FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Copper Creek, a 274-unit multifamily property in Fort Worth. The community was built on 12.4 acres in 1986 and was renovated in 2013 and 2017. Amenities include a pool, soccer field and a playground. Al Silva of Marcus & Millichap represented the seller, Florida-based DIJ Properties, in the transaction. Silva also procured the buyer, a Texas-based private investment firm.
DALLAS — Darwin German Real Estate has received a $21.4 million Freddie Mac acquisition loan for Gold Creek Apartments, a 255-unit multifamily community in Dallas. The Class A property was built in 2016 on 11.6 acres and was 97 percent occupied at the time of sale. Steven Yazdani of Los Angeles-based financial advisory firm Nova Capital handled the transaction on behalf of Darwin German, which will also use $6 million in equity to fund the acquisition.
DALLAS — Barclays Capital has provided a $7.6 million acquisition loan for The Burgundy, a multifamily asset in Dallas that consists of 111 apartments and 69 condominiums. Melissa Marcolini Quinn and Will Hancock of NorthMarq arranged the loan, which carried a 10-year term, three years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. NorthMarq also arranged the sale of the asset.
LAWRENCE, KAN. — NorthMarq has arranged the sale and financing of both Country Club on the 6th and Eagle Ridge Apartments in Lawrence. The combined $25 million in volume represents the buyer’s first acquisitions in the collegiate town, which is situated just outside of Kansas City and home of the University of Kansas. Country Club on the 6th features 254 units while Eagle Ridge is home to 148 units. Jeff Lamott and Gabe Tovar of NorthMarq represented the sellers on both transactions. Brett Hood of NorthMarq arranged acquisition financing through Freddie Mac on behalf of the buyer.
EUREKA, ILL. — Marcus & Millichap has brokered the sale of Enchanted Gardens Mobile Home Park, a 152-lot manufactured home community in Eureka, about 20 miles east of Peoria. The sales price was undisclosed. The community, situated at 508 Reagan Drive, features convenient access to Route 24 and I-74. Andrean Angelov, Ryan Engle and Brad Kreppel of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor.
LOS ANGELES — Los Angeles-based Dekel Capital, on behalf of Los Angeles-based CGI Strategies, has secured $47.8 million in non-recourse construction financing for the development of a multifamily community located at 837 S. Fedora St. in Los Angeles. Provided by a national lender, the loan will be used for the construction of a seven-story concrete and wood building over two levels of subterranean parking in the Koreatown neighborhood. The multifamily property will offer 200 apartments in a mix of studio, one- and two-bedroom layouts, ranging in size from 622 square feet to 1,000 square feet, with 10 percent of the units earmarked for low-income residents. On-site community amenities will include a fully equipped fitness center, 6,500-square-foot community lounge, clubhouse, exterior courtyard and 5,400-square-foot rooftop lounge. Completion is scheduled for summer 2022.
LOS ANGELES — Los Angeles-based Meta Housing, in a joint venture partnership with Western Community Housing, has completed Metro @ Western, a transit-oriented, affordable apartment community Los Angeles. Located 3671 S. Western Ave., Metro @ Western features 33 apartments in a mix of one-, two- and three-bedroom units. The four-story property offers a variety of community amenities including outdoor lounge areas, a community room with kitchen and a play structure. The property also obtained LEED Gold certification and includes numerous sustainable features. Meta and Western Community Housing partnered with several public entities, including the U.S. Department of Veterans Affairs, Los Angeles County Development Authority, the State of California, the County of Los Angeles and City of Los Angeles to bring the $20.1 million apartment community to fruition.
SALEM, ORE. — Marcus & Millichap has negotiated the sale of Broadway Town Square, a mixed-use property located at 1127 Broadway St. NE in Salem. A limited liability company sold the property to an undisclosed buyer for $6.2 million. The sale included two condominiumized, multi-story buildings connected by a skybridge totaling approximately 38,056 square feet of rentable space and the underlying 1.57-acre lot. Developed in 2009 by Telos Development Co., the property features 21 multifamily units, seven retail/office suites and Salem Cinema, a three-screen independent theater. Sean Houser and Will Stone of Marcus & Millichap’s Portland office represented the seller in the transaction.
METUCHEN, N.J. — JLL has arranged the $29.6 million sale of The Hub at Metuchen, a Class A residential and retail property located southwest of New York City. Located at 656-660 Middlesex Ave., the property includes 79 apartment units and 11,203 square feet of retail space. Residential amenities include a fitness center and a resident lounge. Jose Cruz, Steve Simonelli and Michael Oliver led a JLL team that represented the seller, Renaissance Properties. A private buyer purchased the asset.
WASHINGTON, D.C. — Freddie Mac and Fannie Mae have separately announced nationwide initiatives to provide financial relief for their multifamily borrowers and tenants affected by the outbreak of coronavirus disease of 2019 (COVID-19). The two government-sponsored enterprises are enacting programs that allow their borrowers to defer monthly payments for up to 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval. Additionally, participants in the program must agree to not evict their renters who are facing financial hardship due to the current health crisis. The agencies anticipate the initiatives could impact more than 54,000 apartment communities across the country. “This program is historic in its size, and it has the potential to provide relief to millions of families in multifamily rental homes financed through a Freddie Mac loan,” says Debby Jenkins, executive vice president and head of Freddie Mac Multifamily, which implemented a similar forbearance plan in 2017 following Hurricane Harvey in Houston. “Countless Americans are facing unimaginable hardships, and Freddie Mac is doing what we can to provide relief as our nation addresses this global pandemic,” says Jenkins. The outbreak of COVID-19 is likely to push the United States into a recession as the …
