Multifamily

NorthMarq Brokers $56.7M Sale of Park at Deer Valley Apartments in Phoenix

by Jeff Shaw July 5, 2019

PHOENIX — NorthMarq has brokered the sale of Park at Deer Valley Apartments, a multifamily community located near 19th Avenue and Bell Road in Phoenix, for $56.7 million. The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in the transaction. Tides at Deer Valley Owner LLC, an entity formed by Los Angeles-based Tides Equities, was the buyer. Tides acquired the asset with a $49.1 million bridge loan arranged by James DuMars and Griffin Martin of NorthMarq’s debt and equity team. Park at Deer Valley LLC, an entity formed by Billah Khan of Chandler, Ariz., was the seller. Built in 1984, the 436-unit apartment community feature studio, one- and two-bedroom apartments, along with two swimming pools, five playgrounds, a dog park and multiple sport courts.

July 5, 2019

Affordable Housing Development Idaho Loans Multifamily Western

KeyBank Arranges $27M Financing for Affordable Housing Complex in Idaho

by Jeff Shaw July 5, 2019

HAILEY, IDAHO — KeyBank Community Development Lending and Investment (CDLI), along with KeyBank Real Estate Capital (KBREC), has secured $27 million to refinance and renovate Balmoral Apartments. The property is located in Hailey, a small city in central Idaho approximately 125 miles east of Boise. The financing included $10.1 million provided by CDLI, as well as $17.3 million from Freddie Mac arranged by KBREC’s commercial mortgage group. Completed in 2002, the property is a 192-unit, affordable garden-style apartment complex on four acres. Balmoral comprises 19 two- and three-story buildings offering five different floor plans with one-, two- and three-bedroom units. Site amenities include a clubhouse, fitness center, playground, picnic areas and access to an adjacent park with a soccer field and basketball courts. Dominium, which acquired the property in 2015, intends to moderately rehabilitate the property with a construction budget estimated at $52,000 per unit. The renovations will be conducted during a nine-month period while tenants are in place. Balmoral operates under the Section 42 LIHTC Program with seven units reseved for residents making up to 30 percent of area median income (AMI), 11 units at 40 percent AMI and 174 units at 60 percent AMI. Kelly Frank of Key’s …

July 5, 2019

Development Multifamily Texas

GenCap Partners Begins Work on 350-Unit Multifamily Project in Metro Houston

by Taylor Williams July 5, 2019

HUMBLE, TEXAS — Dallas-based GenCap Partners Inc. has begun construction on The Sarah at Lake Houston, a 350-unit multifamily project in the northern Houston suburb of Humble. Situated on 17 acres, the community will offer one-, two- and three-bedroom units ranging in size from 560 to 1,616 square feet. Units will feature nine-foot ceilings, wood-style flooring, quartz countertops with tile backsplashes, custom cabinets and stainless steel appliances. Amenities will include a club area with flat-screen TVs, a private party room, fitness center, pool with a sundeck and cabanas, an onsite spa and a pet park. Completion is slated for the second quarter of 2020. JHP Architects is designing the project, and Oden Hughes Taylor Construction is the general contractor. Amegy Bank provided construction financing. Chris Bergmann Jr. of JLL, along with Anne Vickery & Associates, represented GenCap Partners in the land acquisition.

July 5, 2019

Acquisitions Affordable Housing Multifamily Texas

Joint Venture Buys Affordable Housing Complex in Southwest Austin for $70M

by Taylor Williams July 5, 2019

AUSTIN, TEXAS — A joint venture between debt and equity provider The Community Development Trust, the Housing Authority of the City of Austin and its nonprofit affiliate, the Austin Affordable Housing Corp., has purchased The Bridge at Asher Apartments for $70 million. The 452-unit affordable housing community was built in 2003 and is located on the city’s southwest side. The seller was not disclosed. With this acquisition, the joint venture now owns 1,716 units of affordable housing in the state capital.

July 5, 2019

Loans Multifamily Texas

Hunt Provides $55.2M Freddie Mac Acquisition Loan for Austin Apartment Property

by Taylor Williams July 5, 2019

AUSTIN, TEXAS — Hunt Real Estate Capital has provided a $55.2 million Freddie Mac acquisition loan for Hyde Park at Wells Branch, a 576-unit multifamily property in Austin. Built in 1999 on 29.3 acres, the property offers two pools, outdoor grilling areas, a fitness center and a dog park. Hunt provided the seven-year, fixed-rate loan to a joint venture between an equity investor and Florida-based multifamily investment firm American Landmark. The new ownership will implement a capital improvements program that will upgrade units’ cabinets, lighting and plumbing, as well as enhance Hyde Park’s amenity spaces.

July 5, 2019

Acquisitions Multifamily Texas

Three Pillars Capital Acquires 96-Unit Multifamily Asset in Houston

by Taylor Williams July 5, 2019

HOUSTON — Local investment firm Three Pillars Capital Group has acquired Pine Lake Village Apartments, a 96-unit asset in Houston. Spanning 3.5 acres, the Class B community was built in 1984 and features amenities such as a pool, dog park and a playground. Three Pillars, whose affiliate will also manage the property, plans to invest $1 million in renovations, with specific upgrades still to be determined.

July 5, 2019

Acquisitions Lee & Associates Multifamily New York Northeast

Lee & Associates Brokers $36.5M Sale of Two Brooklyn Multifamily Buildings

by Taylor Williams July 5, 2019

BROOKLYN, N.Y. — Lee & Associates has brokered the sale of two multifamily buildings in Brooklyn for $36.5 million. The properties include 145 Henry St., a six-story, 45-unit elevator building; and 15-19 Wyckoff St., a four-story, 40-unit walkup property. The buyer, Isaac Abraham, plans to renovate the properties to modernize amenities. Both buildings are located close to public transportation lines. Chris Varjan, Vickram Jambu, George Steffani and Jonathan Braun of Lee & Associates represented both the buyer and seller, the estate of Alan Frank, which previously owned and managed the buildings for more than 40 years.

July 5, 2019

Illinois Loans Midwest Multifamily

NorthMarq Arranges $5.6M Loan for Acquisition of Apartment Building in Chicago

by Kristin Harlow July 5, 2019

CHICAGO — NorthMarq has arranged a $5.6 million loan for the acquisition of 607 West Oakdale, an 18-unit apartment building in Chicago. The property also features street-level commercial space. Jeff Frankel of NorthMarq arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule. A life insurance company provided the loan.

July 5, 2019

Acquisitions Florida Multifamily Southeast

Berkadia Negotiates Sale of 350-Unit Apartment Complex in Tampa Bay Area

by Alex Tostado July 5, 2019

CLEARWATER, FLA. — Berkadia has negotiated the sale of Turnbury at Countryside, a 350-unit apartment complex in Clearwater. The Tampa Bay property was built in 1974 on 15 acres, 23 miles west of downtown Tampa. The garden-style complex offers one-, two- and three-bedroom floor plans averaging 839 square feet. Communal amenities include two swimming pools, a dog park, tennis court, sand volleyball court, 24-hour fitness center and a Wi-Fi sundeck. Jason Stanton and Cole Whitaker of Berkadia represented the seller, McKinley Cos. LLC, in the transaction. MLG Capital purchased the property for an undisclosed price.

July 5, 2019

Acquisitions District of Columbia Multifamily Southeast

Marcus & Millichap Arranges $20.3M Sale of Multifamily Portfolio in Northwest D.C.

by Alex Tostado July 5, 2019

WASHINGTON, D.C. — Marcus & Millichap has arranged the $20.3 million sale of a multifamily portfolio in northwest Washington, D.C. The portfolio consists of two properties totaling 172 residential units. The communities include Walter Reed Apartments, which is located at 6939 Georgia Ave. NW at the entrance of The Parks at Walter Reed, a 66-acre redevelopment of the Walter Reed Army Medical Center that upon completion will include over 3.1 million square feet of mixed-use development. The other property is Longfellow Apartments, located at 5521 Colorado Ave. NW near Rock Creek Park in D.C.’s 16th Street Heights neighborhood. Marty Zupancic and Christian Barreiro of Marcus & Millichap brokered the transaction between the seller, an affiliate of Poretsky Building Group that is focused on providing affordable housing, and the buyer, an entity managed by Urban Investment Partners.

July 5, 2019

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