Multifamily

Habitat Acquires Three Multifamily Properties in Michigan, Minnesota for $100M

by Kristin Harlow June 3, 2019

MICHIGAN AND MINNESOTA — The Habitat Company has acquired three multifamily properties in Michigan and Minnesota for approximately $100 million. The properties include: The Village of Hyde Park, a 43-unit townhome development in Detroit; Harbour Club, a 1,112-unit market-rate property in Bellville, Mich.; and the 108-unit Cedarvale Highlands in Eagan, Minn. Habitat plans to make upgrades to each property. At The Village of Hyde Park, Habitat plans to update unit interiors, appliances, flooring, lighting and plumbing fixtures over the next few years. At Harbour Club, Habitat will renovate units, expand the clubhouse, upgrade common areas and rename the asset. At Cedarvale Highlands, Habitat will continue a unit renovation plan that includes new kitchens and baths along with enhancements to the common areas. Habitat is handling leasing and property management for all three communities.

June 3, 2019

Illinois Loans Midwest Multifamily

Berkadia Secures $34.3M Rehab Financing for Multifamily Portfolio in Rock Island, Illinois

by Kristin Harlow June 3, 2019

ROCK ISLAND, ILL. — Berkadia has secured $34.2 million in construction-to-permanent rehabilitation financing for a two-property multifamily portfolio in Rock Island. The properties include Heather Ridge and Century Woods. Renovation plans call for new flooring, windows, heating and cooling systems, cabinets, countertops and appliances. Rick Price, Gemma Geldmacher, Mark Vogel and Dan Geuther of Berkadia originated the two HUD 221(d)(4) loans on behalf of Cleveland-based Millennia Cos. The financing features a 40-year term and a 90 percent loan-to-value ratio.

June 3, 2019

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 154-Unit Apartment Community in Metro Dallas

by Taylor Williams June 3, 2019

GARLAND, TEXAS — Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for The Hills of Palos Verdes, a 154-unit multifamily community in Garland, located northeast of Dallas. The property was built in 1983 and spans eight three-story residential building and one auxiliary building. Amenities include a pool, fitness center, playground and outdoor grilling areas. Dougherty arranged the loan in partnership with Old Capital Lending on behalf of the undisclosed borrower.

June 3, 2019

Acquisitions Multifamily Texas

Greystone Brokers Sale of Two Apartment Properties Totaling 313 Units in Fort Worth

by Taylor Williams June 3, 2019

FORT WORTH, TEXAS — Greystone has brokered the sale of La Hacienda and Ederville, two apartment properties totaling 313 units in Fort Worth. Both communities are located on the eastern side of the city. Mark Allen of Greystone represented the seller and procured the out-of-state buyer, which will implement a value-add program, in the transaction. Additional terms of sale were not disclosed.

June 3, 2019

Development District of Columbia Multifamily Southeast

EJF, Donatelli, Blue Skye Developing $95M Multifamily Project Within D.C. Opportunity Zone

by Alex Tostado May 31, 2019

WASHINGTON, D.C. — EJF Capital, Donatelli Development and Blue Skye Development are developing a $95 million, 262-unit mixed-income housing project within an opportunity zone in southeast Washington, D.C. The project is under construction within Hill East, a 67-acre master-planned development. The multifamily component, which has not yet been named, will include an undisclosed number of affordable housing units and 13,000 square feet of retail space. The project is expected to be complete in August 2020. Eagle Bank is providing $59.5 million of construction financing.

May 31, 2019

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $41M Sale of Multifamily Property Near Columbia

by Alex Tostado May 31, 2019

BLYTHEWOOD, S.C. — Cushman & Wakefield has arranged the $41 million sale of Enclave Blythewood, a 384-unit multifamily property in Blythewood, about 18 miles north of Columbia, S.C. Southwood Realty/Triangle Real Estate acquired the community and will rename it The Palisades at Blythewood. The property was built in two phases in 2008 and 2015, and offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, swimming pool, business center, dog park, car care center, fitness center and a putting green. Tai Cohen, Watson Bryant and Jordan McCarley of Cushman & Wakefield represented the seller, McCall Capital, in the transaction.

May 31, 2019

Development Multifamily Texas

Allied Orion Breaks Ground on 281-Unit Apartment Community in New Braunfels

by Taylor Williams May 31, 2019

NEW BRAUNFELS, TEXAS — Allied Orion Group has broken ground on The Retreat at Creekside, a 281-unit multifamily community in New Braunfels, located northeast of San Antonio. Designed by Steinberg Dickery Collaborative LLP, the property will be located within the 400-acre Creekside Town Center master-planned development. Floor plans range from one- to three-bedroom apartments that offer between 722 and 1,440 square feet of living space. Units will feature granite countertops, stainless steel appliances and private balconies or patios. Amenities will include a pool, outdoor grilling areas, a fitness center, resident clubhouse with a cyber lounge and a dog park. The opening is slated for December 2020.

May 31, 2019

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $9.6M Sale of Multifamily Building in The Bronx

by Taylor Williams May 31, 2019

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $9.6 million sale of a 54-unit multifamily building in The Bronx. The five-story property, which was originally built in 1925, is located at 2474 Valentine Ave. in the Fordham Heights neighborhood. The buyer and seller were not disclosed. The deal closed at a capitalization rate of 5.5 percent. Aaron Jungreis of Rosewood handled the transaction on behalf of both parties.

May 31, 2019

Loans Multifamily New York Northeast Seniors Housing

Public-Private Partnership Receives $6M Loan for Affordable Senior Living Community in Manhattan

by Taylor Williams May 31, 2019

NEW YORK CITY — A public-private partnership between The Community Preservation Corp. (CPC), Project FIND, the Joint Ownership Entity New York City (JOE NYC) and the New York City Department of Housing Preservation and Development (HPD) has received $6 million in financing for the renovation of Hargrave House. The 113-unit property is an affordable seniors housing community that is located at 111 W. 71st St. Project FIND, a nonprofit that supports low-income seniors, and JOE NYC, a nonprofit that supports affordable housing developers in the city, are the primary sponsors behind the project. The renovation work will upgrade the building’s elevators, energy systems, lobby and façade. Hargrave House was originally built in 1913 as a Renaissance hotel until it was converted into a residential use in the mid-1900s. An additional $3.5 million renovation plan was executed in 2001.

May 31, 2019

Acquisitions Arizona Multifamily Western

Sunrise Luxury Living Sells 282-Unit Apartment Complex in Arizona for $80.4M

by Amy Works May 31, 2019

SCOTTSDALE, ARIZ. — Sunrise Luxury Living has completed the sale of The CORE, a newly built Class A multifamily property in Scottsdale. An undisclosed buyer acquired the 282-unit asset for $80.4 million. Situated on 4.5 acres at 15333 N. Hayden Road, the property features a mix of studio, one- and two-bedroom layouts with nine-foot ceilings, quartz countertops, Whirlpool stainless steel appliances and gas cooktops. Community amenities include a rooftop pool, modern fitness center with yoga/spin room, electric vehicle charging stations and a package locker system. The seller, who owned the land since 2015, completed construction The CORE in 2018. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the deal.

May 31, 2019

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