Multifamily

Carroll Purchases Three Multifamily Communities in Metro Atlanta for $220M

by Alex Tostado October 20, 2020

SANDY SPRINGS AND MARIETTA, GA. — Carroll Organization has purchased three multifamily communities in metro Atlanta for $220 million. Carroll will rebrand two of the properties, Cascade at Morgan Falls and Fountains at Morgan Falls in Sandy Springs, under the singular name Arium Morgan Falls. The adjacent communities total 1,180 units. Carroll plans to invest $30 million in property upgrades to overhaul exteriors, amenities and unit interiors. The third property is in Marietta, the 418-unit Columns at Bentley Manor, which Carroll will rebrand to Arium on Bentley. Carroll plans to remodel and update the community’s amenities and units. The seller(s) of the three communities was not disclosed.

October 20, 2020

Development Multifamily Texas

Realty Capital, PointOne Break Ground on 266-Unit Apartment Community Near Fort Worth

by Taylor Williams October 20, 2020

MANSFIELD, TEXAS — A partnership between locally based firm Realty Capital Management and South Florida-based PointOne Holdings has broken ground on Phase II of Main Street Lofts, a project in the Fort Worth suburb of Mansfield that will add 266 apartments to the local supply. Phase II will deliver amenities such as a pool, fitness center, multiple lounges, resident clubhouse and access to walking and biking trails. JHP Architecture is designing the project, and NRP Construction is the general contractor. First United Bank provided construction financing. Completion is scheduled for the first quarter of 2022.

October 20, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

KeyBank Provides $5M Acquisition Loan for Seniors Housing Apartments in Paterson, New Jersey

by Taylor Williams October 20, 2020

PATERSON, N.J. — KeyBank’s Community Development Lending and Investment (CDLI) team has provided $5 million in acquisition financing for Rosa Parks Apartments, a 50-unit affordable housing property for seniors in Paterson. The borrower was Radiant Property Management LLC, a Newark-based real estate services company that will also manage the property following the acquisition. Eric Steinberg of KeyBank’s CDLI team structured the financing.

October 20, 2020

Acquisitions Arizona Multifamily Western

IPA Negotiates $117.5M Sale of Onnix Multifamily Property in Tempe, Arizona

by Amy Works October 20, 2020

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of sale of Onnix, an apartment community located in Tempe. Bridge Investment Group sold the asset to Western Wealth Capital for $117.5 million, or $178,300 per unit. Constructed in 1984 on 30 acres, Onnix features 659 apartments at the intersection of Broadway Road and McClintock Drive. The property offers a mix of studio, one- and two-bedroom layouts and one four-bedroom/four-bath unit. Community amenities include four swimming pools with cabanas, hammocks and barbecue grills, as well as a clubhouse with sauna and yoga studio. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

October 20, 2020

Acquisitions Colorado Multifamily Western

Nexus Commercial Brokers $2.4M Sale of Apartment Building in Denver

by Amy Works October 20, 2020

DENVER — Nexus Commercial Realty has directed the sale of 1302 Milwaukee, a multifamily property in Denver. The property traded hands for $2.4 million. The names of the buyer and seller were not released. Brandon Kaufman and Nik MacCarter of Nexus represented the seller, while Gunnar Wilson of Nexus represented the buyer in the transaction. Located at the corner of 13th Avenue and Milwaukee Street, the property consists of 10 one-bedroom units and two studio apartments. The seller implemented a capital improvement program including the addition of a new boiler, windows and plumbing. The buyer plans to renovate the units and bring the rents up to market value.

October 20, 2020

Conference Coverage Features Student Housing

COVID-19 Was ‘Black Swan’ Event for Student Housing, But Outlook Is Promising, Says NMHC/InterFace Panelist

by Katie Sloan October 20, 2020

Over the course of the past six months, the student housing industry has grappled with a variety of challenges. For colleges and universities, the largest hurdle heading into the fall semester was deciding the safest route to take for reopening campus. This included decisions on everything from whether or not in-person learning would be allowed, to whether students would be welcomed back into residence halls at normal volumes. These questions was deliberated over throughout the summer, sending a ripple effect through the industry as transactional volume slowed while investors waited to see how universities would proceed. As we move toward the close of October, universities have selected their path forward, and while these choices haven’t been set in stone due to the changing nature of the coronavirus, the industry is now able to get a better view of the pandemic’s impact on the fall semester and the outlook moving forward. Leaders in market analytics and multifamily research sat down for an early afternoon panel yesterday at the NMHC/InterFace Student Housing Conference to provide a comprehensive update on the economy at large with a focus on the student housing sector. Economic Update “COVID-19 ended almost an 11-year expansion period for the …

October 20, 2020

Development Georgia Multifamily Southeast

Terwilliger Pappas, Mill Green Partners to Break Ground on $70M Apartment Development Near Atlanta

by Alex Tostado October 19, 2020

CUMMING, GA. — A joint venture between Terwilliger Pappas and Mill Green Partners will break ground this month on Solis Cumming Town Center, a $70 million apartment development in downtown Cumming. The development will include 300 apartment units and 20 townhome units. The asset will be the multifamily component of Mashburn Village, a mixed-use development that will feature 193,000 square feet of retail space and 85 single-family homes in addition to Solis Cumming Town Center. Dwell, E&M, B&C Studio and Kimley-Horn designed the community, and New South served as the general contractor. Cadence Bank provided construction financing, and Atlanta-based Preferred Apartment Communities provided a mezzanine loan. Terwilliger Pappas and Mill Green Partners expect to deliver the community in 2022.

October 19, 2020

Development Florida Multifamily Southeast

Jefferson Apartment Group Delivers 384-Unit Multifamily Community in Central Florida

by Alex Tostado October 19, 2020

CASSELBERRY, FLA. — McLean, Va.-based Jefferson Apartment Group has delivered Jefferson at Lake Howell, a 384-unit multifamily community in Casselberry. The property comprises 16 three-story buildings spanning 22 acres. The community offers one-, two- and three-bedroom floor plans ranging from 727 to 1,410 square feet. Unit interiors feature nine-foot ceilings, stainless steel appliances, wine refrigerators, quartz countertops and screened-in balconies. Communal amenities include two pools, fitness center, clubhouse, dog park, playground, paddleboard storage and a private dock on Lake Howell. Rents will range from $1,310 per month to $2,245 per month. The asset is situated 1124 Shoreview Circle, 13 miles northeast of downtown Orlando.

October 19, 2020

Acquisitions Multifamily Texas

Hamilton Zanze Sells 368-Unit Fountains at Steeplechase Apartments in Plano

by Taylor Williams October 19, 2020

PLANO, TEXAS —San Francisco-based investment firm Hamilton Zanze has sold Fountains at Steeplechase, a 368-unit apartment community in Plano. Built in 1985, the property features one- and two-bedroom units averaging 857 square feet. Amenities include a pool, fitness center, business center, playground, clubhouse and a dog park. Hamilton Zanze acquired the property in 2013 and implemented a valued-add program that upgraded the appliances, flooring, countertops and hardware of the units, as well as the building exteriors and amenity spaces. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of Institutional Property Advisors, a division of Marcus & Millichap, worked with Bard Hoover and Nick Fluellen of Marcus & Millichap’s Dallas office to represent Hamilton Zanze in the sale. The team also procured the buyer, Bridge Partners.

October 19, 2020

Loans Multifamily Texas

JLL Arranges $27.1M Acquisition Loan for Cannon Oaks Apartments in South Austin

by Taylor Williams October 19, 2020

AUSTIN, TEXAS — JLL has arranged a $27.1 million acquisition loan for Cannon Oaks Apartments, a 230-unit multifamily community in south Austin. Built in 2001, the property consists of 12 residential buildings that are situated on 18 acres and offer two-, three- and four-bedroom floor plans. Amenities include a recently renovated clubhouse, pool and fitness center. Marko Kazanjian, Chris McColpin, Rob Hinckley, Jackson Finch and Andrew Cohen of JLL arranged the loan through Prime Finance on behalf of the borrower, Old Three Hundred Capital. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented the seller, Arizona-based Sterling Real Estate Partners, in the transaction.

October 19, 2020

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