Multifamily

Cushman & Wakefield Arranges $27.5M Sale of Multifamily Community in Huntsville

by Alex Tostado September 18, 2019

HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $27.5 million sale of Fern Parc, a 343-unit multifamily community in Huntsville. Wicker Park Capital Management LLC acquired the property for $80,029 per unit. Fern Parc is located at 4100 Memorial Parkway SW, five miles south of downtown Huntsville, and offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, kiddie pool, bark park, fitness center, cabanas, business center, playground and pet care services. Fern Parc was built in 1974 and renovated in 2015. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Panther Residential Management, in the transaction.

September 18, 2019

Development Multifamily Texas

LMC Opens 326-Unit Apartment Community in Metro Houston

by Taylor Williams September 18, 2019

KATY, TEXAS — LMC, a multifamily developer and operator that is a subsidiary of Miami-based Lennar Corp., has opened The Maddox, a 326-unit apartment community located adjacent to Memorial Hermann Katy Hospital on the western outskirts of Houston. Floor plans consist of one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, ceramic tile backsplashes, walk-in closets and smart thermostats. Amenities include a pool, fitness center, an outdoor grilling and gaming area, a community lounge with a bar and workspaces, beer garden and a dog park.

September 18, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges $10.4M Sale of Houston Manufactured Housing Community

by Taylor Williams September 18, 2019

HOUSTON — Marcus & Millichap has arranged the $10.4 million sale of Royal Coach Village Mobile Home Park, a 24.4-acre manufactured housing community in Houston. Jeff Taylor, Douglas Danny and Braeden Jehle of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also an undisclosed limited liability company. The asset generated nine offers in less than 30 days on the market and sold at more than 100 percent above the listing price.

September 18, 2019

The-Grove-at-Orenco-Station-Hillsboro-OR

Loans Multifamily Oregon Western

KeyBank Arranges $50M Acquisition Financing for 264-Unit Apartment Complex in Oregon

by Amy Works September 18, 2019

HILLSBORO, ORE. — KeyBank Real Estate Capital has secured $50 million in Fannie Mae financing for San Francisco-based Jackson Square Properties for the acquisition of The Grove at Orenco Station, a 264-unit multifamily property located 6710 NE Vinings Way in Hillsboro. Built in 1998 and renovated in 2014, the apartment complex comprises 12 three-story apartment buildings, a single-story clubhouse and a leasing office building. The property recently underwent a $3.2 million renovation that started in 2015 and was completed in 2018. Paul Angle of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing for the acquisition.

September 18, 2019

Loans Multifamily Utah Western

Rockworth Cos. Receives Construction Financing for 214-Unit MillPond Apartments in Utah

by Amy Works September 18, 2019

AMERICAN FORK, UTAH — Rockworth Cos. has received an undisclosed amount of construction financing for development of The MillPond Apartments, a multifamily property located in American Fork, a suburb 30 miles south of Salt Lake City. JLL, led by Mike White, arranged the high-stacked, three-year, limited-recourse construction loan for the borrower. Located at 80 N. 1020 West, the $44 million project will feature a 214-unit apartment community comprising 11 three-story buildings with wood-frame construction. Averaging 906 square feet, the one-, two- and three-bedroom units will feature patios or balconies, in-unit washers/dryers, nine-foot ceilings, oversized bathtubs, high-quality cabinetry and luxury wood-style flooring. Community amenities will include a clubhouse with a fitness center, business center, changing rooms, outdoor heated swimming pool with a sun deck, Whirlpool spa, fire pit, barbecue/picnic area, dog park and bike repair facility.

September 18, 2019

Development Multifamily Texas

Leon Capital Begins Leasing 415-Unit Apartment Community in Richardson

by Taylor Williams September 17, 2019

RICHARDSON, TEXAS — Locally based developer Leon Capital Group has begun leasing Society 190, a 415-unit multifamily community located off President George Bush Turnpike in Richardson, a northeastern suburb of Dallas. The property, construction of which is nearing completion, will feature one-, two- and three-bedroom units ranging in size from 680 to 1,450 square feet. Rents start at $1,275 per month. Amenities include a pool, fitness center, game room, outdoor kitchen and coworking office space.

September 17, 2019

Development Multifamily Texas

Presidium Breaks Ground on 408-Unit Multifamily Project in Fort Worth

by Taylor Williams September 17, 2019

FORT WORTH, TEXAS — Multifamily developer Presidium has broken ground on Presidium at Revelstoke, a 408-unit project located within Alliance Town Center in north Fort Worth. The property will be situated on 17.2 acres and will offer amenities such as a pool, outdoor grilling and gaming area, fitness center, dog park, playground and electric car charging stations. O’Brien Architects is designing the project, and Kimley-Horn is the civil engineer. Provident General Contractors is handling construction, which is expected to be complete in the second half of 2020.

September 17, 2019

Development Florida Multifamily Southeast Student Housing

Public-Private Partnership Delivers $105M Mixed-Use Student Housing Tower on UCF’s Campus in Downtown Orlando

by Alex Tostado September 17, 2019

ORLANDO, FLA. — Development Ventures Group (DEVEN) and Ustler Development Inc., in a public-private partnership with the City of Orlando, have delivered UnionWest at Creative Village on the University of Central Florida’s campus. UnionWest is a 15-story building with 644 student housing beds, 100,000 square feet of academic space, 11,000 square feet of ground-level retail space and a 600-space parking garage. Construction on the $105 million development began in October 2017. The building is located at the corner of West Livingston Street and North Terry Avenue in downtown Orlando, which grants access to both University of Central Florida and Valencia College students. Five of the six ground-floor retail locations in UnionWest are leased. Tenants include Vera Asian, Addition Financial, Subway, Dunkin’ and Qdoba Mexican Grill. The student housing portion opened in time for the fall 2019 semester at 97 percent occupancy.

September 17, 2019

Acquisitions Florida Multifamily Southeast

Westside Acquires Multifamily Community in Tampa for $29.5M

by Alex Tostado September 17, 2019

TAMPA, FLA. — Westside Capital Group has acquired Watermans Crossing Apartments, a 337-unit multifamily community in Tampa’s Wellswood neighborhood, for $29.5 million. The property, which Westside Capital will rebrand as Westshore Crossing, comprises 20 buildings and offers studio through three-bedroom floor plans averaging 895 square feet. Communal amenities include a clubhouse, 876 parking spots, fitness center and three swimming pools. Westside plans to invest $5 million in capital improvements, which will include updating common areas and perform targeted interior unit upgrades. Bridge Investment Group provided the buyer with a $26.3 million acquisition loan with a five-year term and a floating interest rate. Charles Foschini of Berkadia arranged the loan on behalf of the buyer. Luis Elorza and Brad Capas of Cushman & Wakefield represented the buyer in the sale. The seller was not disclosed.

September 17, 2019

Acquisitions Georgia Multifamily Southeast

Cortland Purchases New Apartment Complex in Metro Atlanta

by Alex Tostado September 17, 2019

PEACHTREE CORNERS, GA. — Cortland has purchased Echo Lakeside, a 296-unit apartment complex in Peachtree Corners that was delivered in April. The buyer will rebrand the property as Cortland Peachtree Corners. The property is bordered by two lakes, which includes two docks for residents to fish from or launch kayaks. Additional communal amenities include a clubhouse, business center, fitness center, swimming pool, rideshare space and a dog park. The seller and sales price were not disclosed, though the Gwinnett Daily Post reported that Brand Properties was the developer.

September 17, 2019

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