Multifamily

Eyzenberg & Co. Arranges $22.8M Refinancing for Apartment Development in Huntsville

by Alex Tostado October 8, 2019

HUNTSVILLE, ALA. — Eyzenberg & Co. has arranged a $22.8 million refinancing for Virtuoso Living, a master-planned, 398-unit apartment development in Huntsville. The loan was arranged on behalf of developer JCF Residences LLC to refinance the construction loan for Phase I of the community’s development. Phase I includes 178 single-story units spanning 35 acres. The units are designed to look like single-family homes, giving renters their own front and side door, yard, mailbox, patio, mudroom and parking. At full buildout, the property will span 80 acres and include communal amenities such as a swimming pool, fitness center, business center, bike rentals and a community room. Gregg Delany and Mila Babenko of Eyzenberg represented the borrower.

October 8, 2019

Development Midwest Multifamily Wisconsin

Ravine Park Partners Breaks Ground on 241-Unit Apartment Community in Wisconsin’s Kenosha County

by Kristin Harlow October 8, 2019

SOMERS, WIS. — Ravine Park Partners LLC has broken ground on Hawthorn Apartments in Somers in northern Kenosha County. The 241-unit luxury apartment community is slated for completion in April 2020. Community amenities will include a pool, outdoor kitchen, game area, dog park, pet wash, car wash and fitness facility. Units will feature washers and dryers, refrigerators with water dispensers, microwaves, dishwashers and quartz countertops. Legacy Varin Management will manage the property.

October 8, 2019

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $18.5M Condo Deconversion Sale in Gurnee, Illinois

by Kristin Harlow October 8, 2019

GURNEE, ILL. — 33 Realty has brokered the deconversion sale of Deer Creek Condominiums in Gurnee for $18.5 million. Built in 1983, the 198-unit property features one- and two-bedroom units as well as three-bedroom penthouses. Amenities include a pool, fitness center, tennis courts, soccer fields and underground parking. Sean Connelly and John Meyer of 33 represented the seller, Deer Creek Condominium Association. Laramar Group purchased the property, which is 85 percent occupied. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

October 8, 2019

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Arranges $10.6M Construction Financing for Affordable Seniors Housing Community in Cincinnati

by Kristin Harlow October 8, 2019

CINCINNATI — KeyBank Community Development Lending and Investment (CDLI) has arranged $10.6 million in financing for construction of Walnut Hills Senior Campus in Cincinnati. The Model Group is redeveloping the property, formerly known as The Manse Apartments, as a 60-unit Section 8 apartment complex for seniors and the disabled. The property site consists of the historic Manse Hotel and Annex, which will be renovated, as well as a vacant duplex, triplex and mixed-use property that will be demolished and replaced with a four-story building. The project will consist of studios and one-bedroom units restricted to seniors earning up to 60 percent of the area median income. Additional financing was provided by the Ohio Housing Finance Agency, City HOME Funds, a grant from the Federal Home Loan Bank of Cincinnati and a donation from KeyBank. Ohio Capital Corp. for Housing was the equity investor. Kelly Frank, Greg Deeks and Laura Janosko of Key’s CDLI team arranged the financing. The lender was not disclosed.

October 8, 2019

Acquisitions Multifamily Nevada Western

Colliers Negotiates $36.5M Sale of Village at Desert Lakes Multifamily Property in Las Vegas

by Amy Works October 8, 2019

LAS VEGAS — Colliers International – Las Vegas has arranged the sale of Village at Desert Lakes, an apartment community in Las Vegas. MG Properties acquired the asset from Hamilton Zanze for $36.5 million. Located at 9155 W. Desert Inn Road, Village at Desert Lakes features 184 apartments in a mix of one-, two- and three-bedroom layouts with private patios or balconies. Community amenities include two swimming pools and a fitness center. Christopher Bentley, Jeff Swinger and Shalonda Hughes of Colliers represented the seller in the transaction.

October 8, 2019

Colorado Development Multifamily Western

Rooney Properties Opens 176-Unit Timnath Trail at Riverbend Apartments in Colorado

by Amy Works October 8, 2019

TIMNATH, COLO. — Rooney Properties has opened Timnath Trail at Riverbend Apartment Homes, a multifamily property located in Timnath, located between Denver and Fort Collins. The property is the first multifamily development ever built in the city, according to the developer. Timnath Trail at Riverbend features 176 apartments in a mix of garden-style and townhome layouts with a variety of one-, two- and three-bedroom floorplans ranging between 700 square feet and 1,200 square feet. Unit finishes include solid-wood doors, granite countertops, nine-foot ceilings and integrated technologies. Community amenities include a heated swimming pool, whirlpool, bike and ski maintenance facility, outdoor kitchen, bike rentals, car charging stations and fitness center. Denver-based Mission Rock Residential manages the property.

October 8, 2019

Acquisitions Multifamily Student Housing Texas

Landmark Acquires Two Student Housing Properties Totaling 692 Beds in Austin

by Taylor Williams October 7, 2019

AUSTIN, TEXAS — Landmark Properties has acquired The Nine at Rio and The Nine at West Campus, two student housing properties totaling 692 beds near the University of Texas at Austin. The Nine at West Campus totals 345 beds and features amenities such as a pool with a tanning shelf, courtyard grilling stations, fitness center, game room, media lounge and coffee bar. The Nine at Rio totals 347 beds and offers a similar amenity package. The seller was not disclosed.

October 7, 2019

Acquisitions Multifamily Texas

IPA Negotiates Sale of 360-Unit Apartment Community in Fort Worth

by Taylor Williams October 7, 2019

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Coventry at Cityview, a 360-unit apartment community located near the intersection of Interstate 20 and Chisholm Trail Parkway in Fort Worth. Built in 1996, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center and playground. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA represented the seller Harbor Group International LLC, in the transaction. The team also procured the buyer, WAK Management Co.

October 7, 2019

Acquisitions Multifamily Texas

JLL Arranges Sale of 144-Unit Multifamily Property in Houston

by Taylor Williams October 7, 2019

HOUSTON — JLL has arranged the sale of Mark VI, a 144-unit multifamily property in the Bellaire submarket of Houston. The property was built in 1970 and features a pool with a lounge area, six landscaped courtyards with seating, onsite laundry facilities and covered parking. Joey Rippel, Chris Young and Bailey Crowell of JLL represented the seller, AK Interests, in the transaction. The buyer, Indus Management Group, will rebrand the community as The Atrium at 5606 and implement a value-add program.

October 7, 2019

Loans Multifamily Texas

Hunt Provides $7M Refinancing for Multifamily Asset in El Paso

by Taylor Williams October 7, 2019

EL PASO, TEXAS — Hunt Real Estate Capital has provided a $7 million Fannie Mae loan to refinance an undisclosed multifamily asset in El Paso. The nonrecourse loan carries a 12-year term, fixed interest rate and a 30-year amortization schedule. The undisclosed borrower refinanced the property under Fannie Mae’s Green Rewards program.

October 7, 2019

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