Multifamily

Capstone Arranges $21M Sale of Multifamily Community in LaGrange, Georgia

by Alex Tostado May 6, 2020

LAGRANGE, GA. — Capstone Apartment Partners has arranged the $21 million sale of SunRidge Apartment Homes, a 192-unit multifamily community in LaGrange. The property comprises 11 buildings offering one-, two- and three-bedroom floor plans there were 96 percent occupied at the time of sale. Communal amenities include a pool, playground, tennis courts, volleyball court, putting greens, grilling area, fitness center, a car washing station and laundry facilities. The property, which was built in 2001, is situated at 1235 Hogansville Road, three miles east of downtown LaGrange. Alex McDermott, Bryse Toothaker, Austin Green, Sean Henry and Dan McBurney of Capstone represented the seller, Sunny Pak, in the transaction. The buyer was Southwood Realty Group.

May 6, 2020

Acquisitions Multifamily Texas

37th Parallel Properties Acquires 344-Unit Apartment Portfolio in Austin, San Antonio

by Taylor Williams May 6, 2020

AUSTIN AND SAN ANTONIO — 37th Parallel Properties has acquired a portfolio of three apartment communities totaling 344 units in Austin and San Antonio. The properties include the 128-unit Bridgehead Apartments in Austin, the 132-unit Melrose Place Apartments in Austin and the 84-unit Tradewinds Apartments in San Antonio. The properties were built in the 1980s and had a collective occupancy of 97.6 percent at the time of sale. Cutt Ableson and Colin Marusak of Berkadia arranged an undisclosed amount of agency financing for the acquisition. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction.

May 6, 2020

Affordable Housing Development Midwest Minnesota Multifamily

Ryan Cos., PPL Close on Land Site for 136-Unit Affordable Housing Development in St. Paul

by Kristin Harlow May 6, 2020

ST. PAUL, MINN. — Ryan Cos. US Inc., in conjunction with Project for Pride in Living (PPL), has completed the land acquisition for the development of a 136-unit affordable housing project in St. Paul. Phase I calls for 60 units of supportive housing for residents who earn 30 percent or less of area median income. Phase II will consist of 76 units of workforce housing. Construction on both phases is expected to begin in 2021. The next step is for PPL to submit a public funding application with Minnesota Housing in July.

May 6, 2020

Iowa Loans Midwest Multifamily

Dougherty Mortgage Provides $3.7M Refinancing for Age-Restricted Multifamily Property Near Des Moines

by Kristin Harlow May 6, 2020

PLEASANT HILL, IOWA — Dougherty Mortgage LLC has provided a $3.7 million Fannie Mae loan for the refinancing of The Cottages of Pleasant Hill, a 60-unit multifamily property located just east of Des Moines. Constructed in 1995, the community consists of five buildings. The age-restricted property is for persons age 55 and older. The 12-year loan features a 30-year amortization schedule. The Cottages of Pleasant Hill LLC was the borrower.

May 6, 2020

California Development Loans Multifamily ORIX Western

Hunt Capital Arranges $3.5M in Financing for Acquisition, Rehab of Pacific Rim Apartments in Sacramento

by Amy Works May 6, 2020

SACRAMENTO — Hunt Capital Partners has closed $3.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Pacific Rim Apartments, an affordable housing property in Sacramento. The borrower, Alliance Property Group, plans to upgrade the garden-style complex, which was originally built in 2004. Slated for completion in July 2021, the renovated community will offer 31 three-bedroom units and an additional three-bedroom unit for management. The development team includes Day Builders, Musser: Architects and FPI Management. Planned site and exterior improvements include pavement, fencing and landscaping repair; installation of additional barbecue and playground areas; a new roofing overlay; and construction of a new management office/community room with a laundry facility. Individual units will be outfitted with new kitchen appliances, flooring, various automatic sensors and fresh paint. Once completed, Pacific Rim Apartments units will be leased to family households earning up to 50 percent and 60 percent of the area median income. Additionally, All Things Are Possible, a nonprofit organization, will provide a variety of residential services, including food distribution, parenting and mentor workshops, English-as-a-second-language classes, veteran services, toddler support, employment search and resume assistance. The total development cost for the Pacific Rim Apartments renovations is …

May 6, 2020

Florida Loans Multifamily Southeast Top Stories

Fortune International, Château Receive $119M Refinancing for Oceanfront Condo Development Site Near Miami

by Kristin Harlow May 6, 2020

SUNNY ISLES BEACH, FLA. — Fortune International Group and Château Group have received a $119 million loan for the refinancing of La Playa de Varadero, an oceanfront condominium development site in Sunny Isles Beach, a barrier island about 20 miles north of Miami. Located at 18801 Collins Ave., the 4.7-acre site boasts beach frontage of 435 feet directly on the Atlantic Ocean. Plans call for 490 residential units across two condominium towers. Construction of the 1.2 million-square-foot project will be completed in two phases. In 2015, the developers received site plan approval from the City of Sunny Isles Beach. The team recently secured final approval for the last set of modifications to the original design. To date, a portion of the predevelopment work has been completed, including the demolition of an existing structure and a structural build-out of the sales center. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Dominick Calisto of Newmark Knight Frank (NKF) arranged the refinancing, with Bank OZK as the lender. The loan covers some predevelopment costs and land carry costs, according to NKF. Fortune International Group is a real estate development firm located in Miami that is known for its luxury condo projects. Fortune’s …

May 6, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 211-Unit Kenwood Heights Apartments in Corsicana, Texas

by Taylor Williams May 5, 2020

CORSICANA, TEXAS — Marcus & Millichap has brokered the sale of Kenwood Heights, a 211-unit apartment community in Corsicana, about 65 miles south of Houston. The property was primarily built in the 1980s and spans 51 buildings. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Canada-based Republic Funds, in the transaction. The duo also procured the buyer, a Texas-based limited liability company that plans to implement a value-add program.

May 5, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $52M Sale of Multifamily Community Near Atlanta

by Alex Tostado May 5, 2020

DULUTH, GA. — Cushman & Wakefield has arranged the $52 million sale of The Hills on Breckinridge, a 400-unit multifamily community in Duluth. The property was built in 1986 and offers one- and two-bedroom floor plans. The seller, Wilkinson Corp., has implemented recent renovations, including a new clubhouse, pool, sports court, dog park and playground, as well as interior upgrades. The property is situated at 3450 Breckinridge Blvd., 24 miles northeast of downtown Atlanta. Nathan Swenson and Travis Presnell of Cushman & Wakefield represented the seller in the transaction. The buyer was not disclosed.

May 5, 2020

Development Florida Multifamily Seniors Housing Southeast

Atlantic Housing Partners Delivers $14.8M Affordable Seniors Housing Facility in Palm Coast, Florida

by Alex Tostado May 5, 2020

PALM COAST, FLA. — Atlantic Housing Partners LLLP has opened Central Landings Senior Living, a $14.8 million affordable seniors housing community in Palm Coast. The 83-unit facility is reserved for those 62 years of age and older earning between 40 and 80 percent of the area median income. The property offers one- to three-bedroom floor plans. Each unit features granite countertops, CleanSteel appliances and screened-in patios. Communal amenities include a clubhouse with a dedicated senior resident activities center, pool table, business center, Amazon HUB package center, fitness center, walking trails and a dog park. The community is situated within the Palm Coast Town Center, a master-planned development that will include up to 2,500 multifamily units, 1.4 million square feet of office space and 3.4 million square feet of commercial space, including a movie theater and a hotel. The developer received $7.4 million in tax-exempt bonds through the Housing Finance Authority of Volusia County and $5.2 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. ConcordRents is managing the property.

May 5, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $26.8M Sale of The Lakes Multifamily Asset in Bay Area

by Amy Works May 5, 2020

CONCORD, CALIF. — Marcus & Millichap’s Levin Johnston team has negotiated the sale of The Lakes, a three-story apartment property located in Concord’s Ellis Lake neighborhood. A real estate investment company sold the community to a Bay Area family trust for $26.8 million. Constructed between 1967 and 1968 on 3.6 acres, The Lakes features 102 garden-style apartments spread across three buildings. The complex is a 10-minute walk from Diablo Valley College and the Concord Bay Area Rapid Transit station. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the seller and procured the buyer in the transaction.

May 5, 2020

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