Multifamily

GID Development to Build 600-Unit Apartment Project in Houston

by Taylor Williams May 21, 2019

HOUSTON — GID Development Group, which has nine regional offices across the country, will develop a 600-unit multifamily project within Regent Square, a 24-acre mixed-use development in Houston. The project, which will include 50,000 square feet of street-level retail space, marks the second multifamily phase of Regent Square, and follows the delivery of the 21-story Sovereign at Regent Square building in 2015. Floor plans will include studio, one- and two-bedroom units. The groundbreaking for the project, which is being designed by Boston-based CBT, is slated for this fall. JLL will handle leasing of the retail space.

May 21, 2019

Loans Multifamily Student Housing Texas

HFF Places Loan for Refinancing of 717-Bed Student Housing Property in Houston

by Taylor Williams May 21, 2019

HOUSTON — HFF has placed a loan for the refinancing of Aspen Houston, a 717-bed student housing property located at 4971 Martin Luther King Blvd in Houston. The amount of the loan was not disclosed, but the financing was arranged as part of a $92 million package to refinance a student housing portfolio totaling 1,653 beds in Iowa, Texas and South Carolina. Doug Opalka, Casey Wenzel and Michael Johnson of HFF arranged the funds on behalf of the ownership, which is partnership between Austin-based developer Aspen Heights and global investment firm Safanad.

May 21, 2019

Acquisitions Multifamily Texas

Muskin Commercial Brokers Sale of 42-Unit Multifamily Asset in Austin

by Taylor Williams May 21, 2019

AUSTIN, TEXAS — Locally based brokerage firm Muskin Commercial LLC has brokered the sale of Retama Trace Apartments, a 42-unit asset located in north-central Austin. Muskin Commercial represented the seller, 3405 Dimond LLC, in the transaction. Ray Quezada of Q Realty Austin represented the buyer, California-based Retama Trace Apartments LLC.

May 21, 2019

Acquisitions California Multifamily Western

Tower 16 Capital Partners Buys 352-Unit Multifamily Project in California for $63M

by Amy Works May 21, 2019

COLTON, CALIF. — San Diego-based Tower 16 Capital Partners has acquired The District at Grand Terrace, a multifamily community located at 1315 S. Meadow Lane in Colton. FPA Multifamily sold the asset for $63 million in an off-market transaction. The District at Grand Terrace features 352 units in a mix of one-, two- and three-bedroom layouts with covered parking and private balconies or patios, four pools, a fitness center, two laundry facilities, two playgrounds and a leasing office. The buyer will oversee renovations and upgrades to the property, including new outdoor amenities, an upgraded leasing office and interior renovations. Alliance Residential will take over as property manager. Tyler Martin, Alex Garcia and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal. Scott Peterson and Bill Chiles of CBRE’s Capital Markets team in San Diego handled placement of the financing on behalf of Tower 16.

May 21, 2019

Arizona Development Multifamily Western

Wood Partners Breaks Ground on 300-Unit Alta Warehouse District in Phoenix

by Amy Works May 21, 2019

PHOENIX —Wood Partners has broken ground on Alta Warehouse District, a multifamily property in Phoenix. Located at 402 W. Lincoln St., the four-story property will feature 300 apartments, a double-height clubhouse area and game room, oversized fitness center, resort-style pool, rooftop entertainment space and a library and music room, as well as cultural, community-based amenities and programming. Scheduled to open in the second quarter of 2020, Alta Warehouse District is expected to begin pre-leasing in spring 2020.

May 21, 2019

Acquisitions California Multifamily Western

Levin Johnston Brokers $25.5M Sale of Pacific Gardens Apartment Community in San Mateo, California

by Amy Works May 21, 2019

SAN MATEO, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Pacific Gardens, a townhome-style apartment community in San Mateo. Located at 25 McAker Court and constructed in 1993, Pacific Gardens features 38 two-story townhouse units with two bedrooms and 2.5 bathrooms, as well as in-unit washers/dryers, private patios, fireplaces, underground parking and individual storage. Adam Levin and Robert Johnston of Levin Johnston represented the undisclosed buyer and seller in the deal.

May 21, 2019

California Development Multifamily Seniors Housing Western

Eden Housing Opens 90-Unit Pauline Weaver Senior Apartments in Bay Area

by Amy Works May 21, 2019

FREMONT, CALIF. — Eden Housing has opened Pauline Weaver Senior Apartments, a 90-unit affordable housing community for seniors in Fremont, located at the southeast edge of San Francisco Bay. KTGY Architecture + Planning designed the project. The City of Fremont also partnered on the development. Formerly known as Mission Court, units are reserved for seniors earning between 30 and 50 percent of area median income. The community sits on a 2.25-acre site approximately one mile from the Warm Springs BART Station. “As the first piece of a greater age-qualified master plan, Pauline Weaver Senior Apartments sits across the street from a future senior center. This future amenity will not only enhance the lives of the residents living in this affordable community but also the future master plan,” says Jessica Musick, a principal in KTGY’s Oakland office. Pauline Weaver, the property’s namesake, is a longtime advocate for affordable housing in California. She has been on the Eden Housing Board of Directors since joining in 1988. Weaver was an assistant public defender in Alameda County and the past president of both the National Conference of Women’s Bar Association and California Women Lawyers. According to Eden Housing, the development has a unique financing …

May 21, 2019

Loans Massachusetts Multifamily Property Type

American Street Capital Arranges $30.4M Refinancing for Apartment Building in Boston

by Taylor Williams May 21, 2019

BOSTON — American Street Capital (ASC), a Chicago-based intermediary specializing in balance sheet and CMBS deals, has arranged a $30.4 million loan for the refinancing of Barclay on Beacon, a 111-unit apartment building located in the Brookline neighborhood of Boston. Built in 1965, the property offers one- and two-bedroom units averaging 1,014 square feet. Amenities include a 92-space underground parking garage, rooftop pool with pavilion, onsite laundry facilities and tenant lounge. Igor Zhizhin and Alexander Rek of ASC placed the nonrecourse loan with an agency lender on behalf of an undisclosed borrower. The loan, which was secured to transition the property out of floating-rate debt accrued in 2016, features a fixed interest rate for the 15-year term with an initial eight years of interest-only payments on a 30-year amortization schedule.

May 21, 2019

Florida Loans Multifamily Southeast

Berkadia Funds $79.5M Refinancing Loan for Apartment Community in South Florida

by Alex Tostado May 20, 2019

PALM BEACH GARDENS, FLA. — Berkadia has provided a $79.5 million Freddie Mac refinancing loan for Turnbury at Palm Beach Gardens, a 540-unit apartment community in Palm Beach Gardens. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated the seven-year, fixed-rate loan with three years of interest-only payments on behalf of Advenir at PGA LLC. Turnbury was built in 1974 and offers one-, two- and three-bedroom floor plans. Community amenities include three swimming pools, lounge furniture, an outdoor kitchen with grilling station, 24-hour fitness center, basketball court, fitness trail and a dog park.

May 20, 2019

Acquisitions Multifamily Texas

Olympus Property Sells 374-Unit Multifamily Asset in Northwest Houston

by Taylor Williams May 20, 2019

HOUSTON — Fort Worth-based Olympus Property Group has sold The Tradewinds at Willowbrook, a 374-unit multifamily community in northwest Houston. The property was built in 2007 and consists of 14 three-story buildings. Floor plans comprise one-, two- and three-bedroom units averaging 920 square feet, with select units offering wood floors, patios and fireplaces. Amenities include a resort-style pool, jogging trails, a business center, fitness center and outdoor picnic area with gas grills and lake views. Ryan Epstein and Jennifer Ray of Berkadia handled the sale on behalf of Olympus. The buyer was Cortland, an Atlanta-based multifamily owner-operator, which purchased the community for an undisclosed price.

May 20, 2019

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