Multifamily

Columbia Residential to Open Transit-Oriented Seniors Housing Community Near Atlanta

by Camren Skelton July 27, 2018

DECATUR, GA. — Columbia Residential is set to open Columbia Senior Residences at East Decatur, a mixed-income seniors housing community located adjacent to the Avondale MARTA station in Decatur, roughly eight miles east of downtown Atlanta. Columbia Residential partnered with the DeKalb County Community Development Department, the Housing Authority of DeKalb County and the Development Authority of DeKalb to transform the former parking lot adjacent to the MARTA station into a seniors housing community. The five-story building features 92 units dedicated to seniors 62 and older. Amenities include a dining and dancing room, business center, movie theater, fitness center, onsite laundry facilities and a courtyard with a gazebo. The site’s main pedestrian walk provides access to the Avondale MARTA bus and transit station. East Decatur is part of MARTA’s latest transit-oriented development at Avondale Station. In addition to the 92 seniors housing units, the Development Authority of Decatur, Columbia Ventures and Cortland Partners will deliver 377 market-rate apartments, 34 condos and more than 40,000 square feet of retail space. Upon completion, each portion of the project will be connected by a central plaza. DeKalb County and the Housing Authority of DeKalb County provided a first mortgage loan for East Decatur. Enterprise …

July 27, 2018

Georgia Loans Multifamily Southeast

Bancorp Bank Provides $7.8M Acquisition Loan for Two Apartment Communities in Southeast Georgia

by Camren Skelton July 27, 2018

KINGSLAND AND ST. MARY’S, GA. — The Bancorp Bank has provided a $7.8 million loan for the acquisition of two apartment communities in Southeast Georgia: Willow Way Apartments in Kingsland and Hickory Plantation in St. Mary’s. Both communities are located near the Georgia-Florida state line, roughly 35 miles north of Jacksonville. Judah Aderet of Eastern Union arranged the three-year, floating-rate loan with Bancorp’s Jonathan Kohan on behalf of the buyer, Wicamia Creek Investments. Greg Braciak of Bancorp underwrote the transaction. Bancorp Bank funded up to 80 percent of the acquisition costs plus 100 percent of the renovation costs. Willow Way Apartments features 60 units with a mix of one- and two-bedroom floor plans, and Hickory Plantation features 100 units with a mix of one- to three-bedroom floor plans.

July 27, 2018

Market Reports Multifamily Texas Texas Market Reports

An Investor’s Guide to Financing Multifamily Assets in Lubbock, West Texas

by Taylor Williams July 27, 2018

Growing up in Lubbock in the 1990s, cotton fields were everywhere. No growth existed in the southwest part of town, and few new apartments were built. Today those same cotton fields are housing developments; the southwest part of town is filled with high-quality retail and more than 2,000 apartment units have been delivered since 2015. Lubbock is thriving behind its sub-3 percent unemployment rate, strong agricultural sector, university with 40,000 students and a very strong healthcare sector. Available capital and financing options are plentiful. Many have taken notice, however, which has affected rent growth and vacancy in the market. Economic Overview One of the biggest misconceptions of the Lubbock economy involves the role of the oil and gas industry. A myriad of investors often incorrectly tie Lubbock with Midland/Odessa in this regard, ascribing to Lubbock the historical swings of an energy-based economy. But the comparison is pure apples to oranges. Although energy does have an impact, Lubbock boasts more economic diversity than many of its West Texas neighbors. A direct result of Lubbock’s diversity is the unemployment rate, which is one of the lowest in the state at 2.7 percent. This strong performance in the job market stems from an …

July 27, 2018

Loans Multifamily New York Northeast

Mission Capital Secures $21M Acquisition, Construction Loan for Condo Conversion in Chelsea

by David Cohen July 26, 2018

NEW YORK CITY — Mission Capital Advisors has secured $21 million in non-recourse acquisition and construction financing for a luxury, six-unit condo conversion in the Chelsea neighborhood of Manhattan. Located at 214-216 W. 15th St., the property is a former nursery school. Once completed, the residences will feature 10-foot ceilings, private balconies, and modern kitchens. Raymond Salameh, Ari Hirt, Steven Buchwald, and Lexington Henn of Mission Capital represented developer Holliswood Development in securing financing from a Philadelphia-based debt fund. Terms of the financing were not disclosed.

July 26, 2018

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates Sale of 71-Unit Multifamily Portfolio in Brooklyn for $15.9M

by David Cohen July 26, 2018

NEW YORK CITY — Ariel Property Advisors has negotiated the $15.9 million sale of a 71-unit multifamily portfolio in the Flatbush neighborhood of Brooklyn. The portfolio is made up of nine buildings and spans 79,932 square feet. Victor Sozio, Alexander McGee and Michael A. Tortorici of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also undisclosed. The properties in the portfolio are located at 90-92 E. 18th St.; 25 E. 21st St.; 369 E. 21st St.; 600 E. 22nd St.; 2102, 2108, 2112 and 2116 Regent Place; and 2322 Bedford Ave.

July 26, 2018

Loans Maryland Multifamily Southeast

M&T Realty Capital Provides $62.5M Freddie Mac Loan for New Multifamily Property Near Baltimore

by Camren Skelton July 26, 2018

JESSUP, MD. — M&T Realty Capital Corp., a wholly owned subsidiary of M&T Bank, has provided a $62.5 million Freddie Mac loan for the permanent financing of The Elms at Shannon’s Glen, a 364-unit multifamily community in Jessup, roughly 15 miles southwest of Baltimore. Matthew Hodson and Debra Goldstein of M&T Realty Capital structured the 12-year loan with eight years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Elm Street Development. The McLean, Va.-based company developed the community in 2016. M&T Bank provided construction financing for the project. The Elms at Shannon’s Glen includes a mix of one- to three-bedroom units with granite countertops, Energy Star appliances and private patios or balconies. Community amenities include a resort-style pool, fire pit, bocce ball court, fitness center, yoga room, dog park and a community garden.

July 26, 2018

Development Kentucky Multifamily Southeast Student Housing

Aptitude Development to Break Ground on Student Housing Community Near University of Louisville

by Camren Skelton July 26, 2018

LOUISVILLE, KY. — Aptitude Development is set to break ground on The Marshall Louisville, a 591-bed student housing community located near the University of Louisville. The 10-story property will offer fully furnished units with shared amenities including a 2,500-square-foot, outdoor terrace on the top floor; a gym; study lounges; and game rooms with views of Churchill Downs, the home of the Kentucky Derby. Aptitude Development is working with Prescient to virtually plan, design and construct the building. BSB Design has also been tapped to assist with design, and Whittenberg Construction will build the project. Aptitude Development expects to wrap up construction on the community in fall 2020.

July 26, 2018

The-Forum-at-Sam-Houston-Huntsville-Texas

Acquisitions Multifamily Student Housing Texas

Preiss, TH Real Estate Acquire 450-Bed Student Housing Property Near Sam Houston State

by Taylor Williams July 26, 2018

HUNTSVILLE, TEXAS — A joint venture between The Preiss Co. and TH Real Estate has acquired The Forum at Sam Houston, a 450-bed student housing property serving Sam Houston State University in Huntsville. The community offers one-, two- and three-bedroom units and amenities such as a pool, basketball and volleyball courts, fitness center, outdoor lounge and two pet parks. The new ownership will renovate the property this fall. The seller was not disclosed.

July 26, 2018

Acquisitions Arizona Multifamily Student Housing Western

Harrison Street Acquires 318-Bed Residence Hall at Arizona State University Polytechnic for $27M

by Amy Works July 26, 2018

MESA, ARIZ. — Harrison Street Real Estate Capital has acquired Century Hall, a 318-bed residence hall located on the Arizona State University Polytechnic campus in Mesa, for $27 million. Built in 2012, the community is located at the heart of campus adjacent to the university’s student union building, dining and recreational facilities. The property offers shared amenities including two multi-purpose rooms, a resident community kitchen, group study rooms, student activity lounges on each floor, and on-site classroom space. Capstone Management Partners will manage the property in collaboration with the university. “We are excited to partner with Arizona State University and support the university’s efforts to provide their students with much needed high-quality student accommodations,” says Christopher Merrill, CEO of Harrison Street.

July 26, 2018

Acquisitions Multifamily Oregon Western

Trion Properties Purchases Multifamily Community Near Portland for $10.5M

by Amy Works July 26, 2018

ALOHA, ORE. — Trion Properties has acquired Springbrook Gardens, a multifamily property located at 6300 SW 188th Court in Aloha, a suburb of Portland. A private seller sold the property for $10.5 million in an off-market transaction. Built in 1971, the property features 84 apartments in a mix of one- and two-bedroom floorplans spread across 21 four-plex buildings. Trion Properties plans to complete strategic value-add renovations to the asset, including upgrades to kitchen cabinetry and appliances, unit flooring, bathroom cabinetry and countertops, as well as renovations to exterior landscaping and outdoor amenities. Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate represented the buyer and seller in the deal. Continental Partners arranged a $5.4 million acquisition loan for the borrower.

July 26, 2018

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