AUSTIN, TEXAS — Texas Gov. Greg Abbott and the Texas Department of Housing and Community Affairs (TDHCA) have introduced a tenant-based, rental assistance program for Texans experiencing financial hardships as a result of COVID-19. The governor has waived statutes related to HUD’s HOME Investments Partnership program, which provides grants in partnership with local nonprofits to build, buy and rehabilitate affordable housing. Waiving these statutes gives Texans more flexibility in using these funds to pay rent, and the governor’s office has officially requested federal waivers from HUD to allow funds to be reprogramed for that purpose. The move to help Texans maintain their housing coincides with the governor’s mandate, effective April 1, for all Texans to stay at home except for when engaging in essential activities. Texas had approximately 4,000 positive COVID-19 cases as of the morning of Thursday, April 2.
FORT WORTH, TEXAS — FourPoint Investment Sales Partners has arranged the sale of Windrush Apartments, a 278-unit multifamily community in Fort Worth. Built in 1984, the property features both apartment and townhomes with full-size appliances, vaulted ceilings, and fireplaces. Community amenities include two pools, a fitness center, basketball court and picnic areas. Kevin Dufour and Kyle Peco of FourPoint represented the seller, Shore to Shore Properties, in the off-market transaction. The California-based buyer will implement a value-add program.
WATERLOO, IOWA — Fourmidable has been awarded the management contract for three apartment communities in Waterloo, about 55 miles northwest of Cedar Rapids. This marks Fourmidable’s first properties in the state of Iowa. The assets include Camelot Apartments, an 82-unit affordable seniors housing community; Crossroads Square, an 81-unit affordable seniors housing property; and Hotel President Apartments, an 84-unit affordable housing property.
JERSEY CITY, N.J. — JLL has arranged a $41 million acquisition loan for Bela Apartments, a 104-unit luxury apartment building in Jersey City. Ares Commercial Real Estate Corp. provided the two-year, floating-rate loan to the borrower, Golden Glades Capital Management. Completed in 2019, the eight-story property features one- and two-bedroom apartments, a fitness center, yoga studio and approximately 2,600 square feet of ground-level retail. Thomas Didio and Matthew Pizzolato of JLL arranged the loan. Golden Glades acquired the property from a partnership between Alpine Development, Fields Development Group and Grade Development Co. in mid-March for $53.
NEW YORK CITY — Marcus & Millichap has brokered the $9.2 million sale of a vacant, five-story multifamily building in Manhattan’s Tribeca neighborhood. Located at 36 Walker St. and originally built in 1915, the asset formerly included five apartment units and offers the buyer 11,336 square feet of redevelopment opportunity. Barbara Dansker of Marcus & Millichap represented the seller, a private investor, in the transaction. Dansker also procured the buyer, an active owner and manager in New York City. No redevelopment plans were disclosed.
WESLEY CHAPEL, FLA. — Preferred Apartment Communities (PAC) has acquired Altis Wiregrass Ranch, a 392-unit multifamily community in Wesley Chapel. The seller and developer, The Altman Cos., delivered the property in 2018. PAC acquired the property after making an investment in the construction loan for the property two years ago. The sales price was not disclosed, but the Atlanta-based REIT said it purchased the asset in all cash. Altis Wiregrass Ranch is situated within Wiregrass Ranch, a master-planned, mixed-use community spanning 5,000 acres. The apartment community is located at 28878 Golden Vista Blvd., 22 miles north of downtown Tampa. Communal amenities include a fitness center, pool and package services.
LOS ANGELES — The Michaels Organization has received financing for the third phase of new housing at Jordan Downs, a redevelopment project in Los Angeles’ Watts neighborhood. This is the latest milestone in a revitalization of the city’s largest public housing community. The Housing Authority of the City of Los Angeles and its private-sector partners, Michaels and BRIGE Housing, are leading the project. The $58 million, Phase 3 development will provide 92 new apartments, affordable to households earning between 30 percent and 80 percent of area median income. The new apartments will include a variety of floor plans in a mix of one-, two- and three-bedroom layouts with sustainable finishes and energy-efficient appliances. Additionally, 17 apartments will be fully accessible to residents with physical disabilities and hearing or visual impairments. Targeting LEED Gold certification, the apartment building will feature solar PV designed to offset all the common area and central hot water heating for the development. Financing for Phase 3 includes equity from Berkadia’s purchase of 9 percent Federal Low-Income Housing Tax Credits and permanent loans through Freddie Mac, the State of California’s Affordable Housing and Sustainable Communities program, and the Housing Authority of the City of Los Angeles. Additionally, …
HONOLULU — The Howard Hughes Organization has received a $356.8 million construction loan for Kō’ula, the sixth residential mixed-use tower at Ward Village in Honolulu. The loan features a three-year initial term with a one-year extension. US Bank and seven other participating lenders provided the capital. Total project costs are estimated at $485.1 million, exclusive of land costs. Developed by The Howard Hughes Corp., Ward Village is a 60-acre, master-planned community in Honolulu. At full build-out, the development will include approximately 1 million square feet of retail and thousands of residential homes. Current mixed-use residential towers at Ward Village are Waiea, Anaha, Ae’o and Ke Kilohana. New residential buildings that are in development or under construction include A’ali’I, Kō’ula and Victoria Place. Ward Village is the first-ever LEED-ND Platinum-certified master-planned community in the country and the only in Hawaii.
WHITTIER, CALIF. — Marcus & Millichap has negotiated the sale of Seville Apartments, a multifamily property located in Whittier. A private investor acquired the asset for $20.1 million, or $261,039 per unit. Situated 12 miles southeast of Los Angeles, Seville Apartments features 77 units in a mix of one- and two-bedroom floor plans. Built in 1971 on 2.5 acres, the community also features gated carport parking, on-site laundry, a swimming pool and a courtyard with pond, barbecues and picnic area. Tyler Leeson and Matt Kipp of Marcus & Millichap’s Newport Beach, Calif., office represented the seller, a private investor, and the buyer in the deal.
PLAINFIELD, N.J. — Gebroe-Hammer Associates has arranged the $12 million sale of Stoney Brooke Gardens, a 70-unit multifamily property in Plainfield, a western suburb of New York City. Located at 643-715 E. Front St., the garden-style apartment complex was built in 1961 and features two-bedroom floor plans exclusively. The property is located within walking distance of multiple retail and dining destinations as well as two rail service stations. Stephen Tragash of Gebroe-Hammer represented the seller, Stoney Brook Associates LLC, in the transaction. Tragash also procured the buyer, a private investor.