Multifamily

Preiss, BCEG International Acquire Two Student Housing Communities Totaling 1,104 Beds in San Antonio, Las Vegas

by Kristin Harlow June 19, 2019

SAN ANTONIO AND LAS VEGAS — The Preiss Co. (TPCO), in a joint venture partnership with BCEG International Investment US (BCEGI), has acquired the 624-bed High View Place Student Apartments in San Antonio and the 480-bed Rebel Place in Las Vegas. Neither the sellers nor purchase prices were disclosed. Located at 15949 Chase Hill Blvd. and serving the University of Texas at San Antonio student population, High View Place offers a variety of one-, two- and four-bedroom floor plans. Each of the 204 units includes a kitchen, balcony, in-unit washer and dryer, 50-inch TV, complimentary high-speed internet and cable, and walk-in closets. Amenities include study spaces, a clubhouse, computer lab, swimming pool, gaming center, sand volleyball court and grilling area. TPCO is overseeing a multi-million refurbishment of the property, which marks the company’s third acquisition in the San Antonio market in the last 12 months. Plans call for electronic key-fob installation and upgrades to the interior flooring, amenities and internet service. Rebel Place is located at 3896 Swenson St. near the University of Nevada, Las Vegas. Each fully furnished apartment includes energy-efficient appliances, cable television packages, internet and in-unit washer and dryers. Community amenities include a fitness center, picnic area, …

June 19, 2019

Development Multifamily Texas

Wood Partners Opens 336-Unit Multifamily Property in Metro Houston

by Taylor Williams June 18, 2019

BAYTOWN, TEXAS — Wood Partners, a multifamily development and investment firm with offices around the country, has opened Alta Baytown, a 336-unit apartment community located in the eastern Houston suburb of Baytown. Floor plans feature one-, two- and three-bedroom units with granite countertops, custom backsplashes and full-size washers and dryers. Amenities include a business center with two private conference rooms, fitness center, bike shop and a pet park. Rents start at roughly $1,000 per month for a one-bedroom unit, according to apartments.com.

June 18, 2019

Development Multifamily Texas

Greystar Breaks Ground on 152-Unit Apartment Community in Houston

by Taylor Williams June 18, 2019

HOUSTON — Greystar has broken ground on a 152-unit multifamily community at 510 W. 20th St. in Houston’s Heights neighborhood. Designed by Meeks + Partners, the community will offer one- and two-bedroom units ranging in size from 850 to 1,900 square feet. Penthouse units ranging in size from 1,700 to 2,300 square feet will also be available for lease. Amenities will include a clubroom, business center, fitness and yoga rooms, a resort-style pool with outdoor kitchen and a high-end sky lounge at the top floor. Completion is slated for spring 2021.

June 18, 2019

Summer-Grove-Tanglewood-Colorado-Springs-CO

Acquisitions Colorado Multifamily Western

Bascom Group, Axton Group Buy Two Apartment Properties in Colorado Springs for $41.1M

by Amy Works June 18, 2019

COLORADO SPRINGS, COLO. — The Bascom Group, in partnership with an affiliate of The Axton Group, has acquired Summer Grove Apartments and Tanglewood Apartment Homes, two adjacent multifamily communities in Colorado Springs, for a total consideration of $41.1 million. The joint venture purchased the 374-unit Summer Grove Apartments, located at 3802 Half Turn Road, for $31 million, or $82,887 per unit. The 112-unit Tanglewood property, located at 3803 Half Turn Road, cost $10.1 million, or $90,625 per unit. Jake Young of CBRE brokered the transaction, while Brian Eisendrath and Annie Rice, also of CBRE, arranged debt financing with Don Broderick and Erik Frandsen of TCF Bank.

June 18, 2019

Acquisitions California Multifamily Western

Levin Johnston Negotiates $15.9M Sale of Buena Vista Apartments in Alameda, California

by Amy Works June 18, 2019

ALAMEDA, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of Buena Vista Apartments, a multifamily community located at 4330-450 Buena Vista Ave. in Alameda. A private, high-net-worth investor sold the property to an undisclosed buyer for $15.9 million. Adam Levin and Robert Johnston of Levin Johnston represented the seller in the transaction. Originally constructed in 1966 and renovated in 2018, the 52-unit property consists of two parcels and offers a mix of studio, one- and two-bedroom floor plans. On-site amenities include laundry facilities, gated secure entrance, bike storage, barbecue and picnic areas, and storage for tenant use.

June 18, 2019

Loans Midwest Multifamily Ohio

NorthMarq Arranges $5M Refinancing for Multifamily Property in Cincinnati

by Kristin Harlow June 18, 2019

CINCINNATI — NorthMarq has arranged a $5 million loan for the refinancing of Lytle Tower, a 115-unit multifamily property in Cincinnati. The 12-story building, located at 405 Broadway St., features studios, one-bedroom units and one-bedroom penthouses. Amenities include a resident lounge, fitness center, on-site restaurant and in-unit laundry. Noah Juran of NorthMarq arranged the 20-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan.

June 18, 2019

Acquisitions Multifamily Northeast Pennsylvania

FCP Acquires 286-Unit Apartment Community in Philadelphia for $117.9M

by Taylor Williams June 18, 2019

PHILADELPHIA — FCP, a Maryland-based investment firm, has acquired Edgewater, a 286-unit apartment community located at 2323 Race St. in the Center City neighborhood of Philadelphia, for $117.9 million. Edgewater offers a mix of studio, one-, two- and three-bedroom units and amenities such as a 24-hour fitness center with a yoga studio, resident lounge and hospitality center and a children’s play area. The sale includes land for additional development. Erin Miller and Lizann McGowan of Newmark Knight Frank represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction.

June 18, 2019

Loans Multifamily New York Northeast

Arbor Provides $15M Bridge Loan for Refinancing of Brooklyn Apartment Complex

by Taylor Williams June 18, 2019

NEW YORK CITY — Arbor Realty Trust Inc. has provided a $15 million bridge loan for the refinancing of a 43-unit apartment complex located at 2417 Albemarle Road in Brooklyn. The property was built in 2018 and features an oversized common deck, bike storage area and an underground parking garage. Eugene Yanovskiy of Arbor originated the loan, which carries a two-year term with interest-only payments. The borrower was not disclosed.

June 18, 2019

Features Multifamily Seniors Housing

Seniors Housing Developers Embrace Intergenerational Living Trends

by Jeff Shaw June 18, 2019

As the industry eagerly anticipates the arrival of baby boomers, intergenerational housing models are emerging as an attractive alternative for a group that wants a different type of retirement experience. Developers, operators and owners are tweaking time-tested intergenerational arrangements and trying new approaches. Mixing different age groups has benefits for everyone involved, experts say. It’s natural, and the way families lived until we started to move so far apart. Many elders like being around young children or helping them, since their grandchildren may not live nearby. Adolescents bring energy to a retirement community, with the added benefit of being able to teach seniors how to use their smart phones. Young adults can serve as a labor pool for senior living properties. College-based or -affiliated life plan communities have been around for decades. But developers are fine-tuning the model at a number of new high-profile college projects now underway. Legacy Pointe at the University of Central Florida, Orlando, is currently under development by the nonprofit CCRC Development Corp. Greystone Communities will manage and market the property. Residents will be able to attend classes and participate in learning programs. Other types of developments with an intergenerational spin are being rolled out. There …

June 18, 2019

Affordable Housing Development Multifamily Southeast Virginia

AHC to Break Ground on $48.3M Affordable Housing Development in Alexandria

by Alex Tostado June 17, 2019

ALEXANDRIA, VA. — AHC Inc. will break ground on The Spire, a 113-unit affordable housing development situated on a two-acre plot in Alexandria owned by Episcopal Church of the Resurrection. The Spire will include one-, two- and three-bedroom apartments, including 12 fully accessible homes, that will serve households with incomes ranging from 40 percent to 60 percent of the area median income (AMI). The Spire will cost $48.3 million to develop and has received funds from a number of local state and national sources, including $23 million in tax credit equity from the Virginia Housing Development Authority (VHDA), a $9.9 million loan from the City of Alexandria, a $1.3 million loan from Virginia/National Housing Trust Funds, a $500,000 loan from the Federal Home Loan Bank of Atlanta, a $11.5 million first trust loan from Capital One/Freddie Mac and $500,000 funding from NeighborWorks America. The City of Alexandria also provided a $350,000 rental assistance grant to make 12 apartments deeply affordable, which targets households making 25 percent to 35 percent of the AMI. The ground breaking is slated to take place Tuesday, June 18 at 3:30 p.m.

June 17, 2019

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