Multifamily

General Contractor Hill & Wilkinson Completes 534-Bed Student Housing Property on UTA Campus

by Taylor Williams September 10, 2018

ARLINGTON, TEXAS — Richardson-based general contractor Hill & Wilkinson has completed West Hall, a 534-bed student housing property in Arlington. The community, which is the first of two phases of planned development, is located on the campus of University of Texas at Arlington (UTA). The four-story, 100,000-square-foot residence hall offers double-occupancy, semi-suite or pod-style configurations. Amenities include community learning and social spaces, as well as a game room and outdoor grilling areas. BOKA Powell designed the project.

September 10, 2018

Acquisitions Multifamily Texas

Leon Capital Sells Two Multifamily Assets Totaling 334 Units in Benbrook, Texas

by Taylor Williams September 10, 2018

BENBROOK, TEXAS — Dallas-based investment firm Leon Capital Group has sold Hillstone and Hillstone Trinity Oaks, two multifamily assets totaling 334 units in Benbrook, a southwestern suburb of Fort Worth. Leon Capital acquired both assets in 2015 and invested in capital upgrades, including remodeled units and exterior renovations. Both properties were built in 1980 and feature pools and access to the Trinity River walking trails. Taylor Snoddy of Transwestern represented the buyer, Lubbock-based Madera Residential, in the transaction.

September 10, 2018

Acquisitions Multifamily Oregon Seniors Housing Western

Non-Traded REIT Acquires 286-Unit Seniors Housing Community in Portland for $92M

by Amy Works September 10, 2018

PORTLAND, ORE. — Strategic Student & Senior Housing Trust Inc. (SSSHT) has acquired Courtyard at Mt. Tabor, a seniors housing community in Portland, for $92 million. The property offers 286 units of independent living, assisted living and memory care. The new owners will execute an existing plan to add 23 additional memory care units, with groundbreaking scheduled for fall 2018. The buyer is a non-traded REIT sponsored by SmartStop Asset Management. Located on 7.1 acres in the Mt. Tabor submarket of Portland, the property was constructed in 1999 and renovated in 2009. The community was 94 percent occupied at the time of sale. Integral Senior Living, which has operated the asset since 2011, will stay on as manager under the new ownership. SSSHT now owns a portfolio of four seniors housing communities and two student housing communities acquired for an aggregate price of approximately $275 million.

September 10, 2018

Development Multifamily Nevada Seniors Housing Western

Mission Senior Living Breaks Ground on $8M Assisted Living Community in Nevada

by Amy Works September 10, 2018

MESQUITE, NEV. — Mission Senior Living has broken ground on Mesa Valley Estates Assisted Living and Memory Care, a 78-unit community in Mesquite, near the Utah and Arizona borders. Development costs were estimated at $8 million. MSL Construction will build the property, which Pinnacle Architects will design. The site is across the street from Mesa View Regional Hospital. Mesa Valley Estates will feature 54 assisted living units and 24 memory care units in a single-story, 61,386-square-foot building. The project is scheduled for completion in fall 2019. Based in Carson City, Mission Senior Living operates six communities in Arizona, Nevada and Oregon.

September 10, 2018

California Loans Multifamily Western

Buchanan Street Partners Provides $4.1M Acquisition Loan for Apartment Complex in Los Angeles

by Amy Works September 10, 2018

LOS ANGELES — Newport Beach, Calif.-based Buchanan Street Partners has provided $4.1 million in short-term bridge financing for the acquisition and repositioning of Pacific Apartments, a multifamily property located in the Mar Vista neighborhood of Los Angeles. The borrower plans to renovate and reposition the 13-unit property, which was vacant at the time of sale and financing. Renovations will include all new kitchens, plank flooring, modern lighting, energy-efficient air conditioning, landscaping, paint and façade improvements. Additionally, the borrower plans to add more rental units to the property.

September 10, 2018

Acquisitions Multifamily Utah Western

Arrowroot Real Estate Buys 64-Unit Multifamily Property in Salt Lake City

by Amy Works September 10, 2018

SALT LAKE CITY — Santa Monica, Calif.-based Arrowroot Real Estate has purchased Edgewood Park Apartments, a multifamily property located in the Cottonwood Heights submarket of Salt Lake City, for an undisclosed price. Built in 1994, the value-add property features 64 apartments. The asset is the fourth investment made by Arrowroot Real Estate Fund I thus far in 2018. James Wadsworth and Greg Barratt of Berkadia facilitated the transaction. The name of the seller was not released.

September 10, 2018

Market Reports Maryland Multifamily Southeast Southeast Market Reports

Baltimore’s Multifamily Market is Growing at an Unprecedented Rate

by John Nelson September 10, 2018

For years, others have considered Baltimore a second-tier market on the Interstate 95 Corridor, lacking the excitement that cities like Philadelphia and Washington, D.C., offer. Not so any more. Baltimore has evolved into a top-tier housing market that is nationally recognized by the investment community. No longer a collection of relics from the “rust belt” banking town that it was decades ago, Baltimore is now a mosaic of adaptive reuses and a hot-bed for tech jobs. The Charm City is an incubator for creativity and entrepreneurship that sprouts from the world-renowned medical and educational institutions such as Johns Hop-kins and the University of Maryland Baltimore. As a result, net absorption for new multifamily units in 2017 surpassed city records and continues to grow at unprecedented rates. There are many factors that contribute to strong levels of demand in a market, such as job growth, affordability and developers creating attractive space targeting all demographics. Baltimore’s evolving job market continues its rapid expansion, driven primarily by “eds and meds.” The sector experienced 19 percent growth over the 10-year average and expand-ed 2.5 percent in 2017. Residents speciﬁcally target areas where they can live, work and play, and with an expanding job market, …

September 10, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $4.4M Construction Loan for Condominium Development in Suburban Boston

by David Cohen September 7, 2018

ROSLINDALE, MASS. — Cornerstone Realty Capital has arranged a $4.4 million loan for the construction of Roslindale Village, a residential condominium development in the Boston suburb of Roslindale. The lender was undisclosed. The development, which is located at 32 Cummins Highway, will include nine condominiums. All units will feature granite countertops, custom cabinets, and stainless steel appliances as well as in-unit washers and dryers. Roslindale is located approximately eight miles south of Boston. Andrew Saccone of Cornerstone Realty Capital arranged a full-term, interest-only loan at a fixed rate for the undisclosed borrower.

September 7, 2018

Acquisitions Multifamily Texas

Berkadia Brokers Sale of Two Multifamily Assets Totaling 624 Units in Dallas

by Taylor Williams September 7, 2018

DALLAS — Berkadia has brokered the sale of The Montage Apartments and The Hub Apartments, two multifamily assets totaling 624 units in Dallas. Both properties offer one-, two- and three-bedroom floorplans and swimming pools. Jeff Rowerdink, Joe Leon and Jay Gunn of Berkadia represented the seller, Texas-based Firestone MLP, in the transaction. Jackson Cloak, Ed Kim and Collin Downey of Berkadia secured two acquisition loans through Utah-based Bridge Investment Group for the buyer, California-based Greenlaw Partners. Each loan featured an adjustable 4.79 percent interest rate.

September 7, 2018

Acquisitions Multifamily Texas

Tarantino Properties Acquires Newly Built Apartment Community in Houston

by Taylor Williams September 7, 2018

HOUSTON — Local investment firm Tarantino Properties has acquired Ascension on the Bayou, a 280-unit multifamily community in Houston. The property was completed in 2017 and features a mix of one- and two-bedroom units. Amenities include a pool, outdoor grilling area, fitness plaza with ping pong tables, indoor fitness center, entertainment lounge, business center and a dog park. Cortney Cole and Sterling Curry of HFF arranged a 10-year acquisition loan on behalf of Tarantino for the transaction. The seller was not disclosed.

September 7, 2018

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