Multifamily

Newmark Knight Frank Directs $22.2M Sale of Value-Add Multifamily Community in Phoenix

by Amy Works April 3, 2019

PHOENIX — Newmark Knight Frank Multifamily has arranged the sale of Cabana at the Pointe, a garden-style community located at 1829 E. Morten Ave. in central Phoenix. Colorado-based JM Logan LLC acquired the property from Arizona-based Cornerstone – Deco Cabana Pointe LLC for $22.2 million. Brad Goff, Brett Polachek and Chris Canter of Newmark Knight Frank Multifamily represented the buyer in the deal. Constructed in 1980 and last renovated in 2013, the property features 180 apartments in a mix of studio, one- and two-bedroom layouts with patios/balconies, ceiling fans, walk-in closets and newer appliances. Community amenities include a resort-style pool, outdoor fire pit, fitness center, bike storage area, two laundry facilities and a dog park.

April 3, 2019

Development Multifamily Texas

Hines Breaks Ground on 46-Story Residential Tower in Downtown Houston

by Taylor Williams April 3, 2019

HOUSTON — Hines has broken ground on The Preston, a 46-story residential project located at the corner of Preston and Milam streets in downtown Houston. The tower will offer 373 for-rent residences and 6,800 square feet of ground-floor retail and restaurant space. The property will be situated near multiple public transit lines and adjacent to Hines’ 1 million-square-foot office project at 800 Texas Ave. The Preston will also be located within walking distance of about 50 bars and restaurants. Amenities will include a pool, cabanas, yoga lawn, fitness center, coworking office space and multiple social lounges with coffee bars. The project team includes design architect Munoz + Albin, landscape architect TBG, interior architect Ragni Studio and general contractor Harvey Builders. JLL arranged construction financing and equity for the project, completion of which is scheduled for the third quarter of 2022.

April 3, 2019

Development Multifamily Texas

Wood Partners Opens 260-Unit Apartment Community in Metro Dallas

by Taylor Williams April 3, 2019

FARMERS BRANCH, TEXAS — Wood Partners, a multifamily investment and development firm with offices around the country, has opened Alta at Mercer Crossing, a 260-unit community located in the northern Dallas metro of Farmers Branch. The property offers one-, two- and three-bedroom units ranging in size from 638 to 1,500 square feet and featuring walk-in closets, maple shaker cabinets, in-unit laundry connections, quartz countertops and private yards. According to apartments.com, rents at Alta at Mercer Crossing range from $1,140 per month for a studio apartment to $2,076 for a three-bedroom unit. Communal amenities include a pool, fitness center, grilling area, entertainment kitchen and a game room.

April 3, 2019

Loans Multifamily Texas

LMI Capital Arranges Loans for Two Houston-Area Apartments Totaling 560 Units

by Taylor Williams April 3, 2019

HOUSTON — Houston-based LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two loans for a pair of apartment properties totaling 560 units in the Houston area. In the first transaction, Kurt Dennis of LMI Capital placed a $9.5 million acquisition loan for a 120-unit complex in the Humble submarket. In the second deal, Brandon Brown of LMI Capital arranged a supplemental agency loan for a 440-unit asset in the Alief submarket. Supplemental agency loans offer subordinate financing options for multifamily properties with existing agency mortgage loans. The borrowers and property names were not disclosed.

April 3, 2019

Acquisitions Midwest Multifamily Wisconsin

MLG Capital Acquires 100-Unit Multifamily Complex in Milwaukee for $16M

by Kristin Harlow April 3, 2019

MILWAUKEE — MLG Capital has acquired Frederick Lofts in Milwaukee for $16 million. The 100-unit multifamily complex is located in The Brewery neighborhood. Amenities include a resident clubhouse, fitness center, yoga room, media room, underground parking and rooftop deck. MLG Capital plans to upgrade the unit interiors in order to maintain the property’s Class A status.

April 3, 2019

Loans Multifamily New Jersey Northeast Top Stories

New York Life Provides $115M Refinancing for Multifamily Community in New Jersey

by David Cohen April 3, 2019

SECAUCUS, N.J.— New York Life Real Estate Investors, on behalf of New York Life Insurance Company, has provided a $115 million loan to refinance The Harper at Harmon Meadow, a 469-unit multifamily community in Secaucus, across the Hudson River from Midtown Manhattan. Located at 100 Park Plaza Drive, the newly constructed community is part of the master-planned Harmon Meadow mixed-use development, which includes apartments, dining, hotels, shopping and entertainment. Amenities at The Harper at Harmon Meadow include club lounges, fitness facilities in each building, saltwater swimming pool, outdoor athletic course and yoga studio. The community features studio, one- and two-bedroom apartments. Rents at the community start at $1,975 for studio units, $2,255 for one-bedroom units and $2,910 for two-bedroom units. New York Life Real Estate Investors provided the financing to property owner Hartz Mountain Industries Inc. Terms of the financing were not disclosed. “The property’s location in the mixed-use Harmon Meadow development and the nearby transportation links create an outstanding live-work-play environment with excellent access,” says Keith Duane, director in New York Life Real Estate Investors’ Northeast office. — David Cohen

April 3, 2019

Acquisitions Florida Multifamily Southeast

Providence, Aegon Acquire Apartment Complex in Tampa Bay Area for $63M

by Alex Tostado April 2, 2019

BRANDON, FLA. — A joint venture between Providence Real Estate and Aegon Real Assets has acquired The Park at Via Rosa, a 390-unit apartment complex in Brandon, for $63 million, or $161,538 per unit. The asset spans 24 acres, 33 buildings and 400,140 square feet. The new owners plan to upgrade unit interiors, including new appliances, wood flooring, new laminate countertops, tile backsplashes and new cabinets. Located at 2211 Grand Isle Drive, about 10 miles east of downtown Tampa, the community offers one-, two-, three- and four-bedroom floor plans and amenities including a clubhouse, fitness center, business center, tanning salon, playground, pet play area, car care center, swimming pool and volleyball and tennis courts. Luis Elorza, Brad Capas and Michael Mulkern of Cushman & Wakefield represented the buyers in the transaction. Managed by Blue Roc Premier, Grand Rivage at Brandon Lakes Ltd. sold the property.

April 2, 2019

Development Multifamily Texas

Partnership Begins Leasing 17-Story Residential Tower at The Star in Frisco

by Taylor Williams April 2, 2019

FRISCO, TEXAS — A partnership between the Dallas Cowboys, former quarterback and developer Roger Staubach and Robert Shaw of Columbus Realty Partners, has begun leasing Twelve Cowboys Way. The 17-story, 160-unit residential tower overlooks The Star, the NFL team’s 91-acre headquarters campus in Frisco. Floor plans include one-, two- and three-bedroom units, with rates starting at $2,700 per month. Units will feature floor-to-ceiling windows, quartz countertops and hardwood floors. Residents will have access to a covered pool, members-only dining club and a 60,000-square-foot gym, as well as 24-hour concierge, dry cleaning, dog walking and grocery delivery services. O’Brien Architects designed the building, which will officially open in early 2020.

April 2, 2019

Acquisitions Multifamily Texas

Allied Orion Acquires 312-Unit Apartment Community in Houston

by Taylor Williams April 2, 2019

HOUSTON — Allied Orion Group has acquired Ashford Apartments, a 312-unit multifamily community located at 1200 N. Dairy Ashford Road in Houston. Built in 2017, the Class A property offers one- and two-bedroom units featuring granite countertops, custom backsplash options, upgraded cabinetry and built-in washers and dryers. Communal amenities include a pool, a two-story fitness center, outdoor grilling area, dog park, package lockers and electric vehicle charging stations. The seller was Trammell Crow Residential.

April 2, 2019

Development Illinois Midwest Multifamily

Hines, McCaffery Interests Open 538-Unit Apartment Property in Chicago

by Kristin Harlow April 2, 2019

CHICAGO — Hines and McCaffery Interests have opened The Apartments at Lincoln Common, a 538-unit apartment property on Lincoln Avenue in Chicago. Skidmore, Owings and Merrill and Antunovich Associates designed the two-tower property, which features one-, two- and three-bedroom units as well as penthouses. Amenities include a coworking lounge, game room, clubroom, fitness center, yoga studio, 20th-floor rooftop lounges and concierge services. Monthly rents start at $1,814 for studios.

April 2, 2019

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