Multifamily

Bascom Group Receives $235M in Loan Proceeds for Refinancing of Multifamily Portfolio

by Taylor Williams August 19, 2019

IRVINE, CALIF. — The Bascom Group LLC, an Irvine, Calif.-based private equity firm, has refinanced an 11-property multifamily portfolio. Bascom received individual loans for each asset totaling $235 million. Bascom worked with several capital market partners and lenders to complete the refinancing. Comerica Bank provided five loans while Silvergate Bank provided two of the loans. TCF Bank, New York Life, Citizens Business Bank and Texas Capital Bank each funded one loan as well. Brian Eisendrath and Annie Rice from CBRE, Charles Halladay and Jamie Kline from JLL and Tom Sherlock and Erich Pryor from Talonvest arranged the debt financing The portfolio includes six properties that are located in California and two that are located in Las Vegas. The other three properties are located in Colorado, Arizona and Texas. All of the properties are part of Bascom’s third fully discretionary fund, Bascom Value Added Apartment Investors III LLC The transaction yielded more than $39 million in additional loan proceeds for Bascom Group, enabling the firm to reduce its debt service requirement by 16 percent. Most of the loans were structured with interest-only terms for 24 to 36 months and rates between 180 and 200 basis points over LIBOR. “Our lending partners …

August 19, 2019

Development Mississippi Multifamily Southeast Student Housing

Mississippi State University, Greystar Open $67M Mixed-Use Development on Campus

by Alex Tostado August 16, 2019

STARKVILLE, MISS. — A public-private partnership between Mississippi State University (MSU) and Greystar has opened College View, 650-bed residential development on the university’s campus in Starkville. The mixed-use property features 46,000 square feet of retail space and a 7,000-square-foot addition to the MSU Child Development and Family Studies Center. Communal amenities include a fitness center, computer lab, study rooms, swimming pool, community lounge, volleyball court and fire pits. Greystar financed, built and will manage the community utilizing a 40-year lease of MSU land. The lease agreement features a 10-year renewal option.

August 16, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $59M Sale of Multifamily Community in Tampa

by Alex Tostado August 16, 2019

TAMPA, FLA. — Cushman & Wakefield has arranged the $59 million sale of Mezzo of Tampa Palms, a 340-unit multifamily community in Tampa. The property offers one-, two- and three-bedroom floor plans spread across 20 three-story buildings. The average unit in the community is 1,193 square feet with an average market rent of $1,313. The property was above 95 percent occupied at the time of sale. Communal amenities include a 7,000-square-foot clubhouse, a fitness center with Fitness On Demand, business center, Wi-Fi in community areas, two swimming pools, poolside outdoor kitchen with a fire pit, gated access with virtual guards, dog park, tennis court, playground, barbecue and picnic area, walking/jogging trails and a sun deck. Luis Elorza, Brad Capas, Zachary Sackley, Robert Given and Michael Mulkern of Cushman & Wakefield represented the seller, Boston-based Preston-Giuliano Capital Partners, in the transaction. Boston-based Taurus Investment Holdings acquired the property.

August 16, 2019

Acquisitions Arizona Multifamily Western

Wood Partners Trades 273-Unit Multifamily Community in Arizona for $71.7M

by Amy Works August 16, 2019

CHANDLER, ARIZ. — Wood Partners has completed the sale of Alta San Marcos, an apartment complex located in Chandler. JLL Income Property Trust acquired the property for $71.7 million or $262,821 per unit. The buyer plans to rebrand the property as Summit at San Marcos. Located within walking distance of downtown Chandler, the multifamily property features 273 apartments with nine-plus feet ceilings and an average unit size of 940 square feet. Community amenities include a clubhouse and leasing office with a 13-foot theater-style television, plush seating, a demonstration kitchen and fitness center. The community was completed in 2018. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 16, 2019

Connecticut Development Multifamily Northeast

Dakota Partners to Build 144-Unit Multifamily Community in Griswold, Connecticut

by Alex Patton August 16, 2019

GRISWOLD, CONN. — Dakota Partners, a Massachusetts-based developer, will build a 144-unit multifamily property in Griswold, about 50 miles east of Hartford. Dakota Partners purchased the land from Omega Healthcare for $1.3 million. More than 75 percent of the units will be leased as affordable housing. Construction is slated to begin in 2020. Ron Lyman of Lyman Real Estate represented both Dakota Partners and Omega Healthcare in the land sale.

August 16, 2019

Acquisitions California Multifamily Seniors Housing Western

Mogharebi Group Arranges $34.4M Sale of Age-Restricted Community in San Gabriel Valley

by Amy Works August 16, 2019

HACIENDA HEIGHTS, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Sagewood Gardens, an age-restricted community located on Gale Avenue in Hacienda Heights. A San Gabriel Valley-based private investor acquired the asset from a Los Angeles-based private owner for $34.4 million. Built in 1988, Sagewood Gardens is a one- and two-story apartment community comprising 21 residential buildings totaling 93,930 rentable square feet. Situated on 5.3 acres, the property features 162 apartments in a mix of one- and two-bedroom layouts, as well as a detached single-family residence. The property is restricted to residents age 55 or older. On-site amenities include a fitness facility, resident lounge with media room, covered parking and an activity center. Alex Mogharebi and Otto Ozen of TMG represented the seller and the buyer in the deal.

August 16, 2019

Development Indiana Midwest Multifamily Student Housing

Brinkmann Completes Construction of 675-Bed Student Housing Property in West Lafayette, Indiana

by Kristin Harlow August 16, 2019

LAFAYETTE, IND. — Brinkmann Constructors has completed construction of the Rise on Chauncey, a 675-bed student housing property near Purdue University in West Lafayette. At 16 stories, the property is West Lafayette’s tallest building. Apartments range from studios to four-bedroom units. CA Student Living, the student housing division of Chicago-based CA Ventures, was the developer. The complex spans 458,000 square feet with 283 fully furnished units. Brinkmann completed the project in 19 months. Monthly rents start at $689 for a shared four-bedroom unit.

August 16, 2019

Florida Market Reports Multifamily Southeast Southeast Market Reports

Demand for Higher-End Markets in Southwest Florida Helps Class B Market

by Taylor Williams August 16, 2019

As job growth supports a healthy economy in Southwest Florida, the region is experiencing major population growth, causing a surge in new Class A multifamily construction. The number of new construction Class A units in Southwest Florida has increased by nearly 150 percent year-over-year. In first-quarter 2018, there were 257 Class A units completed, and in first-quarter 2019, that number rose to 622. With this increased supply of Class A properties, there is now more demand in Class B properties among renters, and ultimately from investors. Class B properties tend to have more affordable rental rates, and investors have now noticed the potential for higher investment returns. Illustrating this demand, in the first quarter of 2018 in Southwest Florida, there were 17 Class B properties sold that totaled nearly $39 million. In first-quarter 2019, the sale volume increased to $68 million with nine properties sold. Also, investors were willing to pay more for these assets if they had a value-add component With Class B vacancies being tight at 4.6 percent, investors are making interior and exterior improvements to properties and gradually raising rental rates to increase their returns. For example, a value-add Class B multifamily property in Fort Myers recently …

August 16, 2019

Development Multifamily Texas

JPI to Develop 433-Unit Apartment Community in Irving’s Las Colinas District

by Taylor Williams August 15, 2019

IRVING, TEXAS — Locally based multifamily developer JPI will build Jefferson Innova, a 433-unit community in Irving’s Las Colinas district, the company’s sixth project in that submarket. JPI has closed on construction financing for the five-acre project and expects to open the property in spring 2021. Amenities at Jefferson Innova will include a pool, business center, fitness center with a yoga studio, a coffee bar and two outdoor kitchens. Humphreys & Partners is the project architect, and Glenn Engineering Corp. is the civil engineer. CrossHarbor Capital Partners is serving as JPI’s equity partner on the project.

August 15, 2019

Development Multifamily Texas

StreetLights Residential Breaks Ground on 358-Unit Multifamily Project in Frisco

by Taylor Williams August 15, 2019

FRISCO, TEXAS — StreetLights Residential, a multifamily developer with five offices across the country, has broken ground on The Margo, a 358-unit project within The Canals at Grand Park in Frisco. The property will feature one-, two- and three-bedroom units ranging in size from 505 to 2,000 square feet. The Margo will offer amenities such as two pools, an entertainment lawn with outdoor games, a fitness center, game room, theater room and a private lounge. LRK served as the architect for the project, completion of which is scheduled for spring 2021.

August 15, 2019

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