Multifamily

Walker & Dunlop Negotiates $80M Sale of Apartment Complex in Sarasota, Florida

by Alex Tostado May 6, 2019

SARASOTA, FLA. — Walker & Dunlop has arranged the $80 million sale of The DeSota, a 180-unit apartment complex in Sarasota. The property includes 15,000 square feet of retail space, as well as amenities such as a swimming pool, outdoor kitchen, clubroom, bike storage, amenity deck, health center and a fitness center. The seller was Atlanta-based Carter, which also developed the property. Brian Moulder of Walker & Dunlop arranged the transaction on behalf of the buyer, Bluerock Residential, and seller.

May 6, 2019

Development Louisiana Multifamily Southeast

Audubon Completes $20M Restoration of Vacant Multifamily Property in Baton Rouge

by Alex Tostado May 6, 2019

BATON ROUGE, LA. — Audubon Communities has completed the restoration of St. Jean Apartments, a vacant 624-unit multifamily property in Baton Rouge. In 2016, Louisiana experienced flooding that left 312 ground-level units at St. Jean with serious water damage and the property was abandoned. In 2017, Atlanta-based Audubon purchased the community for $33.3 million and launched a $20 million restoration and renovation effort. Audubon has since rebranded the 50-acre property as The Reserve at White Oak and is now leasing the community, which is 30 percent occupied.

May 6, 2019

Acquisitions Maryland Multifamily Southeast

HFF Brokers Sale of 366-Unit Apartment Community Near D.C.

by Alex Tostado May 6, 2019

ROCKVILLE, MD. — HFF has arranged the sale of Hanover Shady Grove, a 366-unit apartment complex in Rockville. The five-story building was completed in 2016 and offers studio, one-, two- and three-bedroom floor plans averaging 970 square feet. Community amenities include a swimming pool, outdoor grilling areas, 24-hour fitness center, private media room, conference room and a catering kitchen. The property was 95 percent occupied at the time of sale. The property is situated at 9305 Corporate Blvd., 24 miles north of downtown Washington, D.C. Walter Coker and Brian Crivella of HFF and Stephen Conley, a private real estate agent based in Maryland, represented both the sellers, Hanover Co. and Berkshire Residential Investments, and the buyer, Equity Residential. The sales price was not disclosed.

May 6, 2019

Loans Multifamily New York Northeast Student Housing

Marcus & Millichap Arranges $16M Loan for Refinancing of Student Housing Property in New Rochelle

by Taylor Williams May 6, 2019

NEW ROCHELLE, N.Y. — Marcus & Millichap Capital Corp. has arranged a $16 million loan for the refinancing of a 282-bed student housing property located at 17 Locust Ave. in New Rochelle, a northern suburb of New York City. The newly built, 94-unit property serves nearby Monroe College. Steven Rock of Marcus & Millichap arranged the loan that was originated at a 65 percent loan-to-value. The loan features a fixed interest rate of 4.98 percent as well as 18 months of interest-only payments. The borrower was not disclosed.

May 6, 2019

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Places $14M Construction Loan for Redevelopment Project in Lowell, Massachusetts

by Taylor Williams May 6, 2019

LOWELL, MASS. — Boston-based mortgage banking firm Fantini & Gorga has placed a $14 million construction loan for a redevelopment project involving a former corduroy mill in Lowell, Massachusetts, about 30 miles north of Boston. The project will convert the 80,000-square-foot facility, known as Waterhead Mill, into a 71-unit residential building that will offer studio and one-bedroom units. The new property will also feature amenities such as a fitness center, a movie theater, coworking office space, resident lounge and a package receiving area. The borrower was not disclosed. Construction is underway and expected to last about 15 months.

May 6, 2019

Acquisitions Colorado Multifamily Western

Marcus & Millichap Negotiates $5.2M Apartment Building Acquisition in Colorado

by Amy Works May 6, 2019

WESTMINSTER, COLO. — Marcus & Millichap has facilitated the purchase of Bradburn Gardens, a 44-unit apartment building located at 7545 Bradburn Blvd. in Westminster. A private investor acquired the property for $5.2 million. Clayton Primm of Marcus & Millichap’s Denver office represented the buyer in the deal. Built in 1973 and situated on 1.5 acres, the building features 12 one-bedroom units, 31 two-bedroom apartments and one three-bedroom unit.

May 6, 2019

Acquisitions Multifamily Texas

AvalonBay Sells 474-Unit Houston Apartment Community for $98M

by Taylor Williams May 6, 2019

HOUSTON — AvalonBay Communities (NYSE: AVB), a Virginia-based multifamily REIT, has sold Archstone Toscano, a 474-unit multifamily community in Houston, for $98 million. The company announced the deal in its first-quarter earnings report. Built in 2013, the community offers one-, two- and three-bedroom units ranging in size from 642 to 1,745 square feet and offering stainless steel appliances, walk-in closets and individual washers and dryers. Amenities include a resort-style pool with a sundeck, fitness center, business center, outdoor grilling areas, access to hiking and jogging trails and a clubroom with a TV and coffee bar. The buyer was not disclosed.

May 6, 2019

Loans Multifamily Texas

NorthMarq Arranges Acquisition Financing for 342-Unit Multifamily Asset in Houston

by Taylor Williams May 6, 2019

HOUSTON — Minneapolis-based NorthMarq Capital has arranged an undisclosed amount of acquisition financing for The Park at Clear Lake, a 342-unit apartment community in Houston. Units at the property, which was built in 1973, feature walk-in closets, dishwashers and laundry facilities. Amenities include a pool, fitness center and outdoor grilling areas. Warren Hitchcock of NorthMarq arranged the funds through an undisclosed balance sheet lender. The borrower was also undisclosed, but the property’s website redirects to Madera Residential’s homepage.

May 6, 2019

Development Multifamily Office Texas

AQUILA Commercial to Redevelop 86,099 SF Office Building in Austin

by Taylor Williams May 6, 2019

AUSTIN, TEXAS — AQUILA Commercial will redevelop Airport Center, an 86,099-square-foot office building located at 6505 Airport Blvd. in Austin. Located adjacent to the Austin Community College Highland Campus redevelopment project, the site will later house a mixed-use development that will include 326 apartments. Runa Workshop is the architect for the project, construction of which is scheduled to begin in July and wrap up by year’s end. The property will be rebranded Highland Tech Center.

May 6, 2019

Loans Midwest Multifamily Seniors Housing Wisconsin

Hunt Capital Partners Arranges LIHTC Financing for $34.4M Seniors Housing Development in Wisconsin

by Kristin Harlow May 6, 2019

FITCHBURG, WIS. — Hunt Capital Partners, in collaboration with Plesko Properties LLC, has arranged federal and state low-income housing tax credit (LIHTC) equity financing for the construction of Fitchburg Senior Apartments. Located in the Madison suburb of Fitchburg, the community will feature 160 affordable housing units for seniors who are age 55 and older. Units will be restricted to households who earn up to 80 percent of the area median income. The development team broke ground on Fitchburg Senior Apartments in March. The four-story community will provide 80 one-bedroom units and 80 two-bedroom units upon completion, which is slated for July 2020. The total development cost for Fitchburg Senior Apartments is $34.4 million. The development team was awarded $15 million in federal and state LIHTCs. Hunt Capital Partners facilitated the federal tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. Advantage Capital purchased the state LIHTC credits through Fund 27 as well. The Wisconsin Housing and Economic Development Authority (WHEDA) provided $23 million in taxable and tax-exempt construction and permanent financing and $1.5 million in soft financing. Plesko Properties, the project developer, selected Baker Tilly Virchow Krause LLP as the project consultant. Stevens Construction Corp. is …

May 6, 2019

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