Multifamily

HFF Arranges $31M Financing for 160-Unit Independent Living Community in Colorado

by Amy Works November 27, 2018

COLORADO SPRINGS, COLO. — HFF has arranged $31 million in financing for Province Springs, a 160-unit independent living community in Colorado Springs. The borrower is Paxion Real Estate Holdings, an affiliate of The Wolff Company. The floating-rate bridge financing retires existing construction debt. Province Springs is located just east of multiple retail and entertainment amenities and just north of Peterson Air Force Base and Colorado Springs Airport. Completed earlier this year, the property features a mix of studio, one- and two-bedroom units averaging 810 square feet. The HFF team representing the borrower included Nicole Brickhouse and Leon McBroom.

November 27, 2018

California Loans Multifamily Western

Hunt Real Estate Capital Provides $5M Refinancing for Gabilan Hills Townhomes in Salinas, California

by Amy Works November 27, 2018

SALINAS, CALIF. — Hunt Real Estate Capital provided a $5 million loan for the refinancing of Gabilan Hills Townhomes, an affordable multifamily property in Salinas. The sponsor is Community Housing Improvement Systems and Planning Association, which developed the property with Low Income Housing Tax Credits. Built in 1996, the property features 100 units in a mix of 66 two-bedroom units and 34 three-bedroom units spread across 17 townhouse buildings. The gated community features four play structures and a basketball court, as well as open space for children in the community to play. Gabilan Hills has an in-place Low Income Housing Regulatory Agreement that mandates that 40 of the 100 units be rented to individuals and families whose income does not exceed 50 percent of the area median income (AMI). The remaining units are rented by families whose income does not exceed 60 percent AMI. The loan is a 10-year, fixed-rate facility that will amortize over 30 years. The property opened in 1996 and the initial tax credit period of 15 years has since expired. However, the asset is still within the 55-year extended use period, which does not expire until 2051.

November 27, 2018

Affordable Housing Loans Michigan Midwest Multifamily

KeyBank Provides $18.1M Refinancing for Affordable Housing Property in Southfield, Michigan

by Kristin Harlow November 27, 2018

SOUTHFIELD, MICH. — KeyBank Real Estate Capital has provided an $18.1 million Freddie Mac loan for the refinancing of Pebble Creek Apartment Homes in Southfield. The 256-unit affordable housing property is comprised of 17 two-story buildings on 15 acres. The property was developed in 1996 under the Low-Income Housing Tax Credit (LIHTC) program. All of the units are restricted to those earning up to 60 percent of the area median income. Tim Weldon of KeyBank originated the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule.

November 27, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges $12.7M Sale of Apartment Complex in Algonquin, Illinois

by Kristin Harlow November 27, 2018

ALGONQUIN, ILL. — Marcus & Millichap has arranged the sale of Riverside Plaza in Algonquin for $12.7 million. Built in 2014, the property includes 63 apartment units ranging in size from 1,042 to 1,339 square feet, plus six retail units totaling 9,600 square feet. At the time of sale, the apartments were 92 percent occupied and the retail spaces were vacant. Amenities include a clubroom, event room, fitness center, barbecue area and private plaza. Eric Bell, Frank Roti and Brett Rodgers of Marcus & Millichap marketed the property on behalf of the seller, a financial institution that acquired the property through foreclosure. Bell also secured and represented the buyer, a limited liability company.

November 27, 2018

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development to Break Ground on Affordable Housing Project in Minneapolis This Spring

by Kristin Harlow November 27, 2018

MINNEAPOLIS — Lupe Development Partners plans to break ground on an affordable housing project in the Whittier neighborhood of Minneapolis this spring. The start date for construction was unveiled after Lupe received a $1.2 million grant from the Metropolitan Council’s Livable Communities Demonstration Account and a $2.4 million loan from the Minneapolis City Council’s Affordable Housing Trust Fund. The first of the two buildings will be located at 410 W. Lake St. and will include 111 affordable housing units. Nine of the units will be reserved for homeless veterans. Construction of Phase II, an identical building, is slated for 2020. To be eligible for housing, residents must meet income restrictions of $30,000 to $42,000 per year. Located close to the Midtown Greenway, the development will feature a green roof, solar panels, a fitness facility, a business center, community rooms, outdoor decks and a bike room with a repair station.

November 27, 2018

Market Reports Multifamily Nevada Western Western Market Reports

Record Occupancy, Job Growth Bolster Reno Multifamily Market

by Taylor Williams November 27, 2018

It’s starting to feel like the 1970s all over again in Reno’s multifamily market. This is particularly true in terms of occupancy. A recent report from RealPage noted the current market’s eye-popping 97.3 percent multifamily occupancy level. This figure was only eclipsed once, nearly four decades ago, at a double eye-popping 97.9 percent when the region experienced a spike in new jobs. Reno’s total job count continues to grow at a record pace, fueling a nearly full apartment market. But, of course, the housing and job markets in Reno are both much larger than they were in the ‘70s, though there are similarities. In fact, current market conditions bring to mind the ages-old adage, “Those who fail to heed the lessons of the past are condemned to repeat them.” Developers cannot build multifamily units fast enough to sate demand. New residents arriving for new jobs cannot easily find an apartment, and those who do may have to pay a higher-than-expected rental rate. Consider this from the U.S. Bureau of Labor Statistics: Reno’s economy expanded during the four years ending in May 2018 (the latest statistics available from the Bureau) by a steady 4.2 percent. This was an enviable gain for …

November 27, 2018

Acquisitions Multifamily North Carolina Southeast

PAC Acquires 200-Unit Multifamily Community in Charlotte

by Alex Tostado November 26, 2018

CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired CityPark View South, a 200-unit multifamily community in Charlotte. Amenities include a saltwater pool, complimentary bike rentals for residents, grilling areas, 24-hour package locker system and a fitness club. PAC had the opportunity to purchase the community, which opened in 2017, through an investment loan made over two years ago, according to PAC. The sales price and seller were undisclosed. PAC financed the acquisition using a $24.1 million loan from Prudential Affordable Mortgage Co.

November 26, 2018

Development Florida Multifamily Southeast

Altman Cos. Tops Off Nine-Story Apartment Building in Tampa

by Alex Tostado November 26, 2018

TAMPA, FLA. — The Altman Cos. has topped out Altis Grand Central, a nine-story apartment building that will offer studio, one- , two- and three-bedroom floor plans. The community is located less than one mile south of the University of Tampa and will include amenities such as a sky lounge and pool on the roof, Zen garden, dog park and a clubroom. The 314-unit complex is scheduled to be complete in summer 2019.

November 26, 2018

Acquisitions Multifamily Texas

Maravilla Acquires 310-Unit Apartment Community in Dallas

by Taylor Williams November 26, 2018

DALLAS — Maravilla Apartments LP has acquired Rush Creek Apartments, a 310-unit multifamily community in Dallas. Built in 1966, the property features one- and two-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Dougherty Mortgage arranged an undisclosed amount of acquisition financing for the purchase through a partnership with Old Capital Lending on behalf of Maravilla. The loan carried a 12-year term and 30-year amortization schedule.

November 26, 2018

Connecticut Loans Multifamily Northeast

Marcus & Millichap Secures $3.4M Refinancing for Apartment Portfolio in Connecticut

by David Cohen November 26, 2018

BRIDGEPORT, CONN. — Marcus & Millichap has secured a $3.4 million loan for the refinancing of a three-property apartment portfolio in Bridgeport. The 62-unit portfolio includes the properties Park Avenue Apartments, Marble Edge Apartments and Main & Federal Apartments. Robert Noeldechen of Marcus & Millichap’s New Haven office represented the undisclosed borrower in the transaction. The lender was also undisclosed.

November 26, 2018

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