NEW YORK CITY — Brix Real Estate Advisors has arranged the $6.3 million sale of a 36-unit multifamily building in the Kingsbridge neighborhood of The Bronx. The six-story building is located at 55 E. 196th St. and was completed in the 1940s. Matthew Barbaccia and Christian Dedvukaj represented the seller, Rooftops Realty Inc. The team also represented a group of undisclosed local investors as the buyers.
Multifamily developers in the Dallas-Fort Worth (DFW) metroplex in 2020 expect to see a slightly slower pace of rent growth brought on by record levels of new supply in recent years. This trend, paired with higher costs of adding features that distinguish properties from their competition, could lead to slightly more modest profit margins for multifamily developers. According to the latest data from CoStar Group, the average rate of multifamily rent growth in DFW between 2015 and 2019 was roughly 3.5 percent, skewed in part by a massive annual gain of 6.1 percent in 2015 and 3.9 percent in 2016. The citywide vacancy rate compressed below 7 percent in those two years, leading to an even more pronounced building boom. Since then, annual rent growth has maintained the current projection of 2 to 3 percent, with gains in the Class B space outpacing those of Class A product, a classification that captures virtually all new construction outside of purpose-built affordable housing. During the five-year period ending in 2019, nearly 110,000 new units were delivered in DFW, with annual supply growth as a percentage of total inventory topping 10 percent in some years. The new year purports to be the first …
DUNEDIN, FLA. — Primerica Group One Inc. has sold Dunedin Commons, a 280-unit apartment complex in Dunedin, for $62.5 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, media center, cyber café, fitness center, infinity pool, outdoor kitchen, playground, dog washing station and walking and jogging trails. Dunedin Commons is situated at 2701 Dunedin Commons Place, 25 miles west of downtown Tampa. Jason Stanton, Cole Whitaker and Marc Sumner of Berkadia represented the Tampa-based seller in the transaction. Dallas-based Westdale Asset Management Ltd. acquired the property.
SPRING HILL, TENN. — The Kirkland Co. has brokered the $53.3 million sale of Commonwealth at 31, a 248-unit multifamily community in Spring Hill. The gated community offers one-, two- and three-bedroom floor plans and communal amenities such as a pool, fitness center, dog park, storage units, outdoor kitchen and a business center. San Francisco-based Hamilton Zanze acquired the property, which is situated at 2880 Commonwealth Drive, 32 miles south of downtown Nashville. Miller Harris, Dennis Harris and William Kirkland of Kirkland represented the buyer and undisclosed seller in the transaction.
ALTAMONTE SPRINGS, FLA. — Marcus & Millichap has negotiated the $14.2 million sale of Remington Inn & Suites, a mixed-use property featuring 180 hotel rooms and 216 apartment units in Altamonte Springs. The one-bedroom apartment units are available to rent on a short-term basis, starting at $273 per week or $950 per month. Amenities include a pool, business center, complimentary newspapers and a playground. The property is situated at 450 Douglas Ave., 10 miles north of downtown Orlando. David Greenberg and Gabriel Shamay of Marcus & Millichap represented and procured the undisclosed buyer in the transaction. The undisclosed seller has owned the property since 1983.
SARATOGA SPRINGS, N.Y. — North Carolina-based Live Oak Bank has provided a $5.8 million loan for the refinancing of Home of the Good Shepherd Saratoga, a 100-unit seniors housing community located approximately 30 miles north of Albany. The five-year, floating-rate loan allowed the borrower to consolidate debt and position itself for future permanent financing options. The loan will refinance the community’s 42-unit memory care facility. The property was temporarily closed and extensively renovated in 2017. It has since reopened and been leased up and fully stabilized. Home of the Good Shepherd is a faith-based, nonprofit operator with four communities in Upstate New York.
SANTA MONICA, CALIF. — Arbor Realty Trust has provided a $19 million Fannie Mae Streamlined Rate Lock loan for a multifamily property in Santa Monica. The refinancing features 10-year, full-term, interest-only payments. Built in 2019, Pico Eleven Luxury Residences features 34 units with open floor plans. Community amenities include large private decks, as week as three ocean-view community lounge areas with barbecues, firepits and Wi-Fi access. Garth Davis of Arbor’s San Francisco office originated the deal.
LAYTON, UTAH — Hunt Real Estate Capital has funded a $6 million Fannie Mae DUS conventional multifamily loan for the refinancing of two manufacturing housing communities in Layton. The 10-year loan features interest-only payments for the first four years. Country Village MHC and Mountain View Estates MHC are the two non-contiguous communities. Developed in 1973 and 1975, respectively, the properties 145 manufactured housing sites and 310 parking spaces, including two spaces for each home. Country Village offers 34 single-wide sites and 28 double-wide sites, and Mountain View features 59 single-wide sites and 24 double-wide sites. Community amenities include a clubhouse, playground and basketball courts.
LOS ANGELES — Ready Capital has closed a $6 million loan for the acquisition, renovation and lease-up of a 20-unit, Class B multifamily property located in Los Angeles’ Hollywood/Silver Lake submarket. The undisclosed sponsor will use the funds to convert a majority of the one-bedroom units into two-bedroom units. The apartments will feature upgraded floors, appliances and cabinetry, as well as other interior improvements. The non-recourse, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls
WHEELING, ILL. — Matanky Realty Group has brokered the sale of River Trail Apartments in Wheeling for an undisclosed price. The 56-unit multifamily complex is located on South Milwaukee Avenue. Terri Cox and Zach Slagle of Matanky represented the undisclosed seller. NS Properties LLC, a local investor, purchased the asset. The buyer plans to invest capital in building improvements.