Multifamily

HFF Brokers $92.5 Million Sale of 942-Bed Student Housing Community Near San Diego State

by Amy Works March 13, 2019

SAN DIEGO, CALIF. — HFF has arranged the $92.5 million sale of Fifty Twenty-Five, a 942-bed student housing community located near San Diego State University. Sean Deasy, Hunter Combs and Scott Clifton of HFF represented the seller, FPA Multifamily, and procured the buyer, Denver-based Cardinal Group Investments. Completed in 2010, the LEED-Gold certified property offers a mix of studio, two- and four-bedroom units. Shared amenities include a resort-style swimming pool, 24-hour fitness center, study rooms, a computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage.

March 13, 2019

Acquisitions California Multifamily Western

Kidder Mathews Directs $7.2M Sale of Apartment Building in Costa Mesa, California

by Amy Works March 13, 2019

COSTA MESA, CALIF. — Kidder Mathews has arranged the sale of 19@18th, an apartment building located at 145 E. 18th St. in Costa Mesa. Jim Colombo, a private investor, acquired the property from 18th Street Partners for $7.2 million. Situated on a 30,000-square-foot lot, the apartment building features 19 units. The buyer plans to renovate the property, including new air conditioning, granite countertops, new roofs, and kitchen and bath upgrades, as well as resurfacing of exterior decks. Steven Brombal and Josh Rhee of Kidder Mathews represented the seller in the deal.

March 13, 2019

Acquisitions Multifamily Texas

29th Street Capital Acquires 438-Unit Apartment Community in Houston

by Taylor Williams March 13, 2019

HOUSTON — 29th Street Capital, an investment firm with offices in San Francisco and Chicago, has acquired Limestone Apartments, a 438-unit multifamily community in Houston. The property was built in 1999. The new ownership will update the unit interiors, landscaping and signage. Amenity spaces, which include a pool, fitness center and a clubhouse, will also be upgraded. The transaction, the seller in which was not disclosed, represents 29th Street Capital’s second acquisition in the Houston area in the last six months.

March 13, 2019

Acquisitions Multifamily Texas

Creative Realty Partners Purchases 338-Unit Multifamily Asset in San Antonio

by Taylor Williams March 13, 2019

SAN ANTONIO — California-based Creative Realty Partners (CRP) has purchased Escondido Village, a 338-unit multifamily asset in San Antonio. Built in 1969, the recently renovated property is located near The Rim, a shopping and dining destination, as well as USAA’s headquarters. Escondido Village offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, picnic area, dog park and a playground. The seller was not disclosed. Florida-based Michaelson Real Estate Group will operate the property.

March 13, 2019

Loans Multifamily Texas

Q10 KDH Arranges $28M Construction Loan for Houston Multifamily Project

by Taylor Williams March 13, 2019

HOUSTON — Local financial intermediary Q10 KDH has arranged a $28 million construction loan for The Territory at Greenhouse, a 288-unit multifamily project under construction on Houston’s west side. The property will offer amenities such as a pool, fitness center, business center and a dog park. Ryan Watson of Q10 KDH placed the loan, which includes three years of interest-only payments, through an undisclosed regional bank on behalf of the sponsor, Dhanani Private Equity Group.

March 13, 2019

Illinois Loans Midwest Multifamily

NXT Capital Provides $31M Refinancing for Apartment Community in Chicago

by Kristin Harlow March 13, 2019

CHICAGO — NXT Capital has provided a $31 million loan for the refinancing of X Chicago, a 99-unit apartment community in Chicago. The project, completed in September 2018, is part of developer PMG’s national portfolio of X Social Communities. X Chicago is located within the University Village neighborhood and is near the Illinois Medical District and the University of Illinois at Chicago. Amenities include a bike room, coworking lab, fitness studio, communal kitchen and rooftop green space. Jimmy Conley of HFF arranged the loan, terms of which were undisclosed.

March 13, 2019

Market Reports Massachusetts Mixed-Use Multifamily Northeast Northeast Market Reports Office

Greater Boston Commercial Market Remains Robust

by David Cohen March 13, 2019

While other U.S. cities have demonstrated volatile economic markets, Boston has sustained a strong, healthy economy for more than 40 years. This economic health coupled with the city’s diversity of industries has had a lasting, positive impact and increased demand for commercial space in the greater Boston market. The snapshot of the Class A and B, lab and office market is strong but shows some signs of regression. Today, overall vacancy for lab and office including sublet space is 12.8 percent, according to research from Colliers International. When you break down the numbers by region, the current downtown Boston office market has 71 million square feet, with a 9.2 percent vacancy rate. Cambridge has 23.6 million square feet of space and 3.8 percent vacancy and the suburbs total 123.5 million square feet with 16.6 percent vacancy. The entire Boston area absorption for lab and office space is 5.2 million square feet. While those stats are favorable compared to the last two years, (2017 with 1.8 million square feet and 2016 with 1 million square feet), they are dwarfed by 2015 which had absorption of 5.8 million square feet. It is also the first time that Class B rents have topped …

March 13, 2019

Alabama Loans Multifamily Southeast

Berkadia Arranges $16.8M Acquisition Loan for Apartment Complex in Hoover, Alabama

by Alex Tostado March 12, 2019

HOOVER, ALA. — Berkadia has arranged a $16.8 million acquisition loan on half of MAG Renaissance LLC for Renaissance Galleria, a 224-unit apartment complex in Hoover. Fannie Mae provided the 12-year, fixed-rate loan. Built in 1994, Renaissance Galleria offers one-, two- and three-bedroom floor plans across 16 buildings. Amenities include a swimming pool, 24-hour fitness center and a business center. The property was 94 percent occupied at the time of the sale.

March 12, 2019

Acquisitions Arizona Multifamily Western

Bridge Acquisitions Buys 460-Unit Laguna Village in Arizona for $70.2M

by Amy Works March 12, 2019

CHANDLER, ARIZ. — Salt Lake City-based Bridge Acquisitions has purchased Laguna Village, an apartment community located at 102 Palomino Drive in Chandler. Scottsdale, Ariz.-based PB Bell sold the property for $70.2 million. Built in 1985, the property consists of 31 two-story buildings totaling 363,684 square feet. The 460-unit property features one- and two-bedroom units, averaging 792 square feet with full-size, in-unit washers and dryers. The buyer plans to modernize the property. Cindy Cooke and Brad Cooke of Colliers International represented the seller, while the buyer was self-represented in the deal.

March 12, 2019

Colorado Development Multifamily Western

Shea Apartments Opens 140-Unit Tangent Apartments in Denver Tech Center

by Amy Works March 12, 2019

DENVER — Shea Apartments, a division of Shea Properties, has opened Tangent Apartments, an apartment community located along Interstate 25 in Denver Tech Center. Located at 4300 S. Monaco St. in Denver, Tangent Apartments features 140 apartments in a mix of studio, one- and two-bedroom layouts, ranging in size from 566 square feet to 1,150 square feet. Interiors feature a modern design with granite countertops, wood-style flooring, stainless appliances and high-end finishes. On-site amenities includes a 24-hour fitness center, resort-style pool and spa, grilling stations, fire pits, resident lounge with pool table, and business center.

March 12, 2019

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