Multifamily

CIM Group, Aspen Heights Complete Construction of 58-Story Residential Tower in Austin

by Taylor Williams July 10, 2019

AUSTIN, TEXAS — A partnership between Los Angeles-based CIM Group and Austin-based Aspen Heights Partners has completed construction of The Independent, a 58-story residential tower in downtown Austin that is known locally as the “Jenga” building. Rising 685 feet and encompassing 363 condominium units, The Independent is the tallest tower in Austin. The building is situated on 1.7 acres at the corner of West Third Street and West Avenue overlooking Shoal Creek. The Independent houses one-, two-, three- and four-bedroom units, as well as penthouses, and all residences feature 10-foot ceilings and private patios or balconies. Amenities include a pool, fitness center, resident clubhouse, a spa, theater, business center, dog park and a children’s play area.

July 10, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Acquisition Loans Totaling $20.7M for Houston Multifamily Assets

by Taylor Williams July 10, 2019

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $20.7 million for a pair of multifamily assets in Houston. In the first transaction, Jamie Safier of LMI Capital placed a $13.7 million loan for a 240-unit property in southeast Houston. The loan carried a 4.27 percent interest rate and five years of interest-only payments. In the second deal, Safier arranged a $7 million loan for a 105-unit community in east Houston. That loan was structured with a 4.63 percent interest rate and three years of interest-only payments. The borrowers and property names were not disclosed.

July 10, 2019

Development Kansas Midwest Multifamily Student Housing

Opus Begins Construction on Three-Story Student Housing Community Near University of Kansas

by Kristin Harlow July 10, 2019

LAWRENCE, KAN. — The Opus Group has begun construction on a new three-story student housing community near the University of Kansas. The project will include 120 units accommodating 312 residents as well as 8,200 square feet of retail space. The development is the first in Lawrence to use the new Smart Code portion of the city’s zoning code, requiring the project to incorporate more civic space and encourage less automobile usage. Residents will be able to take public transportation from a bus stop adjacent to the property. A biking and hiking trail from the property will lead directly to campus. Indoor amenities will include a fitness center, spa, clubroom, game room, podcast booth and study spaces. Outdoor amenities will include a terrace area along 23rd Street in front of the retail space for public use, as well as a pool, fire pits, gas grills and fitness area. The project is a joint venture with The McKinney Fund & Co. Central Bank of St. Louis and Central Bank of the Midwest provided construction financing. Completion is slated for July 2020.

July 10, 2019

Development Midwest Multifamily Ohio

Pizzuti to Begin Apartment Redevelopment Project in Columbus, Ohio

by Kristin Harlow July 10, 2019

COLUMBUS, OHIO — The Pizzuti Cos. has purchased the former Grant Oak Apartments in Columbus and is scheduled to begin construction immediately on the redevelopment of the site. Located at the southeast corner of Grant Avenue and Oak Street in the Discovery District, the project will include a combination of renovation work, new construction and site improvements. Phase I will include a renovation of the four westernmost buildings and will result in 70 market-rate studio and one-bedroom units. Completion is slated for spring 2020. Phase II will include a new-construction, five-story building with a mix of studio, one- and two-bedroom units. The 80-unit property will include walk-up units along Oak and 9th streets. Pizzuti expects to break ground on Phase II in the fall with completion slated for late summer 2020. Sullivan Bruck Architects oversaw the design of the renovated portion and Lupton Rausch Architects Inc. designed the new-construction building. Elford Inc. will serve as the general contractor on both portions of the project.

July 10, 2019

Loans Michigan Midwest Multifamily

Berkadia Secures $9.3M Refinancing for Multifamily Property in Grand Rapids

by Kristin Harlow July 10, 2019

GRAND RAPIDS, MICH. — Berkadia has secured a $9.3 million loan for the refinancing of Lofts on Michigan in Grand Rapids. Built in 2016, the multifamily property features 54 units and ground-floor retail space. Situated at 740 Michigan St. NE, the building offers convenient access to the Medical Mile and downtown Grand Rapids. Aaron Moll of Berkadia arranged the CMBS loan on behalf of the undisclosed borrower.

July 10, 2019

Acquisitions Multifamily Nevada Western

CRA, The Roxborough Group Sell Las Vegas Multifamily Portfolio for $137.5 Million

by Jeff Shaw July 10, 2019

LAS VEGAS — Continental Realty Advisors (CRA) and The Roxborough Group have sold a three-community multifamily portfolio spanning 1,194 units in Las Vegas. The price was $137.5 million. The buyer was not disclosed. The Las Vegas portfolio includes: the 440-unit Stonegate Apartments, which was constructed in 1991; the 402-unit Loma Vista Apartments, constructed in 1998; and the 352-unit Viridian Palms (formerly Stonegate West) constructed in 1990. In recent years, the sellers invested over $5 million in repairs and improvements at the properties.

July 10, 2019

Acquisitions Multifamily New York Northeast

Camber, Belveron Acquire Multifamily Property in The Bronx for $77M

by Alex Patton July 9, 2019

NEW YORK CITY — A partnership between two local investment firms, Camber Property Group and California-based Belveron Partners, has acquired Highbridge House, a 400-unit multifamily property in The Bronx, for $77 million. The property is located at 113 Ogden Ave. and originally opened in 1972. The new ownership plans to convert the property into an affordable housing complex and invest $3 million in capital improvements to the building’s elevator and utility systems. Aaron Jungreis of Rosewood Realty Group represented the seller, Stellar Management, and the buyers in the transaction. New York Community Bank provided a $57 million acquisition loan for the deal.

July 9, 2019

Acquisitions Multifamily New York Northeast

Hodges Ward Elliott Arranges $36M Sale of Multifamily Complex in The Bronx

by Alex Patton July 9, 2019

NEW YORK CITY — Hodges Ward Elliott (HWE) has arranged the $36 million sale of River Court and Gerard Court, a 252-unit multifamily property in The Bronx for $36 million. The complex, which is located at 1065-1075 Gerard Ave. near Yankee Stadium, offers studio, one- and two-bedroom units with elevator access. Daniel Parker, Paul Gillen and Ariel Tambor of HWE represented the seller, Related Cos., in the transaction. The buyer was Prana Investments, an investment firm with offices on both coasts.

July 9, 2019

Acquisitions Multifamily North Carolina Southeast

MLA Properties, Pearlmark Acquire Apartment Complex in Charlotte for $44M

by Alex Tostado July 9, 2019

CHARLOTTE, N.C. — MLA Properties and Pearlmark have acquired Pavilion Village, a 294-unit apartment complex in Charlotte, for $44 million. The property is located three miles from the University of North Carolina-Charlotte and 13 miles from Uptown Charlotte. Pavilion Village was 93 percent occupied at the time of sale. The new owners plan to renovate and upgrade interior units and communal amenities. Details of the renovations were not disclosed. MLA and Pearlmark have hired Drucker + Faulk to handle leasing efforts for the property.

July 9, 2019

Florida Loans Multifamily Southeast

Arbor Provides $9.3M Acquisition Loan for Multifamily Property in North Miami

by Alex Tostado July 9, 2019

NORTH MIAMI, FLA. — Arbor Realty Trust Inc. has provided a $9.3 million acquisition loan for Arlington Manor Apartments, a 91-unit multifamily property in North Miami. Built in 1969, the four-story property is situated at 12501 N.E. 13th Ave., 13 miles north of downtown Miami. Arlington Manor offers studio, one-, two- and three-bedroom floor plans. Alexander Kaushansky of Arbor originated the loan on behalf of the undisclosed borrower. The seller was not disclosed.

July 9, 2019

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