Multifamily

SevenSeas Acquires 280-Unit Apartment Community in Metro Dallas

by Taylor Williams December 21, 2018

MESQUITE, TEXAS — Dallas-based SevenSeas Holdings VI LLC has acquired Oates Creek Apartments, a 280-unit multifamily community in Mesquite, an eastern suburb of Dallas. The property features one- and two-bedroom units and amenities such as a pool, business center, outdoor grilling area and a resident clubhouse. Minneapolis-based Dougherty Mortgage LLC arranged an undisclosed amount of Fannie Mae financing for the acquisition on behalf of SevenSeas Holdings. The loan carried a 12-year term and a 30-year amortization schedule.

December 21, 2018

Acquisitions Multifamily Texas

IPA Negotiates Sale of 252-Unit Multifamily Property in Fort Worth

by Taylor Williams December 21, 2018

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Sandshell at Fossil Creek, a 252-unit multifamily property in Fort Worth. Units at the property, which was built in 1986, range in size from 575 square feet for a one-bedroom apartment to 1,235 square feet for a two-bedroom residence. Amenities include a pool, fitness center and onsite laundry facilities. The buyer was Houston-based Ilan Investments. The seller was not disclosed.

December 21, 2018

Affordable Housing Development Multifamily Texas

Hunt Capital Provides $13.4M Equity Investment for El Paso Affordable Housing Development

by Taylor Williams December 21, 2018

EL PASO, TEXAS — Hunt Capital Partners has provided $13.4 million in equity financing for the development of Medano Heights, a 141-unit affordable housing project in El Paso. Construction of the property is expected to be complete by December 2019. Hunt Capital Partners provided the equity in collaboration with the Housing Authority of the City of El Paso and Versa Development LLC, which is leading the development effort.

December 21, 2018

Acquisitions Florida Multifamily Southeast

Bayside Ventures Sells Multifamily Complex in Tampa for $23.3M

by Alex Tostado December 21, 2018

TAMPA, FLA. — Bayside Ventures V LLC has sold The Avenue Apartments in Tampa for $23.3 million. The Avenue Apartments LLC, a partnership led by a local investor with Canadian equity partners, purchased the 216-unit property. The Avenue Apartments was built in 1984 and is situated about three miles from the University of South Florida. Amenities include a swimming pool, fitness center, laundry facility and a resident clubhouse. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction.

December 21, 2018

Acquisitions Multifamily New York Northeast Property Type

Venture Capital Properties Orchestrates $1.3M Sale of Multifamily Building in Brooklyn

by David Cohen December 21, 2018

NEW YORK CITY — Venture Capital Properties has arranged the $1.3M sale of a multifamily building in the Bushwick neighborhood of Brooklyn. Located at 279-281 Evergreen Ave., the property contains six units, two of which were vacant at the time of sale. The remaining four units are rent stabilized. Jacob Stavsky, Kevin Darouvar & Roy Oskar of Venture Capital Properties represented the buyer, the Rosilio family, and the undisclosed seller in the off-market transaction.

December 21, 2018

Affordable Housing Loans Michigan Midwest Multifamily

KeyBank Secures $17.4M Construction Financing for Affordable Housing Development in Portage, Michigan

by Kristin Harlow December 21, 2018

PORTAGE, MICH. — KeyBank has secured a total of $17.4 million in low-income housing tax credit financing for the construction of Selinon Park Apartments in Portage, just south of Kalamazoo. The development will include 75 affordable housing units serving households that earn 30 to 60 percent of area median income. Full Circle Communities was the borrower. Stephen Sparks and Jeff Rodman of KeyBank originated the financing, which included a $13.5 million construction loan and a $3.9 million Freddie Mac taxable permanent loan with a 15-year term and 35-year amortization schedule.

December 21, 2018

Acquisitions Arizona Multifamily Western

TruAmerica Multifamily Buys Two Apartment Communities in Tempe for $67.3M

by Amy Works December 21, 2018

TEMPE, ARIZ. — TruAmerica Multifamily, in a joint venture with an institutional capital partner, has purchased a two-property apartment portfolio in Tempe for $67.3 million. This acquisition increases the company’s local portfolio to more than 2,400 units. The name of the seller was not released. The portfolio includes the 276-unit Highland Park and the 196-unit Park View, both located within a block of each other near the Interstate 10 and Baseline Road interchange. The low-density, garden-style properties were built in the early 1980s and feature one-, two- and three-bedroom apartments. On-site amenities for the communities include resort-style swimming pools, fitness centers, clubhouses and recreational areas. The acquisition was made with financing through Freddie Mac’s Select Sponsor Program, originated by CBRE Capital Markets team led by Brian Eisendrath. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office brokered the transaction.

December 21, 2018

Development Multifamily Washington Western

LMC Opens 226-Unit Smart-Home Apartment Community in Seattle

by Amy Works December 21, 2018

SEATTLE — LMC has opened Axle, an eight-story apartment community fully integrated with smart-home technology located at 3230 16th Ave. West in Seattle’s Interbay neighborhood. Axle, which is pursuing LEED Gold certification, features 226 smart apartments. The community’s smart homes feature an Amazon Echo integrated into a Sonos Play:1, a Ruckus access-point device for superior Wi-Fi coverage and Lutron Pico Remote for dimming lights and controlling smart-home speakers. Additionally, residents will receive a Sonos Play:1 upon move-in. All units also feature Lutron roller shades, which can be controlled through a smartphone, a Pico remote or by voice activation through Alexa. The property consists of one- and two-bedroom apartments, with den and townhome layouts available, ranging in size from 539 to 1,454 square feet. Interiors feature quartz countertops, designer lighting, high-end stainless steel appliances, hardwood-style plank flooring, full-size washers and dryers, ceramic tile tub surrounds, lighted mirrors and under-cabinet lighting. Community amenities include a sky lounge with full kitchen, dining area with fireplace and large communal room with two oversized televisions; a co-working lounge; club-inspired 24-hour fitness center; rooftop deck with barbecues and lounge areas; a pet park and pet wash station; and a large bike and gear maintenance facility. LMC, …

December 21, 2018

Acquisitions California Multifamily Western

MWest Holdings Purchases 168-Unit The View Apartments in Los Angeles

by Amy Works December 21, 2018

LOS ANGELES — MWest Holdings has acquired The View, a high-rise apartment community located at 3460 W. Seventh St. in the Koreatown district of Los Angeles. CIM Group sold the property for an undisclosed price. Originally constructed in 1965 and redeveloped in 2013, the 13-story building features 168 apartment units in a mix of one- and two-bedroom layouts with Caserstone countertops, soft-close cabinetry, Frigidiare stainless steel appliances, double basin stainless steel sinks, recessed lighting and washers/dryers in select units. On-site amenities include a Yoga Works studio on the ground floor, a fitness center, pool and sundeck, barbecue area, outdoor lounge and community room. MWest plans to implement a minor interior upgrade program and revitalize the existing common areas and community amenities.

December 21, 2018

Acquisitions Multifamily Southeast Tennessee

Crescent Communities, Pearl Street Partners Sell Two Multifamily Complexes in Nashville

by Alex Tostado December 20, 2018

NASHVILLE, TENN. — Crescent Communities and Pearl Street Partners have sold Novel Bellevue Place, a 337-unit multifamily community in Nashville’s Bellevue neighborhood, to The Praedium Group for an undisclosed price. The partnership also sold Novel Music Row in downtown Nashville to The Dinerstein Cos. for an undisclosed price, but media reports have the price tag at $79.2 million. Bellevue Place is located within One Bellevue Place, a mixed-use redevelopment of Bellevue Mall that is situated on 87 acres about 14 miles southwest of downtown Nashville. When complete, the site will also house the Nashville Predators’ practice facility. Amenities include a fitness center, pool and clubroom. Music Row is situated in Nashville’s Gulch neighborhood. Amenities include an outdoor kitchen area, dog park, pool, fitness center, clubroom and a performance stage. Both communities opened in summer 2017. Fifth Third Bank provided the construction financing for Bellevue Place, and RBS Citizens Bank provided construction financing for Music Row. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented Crescent Communities in both sales transactions. Crescent Communities is currently developing two additional Nashville-area Novel communities with Pearl Street Partners. Lockwood Glen in Franklin is currently leasing, and Crescent recently announced plans for Nashville West, a 436-unit community set to deliver in spring …

December 20, 2018

Newer Posts

Older Posts