Multifamily

JPI to Develop 282-Unit Apartment Community in Irving’s Las Colinas District

by Taylor Williams February 20, 2019

IRVING, TEXAS — JPI has begun construction of Jefferson Texas Plaza, a 282-unit multifamily community that will be located within Irving’s Las Colinas district. The property will feature a resort-style pool, private parking garages, fitness and yoga studio, a dog park and a two-story clubhouse with a coffee bar. The community will also offer proximity to a variety of restaurant and entertainment options, including Alamo Drafthouse Cinema and Toyota Music Factory. Construction is scheduled to begin during the first quarter and to be complete by the fourth quarter of 2020. Jefferson Texas Plaza will be JPI’s 10th community in Irving, where the company is based.

February 20, 2019

Development Multifamily Seniors Housing Texas

MedCore, TNRG Break Ground on 200,000 SF Seniors Housing Community in Metro Houston

by Taylor Williams February 20, 2019

ATASCOCITA, TEXAS — A partnership between Dallas-based MedCore Partners and Houston-based TNRG has broken ground on Fountainwood at Lake Houston, a 200,000-square-foot seniors housing community in Atascocita, a northeastern suburb of Houston. The property will offer 98 independent living units, 68 assisted living residences and 24 memory care apartments. California-based Integral Senior Living will manage the community. The opening is slated for August 2020.

February 20, 2019

100-Park-at-Century-Square-College-Station

Loans Multifamily Texas

HFF Arranges $27.5M Loan for Refinancing of College Station Apartments

by Taylor Williams February 20, 2019

COLLEGE STATION, TEXAS — HFF has arranged a $27.5 million loan for the refinancing of 100 Park at Century Square, a 249-unit multifamily community in College Station. The property is located near Texas A&M University within the 60-acre Century Square mixed-use development. Floor plans consist of studio, one- and two-bedroom units and amenities include a pool, fitness center and an outdoor lounge. Colby Mueck, Timothy Joyce, Stephen Skok and Stuart Hepler of HFF arranged the loan on behalf of the borrower, a joint venture between Houston-based Midway Cos. and Chicago-based Harrison Street, through an affiliate of Granite Point Mortgage Trust Inc.

February 20, 2019

StoneCreek-Flying-Horse-Colorado-Springs-CO

Colorado Development Multifamily Seniors Housing Western

Civitas, StoneCreek to Build 115,000 SF Seniors Housing Community in Colorado Springs

by Amy Works February 20, 2019

COLORADO SPRINGS, COLO. — Civitas Senior Living, a senior living management company, and StoneCreek Real Estate Partners, a senior living developer, have announced plans for StoneCreek of Flying Horse, an upscale senior living community in Colorado Springs. This will be the fifth collaboration between the two companies. The 115,000-square-foot project will feature nine detached villas and 16 flats for independent living, 73 assisted living apartments, and 16 memory care residences. The community will be located in the master-planned Flying Horse neighborhood near the United States Air Force Academy with views of Pikes Peak. The official groundbreaking for StoneCreek of Flying Horse is scheduled for March 2019, with construction expected to begin April 1. Completion is anticipated in either late spring or early summer of 2020. This community is a joint venture for the two companies, with StoneCreek Real Estate Partners as the developer and Civitas Senior Living as the management company. Other project partners include D2 Architecture, Brinkmann Constructors and Senior By Design will provide the interior and exterior design.

February 20, 2019

Development Multifamily Student Housing Utah Western

Joint Ventures Breaks Ground on 1,605-Bed Student Housing Community Near Utah Valley University

by Amy Works February 20, 2019

OREM, UTAH — A joint venture between PEG Cos. and Woodbury Corp. has broken ground on The Green on Campus Drive near Utah Valley University in Orem. The five-building community will offer 1,605 beds and feature a pedestrian tunnel for direct, walkable access to campus. Phase I of development will include the construction of the first three buildings, set to open in fall 2020. The remaining two buildings are scheduled to open in fall 2021. R&O Construction is the general contractor for the project, which Humphreys & Partners Architects designed.

February 20, 2019

Acquisitions Arizona Multifamily Seniors Housing Western

Chicago Pacific Founders Buys 217-Unit Seniors Housing Property in Tucson, Arizona

by Amy Works February 20, 2019

TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Country Club of La Cholla, a 217-unit senior living community in Tucson. Located in the picturesque La Cholla Hills of Tucson, the property is located near medical facilities, outdoor recreation and retail/restaurant options. The Country Club of La Cholla provides independent living and assisted living amenities and programming. CPF plans to invest an undisclosed amount of money in the community, and Grace Management will take over operations. The property is situated on a 10.64-acre parcel and comprises a central clubhouse; three two-story garden style independent and assisted living buildings; and three single-story buildings that house 19 casitas and surround a greenhouse and putting green. Originally constructed as an independent living community in 1991 and 1992, the property has undergone a series of multimillion dollar renovations including the conversion of 78 units to assisted living and the renovation of the community’s clubhouse. Matthew Whitlock of CBRE National Senior Housing represented the seller, an affiliate of MBK Senior Living, in the transaction. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $35 million in acquisition financing for the …

February 20, 2019

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Elevated Home Prices, Housing Shortage Keep Vacancy Tight in Boston Multifamily Market

by David Cohen February 20, 2019

A highly educated workforce is driving corporate growth throughout Boston, particularly in the finance, technology and medical sectors. PNC Financial Services and JPMorgan Chase have announced considerable expansions and some international companies, including LogPoint, are setting up North American operations in the Boston metro. As a result, approximately 47,100 positions were created since October 2017, building on the 39,400 jobs added in the prior 12-month period. The pace of hiring has kept the unemployment rate in the low 3 percent band, making it difficult for employers to find quality workers. Overall, healthy employment growth continues to draw more residents and underpins household formation, fueling the need for quality housing. High home prices, however, are putting homeownership out of reach for many, boding well for apartment demand. As a result, vacancy rates remain considerably tight, resting below 4 percent in the third quarter. The still tight vacancy rate is creating a shortage of housing throughout Boston, particularly for lower income households. Consequently, vacancy in Class C apartments has held below 3 percent during the past two annual periods ending in September. Effective rent in these spaces is roughly between $700 and $1,800 per month less than Class A and B spaces, …

February 20, 2019

Finance Insight Loans Midwest Multifamily Northeast Seniors Housing Southeast Texas Video Western

M&T Realty: Seniors Housing will be a Bright Spot for Lending for Years to Come

by Jaime Lackey February 19, 2019

Seniors housing seemed to rule the roost among attendees at MBA’s CREF 2019. Mark Gould, national production manager at M&T Realty Capital Corporation, thinks he knows why. The obvious answer would be the aging Boomer population, which will continue to require additional services for some time. However, Gould believes it’s more than demographics. He asserts that a tangible evolution has taken place among seniors housing operators that has made these dwellings more attractive to the elderly and their children. As demand shifts, opportunity abounds. Gould believes construction and permanent financing will remain active as these operators continue to perfect their communities. Watch the video for more insights on seniors housing finance from Gould.

February 19, 2019

Civic Data Centers Finance Insight Healthcare Hospitality Industrial Loans Mixed-Use Multifamily Office Restaurant Retail Self-Storage Seniors Housing Student Housing

Alliant: Communication is a Commodity in Today’s Lending Environment

by Jaime Lackey February 19, 2019

Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.

February 19, 2019

Acquisitions California Multifamily Western

Mogharebi Group Negotiates $19M Sale of Canyon Springs Apartments in Fresno

by Amy Works February 19, 2019

FRESNO, CALIF. — The Mogharebi Group (TMG) arranged the sale of Canyon Springs Apartments, a multifamily property located on North Figarden Drive in Fresno. A San Diego-based private investment group acquired the asset for $19 million, or $137,681 per unit. Built in 2004, Canyon Springs Apartments comprises 14 residential buildings offering a total of 138 apartments in a mix of one-, two- and three-bedroom floor plans, averaging 1,058 square feet. Units feature wood laminate or vinyl flooring in the kitchen and bath areas, plush carpeting in the bedrooms and living areas, in-unit washers/dryers, and balconies or covered patios. Situated on 14.7 acres, the property features a swimming pool and spa, clubhouse, tot lot, business center, fitness center, basketball court, volleyball court and covered parking. Alex Mogharebi, Otto Ozen, Robin Kane and Brendan Kane of TMG represented the seller, a Clovis, Calif.-based private investment group, in the deal.

February 19, 2019

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