IRVINE, CALIF. — Steadfast Apartment REIT (STAR), Steadfast Income REIT (SIR) and Steadfast Apartment REIT III (STAR III) have entered into definitive merger agreements in which STAR will acquire SIR and STAR III in separate stock-for-stock, tax-free transactions. The merger will create a combined company with approximately $3.3 billion in gross real estate assets. The transactions are expected to close in the first quarter of 2020, subject to certain closing conditions, including the approval of the respective mergers by SIR and STAR III stockholders. The merger transactions are expected to close concurrently, but are not conditioned on the consummation of each other. The merger agreements were negotiated on behalf of STAR, SIR and STAR III by their respective special committees, each of which is composed exclusively of independent directors, along with each special committee’s independent financial and legal advisors. “We believe the strategic merger of these three highly complementary portfolios with similar investment strategies will create an enhanced and diversified portfolio, concentrated in high-growth markets,” said Rodney Emery, chairman of STAR, SIR and STAR III. “The enhanced size, scale and prominence of the combined portfolio will greatly improve the company’s access to attractive capital sources, which can be used to …
DALLAS — Westmount Realty Capital has purchased The View at Kessler, a 299-unit multifamily property located in the Kessler Park neighborhood of Dallas. Built in 1964, the 11-story building is situated adjacent to Stevens Park Golf Course and within a few miles of the Trinity River Corridor project, which will deliver the largest urban park in the country. The View at Kessler features one-, two- and three-bedroom units with up to 1,214 square feet per unit. Westmount will undertake a renovation program that will upgrade the lobby, café, pool area, fitness center, leasing center and elevator systems, as well as transform the 11th floor into a sky lounge with a kitchen, conference room and terrace. Avenue5 Residential will manage the property. The seller was not disclosed.
TEXAS CITY, TEXAS — Smart Living at Texas City LP (SLTC), a limited partnership controlled by developers Ronny Hecht and Avi Ron, has purchased 9.4 acres in Texas City for the development of a 234-unit apartment community. Designed by Ted Trout Architects, the Class A property will feature one-, two- and three-bedroom units with granite or quartz countertops and individual washers and dryers. Amenities will include a pool, fitness center, clubhouse with a kitchen and a dog park. Construction is scheduled to begin in October and be complete in the fourth quarter of 2020. Chris Bergmann Jr. of JLL represented the seller, First Baptist Church of Texas City, in the land acquisition.
BOERNE AND ROUND ROCK, TEXAS — CBRE has arranged loan for the refinancing of Franklin Park Boerne and Franklin Park Round Rock, two 76-unit assisted living and memory care communities in metro Austin. The borrower was a joint venture between Harrison Street Real Estate Capital and Franklin Development Properties. The borrower developed both properties in 2017. The communities feature a variety of amenities including a full-service hair and nail salon, theater, game room and a health and wellness center. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the loan, which carried a three-year term, floating interest rate and 24 months of interest-only payments, through a national bank. Franklin Apartment Management, Franklin Development’s management affiliate, will continue to operate the communities.
PEMBROKE PINES, FLA. — Terra has received a $91 million refinancing loan for its recently delivered Pines Garden at City Center. An affiliate of Mack Real Estate Group secured the loan on behalf of the developer. The lender and terms of the loan were not disclosed. Pines Garden is a 387-unit multifamily community situated within Pines City Center, a master-planned 47-acre development that includes 300,000 square feet of retail, entertainment and restaurant space. Pines Garden offers one-, two- and three-bedroom floor plans. Communal amenities include a two-story clubhouse, fitness center, children’s playroom, game room, swimming pool, coworking lounge and coffee bar, outdoor cooking area, gazebo, life-size chess board, dog park and play spaces.
RICHARDSON, TEXAS — Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management, have purchased Twin Rivers Assisted Living and Memory Care, an 83-unit seniors housing community in Richardson. The property is situated on five acres on the northeastern outskirts of Dallas. Grace Management will manage the property.
CA Student Living Begins Construction on $86M Student Housing Project in State College, Pennsylvania
STATE COLLEGE, PA. — CA Student Living has begun construction on HERE at State College, an $86 million, 227-unit student housing property located one block from Penn State University. The 12-story complex will feature more than 700 beds and house 30,000 square feet of retail space on the lower two levels. The general contractor is Missouri-based Brinkmann Constructors, and the architect is Shepley Bulfinch. HERE at State College is expected to open in fall 2020.
WILMINGTON, N.C. — Newmark Knight Frank (NKF) has negotiated the $65.3 million sale of Sawmill Point, a four-story, 280-unit waterfront community in Wilmington. Completed in 2017, the property offers one- and two-bedroom floor plans. Communal amenities include a saltwater swimming pool, bocce ball court, fire pits and a hammock garden. The complex fronts 815 feet along Cape Fear River, which feeds into the Atlantic Ocean. Alex Okulski, John Heimburger, Dean Smith, Sean Wood, Jason Kon and John Munroe of NKF represented the seller, a joint venture between The Davis Cos., Gemini Partners LLC, Capital Properties, The Wills Cos., Fideli Investments and Symphony Properties LLC. Chaucer Creek Capital acquired the property.
WHEATON, MD. — A joint venture between Blackfin and Acre Valley Real Estate Capital has acquired Earle Manor Apartments, a two-building, 140-unit complex in Wheaton, for $21 million. The garden-style community was fully occupied at the time of sale. The asset is situated at 10820 Georgia Ave., nine miles north of downtown Washington, D.C. and near the Washington Metropolitan Area Transit Authority (WMATA) Wheaton Metro Station. The seller was not disclosed.
PITTSBURGH — A joint venture between Pinecrest and Cardinal Group has completed construction on The Bridge on Forbes, a 473-bed student housing property in Pittsburgh. The community offers fully furnished studio-, one-, two- and three-bedroom units to students attending the University of Pittsburgh, Carnegie Mellon University and Carlow University. Shared amenities include a 24-hour fitness center, an outdoor deck with grilling stations and fire pits, collaboration rooms, a coffee bar and lounge and retail space occupied by Arby’s and Bank of America. The property is fully leased for the upcoming academic year.