Multifamily

Nexus Commercial Negotiates $4.7M Sale of 38-Unit Apartment Building in Denver

by Amy Works March 18, 2019

DENVER — Nexus Commercial Realty has arranged the sale of a multifamily building, located at 8770-8780 Galen Court in Denver. An undisclosed buyer acquired the 38-unit property from 71st & Lowell Apartments LLC for $4.7 million. The 30,802-square-foot property features 12 one-bedroom/one-bath and 26 two-bedroom/one-bath units. The property underwent recent renovations include new roofs, windows, boilers and decks, as well as 54 off-street parking spaces in a re-striped parking lot. Jason Koch of Nexus represented the seller in the deal.

March 18, 2019

Alabama Loans Multifamily Southeast Student Housing

Hunt Real Estate Provides $17.9M Refinance Loan for Student Housing Portfolio Near University of Alabama

by Alex Tostado March 18, 2019

TUSCALOOSA, ALA. — Hunt Real Estate Capital has provided a $17.9 million loan to refinance a 12-building student housing portfolio in Tuscaloosa, home of the University of Alabama. The properties include the seven-building Preston Place (240 beds) and the one-building Alexandria (22 beds), Georgian (20 beds), St. Charles (48 beds), St. George (24 beds) and 317 Reed (eight beds). The Freddie Mac loan has a 10-year term with five years of interest-only payments and a 30-year amortization schedule. The borrower is Roar IV LLC, which acquired the properties between 1994 and 1999. The assets were built between 1988 and 1992 and have undergone various renovations under multiple owners.

March 18, 2019

Acquisitions Alabama Multifamily Southeast

Colliers Brokers Sale of 376-Unit Apartment Community in Montgomery

by Alex Tostado March 18, 2019

MONTGOMERY, ALA. — Colliers International has brokered the sale of Barrington Place at Somerset, a 376-unit apartment community in the Eastchase submarket of Montgomery. Amenities include two fitness centers, two swimming pools, a 16-seat movie theater, children’s play room, playground, car care center and a jogging trail. Will Mathews, Carter Brehm and Austin Weathington of Colliers represented both the buyer and seller — Core Pacific Advisors and Barrington Place LLC, respectively — in the transaction. Built in 2002, the value-add property is Core Pacific’s first purchase in Alabama. The sales price was not disclosed.

March 18, 2019

Development Illinois Midwest Multifamily Seniors Housing

SWIDA, Bywater Development Open $11M Affordable Seniors Housing Community Near St. Louis

by Kristin Harlow March 18, 2019

SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group, along with Bi-State Development and other key stakeholders, have opened Metro Landing of Swansea, a 62-unit affordable seniors housing community in Swansea. The $11 million, three-story development is a transit-oriented project connecting to St. Louis via the adjacent Swansea MetroLink Station. More than 40 of the 62 affordable one- and two-bedroom units have already been leased, with full occupancy expected by the end of March. Rents start at $565 per month for a one-bedroom apartment and $705 for a two-bedroom apartment. SWIDA and Bywater, which jointly developed the project, secured the majority of the financing from the Illinois Housing Development Authority (IHDA), with further construction financing provided by PNC Bank. Additional support came from the Illinois Department of Commerce and Economic Opportunity (DCEO) and Ameren, along with the St. Clair County Intergovernmental Grants Department. The Federal Transit Administration also played a role in the project, providing the necessary approval for Bi-State Development to sell the ground at the transit center to the developers for this project. St. Louis-based Altman Charter served as general contractor for the project. Chicago-based Worn Jerabek Wiltse Architects is the project architect, and the …

March 18, 2019

Acquisitions Illinois Midwest Multifamily

Timberland Partners Acquires 232-Unit Multifamily Property in O’Fallon, Illinois

by Kristin Harlow March 18, 2019

O’FALLON, ILL. — Timberland Partners has acquired Parkway Lakeside, a 232-unit multifamily property in O’Fallon near St. Louis. The purchase price was not disclosed. Built in 2011, the Class A property consists of one- and two-bedroom townhome-style floor plans. Amenities include a saltwater pool, fitness center, fire pit, clubhouse and two dog parks.

March 18, 2019

Acquisitions Multifamily Northeast Pennsylvania Southeast Top Stories Virginia

Morgan Properties Acquires Multifamily Portfolio in Philadelphia, Northern Virginia for $890.5M

by Taylor Williams March 18, 2019

KING OF PRUSSIA, PA. — Morgan Properties, a Pennsylvania-based investment and management firm, has acquired a portfolio of 10 apartment communities totaling 4,130 units in the metro areas of Philadelphia and Northern Virginia. The sales price was not disclosed, but The Philadelphia Inquirer reports that the portfolio fetched a price of $890.5 million. The Philadelphia assets consist of seven properties totaling 2,346 units, which makes the transaction the largest multifamily acquisition in the city’s history. Two communities, Stonegate at Devon and Villas at Bryn Mawr, account for 947 units. The remaining five properties are located in the suburban submarkets of Conshohocken, West Chester, Downington, Jeffersonville and Bensalem. The portfolio’s Northern Virginia assets comprise three communities and 1,784 units. The bulk of those residences (1,387) are housed within a single property — Mount Vernon Square in Alexandria — while the other two are located in Fairfax and Sterling, both near Dulles International Airport. Morgan Properties, which is based in King of Prussia, Pa., will invest a combined $20 million in renovations and upgrades to the 10 Class B properties. Capital improvement plans will focus on both unit interiors and amenity spaces. “This acquisition is a game-changer for our organization,” says principal Jason …

March 18, 2019

Georgia Loans Multifamily Southeast

Greystone Bassuk Arranges $36.5M Loan for Apartment Development in Atlanta’s Grant Park

by Alex Tostado March 15, 2019

ATLANTA — Greystone Bassuk has arranged a $36.5 million construction-to-permanent loan on behalf of an affiliate of Grubb Properties Inc. for Link Apartments Grant Park in Atlanta. Aegon Real Assets US, through its correspondent Bellwether Enterprise, provided the 20-year, fixed-rate loan. Located at 750 Kalb St. S.E. in Atlanta’s Grant Park neighborhood, the five-story, 246-unit community will offer amenities such as a clubhouse, game room, fitness center, yoga center, outdoor terrace, 265-space parking deck and a pedestrian esplanade. Matthew Hirsch and Paul Fried led the Greystone Bassuk team in arranging the loan transaction. Greystone Bassuk is a joint venture formed in 2012 between Greystone and The Bassuk Organization, an investment banking service in in New York Tri-State area.

March 15, 2019

Acquisitions Multifamily North Carolina Southeast

IMG Acquires Multifamily Community in South Charlotte for $45.5M

by Alex Tostado March 15, 2019

CHARLOTTE, N.C. — Investors Management Group (IMG) has acquired Reafield Village, a 324-unit apartment community in south Charlotte, for $45.5 million. IMG plans to invest $3 million to upgrade apartment interiors, community amenities and place a new management team, as well as rebrand the community as Canopy at Baybrook. As of Feb. 1, the asset was 97 percent occupied. The community offers one-, and two-bedroom floor plans ranging from 619 square feet to 955 square feet. Amenities include two clubhouses, three swimming pools, a tennis court, business center and two fitness centers. IMG sponsored a syndication of more than 100 investors, including 1031 exchange buyers, to purchase Canopy at Baybrook. The seller was not disclosed.

March 15, 2019

Acquisitions Louisiana Multifamily Southeast

HREC Negotiates Sale of Historic Apartment Community in New Orleans to Timeshare Acquisitions

by Alex Tostado March 15, 2019

NEW ORLEANS — HREC Investment Advisors has arranged the sale of the Maritime Building, a 105-unit apartment community built in 1893 in New Orleans. The asset is situated at the corner of Carondelet and Common streets, one block from the French Quarter. The property was considered the city’s first “skyscraper” at 14 stories tall and was extensively renovated in 2010 and 2011. Len Wormser of HREC represented the undisclosed seller in the transaction. California-based Timeshare Acquisitions Real Estate LLC bought the property following the New Orleans City Planning Commission and City Council decision in April 2018 to change the zoning in the central business district from conditional to permitted use for timeshare purposes. The entire asset will be used as a timeshare. The sales price was not disclosed.

March 15, 2019

Development Multifamily Texas

StreetLights Residential Opens 309-Unit Apartment Community at The Union in Dallas

by Taylor Williams March 15, 2019

DALLAS — StreetLights Residential has opened The Christopher, a 309-unit apartment community located within The Union, a mixed-use development by RED Development in Uptown Dallas. Rents for units, which feature decorative tile backsplashes, custom cabinetry, private balconies and built-in washers and dryers, start at $2,270 per month. The Christopher offers private alcoholic beverage and coffee bars, a pool, fitness center and lounge space. The opening of the 31-story residential tower marks Phase II of The Union, following the opening of the office component last October.

March 15, 2019

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