Multifamily

RedHill Realty Investors Divests of 168-Unit Apartment Complex in Washington for $34.5M

by Amy Works October 11, 2019

KENT, WASH. — RedHill Realty Investors has completed the sale of RedHill Pines, a garden-style multifamily community located in Kent. An undisclosed buyer acquired the property for $34.5 million. Located on more than 7 acres off Canyon Drive, RedHill Pines is a 10-building multifamily complex made up of the 98-unit RedHill Pines, which was built in 1980, and the 70-unit RedHill Pines North, which was built in 1988. The adjacent communities share a centralized clubhouse and leasing office. The communities offer a total of 168 units with an average unit size of 796 square feet, with private patios or balconies at each unit. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. Additionally, IPA Capital Markets arranged $23.4 million in acquisition financing for the buyer. The 10-year loan features a fixed rate at 3.8 percent with five years of interest-only payments. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA handled the transaction, while Ray Allen and Seth Heikkila of IPA Capital Markets arranged the financing for the buyer.

October 11, 2019

Affordable Housing Development Hawaii Loans Multifamily Western

Hunt Capital Partners Funds $10.4M in Financing for Affordable Housing Project in Oahu

by Amy Works October 11, 2019

OAHU, HAWAII — Hunt Capital Partners has provided $10.4 million in federal and state low-income housing tax credit financing, as well as federal solar tax credit equity financing, for the construction of Hale Makana O Maili in Oahu’s Waianae district. Upon completion, Hale Makana O Maili will feature 52 affordable housing units spread across six garden-style residential buildings. Construction began in late September, with completion slated for November 2020. The development team comprises the Hawaiian Community Development Board, Pacific Development Group and 3 Leaf Holdings. Moss & Associates is serving as general contractor and Mark Development will serve as property management for the project.

October 11, 2019

Colorado Development Multifamily Student Housing Western

Landmark Properties Developing 780-Bed Student Housing Community Near Colorado State

by Amy Works October 11, 2019

FORT COLLINS, COLO. — Landmark Properties has started construction of The Standard at Fort Collins, a 780-bed community serving students and young professionals near Colorado State University in Fort Collins. The community is set for completion in fall 2020. The property will offer studio, one-, two-, three-, four- and five-bedroom units. Shared amenities will include a rooftop swimming pool, coffee bar, study lounge, private study rooms, a 24-hour fitness center, clubhouse, grilling spaces and outdoor courtyards. Katerra is serving as general contractor for the project.

October 11, 2019

Development Georgia Multifamily Seniors Housing Southeast

CCRC in Atlanta Breaks Ground on $115M Expansion

by Alex Tostado October 11, 2019

ATLANTA — Lenbrook, an independently owned and operated continuing care retirement community in Atlanta’s upscale Buckhead neighborhood, has broken ground on a 53-unit independent living expansion at the community. Named Kingsboro at Lenbrook, the four-acre expansion project is scheduled for completion in 2022. Development costs were estimated at $115 million. The expansion is split into two buildings. The Flats comprise 39 residences in a five-story building with a variety of floor plans ranging from 1,700 to 3,200 square feet. The Villas will consist of three buildings, each with four to five residences between 2,000 and 3,200 square feet. The project will bring Lenbrook’s total number of residences to 479, including independent living, assisted living and skilled nursing.

October 11, 2019

Development Georgia Multifamily Southeast

Joint Venture Starts Construction of Apartment Community in Augusta

by Alex Tostado October 11, 2019

AUGUSTA, GA. — A joint venture between BCDC and Novare Group has broken ground on Alexander Heights, a 252-unit apartment community in Augusta. The property will offer one- and two-bedroom floor plans. Communal amenities will include a clubhouse, swimming pool, community pavilion, car care center, walking trails and a pet park. It will be located on Alexander Drive, four miles north of downtown Augusta. Texas Capital Bank provided construction financing for the property, which is slated to open in late 2020.

October 11, 2019

Affordable Housing Development Loans Multifamily Southeast Virginia

Bellwether Enterprise Provides $22M Construction Loan for Affordable Housing Development in Hampton, Virginia

by Alex Tostado October 11, 2019

HAMPTON, VA. — Bellwether Enterprise Real Estate Capital LLC has provided a $22 million Virginia Housing Development Authority (VHDA) construction loan for Monroe Gates Apartments, a planned 162-unit residential complex in Hampton. The property will offer eight two-story townhomes, four carriage homes and 150 one- and two-bedroom floor plans, 20 percent of which will be priced as affordable housing. The site is located at 200 S. Mallory St., two miles east of downtown Hampton and two miles west of the 409-year-old Fort Monroe. Communal amenities will include a clubhouse, fitness center, media room, conference facilities, dog park and a swimming pool. Kelly Martone of Bellwether originated the 35-year loan on behalf of the borrower, The Whitmore Co.

October 11, 2019

Acquisitions Multifamily Texas

Praedium Group Acquires 387-Unit Everly Apartments in West Houston

by Taylor Williams October 11, 2019

HOUSTON — The Praedium Group, a New York-based investment firm, has acquired Everly Apartments, a 387-unit multifamily community in West Houston. Built in 2018, the property offers one- and two-bedroom units that range in size from 659 to 1,292 square feet and feature stainless steel appliances, granite or quartz countertops and custom wood cabinetry. Amenities include a pool with cabanas, a fitness center, indoor golf simulator, outdoor beer garden and a Wi-Fi lounge with private conference rooms. The seller was not disclosed.

October 11, 2019

Loans Multifamily Texas

CIT Group Funds $56M Loan for Acquisition, Renovation of Irving Apartment Complex

by Taylor Williams October 11, 2019

IRVING, TEXAS — New York City-based bank CIT Group Inc. has provided a $56 million loan for the acquisition and renovation of Bel Air Las Colinas, a 515-unit multifamily complex in Irving. The garden-style property consists of 28 three-story buildings that feature studio, one- and two-bedroom floor plans. Amenities include a pool and a resident clubhouse. A portion of the proceeds will be used to fund capital improvements to the unit interiors, landscaping and amenity spaces. The borrower was Western Wealth Capital, an investment firm based in British Columbia.

October 11, 2019

Loans Multifamily Seniors Housing Texas

Greystone Provides $37M Refinancing for Seniors Housing Community in Metro Houston

by Taylor Williams October 11, 2019

PEARLAND, TEXAS — Greystone has provided a $37 million Fannie Mae loan for the refinancing of Watercrest at Shadow Creek Ranch, an independent living community in Pearland, a southern suburb of Houston. The property was constructed in 2017 and features 222 units. The borrower was Integrated Real Estate Group and its affiliated operator, Integrated Senior Lifestyles. Cary Tremper of Greystone structured the 10-year senior mortgage.

October 11, 2019

Loans Midwest Multifamily Ohio Seniors Housing

NorthMarq Arranges $23.7M Construction Financing for Seniors Housing Property in Cincinnati

by Kristin Harlow October 11, 2019

CINCINNATI — NorthMarq has arranged $18.2 million of construction debt and $5.5 million of equity for Airy Hills at North Bend Crossing, a seniors housing property in Cincinnati. The 82-unit community will be located at 5150 N. Bend Crossing. The unit mix will include 31 assisted living units, 32 memory care units and 19 rehabilitation units. Noah Juran of NorthMarq arranged the three-year financing with a regional bank. General contractor The Douglas Co. expects to begin construction immediately. Completion is slated for the fourth quarter of 2020 or early 2021.

October 11, 2019

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