Multifamily

Westmount Realty Capital Acquires 300-Unit Apartment Community in San Antonio

by Taylor Williams April 12, 2019

SAN ANTONIO — Dallas-based Westmount Realty Capital has acquired The Pointe at Ramsgate, a 300-unit apartment community in San Antonio. Built in 1975, the property offers one- and two-bedroom units averaging 682 square feet. Amenities include two pools, a fitness center, outdoor grilling area, resident clubhouse with a full kitchen and a dog park. Westmount will renovate the property’s unit interiors by upgrading the flooring, lighting, cabinetry and plumbing fixtures. Amenity spaces, as well as the signage, paint job and parking lot, will also be refreshed. The property will be rebranded Joule Apartment Homes.

April 12, 2019

1399-Vine-St-1644-Pennsylvania-St-Denver-CO

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Brokers $8.4M Sale of Multifamily Portfolio in Central Denver

by Amy Works April 12, 2019

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a two-property multifamily portfolio located in central Denver. An undisclosed seller sold the assets for $8.4 million. The 52-unit portfolio consists of 1339 Vine Street, which was built in 1957, and 1644 Pennsylvania Street, which was built in 1956. Jeff Johnson and Andrew Monette of Pinnacle’s Johnson|Ritter team represented the seller, while Mike Krebsbach of MitchellKrebsbach Investment Group represented the undisclosed buyer in the deal.

April 12, 2019

California Industrial Loans Multifamily Western

Continental Partners Secures $15.8M in Financing for Four Southern California Assets

by Amy Works April 12, 2019

LOS ANGELES AND MOORPARK, CALIF. — Continental Partners has arranged a total of $15.8 million in financing across two transactions in Southern California. Zalmi Klyne of Continental Partners handled the transactions. Continental Partners secured $9 million in refinancing for a 41-unit, three-property multifamily portfolio in South Los Angeles. The financing allowed the undisclosed sponsor to cash out 90 percent equity. Previously, the firm arranged a bridge loan for the purchase of the assets in December 2017. The new 30-year loan is priced at rate of 4.61 percent with three years of interest-only payments and a loan-to-value ratio of 70 percent. The company also arranged $6.8 million in cash-out refinancing for a 105,000-square-foot industrial building in Moorpark. The firm previously secured a bridge loan for the acquisition of the property in October 2017. The loan was 98.5 percent of the original purchase price. The new financing features a seven-year term with a five-year fixed interest rate. The loan-to-value ratio is 70 percent.

April 12, 2019

Acquisitions Indiana Midwest Multifamily Student Housing

Marcus & Millichap Brokers $33.5M Sale of Student Housing Portfolio Near Purdue University

by Kristin Harlow April 12, 2019

WEST LAFAYETTE, IND. — Marcus & Millichap has brokered the sale of a 528-bed student housing portfolio in West Lafayette near Purdue University for $33.5 million. A joint venture between Muinzer and South Street Capital purchased the 152-unit portfolio. The buildings, constructed between 1983 and 1993, are all located within walking distance of campus. Brent Silcox and Austin Meeker of Marcus & Millichap represented the undisclosed seller and procured the buyer.

April 12, 2019

Indiana Loans Midwest Multifamily

Maverick Commercial Arranges Four Loans Totaling $22.5M to Refinance Indiana Multifamily Portfolio

by Kristin Harlow April 12, 2019

PORTAGE, WEST LAFAYETTE AND VALPARAISO, IND. — Maverick Commercial Mortgage has arranged $22.5 million in refinancing for a four-property multifamily portfolio in Indiana. The assets include Breckenridge Apartments, a 168-unit property in Portage; Point West and Point West II, two manufactured housing communities in West Lafayette; and Williamsburg Manor, a 223-site manufactured housing community in Valparaiso. The four nonrecourse loans all featured 10-year terms with 30-year amortization schedules. Proceeds from the loans paid off existing debt and returned equity to the undisclosed borrower.

April 12, 2019

Market Reports Multifamily Texas Texas Market Reports

Austin Multifamily Market’s New Focus: Workforce Housing

by Taylor Williams April 12, 2019

As demand for housing increases with Austin’s growing population, all eyes are on the multifamily housing market. But with rents rising as well, pressure on the already-sparse affordable housing stock is more intense than ever. Traditionally, affordable housing has served as a resource for low-income residents, those who earn at or below 60 percent of the area median income (AMI). Providing affordable housing has become a major priority for Austin’s city council and developers during this cycle. But a growing concern involves the segment of the population caught in the middle: those who may not qualify to live in traditional affordable housing properties, but for whom market-rate apartment prices are getting uncomfortably high. The solution? Workforce housing. Rapid Residential Growth Average rent is increasing faster in Austin than in any other major metropolitan city in Texas. This activity is pushing workers out of housing they could afford in areas that are convenient for them and forcing many into long commutes from unfamiliar neighborhoods. According to industry data, in 2018, rents in Austin rose by 4.4 percent, in contrast to 3.8 percent in Fort Worth, 3.5 percent in San Antonio and 2.7 percent in Dallas. And the squeeze on lower-income residents …

April 12, 2019

Multifamily New Jersey Northeast

HFF Arranges $263.8M Sale of Apartment Community in Jersey City

by David Cohen April 11, 2019

JERSEY CITY, N.J. — HFF has arranged the $263.8 million sale of Soho Lofts, a 377-unit, luxury apartment community in Jersey City. Located at 273 16th St., the property was completed in 2018 and consists of studio through three-bedroom units as well as eight townhouses. The property also includes 17,300 square feet of ground-floor retail and 375 parking spaces. The property features resort-style amenities that include an infinity edge pool, poolside cabanas, fireside seating with outdoor TV, cinema room, fitness center, 10-person sauna, demonstration kitchen, arcade lounge with billiards and shuffleboard, tech lounge, children’s playroom and dog grooming rooms. Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky of HFF represented the seller, AEW, in the transaction. The buyer was Mack-Cali Corp.

April 11, 2019

Loans Multifamily New York Northeast Seniors Housing

Greystone Funds $58.8M HUD Refinancing for Hamptons Skilled Nursing Facility

by David Cohen April 11, 2019

SOUTHAMPTON, N.Y. — Greystone has provided a $58.8 million HUD-insured loan to refinance a skilled nursing facility in Southampton. Situated on nine acres on the South Fork of Long Island in The Hamptons, the 280-bed Hamptons Center for Rehabilitation & Nursing offers both short-term and long-term care and two separate, secure dementia care units. The facility is located close to affluent areas such as Sag Harbor, Bridgehampton and Sagaponack. The nearest skilled nursing facility is 15 miles away. Fred Levine of Greystone originated the fixed-rate, nonrecourse loan with a 35-year term and amortization.

April 11, 2019

Alabama Georgia Loans Mississippi Multifamily Southeast

Eyzenberg & Co. Arranges $35.4M Refinancing Loan for Multifamily Portfolio in Southeast

by Alex Tostado April 11, 2019

NEW YORK CITY — Eyzenberg & Co. has arranged a $35.4 million refinancing loan for a three-property multifamily portfolio across the Southeast. The portfolio includes the 188-unit Park at Arlington in Covington, Ga.; the 232-unit Park at Brighton in Robinsonville, Miss.; and the 184-unit Park at Ashburn in Dothan, Ala. A joint venture between Blue Magma Residential LLC and NCP Enterprise Funds acquired the portfolio in December 2017. New York City-based Jeff Conti and Mila Babenko of Eyzenberg & Co. arranged the loan through Greystone on behalf of the borrowers.

April 11, 2019

Conference Coverage Features Multifamily Student Housing

InterFace Student Housing Panel Talks Living-Learning Communities, Investment Trends

by Alex Tostado April 11, 2019

AUSTIN, TEXAS — The concept of living-learning communities, wherein students take advantage of a property’s location and amenities to share academic and personal experiences, is growing in popularity in the student housing industry. As the property sector matures and more student housing communities become outdated, developers are finding success with new projects that capture both the living and learning sides of the college experience. This trend is visible at both on- and off-campus properties. The subject of living-learning communities was raised during the opening Power Panel at the 2019 Interface Student Housing Conference. The three-day event, which took place from April 8-10 at the JW Marriott Hotel in Austin, Texas, drew approximately 1,400 attendees. Bill Bayless, CEO of American Campus Communities (ACC), an Austin-based REIT, kicked off the discussion of living-learning communities by noting that, in general, America’s inventory of student housing product is aging, and not like a fine wine. “The average age of on-campus housing at universities across the United States is 53 years old,” said Bayless. “What continues to be one of the greatest opportunities in the space is the replacement of outdated on-campus student housing with living-learning communities on campus that are fully immersive.” Bayless was joined …

April 11, 2019

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