Multifamily

BSR REIT Buys Ariza Plum Creek Apartments in Metro Austin for $55M

by Taylor Williams March 16, 2020

KYLE, TEXAS — BSR REIT, an investment firm that specializes in garden-style multifamily properties in the Sun Belt region, has purchased the 349-unit Ariza Plum Creek Apartments in the Austin suburb of Kyle for $55 million. Built in 2018, the property features one-, two- and three-bedroom units and amenities such as a pool, dog park, fitness center and package lockers. The seller was not disclosed. With this transaction, BSR REIT now owns approximately 1,200 apartments in the greater Austin area.

March 16, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 216-Unit Towers at Clear Lake Multifamily Asset Near Houston

by Taylor Williams March 16, 2020

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Towers at Clear Lake, a 216-unit multifamily asset situated on 11.8 acres in the southeastern Houston suburb of Clear Lake. Built in 1985, the property formerly offered a mix of apartments and condominiums. Will Balthrope, Drew Kile, Jennifer Campbell and William Griffin of IPA represented the seller, Dallas-based investment firm The ValCap Group, in the transaction. The team also procured the buyer, New Jersey-based Raamco International. IPA also recently brokered the sale of the 304-unit Trails at Lake Houston between The Valcap Group and Raamco.

March 16, 2020

Acquisitions Connecticut Multifamily Northeast

Chozick Brokers $12M Sale of Apartment Community in Bloomfield, Connecticut

by Alex Patton March 16, 2020

BLOOMFIELD, CONN. — Chozick Realty has brokered the $12 million sale of Wedgewood apartments, a 112-unit apartment community in Bloomfield, a northern suburb of Hartford. The community was constructed in the 1960s and features one-, two- and three-bedroom apartments. The seller was a local family office. The buyer was a regional investor that targets garden-style apartments. Both parties involved in the transaction requested anonymity.

March 16, 2020

Acquisitions Arizona Multifamily Single-Family Rental Western

Inland Real Estate Acquires Five Rental Home Properties in Metro Phoenix

by Amy Works March 16, 2020

SURPRISE, TOLLESON, LITCHFIELD PARK AND PHOENIX, ARIZ. — Oak Brook, Ill.-based Inland Real Estate Acquisitions, on behalf of an affiliate of The Inland Real Estate Group of Companies, has acquired five Christopher Todd Communities in the Phoenix metro area. The portfolio includes 943 single-family rental homes. Three communities — Christopher Todd Communities On Greenway in Surprise, Christopher Todd Communities At Country Park in Tolleson and Christopher Todd Communities On Camelback in Litchfield Park — were included in the closing on Friday, March 13. The purchase of Christopher Todd Communities At Marley Park in Surprise and Christopher Todd Communities At Stadium in Phoenix are pending and slated to close in the near future. The communities were the first Christopher Todd Communities to be constructed as the company began its development of “smart-gated” communities offering pet-friendly one- and two-bedroom, single-family homes with private backyards and resort-style luxury amenities. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq represented the buyer and seller in the deal. James DuMars and Griffin Martin of NorthMarq’s Phoenix office arranged acquisition financing for the buyer.

March 16, 2020

Acquisitions California Multifamily Student Housing Western

Champion Real Estate Buys Student Housing Community in Los Angeles for $14.1M

by Amy Works March 16, 2020

LOS ANGELES — Champion Real Estate Co. has purchased a student housing community located at 2353 Portland St. in Los Angeles. Century Park sold the asset for $14.1 million. Champion plans to rebrand the property as Victory on Portland and renovate the complex, which was built in 1964. The renovations will change Victory on Portland into a 102-bed property offering units with stainless steel appliances, HVAC units, stone countertops, modern cabinetry and laminate wood flooring. The apartments will be fully furnished with beds, couches, chairs, coffee tables, dining tables, flat-screen televisions, cable, internet, Wi-Fi, Sonos soundbars and other amenities. On-site amenities will include an updated swimming pool, amenity deck, student lounge and leasing office. John Taksa of RE/MAX Commercial & Investment Realty represented the buyer and seller in the transaction.

March 16, 2020

Acquisitions Multifamily Oregon Western

Norris & Stevens Brokers $8.6M Sale of Garthwick Apartment Building in Portland

by Amy Works March 16, 2020

PORTLAND, ORE. — Norris & Stevens has arranged the sale of The Garthwick, a 30,507-square-foot multifamily building located in Southeast Portland. Yellow Submarine sold the asset to Garthwick – SPE 1 and Garthwick – SPE 2 for $8.6 million, or $359,583 per unit. Located at 8705 SE 13th Ave., The Garthwick features 24 units in a mix of one- and two-bedroom apartments and two- and three-bedroom townhouse-style units. The property was built in 2018. Cameron Mercer and David Chatfield of Portland-based Norris & Stevens represented the seller, while Clay Newton and Jordan Carter of Kidder Mathews represented the buyer in the transaction.

March 16, 2020

Acquisitions Colorado Multifamily Western

NKF Negotiates $8.4M Sale of Kentom Apartments in Denver’s Capitol Hill Neighborhood

by Amy Works March 16, 2020

DENVER — Newmark Knight Frank (NKF) Multifamily has arranged the sale of The Kentom Apartments, a four-story, Victorian-era building located in Denver’s Capitol Hill neighborhood. Denver-based Classic Properties sold the property to New York-based Urban American Management for $8.4 million, or $264,063 per unit. Built in 1908, the 32-unit property offers units with exposed brick, clawfoot bathtubs, Victorian chandeliers, original woodwork, front and rear entries to each unit, French doors, bay windows, working fireplaces and balconies. The units average 855 square feet, and the property features on-site resident storage. Justin Hunt, Andy Hellman, Ryan Cohn and Katie Hufnagel of NKF Multifamily represented the seller in the deal. The acquisition is Urban American Management’s second acquisition in metro Denver.

March 16, 2020

Features Loans Multifamily

Managing Volatility, Disruption Is Crucial to Multifamily Debt Market, Says Freddie Mac’s Martinez

by Taylor Williams March 16, 2020

As markets, consumers and businesses react to the novel coronavirus, lenders and mortgage bankers across the country find themselves reflecting on the volatility that characterized the multifamily debt market in 2019 and wondering just how similar 2020 could be. To be sure, market uncertainty is par for the course during presidential election years, and the market event related to coronavirus is creating additional anxiety. The multifamily debt markets are also working to move away from the LIBOR index as a benchmark for pricing loans to a new index, creating the need for adjustment within the industry when that move takes effect in 2021. But beyond those factors, lenders and mortgage bankers anticipate continued strength in multifamily loan production fueled by strong fundamentals and low interest rates. These topics formed the basis of discussion for much of the Mortgage Bankers Association and CREFC’s Multifamily Housing Convention & Expo, held February 9-12 in San Diego. The event afforded ample opportunities for publications that cover the industry to meet individually with multifamily finance professionals and gauge their outlooks on the health and prospective performance of the market in 2020. Rebusinessonline.com took advantage of those opportunities to sit down and talk with Rich Martinez, …

March 16, 2020

Development Florida Multifamily Seniors Housing Southeast

Stevens Construction Completes Five-Story Renovation of Seniors Housing Community in Venice, Florida

by Alex Tostado March 13, 2020

VENICE, FLA. — Stevens Construction has completed a renovation of The Lofts, a five-story, 80,000-square-foot assisted living and memory care building within Village On The Isle, a nonprofit continuing care retirement community in Venice. Renovations were done floor by floor to minimize impact on residents. Stevens replaced interior finishes, upgraded the façade and reworked the unit floor plan options. Stevens Construction also replaced the plumbing, mechanical and electrical systems of the 35-year-old building. The Stevens Construction team included Dan Adams, Jon Zander, Mark Battaglia and Sue Ziegenfus. RLPS Architects provided the design.

March 13, 2020

Development Illinois Midwest Multifamily

NHP Foundation Reopens Chicago’s Historic Mark Twain Property

by Kristin Harlow March 13, 2020

CHICAGO — The NHP Foundation has reopened The Mark Twain, a historic single-room occupancy (SRO) affordable housing development on Chicago’s Near North Side. The $54.3 million renovation project consisted of 148 apartments, each equipped with rehabilitated private bathrooms and new private kitchenettes. Other upgrades included new plumbing, mechanical and electrical systems; a rooftop deck; restoration of the vintage façade and lobby; and 9,600 square feet of upgraded retail space on the ground floor. Rental assistance in the form of project-based vouchers will be provided by the Chicago Housing Authority (CHA) for each of the units at Mark Twain, ensuring long-term affordability. Fifty residents who lived at the property before the project began have returned to the renovated building. The remaining apartments will be leased to persons on the CHA waitlist. The city’s contribution included issuance of $27.3 million in multifamily housing revenue bonds, a $5 million multifamily loan and $1.3 million in low-income housing tax credits that generated $12.7 million in equity. The NHP Foundation acquired the property in 2016 as part of the city’s SRO Preservation Initiative. Since its passage in 2014, the initiative has led to the preservation of 11 buildings, consisting of more than 1,400 units. Architect …

March 13, 2020

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