KANSAS CITY, MO. — NorthMarq Capital has arranged a $251.3 million Fannie Mae loan for the refinancing of a 12-property multifamily portfolio located in metro Kansas City and Dallas. The portfolio totals 3,165 units. Price Brothers was the borrower, but property names were not disclosed. The 15-year loan features a 30-year amortization schedule. Greg Duvall of NorthMarq’s Kansas City regional office arranged the loan.
GERMANTOWN, MD. — HFF has arranged the $87.8 million sale of Rolling Hills, a 468-unit apartment community in Germantown. Walter Coker, Brian Crivella and Stephen Conley of HFF arranged the transaction on behalf of the seller, Clark Enterprises Inc., and procured the buyer, Pantzer Properties Inc. In addition, Jamie Leachman and Nicole Brickhouse of HFF arranged a Freddie Mac loan on behalf of Pantzer for the acquisition of the property. HFF will service the securitized loan. Rolling Hills includes 39 three-story buildings with a mix of two- and three-bedroom units. Community amenities include a resort-style pool, fitness center, renovated clubroom, dog parks, soccer fields and picnic/grilling areas. The property is located adjacent to a MARC train station.
JACKSONVILLE, FLA. — Passco Cos. has acquired The Point at Tamaya, a 380-unit apartment community located at 3050 Tamaya Blvd. in Jacksonville, for $70 million. Brian Moulder and Dhaval Patal of Walker & Dunlop arranged the transaction on behalf of both Passco and the seller, a partnership between Waypoint Residential and Rohdie Management. Waypoint Residential completed construction on the property in 2017. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. The Point at Tamaya features a Peloton studio, fitness center, resort-style pool, yoga pavilion, outdoor sports bar, coffee bar, outdoor fire pit, business center and a pet park. The property is located near St. Johns Town Center, one of Florida’s largest retail centers, as well as the
KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $49 million sale of Arrow Ridge Apartment Homes, a 320-unit multifamily community in the Central Florida community of Kissimmee. Jay Ballard and Ken Delvillar of Cushman & Wakefield arranged the transaction on behalf of the seller, Waypoint Residential. Mitch Sinberg and Matthew Robbins of Berkadia arranged a $37.9 million Freddie Mac acquisition loan on behalf of the buyer, Insula Cos. The 10-year loan features five years of interest-only payments. Arrow Ridge includes 16 three-story buildings and features a mix of one- to four-bedroom units. Community amenities include a business center, swimming pool, gazebo, covered picnic areas, sand volleyball court, children’s play area and a fitness center. Waypoint Residential recently upgraded all unit interiors, which allowed the company to increase rental rates.
GLENDALE, ARIZ. — Aukum Group has purchased Adobe Ridge, a multifamily property located in Glendale. The Praedium Group sold the community for $41 million, or $183,036 per unit. Built in 2005, the property features 224 open-concept apartment units with nine-foot ceilings, controlled-access gated entry, outdoor spaces with picnic areas and barbecue grills, and 40 detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
LAYTON, UTAH — 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has purchased Twin Trees Apartments, a 43-unti multifamily property in Layton. The buyer plans to invest approximately $10,000 per unit in capital improvements, including upgraded countertops, cabinets, floors, appliances, lighting and fixtures. Exterior renovations include upgraded landscaping, new heating and air conditioning units, and curb appeal enhancements. The name of the seller and the acquisition price were not released.
FRISCO, TEXAS — Irving-based multifamily developer JPI has broken ground on Jefferson at The Gate, a 425-unit apartment community in Frisco. The Class A property is located within The Gate, a master development by Dubai-based Invest Group Overseas that upon completion will include 650,000 square feet of office space, 130,000 square feet of retail space and a luxury hotel. Amenities at Jefferson at The Gate will include two pools, a fitness center and yoga studio, access to walking trails and concierge services. The first units are expected to be available for occupancy during the first quarter of 2020.
AUSTIN, TEXAS — A partnership between two private equity firms, Pittsburgh-based JoCo Partners and Dallas-based The ValCap Group, has acquired two adjacent multifamily communities totaling 316 units in Austin. Westwood Apartments was built in 1983 and totals 152 units, and Audubon Square was built in 1986 and totals 164 units. The partnership plans to combine the properties into one community called The Lantern that features amenities such as a clubhouse, fitness center, pool areas, outdoor grilling stations and a dog park. The community opened recently and its first units are currently being renovated.
AUSTIN, TEXAS — TH Real Estate, an affiliate of Chicago-based asset manager Nuveen, has purchased Tacara Steiner Ranch, a 246-unit apartment community in northwest Austin. The property, which was built in 2017 and was 98 percent occupied at the time of sale, offers one-, two- and three-bedroom units averaging 959 square feet per unit. Amenities include a pool, fitness and massage studios, media and game rooms and a dog park. Scott LaMontagne of JLL handled the sale on behalf of the seller and developer, San Antonio-based Casey Development Ltd.
BEAUMONT, TEXAS — Griffin-American, a partnership between American Healthcare Investors LLC and Griffin Capital Company LLC, has acquired Pinnacle Beaumont Assisted Living Facility in Beaumont for $19.5 million. Situated on 4.4 acres, the property features 79 units and consists of approximately 61,000 square feet of assisted living and memory care space. The acquisition was completed in a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the property.
