Multifamily

Millennium-Student-Apartments-Norman-Oklahoma

Student Quarters Acquires 698-Bed Student Housing Community Near the University of Oklahoma

by Taylor Williams September 24, 2018

NORMAN, OKLA. — Student Quarters has acquired Millennium Student Apartments, a 698-bed student housing community located near the University of Oklahoma in Norman. The property offers studio, two-, four- and five-bedroom units with bed-to-bath parity. Each unit — which may be rented fully furnished — features a flat screen TV, keyless entry and a patio or balcony. Shared amenities include a resort-style swimming pool, sun deck, hot tub, grilling areas, a gated pet park, study lounges, a coffee bar and pool tables. SQ Caliber, a property management joint venture between Student Quarters and Caliber Living, will manage the property.

September 24, 2018

Acquisitions Alabama Loans Multifamily Southeast

Berkadia Completes $13.9M Sale, Secures $10.5M Financing for Apartment Asset in Northern Alabama

by Camren Skelton September 24, 2018

MUSCLE SHOALS, ALA. — Berkadia has arranged the $13.9 million sale of Arbor Village Apartments, a garden-style multifamily community in Muscle Shoals, a city in northern Alabama. David Oakley and David Wilson of Berkadia arranged the transaction on behalf of the seller, Engel Realty Co. In addition, Josh Finley of Berkadia secured a 10-year, $10.5 million acquisition loan on behalf of the buyer, Arbor Village Apartments LLC. The Fannie Mae loan features a fixed interest rate of 4.91 percent and a 30-amortization schedule. Arbor Village Apartments includes a mix of one- and two-bedroom units and features a fitness center, pool and an outdoor grilling area.

September 24, 2018

Loans Multifamily Texas

Greystone Provides $14.9M in Green Financing for Three Multifamily Assets in Corpus Christi

by Taylor Williams September 24, 2018

CORPUS CHRISTI, TEXAS — Lending and advisory firm Greystone has provided $14.9 million in Fannie Mae green financing for the acquisition of a trio of multifamily assets in Corpus Christi. The properties total 295 units and feature pools and onsite laundry facilities. Gill Dolan, D.J. Elefant and Dan Gillard of Greystone originated the financing, which features a 4.92 percent interest rate and a 10-year term, on behalf of the borrower, The Boterra Group. The names of the properties and sellers were not disclosed.

September 24, 2018

Acquisitions Multifamily Seniors Housing Texas

Capital Square 1031 Acquires Newly Constructed Memory Care Facility Near Houston

by Taylor Williams September 24, 2018

SPRING, TEXAS — Capital Square 1031, a real estate investment and management firm, has acquired a newly completed, 10,000-square-foot memory care community in the northern Houston suburb of Spring. The Class A facility has 16 beds and was completed in June 2018. The property is leased for 15 years on an absolute net basis to Village Green Alzheimer’s Care Home, with a personal guarantee from the owners of the practice for the entire term of the lease. Matt Bear of Bear Real Estate Advisors represented Capital Square in the transaction.

September 24, 2018

Development Illinois Midwest Multifamily

McShane Completes Construction of 45-Unit Apartment Project in Arlington Heights, Illinois

by Kristin Harlow September 24, 2018

ARLINGTON HEIGHTS, ILL. — McShane Construction Co. has completed Parkview Apartments in downtown Arlington Heights, a northwest suburb of Chicago. The seven-story, 45-unit apartment project is situated at the southwest corner of Dunton Avenue and Eastman Street. Residences are located on the upper five floors of the property, while the second floor and a portion of the first floor consist of secured parking for 58 vehicles. The remaining 1,314 square feet on the first floor serve as retail space. Tinaglia Architects designed the property and UP Development was the developer.

September 24, 2018

Loans Multifamily Oregon Seniors Housing Western

KeyBank Secures $63.2M Acquisition Loan for Seniors Housing Property in Portland

by Amy Works September 24, 2018

PORTLAND, ORE. — KeyBank Real Estate Capital has arranged a $63.2 million Freddie Mac first mortgage loan for the acquisition of Courtyard at Mt. Tabor, a seniors housing community in Portland. The borrower and buyer is Strategic Student & Senior Housing Trust, a non-traded REIT sponsored by SmartStop Asset Management. Built between 1992 and 2009, the community is comprised of two three-story buildings on 7 acres of land. The property features 201 independent living units, 73 assisted living units and 12 memory care units. The borrower plans to expand the community to include an additional 23 memory care units. Charlie Shoop of KeyBank’s Commercial Mortgage Group secured the non-recourse, fixed-rate financing with a 10-year term, four-year interest-only period and 30-year amortization schedule.

September 24, 2018

California Loans Multifamily Western

Bellwether Enterprise Arranges $7.7M Refinancing for Trevi Villas Apartments in North Hollywood

by Amy Works September 24, 2018

NORTH HOLLYWOOD, CALIF. — Bellwether Enterprise has secured a $7.7 million permanent loan and construction loan refinancing for Trevi Villas Apartments, a luxury apartment building located on Hartsook Street in North Hollywood. The newly built property features 27 units in a mix of two-bedroom/two-bath and three-bedroom/two-bath layouts. Mack Mower of Bellwether Enterprise’s Los Angeles office arranged the loan through Nationwide for the undisclosed borrower. The 10-year loan features one year of interest-only payments followed by a 30-year amortization period. Additionally, the financing included approximately a $500,000 cash-out to the borrower after the construction debt and closing costs were paid.

September 24, 2018

Acquisitions Multifamily Student Housing Texas

CBRE Negotiates Sale of 464-Bed Student Housing Property in Austin

by Taylor Williams September 21, 2018

AUSTIN, TEXAS — CBRE has negotiated the sale of Aspen Heights West Campus, a 464-bed student housing property located three blocks from the University of Texas at Austin. The 17-story, 166-unit community features a pool, fitness center, private study areas, lounges and community kitchens. A joint venture between The Preiss Co. and TH Real Estate purchased the asset from Austin-based Aspen Heights Partners, which developed the property, for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE brokered the sale. Ben Roelke and Ian Walker of CBRE arranged a five-year, fixed-rate acquisition loan through Northwestern Mutual for the transaction. The loan featured a sub-4 percent interest rate.

September 21, 2018

Loans Multifamily Texas

LMI Capital Arranges Two Multifamily Loans Totaling $49M in Houston

by Taylor Williams September 21, 2018

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two multifamily loans totaling $49 million in Houston. In the first transaction, Brandon Brown of LMI Capital arranged a $26 million acquisition loan for a 460-unit asset in the Briar Forest/Westchase area. The loan features a 4.82 percent fixed interest rate and seven years of interest-only payments. In the second deal, Jamie Mullin of LMI Capital arranged a $23 million loan for the refinancing a 360-unit property in the Woodlake/Briar Meadow submarket. That loan includes a 4.85 percent fixed interest rate and a four-year interest-only period. The names of the properties were not disclosed.

September 21, 2018

Acquisitions Multifamily Texas

Greysteel Negotiates Sale of 154-Unit Apartment Property in Irving

by Taylor Williams September 21, 2018

IRVING, TEXAS — Greysteel has negotiated the sale of Rock Island, a 154-unit apartment property in Irving. Floor plans at the property, which was built in 1973, include one-, two- and three-bedroom units. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone of Greysteel represented the seller in the transaction. Other terms of sale were not disclosed.

September 21, 2018

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