Multifamily

American Landmark Acquires Four Apartment Communities in DFW Totaling 1,616 Units

by Taylor Williams July 3, 2019

TAMPA, FLA. — Tampa-based multifamily investment firm American Landmark has acquired four communities totaling 1,616 units throughout the Dallas-Fort Worth (DFW) metroplex. The properties include Meadows at Bedford, a 490-unit community in Bedford; Remington Hill, a 440-unit property in Fort Worth; Rock Ridge Apartments, a 226-unit asset in Arlington; and Summer Villas, a 460-unit community in Dallas. Other than Rock Ridge, which was built in 2003, all the properties were built in the 1980s and were between 91 and 96 percent occupied at the time of sale. The properties were acquired in conjunction with a 232-unit asset near Nashville, yielding a five-property portfolio that fetched a sales price of $246.7 million. American Landmark, which will invest about $18 million in capital improvements across the portfolio, now owns approximately 28,000 multifamily units throughout the Southeast and Texas.

July 3, 2019

Development Multifamily Texas

Wood Partners Breaks Ground on 304-Unit Apartment Community in Houston

by Taylor Williams July 3, 2019

HOUSTON — Wood Partners, a multifamily development and investment firm with offices around the country, has broken ground on Alta West Alabama, a 304-unit apartment community that will be located between the River Oaks and Greenway/Upper Kirby neighborhoods in Houston. The property will feature one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers. Amenities will include a pool, outdoor kitchen area, resident clubroom, business center, gaming lounge and a conference space. The opening is slated for the third quarter of 2020.

July 3, 2019

Loans Multifamily Texas

Greystone Provides $8.9M Green Loan for Refinancing of Apartment Complex in Metro Austin

by Taylor Williams July 3, 2019

GEORGETOWN, TEXAS — Greystone has provided an $8.9 million Fannie Mae Green Rewards loan for the refinancing of The Rail at Georgetown, a 113-unit apartment complex in Georgetown, a northern suburb of Austin. The property offers one- and two-bedroom units and amenities such as a playground, pet play area and onsite laundry facilities. D.J. Elefant of Greystone provided the loan, which was structured with a 10-year term and three years of interest-only payments, to The Rail at Georgetown LLC. The borrower will use a portion of the proceeds to implement water- and energy-saving measures.

July 3, 2019

Riverwalk-at-Millenium-Conshohocken-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania

HFF Arranges Sale of 375-Unit Apartment Community in Metro Philadelphia

by Taylor Williams July 3, 2019

CONSHOHOCKEN, PA. — HFF has arranged the sale of Riverwalk at Millennium, a 375-unit multifamily community in Conshohocken, a northwestern suburb of Philadelphia. Built on 7.9 acres, the transit-served property offers one- and two-bedroom units averaging 923 square feet with plank flooring and individual washers and dryers. Amenities include a pool with a sundeck and grill area, fitness center with on-demand classes and a resident clubhouse. Mark Thomson, Carl Fiebig, Francis Coyne and Jose Cruz of HFF represented the seller, a joint venture between Boston-based Long Wharf Capital and Scully Co., which acquired the property in 2015. Ryan Ade and Jamie Leachman of HFF arranged an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Relative Properties. The property was built in phases in 2005 and 2010.

July 3, 2019

Development Multifamily New York Northeast

Doyle Hardware Completes $15M Adaptive Reuse Project in Upstate New York

by Taylor Williams July 3, 2019

UTICA, N.Y. — Doyle Hardware LLC has completed a $15 million adaptive reuse project in Utica that involved the conversion of a vacant industrial building into a property that houses 56 apartments and 17,700 of ground-floor commercial space. Floor plans include 15 studio units, 26 one-bedroom apartments, two one-bedroom residences with lofts and 12 two-bedroom units. Amenities include a fitness center and a theater room. Five Star Bank and The Community Preservation Corp. respectively provided construction and permanent financing for the project. Utica is located in Upstate New York, about 55 miles east of Syracuse.

July 3, 2019

Connecticut Loans Multifamily Northeast

Washington Trust Provides $11.8M Construction Loan for Connecticut Apartment Project

by Taylor Williams July 3, 2019

WATERFORD, CONN. — Washington Trust, a community bank serving the Northeast, has provided an $11.8 million construction loan for a 72-unit apartment project located in the coastal Connecticut city of Waterford. The property will feature equal numbers of one- and two-bedroom units ranging in size from 845 to 1,140 square feet. Communal amenities will include a fitness center, recreation area and a resident clubhouse. The borrower was Connecticut-based Waterford Parc LLC. The loan carries an 18-month term and a floating interest rate. Construction is expected to be complete in early 2020.

July 3, 2019

Development Indiana Midwest Multifamily

Holladay Set to Break Ground on 32-Unit Apartment Project in Whiting, Indiana

by Kristin Harlow July 3, 2019

WHITING, IND. — Holladay Properties plans to break ground on an apartment project known as The Illiana on Monday, July 8 in Whiting, which is about 16 miles south of Chicago. The project will feature 32 apartment units and 4,000 square feet of first-floor commercial space. The development, located at the southeast corner of 119th Street and Atchison Avenue, is named for the Illiana Hotel, which stood at the site from 1928 until it was demolished in 2018. Holladay is the owner and developer. Curran Architecture is the project architect and Holladay Construction Group LLC is the general contractor. A timeline for completion was not disclosed.

July 3, 2019

Acquisitions Indiana Midwest Multifamily

Berkadia Negotiates Sale of 60-Unit Multifamily Property in Indianapolis

by Kristin Harlow July 3, 2019

INDIANAPOLIS — Berkadia has negotiated the sale of Park Place at Fox Hill, a 60-unit, garden-style apartment community in Indianapolis. The sales price was not disclosed. Originally built in 1970, the property features 15 one-bedroom units measuring 750 square feet and 45 two-bedroom units measuring 950 square feet. Chris Bruzas and Alex Blagojevich of Berkadia represented the seller, Indianapolis-based Barratt Asset Management. Champaign, Ill.-based Fairlawn Real Estate purchased the asset.

July 3, 2019

California Development Multifamily Seniors Housing Western

Oakmont Senior Living Plans 90,000 SF Community in Southern California

by Jeff Shaw July 3, 2019

OXNARD, CALIF. — Oakmont Senior Living has announced plans for Oakmont of Riverpark, slated to open this winter in Oxnard, a coastal city approximately 70 miles west of Los Angeles. Senior living veteran Gina Salman will be executive director of the 90,000-square-foot, resort-style senior living community located on three acres. The property will feature 59 assisted living and 25 memory care apartment homes. A marketing information center is already open at the site.

July 3, 2019

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

All of a Sudden, Pittsburgh Multifamily Trades Increase in Velocity

by Taylor Williams July 3, 2019

After a brief increase in the overall vacancy rate in the Pittsburgh region in 2017, the market has rebounded nicely and is back in the 4 to 5 percent range. But what has been more eye-opening is the increased velocity in the acquisition market that has investors from outside of Pittsburgh more focused on the Western Pennsylvania market than ever before. Multifamily Sales Market Multifamily sales in the Pittsburgh region over the last 10 years have been rather anemic. Sales velocity was slow due to various factors, including the reluctance of long-time local ownership groups to sell a property in a market where few options existed for a 1031 tax-deferred exchange transaction. There was also very little new construction to attract outside capital. In general, not much attention was paid to the Pittsburgh metro. However, developers recently had an epiphany and noticed that there was much old multifamily product scattered throughout the region, and that the time was right to break ground on new projects. Now that a significant amount of new construction projects have been delivered over the last six or so years, Pittsburgh has become a target for many investment firms from outside Western Pennsylvania. Some of the …

July 3, 2019

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