OKLAHOMA CITY — Gardner Tanenbaum Holdings will develop Liberty Creek Village, a 516-unit apartment community in Oklahoma City. Designed by Gardner Architects, the property will offer two pools, outdoor entertainment areas, a full-size basketball court, fitness center and a dog park. Units will feature quartz countertops, stainless steel appliances and washer/dryer connections. Liberty Creek Village is expected to open in 2020.
LUBBOCK, TEXAS — Berkadia has provided a $48.6 million Freddie Mac loan for the refinancing of Capstone Cottages of Lubbock, a 969-bed student housing community in the West Texas city of Lubbock. Built in 2017. The property features 216 units in one-, two-, three-, four- and five-bedroom configurations. Amenities include a pool, business center, resident clubhouse, conference room and outdoor grilling and picnic area. Charles Foschini, Mitch Sinberg, Christoper Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia placed the debt on behalf of the borrower, a partnership between Florida-based Kayne Anderson Capital Advisors LP and Alabama-based Capstone Collegiate Communities. The loan carried a floating interest rate, seven-year term and a 65 percent loan-to-value structure.
FREDERICKSBURG, TEXAS — Bridgeview Realty Capital, in collaboration with ACRON USA, Tulsa OK and First Capital Bank of Texas, has completed construction of a seniors housing community in the central Texas city of Fredericksburg. Development costs were estimated at $21 million for the 73,000-square-foot property, which was not named and offers 60 assisted living units and 24 memory care units. Approximately 50 percent of the newly delivered space is preleased, and Bridgeview is planning a second phase to add independent living units.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $17.1 million for a pair of apartment properties in the Houston area. In the first transaction, Brandon Brown of LMI Capital arranged an $8.7 million bridge loan for a 170-unit property in Brazoria County. In the second deal, Jamie Mullin of LMI Capital placed an $8.4 million loan for a 100-unit asset in Galveston County. The property names and borrowers were not disclosed.
BETHESDA, MD. — ZOM Living and Mitsui Fudosan America will break ground on Maizon Bethesda, a 229-unit apartment building in Bethesda. The community will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a rooftop deck, swimming pool, package services, grilling areas and a fitness center. The asset will be situated two blocks from the Bethesda Metro Station and about seven miles north of downtown Washington, D.C., and about three miles east of Capital Crescent Trail. SK+I is the designer and architect, and Balfour Beatty will serve as the general contractor. Anticipated completion is slated for October 2020.
DETROIT — Greystone Bel has negotiated the sale of Hyde Park Townhomes in Detroit for an undisclosed price. The 43-unit multifamily property, built in 1985, is located at 2028 Hyde Park Drive. Unit sizes average 1,500 square feet and monthly rents average $1,350. Buyer and seller information was not disclosed.
GLEN ALLEN, VA. — Atlanta-based Pollack Shores has entered the Mid-Atlantic market with the acquisition of The Flats at West Broad Village, a 339-unit apartment community in Glen Allen. Pollack Shores has planned $4.5 million in renovations to the asset, which is situated above ground-floor retail between a Whole Foods Market and Trader Joe’s. Anticipated renovations include the addition of new stainless steel appliances, modern cabinetry and doors, new plumbing and lighting fixtures, granite countertops and plank flooring. The purchase includes 8,300 square feet of ground-floor retail space that the buyer will transform into the leasing office and a fitness center. The Flats at West Broad Village is located at 3930 Wild Goose Lane, about 14 miles northeast of downtown Richmond. The sales price and seller were not disclosed.
BEDFORD, TEXAS — Arlington-based 180 Multifamily Capital has acquired Surrey Oaks, a 152-unit apartment community in Bedford, located on the northeastern outskirts of Fort Worth. Built in 1983, the community is situated directly off State Highway 121 next to Glade Parks, a shopping and dining destination. Floor plans consist of one- and two-bedroom units and amenities include a pool, fitness center, business center, tennis court and onsite storage space. The seller was not disclosed. The new ownership will rebrand and renovate the property.
The short answer: absolutely. You don’t need to be a savvy commercial real estate professional to notice the impact multifamily has on Raleigh’s urban landscape. Areas like North Hills/Midtown, Downtown and Hillsborough Street are typically at the forefront of everyone’s mind when they think of new Raleigh developments, but it’s not just Class A development in the city’s urban core that has seen a boom. Class B and C suburban product have seen the most significant rent growth through the cycle that continues to increase each quarter. Moreover, we are seeing new construction intensify along our suburban corridors. It’s also no secret that Raleigh has one of the healthiest economies in the country. The Milken Institute reported recently that Raleigh ranks No. 2 in the nation for creating and keeping quality jobs. Economic factors like wage and employment growth, quality of life, proximity to higher education and a bustling tech sector have created a perfect storm of dynamic economic activity. Much to their chagrin, Raleigh natives haven’t done a very good job of keeping this a secret, and the number of fresh new faces coming to the Triangle continues to rise. In fact, the Raleigh-Durham market grew by nearly 60,000 …
LONG ISLAND, N.Y. — CBRE has negotiated the sale of a portfolio of multifamily properties totaling 1,496 units across seven properties in Long Island. The portfolio fetched a sales price of $472.5 million. The buyer was Melville, N.Y.-based Fairfield Properties, which is the largest owner of multifamily properties in Long Island by volume. The seller was not disclosed, but Long Island Business News reports that the seller was Rochester, N.Y.-based Home Properties. The following properties were included in the portfolio: Westwood Village, a 242-unit community in Westbury that was built between 1969 and 1971; Heritage Square, an 80-unit asset in East Meadow that was constructed in 1951; Cambridge Village in Levittown, an 82-unit property that was completed in 1969; Yorkshire Village in Levittown, a 40-unit complex that was delivered in 1973; Mid-Island Apartments, a 232-unit project in Bay Shore that was built in 1975; Southern Meadows, a 452-unit asset in Bayport that was completed in 1970; Lake Grove Apartments, a 368-unit property in Lake Grove that was constructed in 1972 All of the properties are considered Class B assets and are located in Nassau and Suffolk counties. Fairfield will implement a value-add program that will be focused on each property’s …