Multifamily

IPA Arranges Sale of New Apartment Community in South Austin

by Taylor Williams September 6, 2019

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Estancia Villas, a newly built, 312-unit apartment community in south Austin. The property is part of the 600-acre master-planned community of Estancia Hill Country, which upon completion will feature 130 acres of parks and nearly 280,000 square feet of retail and dining. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and developer, JCI Residential. The buyer, Steadfast Cos., purchased the property for an undisclosed price.

September 6, 2019

Arizona Development Mixed-Use Multifamily Retail Western

High Street Residential, CBRE Global Investors Break Ground on The Fillmore Mixed-Use Project in Downtown Phoenix

by Amy Works September 6, 2019

PHOENIX — High Street Residential, the residential subsidiary of Trammell Crow Co., and a fund sponsored by CBRE Global Investors have commenced construction on The Fillmore, a mixed-use project in downtown Phoenix. Situated on 2.8 acres at the southeast corner of Fifth Avenue and Fillmore Street, Phase I will include a seven-story, 533,460-square-foot building with 348 multifamily units, 480 parking spaces and more than 7,000 square feet of ground-floor retail space. The first phase will feature one-, two- and three-bedroom apartments, as well as studio and junior one-bedroom units, ranging in size from 489 square feet to 1,626 square feet. The building will include a clubhouse featuring work-from-home suites, a tequila room for resident gatherings, billiards room, kitchen and bar, lounge, catering kitchen, double-sided fireplace and shuffleboard. Other amenities include a fitness center, swimming pool, cabanas, grilling stations, swinging lounge chairs, spa, hammocks, fire pits secure bike storage and Wi-Fi throughout the property’s common areas. Additionally, the phase will feature a second outdoor deck with a water feature, dog run and park. Completion of Phase I is slated for September 2021. Chasse Building Team is serving as general contractor. Alliance Bank is providing financing for the project.

September 6, 2019

Development Multifamily Seniors Housing Texas

Civitas, StoneCreek Open 96-Unit Seniors Housing Community in Metro Fort Worth

by Taylor Williams September 6, 2019

NORTH RICHLAND HILLS, TEXAS — Civitas Senior Living and StoneCreek Real Estate Partners have opened StoneCreek Senior Living at North Richland Hills. The property is located at 8505 Mid-Cities Blvd. in North Richland Hills, about 13 miles northeast of downtown Fort Worth. The seniors housing community offers 70 assisted living units, 16 memory care residences and 10 independent living cottages. Amenities include landscaped courtyards, a fitness center, full-service salon and a library. The Civitas-Stonecreek partnership has another seniors housing community in the works in Colorado Springs.

September 6, 2019

Affordable Housing Development Loans Multifamily Western

WNC Closes $210M in Institutional LIHTC Funds to Develop, Renovate More Than 1,900 Affordable Housing Units

by Amy Works September 6, 2019

IRVINE, CALIF. — WNC, a provider of investment, asset management and development services in the affordable housing industry, has closed two institutional Low-Income Housing Tax Credit (LIHTC) funds. WNC Institutional Tax Credit Fund 47 (WNC Corp. 47) and WNC Institutional Tax Credit Fund 10 California Series 17 (CA 17) total approximately $210 million in equity. Together, the equity from the funds will be used to develop and renovate more than 1,900 affordable housing units in the United States. WNC Corp. 47 raised $134.6 million in equity, and CA 17 raised $75.5 million. The closure of the funds brings Irvine-based WNC’s total equity raised since inception to approximately $5.2 billion. The properties that will be funded are located in Arkansas, California, Colorado, Connecticut, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Virginia and Wyoming. The assets will include multifamily and seniors housing projects in urban, suburban and rural areas. One project of note is Mason Square Apartments II in Springfield, Mass., which is an adaptive reuse of two historic buildings — the former Indian Motorcycle manufacturing mill complex constructed in 1890 and the Masson Square Fire House, originally constructed in 1920. Another notable project is Park West Estates in Los Angeles County, Calif. …

September 6, 2019

Development Louisiana Multifamily Southeast Student Housing

Rise Completes 589-Bed Residence Hall at University of Louisiana at Lafayette

by Alex Tostado September 6, 2019

LAFAYETTE, LA. — Rise: A Real Estate Co. has completed The Heritage, a 589-bed student housing community located on the University of Louisiana at Lafayette campus. The development features five residential buildings geared toward upperclassmen. Shared amenities include ground-floor retail, a fitness center, swimming pool, resident lounge, game room, a business center, sand volleyball court, outdoor grill stations and fire pits. The development also houses an office suite for the university’s Housing and Residential Life staff.

September 6, 2019

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Delivers Phase II of Affordable Housing Complex in Central Florida

by Alex Tostado September 6, 2019

BROOKSVILLE, FLA. — Housing Trust Group has delivered Phase II of Freedom Gardens, an affordable housing complex in Brooksville. Phase II comprises 94 units, bringing Freedom Gardens to a total of 190 units. A majority of the units are reserved for residents earning 60 percent of the area median income (AMI), while 10 units are reserved for those making 40 percent of the AMI. The community offers one-, two- and three-bedroom floor plans, with monthly rents ranging from $503 to $1,045 per month. Freedom Gardens is located at 932 Freedom Way, about 50 miles north of downtown Tampa. Phase II was financed with an $8.4 million construction loan from CitiBank backed with a Multifamily Mortgage Revenue Note from Florida Housing Finance Corp., permanent financing from CitiBank of up to $5.2 million, $5.9 million of 4 percent low income housing tax credit (LIHTC) equity through Raymond James, a $5.5 million State Apartment Incentive Loan (SAIL) and a $493,400 Extremely Low Income (ELI) loan, both through Florida Housing Finance Corp.

September 6, 2019

Colorado Development Multifamily Seniors Housing Western

MGL, Solvera Complete Conversion of Historic Building to Affordable Seniors Housing in Denver

by Amy Works September 6, 2019

DENVER — MGL Partners and Solvera Advisors have completed the conversion of the historic Tammen Hall building in Denver into 49 affordable seniors housing units. The eight-story, 52,000-square-foot project is located on the Saint Joseph Hospital campus in Denver’s City Park West neighborhood. All units are reserved for those age 62 and older who earn up to 60 percent of the area median income. The Neenan Company served as the design-build partner. Saint Joseph Hospital sold the building to the developers in 2017, with its parent organization, SCL Health, providing a substantial investment to finance the redevelopment. Denver Economic Development & Opportunity, Colorado Housing and Finance Authority, Midwest Housing Equity Group, Advantage Capital, Citi Community Capital and Denver Housing Authority all provided additional financial support to the project. The redevelopment also benefited from state and federal historic preservation incentive tax credits. “The Tammen Hall redevelopment project is just one example of how we try to use our campus to enhance our community beyond healthcare,” says Saint Joseph Hospital President Jamie Smith. “This solution is the best of all worlds for us because it preserves the neighborhood’s historic character, adds more affordable housing to the community and aligns with our mission.” …

September 6, 2019

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $47.6M Sale of Multifamily Community in Myrtle Beach

by Alex Tostado September 6, 2019

MYRTLE BEACH, S.C. — Cushman & Wakefield has arranged the $47.6 million sale of The Vinings at Market Common, a 288-unit multifamily community in Myrtle Beach. The property is located at 2501 Hammock St., six miles southwest of downtown Myrtle Beach. The Vinings offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, 24-hour fitness center, car care center and multiple grilling stations. Alex Brown, Tai Cohen and Marc Robinson of Cushman & Wakefield represented the seller, Standard Capital Partners, in the transaction. Sillman Enterprises acquired the property.

September 6, 2019

Acquisitions California Multifamily Western

Mogharebi Group Arranges $16.5M Sale of Chardonnay Ridge Apartments in Modesto, California

by Amy Works September 6, 2019

MODESTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Chardonnay Ridge Apartments, a multifamily asset located on Celeste Drive in Modesto. A San Francisco-based private investment group acquired the property from a San Gabriel Valley-based private investor for $16.5 million, or $143,478 per unit. Built in 1979, Chardonnay Ridge features 115 units in a mix of one-, two- and three-bedroom layouts, with an average size of 741 square feet. Additionally, the community features a resort-style outdoor pool, 24-hour fitness center, reserved covered parking and on-site laundry facilities. Alex Mogharebi and Otto Ozen of TMG represented the seller and buyer in the transaction.

September 6, 2019

Development Midwest Minnesota Multifamily

Kraus-Anderson Begins Office Conversion Project in St. Paul

by Kristin Harlow September 6, 2019

ST. PAUL, MINN. — Kraus-Anderson Development has begun the conversion of the former Capitol Professional Office Building located at 590 Park St. in St. Paul into a 92-unit apartment building. Located near Regions Hospital and the state capitol building, the project is situated within the Capitol Heights neighborhood. Completion is slated for July 2020. Designed by UrbanWorks Architecture, the 590 Park project will offer micro and one-bedroom units. Amenities will include a lobby lounge, game room, outdoor patio, dog run, fitness center and clubroom. Kraus-Anderson will also renovate the adjacent parking structure as part of the project.

September 6, 2019

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