Multifamily

Legacy Partners, Griffin Capital Break Ground on 228-Unit Multifamily Community in Downtown Tampa

by Alex Tostado June 9, 2020

TAMPA, FLA. — Legacy Partners and Griffin Capital have broken ground on Legacy at Encore, a five-story, 228-unit multifamily community in downtown Tampa. The property will offer studio, one- and two-bedroom floor plans averaging 763 square feet. Unit interiors will feature 10-foot ceiling heights, quartz countertops, stainless steel appliances, contemporary cabinets, a smart home technology package, full-sized washers and dryers, soaking tubs, glass-enclosed showers, walk-in closets and balconies. Communal amenities will include a fitness center with a yoga/spin studio, internet café with computers and coffee bar, heated saltwater pool with cabanas and lounges, outdoor living room, community kitchen with grilling stations, dog run, pet spa, package lockers, bike repair shop and storage space. Dynamik Design is the Legacy at Encore’s architect, and Summit Contracting Group is the general contractor. The developers expect to deliver the first units in September 2021 and fully complete the project in early 2022. Patrick Dufour, Ryan Crowley and Pibu Aulakh of Newmark Knight Frank (NKF) represented Legacy Partners in sourcing equity financing for the development.

June 9, 2020

Acquisitions Multifamily Oregon Western

Virtú Investments Buys 204-Unit Modera Davis Apartments in Portland’s Pearl District

by Amy Works June 9, 2020

PORTLAND, ORE. — Virtú Investments has purchased Modera Davis, a newly built, 12-story residential community located at 215 NW 10th St. in Portland’s Pearl District. A joint venture between Mill Creek Residential Trust LLC and its capital partner sold the property for an undisclosed price. Modera Davis features 204 apartments averaging 658 square feet, 8,307 square feet of ground-floor retail and 136 parking stalls. The units offer private balconies and high-end finishes, including quartz countertops and backsplashes, stainless steel appliances, wine refrigerators, modern slab panel cabinetry, plank flooring, expansive windows and full-size washers and dryers. Community amenities include a top-floor fitness center; rooftop deck with grilling area and fire pit; sauna with rock salt wall; sensory deprivation chamber; golf simulator; demonstration kitchen; and electric vehicle charging stations. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the transaction.

June 9, 2020

Acquisitions Arkansas Multifamily Southeast

Pebb Capital Sells Apartment Complex in Conway, Arkansas for $17.5M

by Alex Tostado June 9, 2020

CONWAY, ARK. — Pebb Capital has sold Glenrock Apartments, a 180-unit apartment complex in Conway, for $17.5 million. Pebb acquired the property in 2016 when it was a 540-bed student housing community. The asset is located at 2730 Dave Ward Drive, one mile from the University of Central Arkansas campus. The Boca Raton, Fla.-based company converted the property, which now offers two-, three- and four-bedroom floor plans. Communal amenities include a 24-hour fitness center, saltwater pool, sand volleyball and basketball courts, business center, game room, coffee bar and tanning beds. The buyer was not disclosed.

June 9, 2020

California Development Multifamily Western

Hines, MetLife Break Ground on 228-Unit The Grant Multifamily Development in Concord, California

by Amy Works June 9, 2020

CONCORD, CALIF. — Hines, along with investment partner MetLife Investment Management, has broken ground on The Grant, a multifamily community in downtown Concord. Comprising two buildings separated by Clayton Road, The Grant will feature a north building office with 139 apartments and ground-floor retail space, as well as a south building with 89 units. The property will feature a mix of studio, one- and two-bedroom layouts ranging in size from 506 square feet to 1,211 square feet. Community amenities will include a swimming pool, roof deck, clubhouse, outdoor fitness area, fire pits, bicycle parking and space for dogs, as well as 328 parking spaces. Completion is slated for third-quarter 2022, with leasing scheduled to begin in April 2022. Development partners include Architects Orange as design and landscape architect, Haven Design Studio for interior design services and Brown Construction as general contractor.

June 9, 2020

Acquisitions Colorado Multifamily Western

AQYRE Real Estate Advisors Brokers $3.1M Sale of Apartment Building in Denver

by Amy Works June 9, 2020

DENVER — AQYRE Real Estate Advisors has arranged the sale of an apartment building located at 2441 S. York St. in Denver. An undisclosed buyer acquired the property for $3.1 million, or $350.10 per square foot. Situated between the University of Denver campus and University Avenue, the 8,926-square-foot property features on-site parking and 17 apartments, with 13 units fully renovated. Joe Hornstein, Scott Fetter and David Barocas of AQYRE represented the undisclosed seller, while Matt Lewallen and Kevin Calame, also of AQYRE, represented the buyer in the deal.

June 9, 2020

Loans Lument Midwest Multifamily Ohio RED Capital Group

RED Mortgage Capital Provides $11.4M Refinancing for Multifamily Community Near Columbus, Ohio

by Kristin Harlow June 9, 2020

REYNOLDSBURG, OHIO — RED Mortgage Capital, a division of ORIX Real Estate Capital, has provided an $11.4 million Freddie Mac loan for the refinancing of Redwood Reynoldsburg in suburban Columbus. Formerly known as Blacklick Pointe, the 89-unit multifamily community consists of 20 one-story buildings. Each residence has an attached two-car garage. Built in 2018, the property is 94.4 percent occupied. Reynoldsburg One LLC was the borrower. The 10-year loan features a 30-year amortization schedule.

June 9, 2020

Acquisitions Maryland Multifamily Southeast

Byrnes & Associates Arranges $22M Sale of Apartment Building in Downtown Baltimore

by Alex Tostado June 8, 2020

BALTIMORE — Byrnes & Associates Inc. has arranged the sale of The Munsey Apartment Building, an 18-story, 149-unit apartment building in downtown Baltimore. The property offers studio, one- and two-bedroom floor plans ranging from 668 to 1,705 square feet. Communal amenities include a fitness center, business center and a community clubroom. The building was originally constructed in 1911 and is named after Frank Munsey, the publisher and owner of the Baltimore-Sun. The asset was converted to multifamily space in 2002. Brad Byrnes of Byrnes & Associates represented both the buyer, PMC Property Group, and the seller, LC3 Investors Baltimore LLC, in the transaction.

June 8, 2020

Development Multifamily Texas

MRE Capital to Redevelop Historic Lubbock Office Tower as Multifamily Community

by Taylor Williams June 8, 2020

LUBBOCK, TEXAS — Kansas-based MRE Capital LLC will redevelop NTS Tower, a historic building in downtown Lubbock that was built in 1955, as a multifamily community that will be branded Metro Tower Lofts. The new property will add a total of 89 residences in studio, one-, two- and three-bedroom floor plans to the local supply. Amenities will include a fitness center and onsite laundry facilities, and the ground floor will house office space. Atlanta-based Monarch Private Capital secured an undisclosed amount of historic tax credit equity for the project. At 274 feet, NTS Tower is currently the tallest building in the city.

June 8, 2020

California Development Multifamily Western

Phoenix Development, Integrity Housing Plan Dutton Flats Affordable Apartments in Santa Rosa, California

by Amy Works June 8, 2020

SANTA ROSA, CALIF. — Phoenix Development Co., in partnership with Irvine, Calif.-based Integrity Housing, has closed financing and started construction on Dutton Flats Apartments in Santa Rosa. Located at 214 W. Third St., Dutton Flats Apartments will feature 40 affordable apartments to serve low-income families with children, along with one manager’s unit. The apartments will feature a great room with an open kitchen, dining and living area, as well as Energy Star appliances, LED lighting, high-efficiency heating and energy-conserving windows and insulation. Community amenities will include a community room, laundry room, technology center, bike repair area, fitness center, children’s activity room and picnic/barbecue area. The community is located in downtown Santa Rosa and in close proximity to schools and employment. Additionally, the property will feature a bus shelter for ease of transportation to off-site services. Dutton Flats is owned by Dutton Flats LP, consisting of Phoenix Development Co., Integrity Housing and Berkadia. Exchange Bank loaned $13 million for construction, while The Housing Authority of the City of Santa Rosa provided an additional $3.1 million. Precision General Commercial Contractors is building the property, which KTGY Architecture & Planning designed. FPI Management will manage the completed community.

June 8, 2020

Loans Michigan Midwest Multifamily

KeyBank Structures $557.4M in Fannie Mae Loans for Refinancing of 18-Property Multifamily Portfolio in Florida, Michigan

by Kristin Harlow June 8, 2020

FLORIDA AND MICHIGAN — KeyBank Real Estate Capital has structured $557.4 million in Fannie Mae loans on behalf of Ann Arbor, Mich.-based McKinley, which invests in and manages residential and commercial properties nationwide. The 15-year, fixed-rate loans will be used to refinance 18 multifamily properties located in Florida and Michigan. Built between 1967 and 1997, the communities comprise 5,387 units. Todd Linehan and David Baker of Cleveland-based KeyBank originated the financing.

June 8, 2020

Newer Posts

Older Posts