Multifamily

AMAC Acquires Multifamily Community in Metro D.C. for $66M

by Alex Tostado February 12, 2019

CHEVERLY, MD. — New York-based Arbor Management Acquisition Co. (AMAC) has acquired Cheverly Station, a 555-unit multifamily community in Cheverly, for $66 million. Cheverly Station features one-, two- and three-bedroom floor plans, a playground, fitness center, dog park and a swimming pool. The asset is situated about eight miles east of downtown Washington, D.C. AMAC purchased the apartment community through its AMAC Fund III investment fund using a 10-year Freddie Mac loan. The acquisition brings AMAC’s portfolio in Prince George’s County, Maryland to approximately 2,500 units.

February 12, 2019

Development Florida Multifamily Southeast

ACRE, Global City Development Break Ground on 236-Unit Apartment Complex in Miami

by Alex Tostado February 12, 2019

MIAMI — Asia Capital Real Estate Management (ACRE) and Miami-based Global City Development have broken ground on MiMo Bay Apartments, a 236-unit multifamily community located at 6445 N.E. 7th Ave. in Miami’s MiMo District. The asset is being built adjacent to Legion Memorial Park, the site of the former American Legion Post No. 29. The new mixed-use community will include a 15,000-square-foot facility that will be owned and operated by Post No. 29 to be used by its military veteran members. The facility will include a gym, areas for physical therapy, wellness center and a swimming pool. Services will include group therapy, acupuncture and post-traumatic stress disorder treatment. MiMo Bay Apartments is a joint venture between ACRE and an unnamed pension fund based in Canada. The developers secured a $51 million construction loan through TD Bank. Miami-based Coastal Construction Group is the general contractor, and Stantec’s Miami office designed the property.

February 12, 2019

Development Multifamily Texas

Sovereign Properties Breaks Ground on $73M Apartment Community in Metro Dallas

by Taylor Williams February 12, 2019

ALLEN, TEXAS — New York-based development firm Sovereign Properties has broken ground on Sovereign at Twin Creeks, a $73 million project that will bring 366 multifamily units to the northeastern Dallas metro of Allen. Amenities will include a resort-style pool, fitness center, business lounge and a resident clubhouse. The development will also feature a 15,000-square-foot medical office building adjacent to the community. Davis Bros. Construction is the general contractor for the project, which is expected to be complete by late summer 2020.

February 12, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $7.1M Refinancing for Apartment Property in Lincoln, Nebraska

by Kristin Harlow February 12, 2019

LINCOLN, NEB. — NorthMarq Capital has arranged a $7.1 million Fannie Mae loan for the refinancing of Trenridge Apartments in Lincoln. The 126-unit apartment property is located at 6101 Vine St. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 12, 2019

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 20-Unit Multifamily Property in Dallas

by Taylor Williams February 12, 2019

DALLAS — Greysteel has arranged the sale of Prospect Avenue Apartments, a 20-unit multifamily property in Dallas. The property was built in 1945 and renovated in 2018. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone of Greysteel arranged the transaction on behalf of the seller. Other terms of sale were not disclosed.

February 12, 2019

Acquisitions Multifamily Nevada Western

MG Properties Acquires 184-Unit Caviata at Kiley Ranch Apartments in Sparks, Nevada

by Amy Works February 12, 2019

SPARKS, NEV. — San Diego-based MG Properties Group has purchased Caviata at Kiley Ranch Apartments, a multifamily property located at 950 Henry Orr Parkway in Sparks, for an undisclosed price. The community features 184 units in a mix of two- and three-bedroom townhouse floor plans, averaging 1,600 square feet. Each unit features direct-access garages, open-concept floor plans with fully equipped kitchens, full-size washers and dryers, fireplaces and patios or balconies. Community amenities include a pool, spa, barbecue lounge area with fire pits, picnic area with gas barbecues, and a fitness center. The Blomsterberg Group of Marcus & Millichap and the Jones-Saglimbeni Group of Institutional Property Advisors represented the undisclosed seller. Brian Eisendrath and Cameron Chalfant of CBRE arranged acquisition financing for the transaction.

February 12, 2019

Acquisitions Multifamily Oregon Seniors Housing Western

Marcus & Millichap Arranges Sale of Memory Care Community in Oregon City for $4.9M

by Amy Works February 12, 2019

OREGON CITY, ORE. — Marcus & Millichap has arranged the sale of Oregon City Memory Care, a 31-unit memory care facility in Oregon City, just south of Portland. The facility was vacant at the time of sale and owned by a Seattle-based bank. A private investor acquired the asset for $4.9 million. The previous borrower lacked the working capital to make it through lease-up. The buyer plans to expand several of the units to allow for double occupancy as well as make accessibility improvements to the property. Tony Cassie and Sam Thompson, seniors housing investment specialists located in Marcus & Millichap’s Portland Office, represented the seller in the transaction.

February 12, 2019

District of Columbia Multifamily Southeast

MBA Forecast: Commercial and Multifamily Originations to Hold Firm in 2019

by Alex Tostado February 11, 2019

WASHINGTON, D.C. — The Mortgage Bankers Association’s (MBA) expects to see steady commercial real estate markets keep commercial and multifamily mortgage originations on par with the last two years. In its 2019 Commercial/Multifamily Real Estate Finance Forecast, MBA projects commercial and multifamily mortgage originations to total $530 billion in 2019, matching 2017’s total, and slightly up from 2018’s mark of $526 billion. MBA believes that multifamily mortgage originations will increase 1 percent to $264 billion, with total multifamily lending at $315 billion. The Washington, D.C.-based organization expects these originations totals to continue through 2020. Additionally, outstanding debt from multifamily and commercial mortgages are expected to finish 5 percent higher in 2019 than 2018. MBA released its 2019 forecast Sunday, Feb. 10 at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego. The four-day conference will conclude Wednesday, Feb. 13.

February 11, 2019

Development Multifamily North Carolina Southeast

Leon Capital Breaks Ground on 203-Unit Multifamily Community in Raleigh

by Alex Tostado February 11, 2019

RALEIGH, N.C. — Leon Capital Group has broken ground on Trilogy Cameron Village, a 203-unit multifamily community in Raleigh. The complex will be situated at 305 Oberlin Road on 3.6 acres, about one mile north of North Carolina State University and about two miles west of downtown Raleigh. The community will offer studio, one-, two- and three-bedroom floor plans. It is the third Trilogy brand apartments in North Carolina, joining Trilogy Cary and Trilogy Chapel Hill, both of which will begin preleasing this year. Amenities at Trilogy Cameron Village will include a resort-style swimming pool, grilling area, package lockers, a fitness and wellness center and an entertainment lounge. JDavis is the architect, and Samet is the general contractor. Completion is slated for summer 2020.

February 11, 2019

Loans Multifamily Texas

Mason Joseph Provides $29.2M HUD Construction Loan for San Antonio Apartments

by Taylor Williams February 11, 2019

SAN ANTONIO — Local multifamily lender Mason Joseph Co. Inc. has provided a $29.2 million loan for the construction and permanent financing of Potranco Apartments, a 244-unit apartment project in San Antonio. Mason Joseph originated the loan, which features a fixed interest rate for the 18-month construction period and subsequent 40-year term, through the HUD’s 221(d)(4) program. The developer of the project is Lev Investments, which has offices in California and Dallas.

February 11, 2019

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