Multifamily

Fogelman, DRA Acquire 390-Unit Apartment Community in Houston

by Taylor Williams October 3, 2019

HOUSTON — A joint venture between multifamily investment firm Fogelman Partners and New York-based DRA Advisors has acquired Retreat at Steeplechase, a 390-unit multifamily community in Houston. Built in 1998 on the city’s northwest side, the property offers one-, two- and three-bedroom units and amenities such as a pool and a clubhouse. The new ownership will implement a value-add program to the unit interiors, exteriors and amenity spaces of the property, which was 94 percent occupied at the time of sale.

October 3, 2019

Acquisitions Multifamily North Carolina Southeast Student Housing

Preiss Sells Three Student Housing Communities Near North Carolina State University

by Alex Tostado October 3, 2019

RALEIGH, N.C. — The Preiss Co. has sold three student housing communities serving North Carolina State University in Raleigh. Dispositions include University Village at 2505, a 288-bed community developed in 2012; Campus West at Tryon, a 162-bed community developed in 2014; and The College Inn, a 440-bed community developed in 2004. Ryan Lang, Brandon Buell and Jack Brett of Newmark Knight Frank represented the seller in the transaction. Chicago-based Inland acquired the portfolio for an undisclosed amount. University Village at 2505 offers four-bedroom, fully furnished units with shared amenities including a clubhouse, 24-hour fitness center, computer lab, study room and beach volleyball court. Campus West at Tryon offers three-bedroom units with bed-to-bath parity alongside shared amenities including a lounge area, outdoor grilling areas and picnic space. The College Inn offers two-, three- and four-bedroom, fully furnished units with shared amenities including a fitness center, swimming pool, grill and patio area, a media and game room, and an internet cafe.

October 3, 2019

Acquisitions Florida Loans Multifamily Southeast

Berkadia Secures Sale, Financing of New Multifamily Property in Panama City Beach

by Alex Tostado October 3, 2019

PANAMA CITY BEACH, FLA. — Berkadia has arranged the sale of Vantage at Panama City Beach, a 288-unit, garden-style multifamily community. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, business center, internet café, swimming pool, covered pool lounge, outdoor grills, picnic areas, large and small breed dog parks, dog wash facilities, a 24-hour fitness center and 24-hour concierge. The property was built in 2018 and is three miles from the beach. David Etchison and Cole Whitaker of Berkadia represented the seller, Vantage Communities, in the transaction. The sales price was not disclosed, but Mitch Sinberg and Matthew Robbins of Berkadia originated a $42.6 million acquisition loan on behalf of the buyer, Cardone Capital. The Freddie Mac loan features a 10-year term with a fixed interest rate and five years of interest-only payments.

October 3, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of Multifamily Asset in Alvin, Texas

by Taylor Williams October 3, 2019

ALVIN, TEXAS — Marcus & Millichap has arranged the sale of Oaks at Mustang, a 125-unit multifamily asset in Alvin, located south of Houston. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the buyer, a limited liability company, in the off-market transaction. Other terms of sale were not disclosed.

October 3, 2019

Loans Multifamily Texas

Ready Capital Provides $12.5M Bridge Loan for Dallas Multifamily Property

by Taylor Williams October 3, 2019

DALLAS — Ready Capital has provided a $12.5 million bridge loan for the acquisition, renovation and stabilization of a 144-unit multifamily property located in the Lake Highland submarket of Dallas. Upon acquisition, the sponsor will implement a capital improvement plan and renovate existing units to maximize net operating income and increase property value. Ready Capital closed the non-recourse, fixed-rate loan, which featured a 60-month term, declining prepayment and a facility to provide future funding for the capital expenditures.

October 3, 2019

Conference Coverage Features Multifamily Student Housing Texas Texas & Oklahoma Feature Archive

How to Maximize Student Housing Lease Conversions Through Social Media, Digital Marketing

by Kristin Harlow October 3, 2019

DALLAS — When it comes to attracting the attention of students — and, more specifically, Generation Z — maintaining a positive and unique social media and digital marketing presence is critical. Most owners and operators of student housing today are pushing marketing dollars toward creating a digital brand in hopes of attracting a greater number of lease conversions. As an owner or operator, how do you allocate the right amount of funding to this segment of the business? And how do you know if it’s actually working? A panel of owners, operators and digital marketing strategists weighed in on this topic during the session, “How to Convince Owners/Operators to Allocate Budget to Social Media and Digital Marketing & How to Report and Validate Results and Maximize Conversions,” at the second annual LeaseCon: A Social Media, Digital & Traditional Marketing Boot Camp, held at The Westin Galleria in Dallas in September. Achieving optimal digital marketing results begins with transparent data on what works, and what doesn’t. “It’s really important to choose a digital marketing partner that is going to be as transparent as possible,” says Brian Garrigan, head of sales for the central U.S. at Simpli.fi. “A lot of organizations will …

October 3, 2019

Acquisitions Multifamily Top Stories Washington Western

Continental Properties Reacquires 31-Story Met Tower in Seattle for $216.1M

by Alex Tostado October 3, 2019

SEATTLE — Continental Properties LLC has acquired Met Tower, a 366-unit residential building in Seattle it helped develop in 2001, for $216.1 million. The seller was Seattle-based Westlake Tower Associates, according to multiple media reports. Bellevue, Wash.-based Continental developed the 31-story tower in a joint venture with Bentall and sold the building in 2003 for $105 million, or $287,000 per unit. Bentall was looking to get out of the multifamily real estate business at the time, leading to the sale, according to the Seattle Daily Journal of Commerce. In an interview with the DJC, Claudio Guincher of Continental said what was once considered the outskirts of Seattle’s central business district, is now “on the 50-yard line.” “We are across the street from Amazon,” Guincher added. Met Tower is located at 1942 Westlake Ave., directly across from Amazon’s Doppler building, which serves as the company’s headquarters, housing 3,800 employees. The multifamily community offers studio, one-, two- and three-bedroom floor plans averaging 894 square feet. Communal amenities include a business center, conference room, fireplace lounge with full kitchen, billiards room, library, fitness facility, aerobics room, indoor pool, whirlpool spa, sauna and locker rooms with steam rooms. The property also features 10,000 square …

October 3, 2019

Acquisitions Massachusetts Multifamily Northeast

Capstone Brokers $28.8M Sale of Multifamily Property in Worcester, Massachusetts

by Alex Patton October 2, 2019

WORCESTER, MASS. — Capstone Apartment Partners (CAP) has brokered the $28.8 million sale of SkyMark Tower, a 206-unit apartment building in Worcester, located approximately 40 miles west of Boston. Completed in 1991, the property features one- and two-bedroom apartments and was 98 percent leased at the time of sale. Stasiu Geleszinski, Austin Green and A.J. Klenk of CAP represented the seller, VTT Management, in the transaction. The CAP team also represented the buyer, Benedict Canyon Equities.

October 2, 2019

Development Florida Loans Multifamily Southeast

Lotus Capital Arranges $100M Construction Loan for Residential Tower in South Florida

by Alex Tostado October 2, 2019

HALLANDALE BEACH, FLA. — Lotus Capital has arranged a $100 million construction loan for SLS Residence, a planned 250-unit residential tower in Hallandale Beach. Related Fund Management provided the five-year loan to the developer, Connecticut-based PPG Development. The 26-story building will be a part of a 150-acre project that will include SLS Hotel, tennis courts, a marina and a Greg Norman-designed golf course. The borrower expects to complete the multifamily units in late 2021.

October 2, 2019

Acquisitions Multifamily Texas

TriArc Real Estate, Zeus Equity Acquire 220-Unit Multifamily Portfolio in Houston

by Taylor Williams October 2, 2019

HOUSTON — A joint venture between TriArc Real Estate Partners and Zeus Equity Group has acquired the Candlelight Portfolio, a 220-unit multifamily portfolio located in the Garden Oaks submarket of Houston. The portfolio consists of three properties on a combined 5.6 acres, all of which were built in the early 1970s. The new ownership will implement an $8 million capital improvement plan. The seller and property names were not disclosed.

October 2, 2019

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