Multifamily

Radco Sells Multifamily Community in Tampa for $42.8M

by Alex Tostado July 6, 2020

TAMPA, FLA. — The Radco Cos. has sold Mabry Manor, a 372-unit multifamily community in Tampa, for $42.8 million. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a pool, sundeck, fitness center, clubhouse, fishing lakes with floating deck and fishing pier, coffee bar, laundry facilities and a business center. Radco acquired the asset in 2016 for $20.1 million. The asset is located at 4902 N. Macdill Ave., five miles northwest of downtown Tampa in the Northwest Tampa submarket. TLR Group acquired the community. Jason Stanton and Cole Whitaker of Berkadia represented the seller in the transaction.

July 6, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Fairstead Acquires Low-Income Seniors Housing Community in Boca Raton

by Alex Tostado July 6, 2020

BOCA RATON, FLA. — Fairstead has acquired Gould House, a 101-unit Section 8 seniors housing community in Boca Raton. The property is located on the Jewish Federation of South Palm Beach County Campus. While the seller and price were not disclosed, Fairstead did unveil plans for a $6 million rehabilitation of the entire complex. The project will include new kitchens, baths, lighting, HVAC, flooring and windows for all apartments, as well as common area improvements to the security systems, grounds, lobbies, community room and management office. Fairstead financed the acquisition through the issuance of federal Low-Income Housing Tax Credits (LIHTC) and tax-exempt bonds from the Housing Finance Authority of Palm Beach County. The Freddie Mac lender/bond purchaser in the transaction was Berkadia Commercial Mortgage LLC, and the LIHTC investor was Regions Affordable Housing LLC.

July 6, 2020

Loans Multifamily Texas

NKF Provides Freddie Mac Loan for Refinancing of 498-Unit Sedona Apartments in Abilene

by Taylor Williams July 6, 2020

ABILENE, TEXAS — Newmark Knight Frank (NKF) has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Sedona, a 498-unit apartment community located in the West Texas city of Abilene. The garden-style property was built in phases in the mid-1970s. Units feature stainless steel appliances, hardwood flooring, walk-in closets and patios or balconies. Amenities include two pools, a playground, fitness center, sports court, dog park and onsite laundry facilities. Braden Harmon and Hank Glasgow of NKF originated the loan on behalf of the borrower, CapX Ventures LLC.

July 6, 2020

Development Mixed-Use Multifamily Office Retail Washington Western

EJF Capital, Holland Partner Group Plan Block 10 Mixed-Use Project in Downtown Vancouver

by Amy Works July 6, 2020

VANCOUVER, WASH. — EJF Capital and Holland Partner Group (HPG) are developing Block 10, a mixed-use property located in downtown Vancouver. Situated on a one-acre opportunity zone, the project will feature 110 apartments, 79,000 gross square feet of office space on top of a podium deck with roughly 10,100 square feet of retail space and 113 parking spaces. Twenty percent of the multifamily units will be set aside as workforce housing. Building amenities, which will be shared between office users and residents, will include a fitness center, co-working space, bike room and amenity deck on the third level. Holland Construction, HGP’s construction division, expects to break ground this month, with completion slated for spring 2022. Bank of the West is providing construction financing for the development.

July 6, 2020

Loans Midwest Multifamily Office Ohio

Grandbridge Arranges $4.7M in Refinancing for Two-Property Portfolio in Lorain, Ohio

by Kristin Harlow July 6, 2020

LORAIN, OHIO — Grandbridge Real Estate Capital has arranged two loans totaling $4.7 million for the refinancing of a two-property portfolio in Lorain, about 30 miles west of Cleveland. The first property is Fairway East Apartments, a recently renovated apartment community totaling 80 units across five buildings. The second asset is City Center, a 56,384-square-foot office building housing tenants such as Spectrum Consulting Services, Lorain County Community College and United Property Management. Craig Kegg of Grandbridge arranged the 15-year, fixed-rate loans with insurance company correspondents. United Property Management was the borrower.

July 6, 2020

Development Florida Multifamily Southeast

East End Capital to Build 12-Story Multifamily Project in Miami’s Wynwood District

by Alex Tostado July 2, 2020

MIAMI — East End Capital has received civic approval to build Foyer Wynwood, a 12-story multifamily project planned for Miami’s Wynwood neighborhood. The project marks the debut of the developer’s co-living brand Foyer, which will operate the co-living segment of the 375,000-square-foot development. The property will feature 236 multifamily residences in both micro-unit and co-living floor plans, as well as coworking space. The City of Miami’s Urban Development Review Board recently approved Foyer Wynwood, which will front North Miami Avenue from 24th and 25th streets. The development will be situated near attractions in Wynwood such as Veza Sur Brewery, The Wynwood Arcade, Oasis, The Salty and the planned Arlo Hotel. Designed by Kobi Karp Architecture & Design, Foyer Wynwood’s community amenities will include a gym, juice and coffee bar, pool deck, chef-kitchen and entertainment space, art studio areas and rooms for recording podcasts and green-screen filming. Monthly rents for co-living bedrooms at the project — which include the furnishings, electricity, common area cleaning and WiFi — are expected to start around $1,500 per month. East End Capital expects to break ground in early 2021.

July 2, 2020

Development Georgia Multifamily Southeast

McShane Delivers 280-Unit Apartment Community Near Savannah

by Alex Tostado July 2, 2020

POOLER, GA. — McShane Construction Co. has delivered Parc at Pooler, a 280-unit apartment community located at 2200 Old Quacco Road in the Savannah suburb of Pooler. The property is situated on 21 acres and features 19,000 square feet of amenities, including a pool, sundeck, outdoor kitchen, car care center and a dog park. Indoor amenities include a clubhouse with a fitness center, coffee bar, café and a resident’s lounge. Units include granite countertops, sunrooms or balconies, stainless steel appliances, wood cabinetry and wood-finished flooring. The design team includes developer Equity Resources LLC and architect Dynamik Design. McShane also handled the site work for the project, including eight standalone garages, landscape and parking lots.

July 2, 2020

Acquisitions Multifamily Texas

NKF Brokers Sale of 332-Unit Hillstone at Wolf Ranch Apartments in Metro Austin

by Taylor Williams July 2, 2020

GEORGETOWN, TEXAS — Newmark Knight Frank (NKF) has brokered the sale of Hillstone at Wolf Ranch, a 332-unit apartment community located in the northern Austin suburb of Georgetown. Built in 2018, the Class A property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, game room and walking/biking trails. Patton Jones of NKF represented the seller, Dallas-based Leon Capital Group, in the transaction. The buyer was Virginia-based Weinstein Properties, which will rebrand the community as Bexley Wolf Ranch.

July 2, 2020

Loans Multifamily Texas

UC Funds Provides $18.2M Loan for Adaptive Reuse Project in San Antonio

by Taylor Williams July 2, 2020

SAN ANTONIO — Boston-based lender UC Funds has provided an $18.2 million loan for the adaptive reuse of The Travis Building, a high-rise office building in San Antonio that was originally built in 1920. The undisclosed borrower will convert the building in a mixed-use property with 63 Class A apartments and 20,000 square feet of ground-floor retail space.

July 2, 2020

Colorado Development Multifamily Western

MIG Real Estate Buys Land Site in Metro Denver to Develop 114-Unit Clarkson Apartments

by Amy Works July 2, 2020

CHERRY HILLS VILLAGE, COLO. — MIG Real Estate has acquired a one-acre development site in Denver for construction of The Clarkson, a 114-unit multifamily community located in Cherry Hills Village, a suburb of Denver. A private seller sold the site for $3.4 million. Slated to break ground in 2021, The Clarkson will feature 23 studios, eight junior one-bedroom, 56 one-bedroom and 27 two-bedroom layouts. The property’s 2,600 square feet of amenities will include a roof deck, courtyard with swimming pool, club room and gym. Additionally, the community will offer 160 parking spaces. The project team includes MIG Real Estate as developer, TCA Architects as design architect and Kimley-Horn Associates as civil engineering and landscape architect. Occupancy is scheduled for 2023. The transaction is the first acquisition for MIG’s Qualified Opportunity Zone Business Fund, which recently raised more than $100 million in equity to invest in Opportunity Zone development sites throughout the Western United States.

July 2, 2020

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