AUSTIN, TEXAS — A joint venture between debt and equity provider The Community Development Trust, the Housing Authority of the City of Austin and its nonprofit affiliate, the Austin Affordable Housing Corp., has purchased The Bridge at Asher Apartments for $70 million. The 452-unit affordable housing community was built in 2003 and is located on the city’s southwest side. The seller was not disclosed. With this acquisition, the joint venture now owns 1,716 units of affordable housing in the state capital.
AUSTIN, TEXAS — Hunt Real Estate Capital has provided a $55.2 million Freddie Mac acquisition loan for Hyde Park at Wells Branch, a 576-unit multifamily property in Austin. Built in 1999 on 29.3 acres, the property offers two pools, outdoor grilling areas, a fitness center and a dog park. Hunt provided the seven-year, fixed-rate loan to a joint venture between an equity investor and Florida-based multifamily investment firm American Landmark. The new ownership will implement a capital improvements program that will upgrade units’ cabinets, lighting and plumbing, as well as enhance Hyde Park’s amenity spaces.
HOUSTON — Local investment firm Three Pillars Capital Group has acquired Pine Lake Village Apartments, a 96-unit asset in Houston. Spanning 3.5 acres, the Class B community was built in 1984 and features amenities such as a pool, dog park and a playground. Three Pillars, whose affiliate will also manage the property, plans to invest $1 million in renovations, with specific upgrades still to be determined.
BROOKLYN, N.Y. — Lee & Associates has brokered the sale of two multifamily buildings in Brooklyn for $36.5 million. The properties include 145 Henry St., a six-story, 45-unit elevator building; and 15-19 Wyckoff St., a four-story, 40-unit walkup property. The buyer, Isaac Abraham, plans to renovate the properties to modernize amenities. Both buildings are located close to public transportation lines. Chris Varjan, Vickram Jambu, George Steffani and Jonathan Braun of Lee & Associates represented both the buyer and seller, the estate of Alan Frank, which previously owned and managed the buildings for more than 40 years.
CHICAGO — NorthMarq has arranged a $5.6 million loan for the acquisition of 607 West Oakdale, an 18-unit apartment building in Chicago. The property also features street-level commercial space. Jeff Frankel of NorthMarq arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule. A life insurance company provided the loan.
CLEARWATER, FLA. — Berkadia has negotiated the sale of Turnbury at Countryside, a 350-unit apartment complex in Clearwater. The Tampa Bay property was built in 1974 on 15 acres, 23 miles west of downtown Tampa. The garden-style complex offers one-, two- and three-bedroom floor plans averaging 839 square feet. Communal amenities include two swimming pools, a dog park, tennis court, sand volleyball court, 24-hour fitness center and a Wi-Fi sundeck. Jason Stanton and Cole Whitaker of Berkadia represented the seller, McKinley Cos. LLC, in the transaction. MLG Capital purchased the property for an undisclosed price.
WASHINGTON, D.C. — Marcus & Millichap has arranged the $20.3 million sale of a multifamily portfolio in northwest Washington, D.C. The portfolio consists of two properties totaling 172 residential units. The communities include Walter Reed Apartments, which is located at 6939 Georgia Ave. NW at the entrance of The Parks at Walter Reed, a 66-acre redevelopment of the Walter Reed Army Medical Center that upon completion will include over 3.1 million square feet of mixed-use development. The other property is Longfellow Apartments, located at 5521 Colorado Ave. NW near Rock Creek Park in D.C.’s 16th Street Heights neighborhood. Marty Zupancic and Christian Barreiro of Marcus & Millichap brokered the transaction between the seller, an affiliate of Poretsky Building Group that is focused on providing affordable housing, and the buyer, an entity managed by Urban Investment Partners.
SAVANNAH, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Commons, an independent living, assisted living and memory care community in Savannah. A partnership between Equus Development and Thrive Senior Living purchased the community for $13.2 million. The property offers 209 units approximately eight miles southwest of the city’s historic downtown district. The majority of the units — 149 — are designated for independent living. All the assisted living areas were recently converted from a personal care license to an assisted living license, giving the new owner flexibility to adapt to different acuity levels. The 178,281-square-foot facility was built in 1986 and renovated most recently in 1998. The new owners plan to make physical plant upgrades to the property. Savannah Commons was 74 percent occupied at the time of closing. The price translates to $63,271 per unit and a capitalization rate of 6.1 percent. Bradley Clousing of SLIB represented the seller, a limited liability company controlled by HJ Sims, in the transaction.
The City of Los Angeles checks all the boxes for an excellent apartment owner environment. This includes a booming economy, expensive housing, meaningful job growth, and an abundance of Millennials and professionals. Los Angeles enjoys an immense and fast-growing high-tech industry, especially within the media, tech, aerospace and advanced transportation industry with the likes of Netflix, Google, SpaceX and Northrop Grumman. Los Angeles County houses the nation’s largest international trade industry, the nation’s largest manufacturing base, and an increasing amount of venture capital investment startups. A growing economy is almost always paired with escalating housing costs, and Los Angeles is no exception. More than ever, residents are driven to rental housing as homeownership is prohibitively expensive and not conducive to job mobility and flexibility. Last year was a banner year for region’s apartment sector. The average market rent in the Los Angeles MSA has seen extremely impressive growth, increasing an average of 5.3 percent annually since the turn of the century, according to Axiometrics. This remarkable trajectory has been spurred by the extremely tight rental market, with annual occupancies averaging between 94 percent and 97 percent. Such indicators allow landlords to be extremely discerning when vetting tenants, which, in turn, …
COVINGTON, GA. — Monarch Private Capital (MPC) has invested an undisclosed amount of equity in Harmony at Covington Apartments, a 122-unit affordable seniors housing community in Covington, through the low-income housing tax credit (LIHTC) program. The complex will be situated at the corner of Covington Bypass and Ga. Highway 36, two miles south of downtown Covington and 35 miles east of downtown Atlanta. MPC is partnering with Hill Tide Development, Timshel Development, CRN Development and Gateway Development Corp. to build the project, which is slated for completion in late 2020. According to MPC, the current vacancy rate for affordable, elderly targeted multifamily housing in Newton County is below 1 percent.