Multifamily

Blue Stone Buys Seven Houston-Area Apartment Properties Totaling 2,239 Units

by Taylor Williams June 5, 2019

HOUSTON AND STAFFORD, TEXAS — Blue Stone Premier Properties LLC, which has offices in Houston and Charlotte, has purchased six apartment communities in Houston and one in the southwestern suburb of Stafford. The properties total 2,239 units and were between 84.5 and 94 percent occupied at the time of sale. All seven communities will receive value-add upgrades and will be rebranded. Prime Finance provided debt for the acquisition that was placed by Meridian Capital Group. The seller and sales price were not disclosed.

June 5, 2019

Acquisitions Multifamily Texas

Olympus Property Acquires 248-Unit Apartment Community Near Fort Worth

by Taylor Williams June 5, 2019

BENBROOK, TEXAS — Olympus Property, a locally based multifamily investment firm, has acquired Victorian Quarters at Team Ranch, a 248-unit community located in the Fort Worth suburb of Benbrook. The property, which was built in 2005, will be rebranded as Olympus Team Ranch. Communal amenities at the property include a pool, sundeck, outdoor grilling area with a TV and a dog park. Olympus plans to invest approximately $2 million in upgrades to unit interiors, including countertops, lighting and flooring. The seller was not disclosed.

June 5, 2019

Development Multifamily Seniors Housing Texas

Brian Schiff & Associates to Develop 114-Unit Seniors Housing Community in College Station

by Taylor Williams June 5, 2019

COLLEGE STATION, TEXAS — Frisco, Texas-based Brian Schiff & Associates will develop The Langford Retirement Community, a seniors housing property in College Station. Methodist Retirement Communities will operate the property, which will comprise 72 independent living units, 24 assisted living residences and 18 memory support units. Spellman Brady & Co. handled the interior design of the property. A construction timeline for The Langford was not released.

June 5, 2019

Acquisitions California Multifamily Western

Raintree Partners Buys Seven-Asset Multifamily Portfolio in California for $79M

by Amy Works June 5, 2019

GLENDALE, CALIF. — Orange County, Calif.-based Raintree Partners has purchased a seven-property multifamily portfolio in Glendale for $79 million. Totaling 231 units, the portfolio includes: Stanley Oaks Apartments, an 80-unit community located at 1435 Stanley Ave. Everett Apartments, an eight-unit community at 138 N. Everett St. Wilson Apartments, a 14-unit property located at 1458-1462 E. Wilson Ave. Justin Oaks Apartments, a 54-unit asset located at 1133 Justin Ave. Chestnut Apartments, a 33-unit property located at 120 W. Chestnut St. Galleria Pointe Apartments, a 22-unit community located at 1140 N. Columbus Ave. Burchett Apartments, a 20-unit asset at 314-320 W. Burchett St. Raintree Partners plans to implement a value-add renovation plan across the portfolio. The improvements will include addressing deferred maintenance; upgrading exteriors, amenity areas and unit interiors; and installing new washers and dryers in select properties. Additionally, the Raintree Partners will rebrand and operate the seven properties as The Indie Collection. Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in the deal. Wells Fargo provided acquisition financing.

June 5, 2019

Illinois Loans Midwest Multifamily

Waterton Receives $171.2M Refinancing for 600-Unit Apartment Tower in Chicago

by Kristin Harlow June 5, 2019

CHICAGO — Waterton has received a $171.2 million loan for the refinancing of North Harbor Tower in Chicago’s Lakeshore East neighborhood. The 600-unit apartment building is located at 175 N. Harbor Drive adjacent to the six-acre Lakeshore East Park. Originally constructed in 1988, the 55-story tower comprises a mix of floor plans averaging 958 square feet. Community amenities include an indoor swimming pool, outdoor sundeck, 24-hour fitness center, party room and library. Stephen Skok, Stella Pappas and Gregory Napper of HFF arranged the seven-year, fixed-rate loan through Freddie Mac’s green advantage program. Waterton committed to reducing energy or water by at least 30 percent, with a minimum 15 percent in energy savings.

June 5, 2019

Acquisitions Maryland Multifamily Southeast Top Stories

Star Real Estate Ventures Acquires 2,566-Unit Multifamily Portfolio in Maryland for $500M

by Kristin Harlow June 5, 2019

MARYLAND — Star Real Estate Ventures LLC has acquired a five-property multifamily portfolio totaling 2,566 units in Maryland for approximately $500 million. Most of the communities are located in suburban Baltimore. The properties include Charleston Place in Ellicott City, Morningside Heights in Owings Mills, Top Field in Cockeysville, Tamarron in Olney and Village Square in Glen Burnie. All of the communities feature pools and playgrounds, while four of the five have tennis courts. Home Properties recently operated all five communities. Financing for the transaction included five separate Fannie Mae loans for a total of $320 million, as well as equity from Related Fund Management. David Webb, Maxi Leachman, Brynn Wendel and Robert LaChapelle of CBRE arranged the financing. Bill Roohan, Michael Muldowney, Robert Dean and Malcolm McComb of CBRE represented the seller, a global private equity firm. Star Real Estate Ventures is a real estate investment and management firm that owns and manages 14,500 apartment units in 11 states. The company is headquartered in New York City with offices in Boca Raton, Fla. and Okemos, Mich. This is the firm’s second acquisition of 2019, following the purchase of an 852-unit portfolio in Cincinnati in February. Star is actively looking for …

June 5, 2019

Development Georgia Multifamily Southeast

Wood Partners Opens 312-Unit Multifamily Community in Atlanta Dairies Project

by Alex Tostado June 4, 2019

ATLANTA — Wood Partners has opened Alta Dairies, a 312-unit multifamily community in Atlanta. Alta Dairies is the multifamily component of the Atlanta Dairies project, Paces Properties’ redevelopment in East Atlanta that will include direct access to the Atlanta BeltLine upon completion this summer. Alta Dairies offers one- and two-bedroom floor plans and communal amenities including a rooftop sky lounge with a double-sided fireplace, outdoor biergarten with bocce and yard games, outdoor kitchens with gas grills, saltwater swimming pool with a tanning shelf, bicycle storage room and repair center, 24-hour fitness center with power gym and yoga studio, pet spa and wash room, and a business center and conference room with rentable office spaces.

June 4, 2019

Development Multifamily Texas

High Street, Principal Break Ground on 226-Unit Residential Project in Austin

by Taylor Williams June 4, 2019

AUSTIN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., and Principal Real Estate Investors have broken ground on the final phase of Crestview Commons in Austin, a project that will add 226 residential units to the state capital’s supply. Phase IV of Crestview Commons, which is located in the city’s North Central submarket, will feature one-, two- and three-bedroom units ranging in size from 525 to 1,451 square feet. Amenities will include a pool, outdoor grilling areas, fitness center, entertainment kitchen, conference room, business center, rooftop club and package lockers. JHP Architecture designed the project, and Andres Construction is serving as general contractor. Amegy Bank provided construction financing. Leasing is scheduled to begin in March 2020.

June 4, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 116-Bed Skilled Nursing Property in Gainesville, Texas

by Taylor Williams June 4, 2019

GAINESVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of River Valley Health and Rehabilitation Center, a 116-bed skilled nursing facility in Gainesville, located north of Fort Worth near the Texas-Oklahoma border. The property was built in 1971 and averaged an occupancy rate of approximately 50 percent in 2018. Matthew Alley of SLIB represented the seller, a regional owner-operator, in the transaction. The buyer, a Texas-based owner-operator, plans to renovate the asset to boost occupancy.

June 4, 2019

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 384-Unit Community in San Antonio

by Taylor Williams June 4, 2019

SAN ANTONIO — The Multifamily Group, a Dallas-based brokerage firm, has arranged the sale of The Preserve at the Port, a 384-unit apartment community in San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a pool, playground and a fitness center. Paul Yazbeck and Will Clarke of The Multifamily Group represented the locally based seller in the transaction and procured the new owner-operator. Both parties requested anonymity.

June 4, 2019

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