Multifamily

Heitman Purchases 161-Unit Multifamily Community in Boulder, Colorado

by Amy Works September 30, 2019

BOULDER, COLO. — Heitman has purchased The Boulders, an apartment community located at 2850 Kalmia Ave. in Boulder. Broadshore Capital Partners sold the asset for an undisclosed price. Shane Ozment, Terrance Hunt, Justin Hunt and Andy Hellman of Newmark Knight Frank Multifamily represented the seller in the deal. Constructed in 1993, The Boulders features 161 apartments and offers access to the city’s 155-mile trail system. The buyer plans to renovate the property’s units to stay competitive in the market.

September 30, 2019

Acquisitions Florida Multifamily Southeast

Arch Acquires Multifamily Community in Jacksonville for $14.1M

by Alex Tostado September 27, 2019

JACKSONVILLE, FLA. — Arch Cos. has acquired Midtown Oaks, a 176-unit, garden-style community in Jacksonville, for $14.1 million. The property offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, clubhouse, business center, grilling and picnic areas, onsite laundry services, fitness center and a dog park. Midtown Oaks was built in 1975 and is located at 1706 Art Museum Drive, three miles southeast of downtown Jacksonville. John Rutherford of Newmark Knight Frank represented the seller, InvestRes, in the transaction. Morris Betesh of Merdian Capital Group and Arch Advisors, an affiliate of Arch Cos., originated acquisition financing. Arbor Realty provided the Fannie Mae Green Rewards loan. Arch Cos. plans to implement a value-add rehab program, details of which were not disclosed.

September 27, 2019

Loans Louisiana Multifamily Southeast

Dougherty Mortgage Provides $20.8M HUD Refinancing Loan for Apartment Community Near Baton Rouge

by Alex Tostado September 27, 2019

ZACHARY, LA. — Dougherty Mortgage LLC has provided a $20.8 million refinancing loan for Audubon Park Apartment Homes, a 178-unit community in Zachary. The HUD 223(a)(7) loan features a 40-year term. The borrower is Audubon Park Apartment Homes LLC, an affiliate of Atlanta-based Audubon Communities. Communal amenities at Audubon Park include bike racks, a fitness center, swimming pool, car wash area, playground, grilling area and a poolside lounge.

September 27, 2019

Acquisitions Multifamily Texas

29th Street Capital Acquires 318-Unit Apartment Community in West Houston

by Taylor Williams September 27, 2019

HOUSTON — 29th Street Capital (29SC), a multifamily investment firm with offices in San Francisco and Chicago, has acquired 14220 at Park Row Apartments, a 318-unit apartment community in West Houston. Built in 1998, the property features one-, two- and three-bedroom units with granite countertops, stainless steel appliances, walk-in closets and private patios or balconies. Amenities include a pool with a tanning ledge, fitness center, outdoor grilling stations, business center, a resident clubhouse and access to jogging trails. 29SC will rebrand the property and introduce smart technology features. The seller was not disclosed.

September 27, 2019

Loans Multifamily Texas

Dougherty Arranges $29.7M Construction Loan for Apartment Project Near Fort Worth

by Taylor Williams September 27, 2019

BURLESON, TEXAS — Dougherty Mortgage has arranged a $29.7 HUD construction loan for The Waverly Apartments, a 192-unit multifamily project in Burleson, a southern suburb of Fort Worth. The community will offer a clubhouse, pool with cabanas, outdoor kitchen areas, a business center, fitness center, children’s play area, dog park and a car wash area. Completion is slated for spring 2021. Dougherty arranged the loan, which carried a 40-year term and amortization schedule, on behalf of borrower Burleson Commons LLC.

September 27, 2019

Acquisitions Multifamily New Jersey Northeast

CBRE Arranges $75.3M Sale of Two Multifamily Properties Near New York City

by Alex Patton September 27, 2019

HASBROUCK HEIGHTS AND LODI, N.J. — CBRE has arranged the $75.3 million sale of Skyline Apartments and Boulevard Apartments, two multifamily properties totaling 338 units in Hasbrouck Heights and Lodi, two adjacent western suburbs of New York City. Skyline Apartments comprises 124 apartments in Hasbrouck Heights, while Boulevard Apartments comprises 214 apartments located across both Hasbrouck Heights and Lodi. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steven Bardsley, David Gavin and Eric Apfel and Nat Gambuzza of CBRE represented the seller, an investment consortium between Griffen Ltd. and Kushner Cos. The CBRE team also represented the buyer, a New York-based private investment firm.

September 27, 2019

Development Multifamily Northeast Pennsylvania

KRE Group Opens 245-Unit Multifamily Community in Willow Grove, Pennsylvania

by Alex Patton September 27, 2019

WILLOW GROVE, PA. — Kushner Real Estate (KRE) Group has opened Willow Pointe, a 245-unit multifamily community in Willow Grove, a northern suburb of Philadelphia. The property comprises three buildings with one- and two-bedroom floor plans, all of which include a patio or balcony. Amenities include a pool, resident lounge, fitness center, business center, outdoor grilling areas and resident storage space. Hudson Projects designed the community.

September 27, 2019

Loans Midwest Minnesota Multifamily

NorthMarq Arranges $2M Refinancing of Multifamily Property in St. Paul, Minnesota

by Kristin Harlow September 27, 2019

ST. PAUL, MINN. — NorthMarq has arranged a $2 million Freddie Mac loan for the refinancing of 623 Lofts in St. Paul. The 17-unit multifamily property is situated near three colleges and nine miles from the Minneapolis-St. Paul International Airport. Michael Padilla of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule.

September 27, 2019

Acquisitions Multifamily Washington Western

Kidder Mathews Arranges $25.7M Sale of Vista Del Rey Apartment Complex in Tacoma, Washington

by Amy Works September 27, 2019

TACOMA, WASH. — Kidder Mathews has negotiated the sale of Vista Del Rey, a multifamily property located at 319 N. Tacoma Ave. in Tacoma, a city approximately 35 miles south of Seattle along the banks of the Puget Sound. VDR Investments Homes, led by Rose Stanek-Norbe of Tyroda LLC, acquired the asset from an undisclosed seller for $25.7 million. Situated in Tacoma’s Stadium District, the 17-story Vista Del Rey features 130 apartments. Also included in the sale was the adjoining 0.67-acre land parcel that could accommodate an additional 130 residential units. Targa Property Management will manage the property. Tyler Stanek of Kidder Mathews represented the buyer in the transaction.

September 27, 2019

Acquisitions Idaho Multifamily Western

TYG Commercial Real Estate Brokers Sale of 73-Unit Sand Creek Apartments in Idaho

by Amy Works September 27, 2019

IDAHO FALLS, IDAHO — TYG Commercial Real Estate has negotiated the sale of Sand Creek Apartments, a 73-unit multifamily community located in Idaho Falls. A private investor sold the property to a Utah-based multifamily investor for an undisclosed price. Located at 1250 Ashment Ave., Sand Creek Apartments features 32 one-bedroom units, 17 two-bedroom apartments and 24 three-bedroom units. The property was built in 1978 and renovated in 2004. Richard Bird and Mathew Bird of TYG Commercial Real Estate represented the seller and buyer in the transaction.

September 27, 2019

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