction on behalf of the seller, San Diego-based Comunidad Realty Partners. The buyer was not disclosed.
REVERE, MASS. — CBRE has arranged a $20.5 million construction loan for a multifamily property in Revere, a northern suburb of Boston. Located at 90 Ocean Ave., the six-story property will offer 75 apartment units, including studio, one- and two-bedroom floor plans. The building will also include a fitness center and rooftop lounge. John Kelly of CBRE arranged the financing on behalf of the borrower, Helge Capital Inc.
NEW HAVEN, CT. — Pearce Real Estate has brokered the $5 million sale of three adjacent multifamily and office properties in New Haven. The properties comprise the Farrel Mansion at 490 Propspect St.; Doane Hall at 492 Prospect St.; Great Hall at 411 Mansfield St. Combined, the properties offer 28,659 square feet that the buyer, Albertus Magnus College, plans to use for additional dorm space. Jamie Cuzzocreo of Pearce represented Albertus Magnus in the transaction. Frank D’Ostilio of Real Living represented the seller, Overseas Ministries.
TEMPE, ARIZ. — TSB Realty has arranged the sale of Sterling 920 Terrace, a 775-bed student housing community located near Arizona State University in Tempe. Coastal Ridge Real Estate purchased the property in a joint venture with iA Financial Group from The Dinerstein Companies and Harrison Street Real Estate. Terms of the transaction were undisclosed. The property offers studio, one-, two- and four-bedroom units. Shared amenities include a pet park; resort-style swimming pool and hot tub; a poolside lounge with hammocks and a television; a two-story fitness center, yoga area and boxing room; grilling stations; a fire pit; a business center; and private study rooms. TSB Capital Advisors arranged acquisition financing on behalf of the buyer.
GLENDALE, ARIZ. — Fore Property has completed the disposition of Summerly at Zanjero, an apartment community located in Glendale. An undisclosed buyer acquired the property for $78.5 million. Located at 7375 N. Zanjero Blvd., the asset comprises 32 two- and three-story buildings spread across an 18.6-acre site. Constructed in 2018, Summerly at Zanjero features 340 units in a mix of one-, two- and three-bedroom layouts. Community amenities include two swimming pools with barbecues and fireplaces, a fitness center with yoga and spin room, a dog park, playground and parcel lockers. At the time of sale, the property was 95 percent occupied.