Multifamily

FCP, Level 2 Development Sell Apartment Community in D.C. for $50.6M

by Camren Skelton September 5, 2018

WASHINGTON, D.C. — Federal Capital Partners (FCP) and Level 2 Development have sold Takoma Central, a 150-unit apartment community in Washington, D.C., for $50.6 million. The partnership completed construction on the community in 2015. Located at 235 Carroll St. N.W. in the city’s historic Takoma neighborhood, Takoma Central includes a mix of one- and two-bedroom units and is situated adjacent to the Takoma Metrorail station. Community amenities include a business center, clubhouse, fitness center, storage lockers, barbecue area and a resident lounge. In addition, the community includes 9,000 square feet of ground-floor retail currently leased to tenants such as Busboys & Poets, Yoga Heights and S&A Beads. Dave Nachison and Brenden Flood of Eastdil Secured represented FCP and Level 2 in the transaction. The name of the buyer was not disclosed. The Bozzuto Group has been retained to manage the community.

September 5, 2018

Acquisitions Mississippi Multifamily Southeast

Balfour Beatty, ApexOne Acquire 220-Unit Multifamily Community Near Jackson, Mississippi

by Camren Skelton September 5, 2018

RIDGELAND, MISS. — Balfour Beatty Communities, through a joint venture with ApexOne Investment Partners, has acquired Lexington Apartments in Ridgeland for an undisclosed price. The 220-unit community, constructed in 2000, is located roughly 12 miles north of Jackson. The new ownership will rename the community Ridgeland Place and implement a series of capital improvements including upgrades to unit interiors and enhancements to the amenity package. The property includes a mix of one- to three bedroom units and features private outdoor areas, a swimming pool, fitness center and a playground.

September 5, 2018

Republic-Deer-Creek-Apartments-Fort-Worth

Acquisitions Multifamily Texas

HLC Equity Purchases Apartment Property in Fort Worth for $39.5M

by Taylor Williams September 5, 2018

FORT WORTH, TEXAS — Pittsburgh-based investment firm HLC Equity has purchased Republic Deer Creek Apartments, a 336-unit multifamily community in Fort Worth. The Class A property was built in 2012 and features a mix of one- and two-bedroom units. Amenities include a pool with tanning ledges, fitness center, resident lounge with a coffee bar, a dog park and playground and a business center. Bellwether Enterprise and Maverick Commercial Properties provided financing for the acquisition through Freddie Mac. The seller was not disclosed.

September 5, 2018

Affordable Housing Loans Midwest Multifamily Nebraska

Dougherty Provides $2.1M Fannie Mae Loan for Refinancing of Affordable Housing Property in Nebraska

by Kristin Harlow September 5, 2018

NORTH PLATTE, NEB. — Dougherty Mortgage has provided a $2.1 million Fannie Mae loan for the refinancing of Pacific Place Apartments in North Platte. The 64-unit affordable housing property is situated on 3.8 acres in central Nebraska. Built in 1997, the property includes two buildings with a children’s playground and two laundry facilities. The 10-year loan, under Fannie Mae’s Multifamily Affordable Housing program, features a 30-year amortization schedule. North Platte Housing Partners LLC was the borrower.

September 5, 2018

Acquisitions Colorado Multifamily Western

Equity Residential Acquires 372-Unit Alexan Uptown Apartment Tower in Denver

by Amy Works September 5, 2018

DENVER — Equity Residential has acquired Alexan Uptown, a luxury apartment tower located at 1935 Logan St. in Denver’s Uptown neighborhood. Trammel Crow Residential sold the 12-story property for an undisclosed price. Completed in 2017, the tower features 372 units in a mix of studio, one- and two-bedroom floor plans averaging 771 square feet. Individual units feature high-end finishes, including premium cabinetry, quartz countertops, stainless steel appliances, oversized windows, high ceilings, mudrooms, custom closets and balconies. On-site community amenities include a resort-style pool and spa with views of downtown, Coors Field and the Rocky Mountains; a state-of-the-art fitness center with yoga, cross training and spin studios; a fifth-floor games lawn; clubhouse; catering kitchen; resident lounge; business center; pet spa; and electric car charging stations. Jordan Robbins and Anna Stevens of HFF represented the seller and procured the buyer in the deal. The acquisition marks Equity’s re-entry into the Denver market since exiting in area in January 2018.

September 5, 2018

Acquisitions Multifamily Student Housing Utah Western

Joint Venture Acquires 282-Bed Student Housing Community Near Utah Valley University

by Amy Works September 5, 2018

OREM, UTAH — A joint venture between Millstream Partners and Redstone Residential has acquired Summerwood Condos, a 282-bed community located near Utah Valley University in Orem. The property was built in 2003 and is set to undergo a complete renovation and rebranding. Unit interiors will be updated with new furniture and appliances; new flooring; fresh paint; quartz countertops; and a gigabit Internet upgrade. Exterior upgrades will include the addition of a new fitness center and clubhouse; a triple-decker hot tub; fire pit; and refreshed outdoor living amenities. The property was purchased under a Freddie Mac green program. In accordance, the new ownership will be installing equipment to reduce water consumption by more than 50 percent and will install solar panels to offset common area electric expenses. The seller in the transaction and a timeline for renovations were undisclosed.

September 5, 2018

Acquisitions California Multifamily Seniors Housing Western

Cadence Living Acquires Seniors Housing Community in Bay Area, Plans Renovations

by Amy Works September 5, 2018

MILLBRAE, CALIF. — Cadence Living, a senior living development and management company based in Arizona has acquired Marymount Greenhills Retirement Center an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near the San Francisco International Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renovations for the next year. The project is part of the city’s plans to redevelop areas into hubs for commercial and residential activity. The renovation project will include fully modernized apartments and common-area corridors, as well as renovation of all common area spaces such as the dining room, activity spaces, and lobby. Cadence Living currently owns and operates communities in California and is expanding its footprint throughout the South and West.

September 5, 2018

Acquisitions California Development Mixed-Use Multifamily Retail Western

Charles Dunn Co. Arranges $2.8M Sale of Land Parcel for Multifamily Development in Los Angeles

by Amy Works September 5, 2018

LOS ANGELES — Charles Dunn Co. has arranged the sale of a development site located at 729 S. Park View St. in Los Angeles. Salem Missionary Baptist Church sold the asset to Safeco LLC for $2.8 million. The 18,000-square-foot site features a 4,100-square-foot building, which the seller formerly occupied. The buyer, which owns an adjacent parcel, plans to develop 150 residential units and potentially ground-floor retail at the site. Chris Giordano, Chris Steck and John Anthony of Charles Dunn Co. represented the seller and buyer in the deal.

September 5, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Secures $6.4M Refinancing for Apartment Building Near Boston

by David Cohen September 4, 2018

LYNN, MASS. — Cornerstone Realty Capital has secured the $6.4 million refinancing of a 55-unit apartment building in Lynn. Located at 16 Newhall St., the fully occupied building is approximately 11 miles north of Boston. Cornerstone secured a loan through a correspondent lender with an initial fixed-rate period followed by a floating rate. The first 12 months will feature interest-only payments, followed by 30-year amortization. The borrower was undisclosed.

September 4, 2018

Development Multifamily New York Northeast Seniors Housing

Red Stone Provides $20.2M Bond Financing to Rehabilitate Two Seniors Housing Communities in Rensselaer, New York

by David Cohen September 4, 2018

RENSSELAER, N.Y. — Red Stone Tax-Exempt Funding LLC has provided $20.2 million in tax-exempt bonds for the rehabilitation of two affordable seniors housing communities in Rensselaer, located just across the Hudson River from downtown Albany. The Section 8 properties, Van Rensselaer Heights and Renwyck Place, were originally constructed in 1980. Millennia Housing Development will perform the renovations on a budget exceeding $45,000 per unit. An affiliate of Red Stone is the borrower, and will also use the funding to acquire the properties. Boston Capital Corp. purchased approximately $9.5 million in Low-Income Housing Tax-Credits (LIHTCs) in association with the properties.

September 4, 2018

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