Multifamily

Emery-Bay-at-Lakepointe-Lewisville-Texas

American Landmark Acquires 360-Unit Apartment Community in Metro Dallas

by Taylor Williams December 14, 2018

LEWISVILLE, TEXAS — Tampa-based multifamily owner-operator American Landmark has acquired Emery Bay at Lakepointe, a 360-unit multifamily community located in the northern Dallas metro of Lewisville. Built in 1997, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, spa, business center, dog park and a volleyball court. American Landmark will invest $3.5 million in capital improvements to the unit interiors and amenity spaces. Mitch Sinberg, Matt Robbins, Robert Falese and Matthew Cullison of Berkadia secured a $36.5 million Fannie Mae acquisition loan on behalf of American Landmark for the transaction. The seller was not disclosed.

December 14, 2018

Acquisitions Multifamily Texas

JLL Arranges Acquisition Financing for 264-Unit Apartment Property in Fort Worth

by Taylor Williams December 14, 2018

FORT WORTH, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for Vieux Coulee Apartments, a 264-unit multifamily property in Fort Worth, on behalf of Los Angeles-based investment firm Frontline Holdings. Built in 1984, the community features a pool, fitness center, business center and a resident clubhouse. Mark Brandenburg and David Godvin of JLL arranged the financing through Bridge Investment Group. The seller was not disclosed.

December 14, 2018

Acquisitions Multifamily Texas

Olympus Property Purchases 260-Unit Multifamily Asset in Metro Houston

by Taylor Williams December 14, 2018

KATY, TEXAS — Fort Worth-based Olympus Property has purchased Echo at Katy Ranch, a 260-unit multifamily asset in Katy, a western suburb of Houston. The property has since been rebranded Olympus Katy Ranch. The Class A community features a resort-style pool, six gas grills, a fireside lounge, resident clubhouse, fitness center and a dog park. The transaction, the seller in which was not disclosed, marks the 12th acquisition for Olympus Property this year. Tucker Knight and Nicholas Murphy of Berkadia secured a 10-year, fixed-rate loan through Freddie Mac with seven years of interest-only payments for the transaction.

December 14, 2018

Loans Michigan Midwest Multifamily

KeyBank Provides $15.7M Refinancing for Michigan Multifamily Property

by Kristin Harlow December 14, 2018

ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $15.7 million Fannie Mae loan for the refinancing of Manchester Flats Apartment Homes in Ann Arbor. The 173-unit multifamily property is comprised of nine buildings on six acres of land. The property was built in 1957 and renovated in 2013. Todd Linehan of KeyBank arranged the nonrecourse, fixed-rate loan with a 15-year term and 30-year amortization schedule.

December 14, 2018

Loans Multifamily Nevada Western

KeyBank Arranges $35.5M in Financing for South Beach Resort in Las Vegas

by Amy Works December 14, 2018

LAS VEGAS — KeyBank Real Estate Capital has secured a $35.5 million Fannie Mae first mortgage loan for the acquisition of South Beach Resort in Las Vegas. Situated on 9.8 acres, the property is comprised of 16 two-story residential buildings and features a total of 220 Class A apartment units. Paul Angle of Key’s Commercial Mortgage Group provided the non-recourse, fixed-rate loan with 10 years of interest-only payments for the undisclosed borrower.

December 14, 2018

Market Reports Multifamily Texas Texas Market Reports

Strong Fundamentals, Opportunity Zone Laws Define Houston Multifamily Market

by Taylor Williams December 14, 2018

Houston continues its trajectory as an exemplary market with strong multifamily fundamentals that continue to attract large-scale investment nationwide. The positive trends of strong job growth and sustained apartment demand are forecast to hold thanks to a confluence of factors. To better understand the dynamics shaping Houston’s multifamily market, it is important to look closely at several major drivers, including residual demand from Hurricane Harvey and record employment growth, as well as the impact of rising interest rates and incentives introduced by the Opportunity Zone legislation. More than a year since Hurricane Harvey made landfall, Houston’s multifamily market continues to rebound. Overall occupancy has risen 180 basis points year over year to its current rate of 90 percent. Residents displaced by Harvey’s flooding, particularly in hard-hit areas like the Energy Corridor, contributed to the increased demand for apartments. In the third quarter of 2018 alone, absorption greatly outpaced deliveries, with almost 9,200 units newly occupied and less than 6,000 units delivered. As developers taper new apartment deliveries, we expect demand to continue to outpace deliveries for the foreseeable future. Rents advanced 3 percent between October of 2017 and 2018 — almost twice the rate of growth of the previous 12 months. …

December 14, 2018

California Development Multifamily Student Housing Top Stories Western

University Student Living Receives $575M Construction Financing for UC Davis Student Housing Project

by Kristin Harlow December 14, 2018

DAVIS, CALIF. — University Student Living LLC has received $575 million in construction financing for a major expansion of the on-campus housing at the University of California, Davis. The project will add approximately 3,300 beds to the university’s West Village. The developer expects to deliver the first 1,000 beds by the start of the 2020 academic year. The $575 million in project costs will come from the proceeds of a tax-exempt bond issue, the largest ever in the country for a single project, according to the developer. The new complex, set on 34 acres, will comprise nine four-story apartment buildings along with indoor and outdoor community space and recreational fields. A 10,000-square-foot community building will house a fitness center, multipurpose room and student support services. The development team includes general contractor CBG Building Co. and architect Stantec. When complete, the new apartment communities at West Village will be owned by the non-profit Collegiate Housing Foundation, which will hold the ground lease from the University of California. Once the community is operational, the staff and resident life programming will be under the direction of the university, while University Student Living will provide property and facility management. University Student Living has planned a …

December 14, 2018

Content Partner Features Lument Multifamily RED Capital Group Texas

RED: Texas Multifamily Performance Moderates in 2018, While Economy Booms

by Jaime Lackey December 14, 2018

With a preference for low taxes and business-friendly regulation, Texas is America’s proving ground for free market economic theories — a crucible in which the benefits of economic liberty are tested. While the long-term impact of the Lone Star State’s experiment remains an open question, it is hard to gainsay its impressive accomplishments to date. Texas recorded the fastest GDP growth among the 50 states (6.0 percent) in second quarter 2018, and the third-fastest compound annual GDP growth rate since the Great Recession (3.1 percent). By way of population growth, Texas ranked second among states since 2010, trailing only Utah. In terms of the 20- to 34-year-old “renter cohort” Texas was the leader, posting a robust 2.1 percent annual rate growth rate. Powerful economic and population growth go hand in hand with multifamily performance. Indeed, the five Texas markets that we model econometrically — Austin, Dallas, Fort Worth, Houston and San Antonio — posted stronger fundamentals in the current decade than the balance of our RED 50 large market peer group in nearly every category. The “Texas 5” occupancy increased by an average of 564 basis points over the period (Reis), nearly three times as much as the non-Texas component. …

December 14, 2018

Acquisitions Multifamily Southeast Virginia

Partnership Acquires Multifamily Community in Virginia Beach for $67M

by Alex Tostado December 13, 2018

VIRGINIA BEACH, VA. — RD Management LLC, Heritage Capital Group and Summit Glory Investment have purchased Latitudes Apartments, a 448-unit multifamily community in Virginia Beach, for $67 million. When the renovation is complete, the asset will feature amenities including a new clubhouse, 24/7 fitness center and an expanded pool area/sundeck. The complex is located at 1701 Chase Point Circle in Virginia Beach, about 15 miles east of Norfolk. The seller was undisclosed.

December 13, 2018

Acquisitions Louisiana Multifamily Southeast

Southern Properties Capital Acquires Apartment Community in Houma, Louisiana

by Alex Tostado December 13, 2018

HOUMA, LA. — Southern Properties Capital, a subsidiary of Dallas-based Transcontinental Realty Investors Inc., has purchased The Landing Apartments on Bayou Cane in Houma. The seller and sales were not disclosed. Built in 2005, the 240-unit, garden-style multifamily community features 13 buildings and offers a unit mix of studio, one-, two- and three-bedroom apartments ranging from 500 square feet to 1,500 square feet. Community amenities include a clubhouse with a lounge area, study room with computers, 24-hour exercise facility, volleyball court, open green space and a swimming deck surrounding a pool and hot tub.

December 13, 2018

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