Multifamily

Jefferson-Mercer-Phase-II-Farmers-Branch-Texas

JPI to Add 416 Units for Phase II of Multifamily Property in Metro Dallas

by Taylor Williams August 21, 2018

FARMERS BRANCH, TEXAS — Irving-based multifamily developer JPI has secured construction financing for Phase II of Jefferson Mercer Crossing, a project that will add 416 units to the property, which is located in the northern Dallas metro of Farmers Branch. Current amenities at the property include a pool with a swim-up bar, fitness center with a yoga studio, a dog park and access to a 30-acre lake and walking trails. Comerica Bank provided the financing for the project, the first units of which are expected to be available for occupancy by the first quarter of 2020.

August 21, 2018

Acquisitions Multifamily Texas

Frontline Holdings Acquires 334-Unit Apartment Community in Metro Dallas

by Taylor Williams August 21, 2018

LEWISVILLE, TEXAS — California-based Frontline Holdings has acquired Westview Apartments, a 334-unit multifamily community located in the northern Dallas suburb of Lewisville, from investment management firm InterCapital. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, spa, tennis courts and onsite laundry facilities. Voya Financial provided the loan, which was arranged by Mark Brandenburg of JLL.

August 21, 2018

Acquisitions Multifamily New York Northeast

Cignature Brokers $6M Sale of Apartment Building in Upper East Side

by David Cohen August 21, 2018

NEW YORK CITY — Cignature Realty Associates has brokered the $6 million sale of a five-story multifamily building on the Upper East Side of Manhattan. The 8,648-square-foot building is located at 319 E. 93rd St. and was built in 1920. The property includes 10 apartments. Christopher Skitch of Cignature Realty represented the sellers, Diana Cormack and Jonathan Bradshaw, in the transaction. Peter Vanderpool of Cignature represented the buyer, 319 East 93rd Street LLC.

August 21, 2018

District of Columbia Loans Multifamily Southeast

Grandbridge Secures $32M Refinancing of New Apartment Community in D.C.

by Camren Skelton August 21, 2018

WASHINGTON, D.C. — Grandbridge Real Estate Capital has secured a $32 million loan for the refinancing of Reed Row Apartments, a newly developed, 132-unit apartment community in Washington, D.C.’s Adams Morgan neighborhood. Phillip Cox and Bill Mattice of Grandbridge arranged the 10-year, interest-only loan through a correspondent insurance company. The name of the borrower was not disclosed, but according to local media reports, Kettler, a Virginia-based multifamily developer and property manager, developed the property this year. Reed Row features a private courtyard, outdoor chess table and fire pit, coworking space, fitness center, bike room, dog washing station and a rooftop terrace.

August 21, 2018

Development Florida Multifamily Seniors Housing Southeast

Public-Private Venture Breaks Ground on 123-Unit Affordable Seniors Housing Community in Miami

by Camren Skelton August 21, 2018

MIAMI — A public-private collaboration between Miami-Dade County, Pinnacle Housing Group and the South Miami Heights Community Development Corp. has broken ground on Caribbean Village, an affordable seniors housing property in Miami. Located in the South Miami Heights submarket, Caribbean Village will offer 123 units. The development is part of a two-phased plan to develop transit-oriented affordable housing in Miami. The community will be the first new affordable seniors housing project in the area in 25 years, according to the developers. Miami-Dade County, which will own the project, selected the partners following a competitive bidding process. The county contributed the land, as well as $11.5 million in funding. Other funding for the project came from tax-exempt bonds, housing tax credits and a $5.3 million loan from Florida Housing Finance Corp. Citibank purchased both the bonds and the tax credits. According to local media reports, Caribbean Village will be reserved for residents earning 60 percent or less of the area median income (AMI), and some units will be designated for people making as low as 28 percent of the AMI. The community will include one- and two-bedroom units and will feature a fitness center, cyber lounge, game room, outdoor recreation area …

August 21, 2018

Acquisitions Multifamily New York Northeast

Kempner Corp. Acquires 18-Unit Multifamily Building in White Plains for $3.4M

by David Cohen August 21, 2018

WHITE PLAINS, N.Y. — The Kempner Corp. has acquired a multifamily building in downtown White Plains for $3.4 million. Located at 61 Davis Ave., the 14,032-square-foot property was built in 1941 and features 18 units and 18 parking spaces. The building includes four, two-bedroom apartments, 12, one-bedroom units and two, two-bedroom duplexes. The seller was undisclosed.

August 21, 2018

Kansas Loans Midwest Multifamily

Cohen Financial Arranges $10.4M Refinancing for Workforce Housing Property in Olathe, Kansas

by Kristin Harlow August 21, 2018

OLATHE, KAN. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.4 million Fannie Mae loan for the refinancing of Oak Ridge Apartments in Olathe. The 194-unit workforce housing property is fully leased. Cathy Bronkema of Cohen arranged the fixed-rate loan, which features a 15-year term and a 30-year amortization schedule. The borrower was not disclosed.

August 21, 2018

California Loans Multifamily Western

Walker & Dunlop Arranges $10.8M in Acquisition Financing for Multifamily Property in Palm Springs, California

by Amy Works August 21, 2018

PALM SPRINGS, CALIF. — Walker & Dunlop has structured $10.8 million in financing for Prism Multifamily Group’s acquisition of Latitude 33, a multifamily property in downtown Palm Springs. Alison Williams, Mark Grace and Matt Baldwin of Walker & Dunlop arranged the financing. Built in 1965, Latitude 33 operates under a 99-year ground lease that is regulated by the United States Department of Interior of Indian Affairs. The 121-unit property underwent a comprehensive renovation and repositioning in 2016. On-site amenities include a resort-style swimming pool, grilling stations and a private courtyard with shade sails.

August 21, 2018

Acquisitions Arizona Multifamily Western

Taylor Street Real Estate Negotiates $3.1M Sale of Apartment Community in Phoenix

by Amy Works August 21, 2018

PHOENIX — Taylor Street Real Estate Advisors has arranged the sale of Campbell Apartments, an apartment community located at 2417 E. Campbell Ave. in Phoenix’s Biltmore area. An undisclosed buyer acquired the asset for $3.1 million, or $131,250 per unit. The buyer plans to renovate the property, which features 24 apartment units. Brian Tranetzki and Eric Thomas of Taylor Street Real Estate Advisors represented the undisclosed seller in the deal.

August 21, 2018

Features Georgia Multifamily Southeast

2018 Multifamily Investment Volume to Surpass Last Year, Say Apartment Association Panelists

by Camren Skelton August 21, 2018

ATLANTA — Multifamily investors are anticipating another solid year for U.S. apartment sales. Annual transaction volume is robust, price per unit is increasing and fundamentals like rent growth and occupancy are strong, leaving buyers confident that apartment properties remain a safe investment. “Investors are so sophisticated now, and they have the option of going into whatever sector, whatever geography, with whatever strategy they want, and they are scanning it all,” said Malcolm McComb, vice chairman of CBRE. “But what’s coming out again and again for many years in a row now is multifamily and industrial are stealing the show.” McComb’s comments were made during the opening presentation at the Atlanta Apartment Association’s (AAA) “2018 Apartment Market Outlook: Disruption in the Apartment Industry.” The conference was held on Friday, Aug. 10, at the Cobb Galleria Centre in Atlanta. Back on the Upswing After a slight decrease in total transaction volume in 2017 — the first time since 2009 that U.S. multifamily annual sales volume didn’t surpass the preceding year — 2018 transaction volume is on track to match or slightly surpass last year’s output. Through the first half of 2018, apartment investment sales totaled $69.9 billion, a 7.9 percent increase compared to …

August 21, 2018

Newer Posts

Older Posts