Multifamily

Leon Capital to Develop 364-Unit Apartment Community in Lewisville, Texas

by Taylor Williams December 7, 2018

LEWISVILLE, TEXAS — Dallas-based Leon Capital Group will develop Lakeyard District, a 364-unit multifamily community that will be located in the northern Dallas metro of Lewisville. Situated on 15.2 acres, the Class A property will offer one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling area, fitness center, dog park and TV lounges. LG Wade is the general contractor for the project and BGO Architects is handling design. Preleasing is expected to begin in August. The first units are slated for a November 2019 delivery.

December 7, 2018

Development Multifamily New York Northeast

Leviathan Capital Secures $20M Construction Loan for Multifamily Development in Westchester, New York

by David Cohen December 7, 2018

WESTCHESTER, N.Y. — Leviathan Capital has secured a $20 million construction loan for the Grand, a transit-oriented multifamily community in Westchester. The 56,000-square-foot project will consist of 15 townhomes and nine penthouse units. The project is slated to be completed in 2021. Leviathan secured the non recourse loan with a completion and carry guaranty to the borrowers, a group that includes NBA basketball player Luol Deng. The lender was undisclosed.

December 7, 2018

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 54-Unit Apartment Community in Fort Worth

by Taylor Williams December 7, 2018

FORT WORTH, TEXAS — Greysteel has arranged the sale of Ridglea Square Apartments, a 54-unit multifamily community in Fort Worth. The property was built in 1960 and is located near Texas Christian University, the Fort Worth Botanical Gardens and Fort Worth Zoo. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson, Scott Simon, Jack Stone and Moises Maldonado of Greysteel represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

December 7, 2018

Acquisitions California Multifamily Western

HFF Negotiates $41M Sale of Four-Property Multifamily Portfolio in Sonoma County

by Amy Works December 7, 2018

ROHNERT PARK, CALIF. — HFF has arranged the sale of a four-property multifamily portfolio in Rohnert Park, a community in Sonoma County. A Colorado-based private firm acquired the portfolio from a private investor for $41 million. The assets are Atherton, a 40-unit community at 181 Avram Ave.; Brewster Ames, a 27-unit property at 7300 Adrian Drive; Tivoli Gardens, a 29-unit complex located at 7380 Adrian Drive; and Lancaster Arms, a 105-unit property at 8288 Lancaster Drive. The properties have an average occupancy greater than 97 percent and provide direct access to Highway 101 and the Cotati and Rohnert Park SMART stations. Scott Bales and Peter Yorck of HFF represented the seller and procured the buyer in the deal.

December 7, 2018

Acquisitions California Multifamily Student Housing Western

CBRE Arranges Sale of 658-Bed Community Near University of California, Riverside

by Amy Works December 7, 2018

RIVERSIDE, CALIF. — CBRE has arranged the sale of Sterling Highlander, a 658-bed student housing community located near the University of California, Riverside. The property comprises four buildings and a clubhouse offering studio, two-, three- and four-bedroom units. Shared amenities include a swimming pool, fitness center, tanning dome, gourmet coffee bar, basketball court, private study rooms, a computer center, game room and courtyards with barbecue areas. Seattle-based Horizon Realty Advisors purchased the asset from Houston-based The Dinerstein Companies for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Cray Carlson of CBRE brokered the transaction. Ben Roelke and Ian Walker, also of CBRE, secured long-term financing on behalf of the buyer. The 10-year, fixed-rate loan was provided through CBRE’s Fannie Mae DUS program.

December 7, 2018

Acquisitions Florida Multifamily Southeast

Praedium Group Acquires Apartment Community in Jacksonville for $46.7M

by Alex Tostado December 6, 2018

JACKSONVILLE, FLA. — The Praedium Group has purchased The Point at Town Center, an apartment community in Jacksonville comprising eight three-story buildings offering one- and two-bedroom floor plans. The Praedium Group bought the property from Block One Ventures for $46.7 million, according to Jacksonville Business Journal. Block One delivered the property earlier this year. Amenities at The Point include a dog park with wash station, yoga lawn, pool and package concierge.

December 6, 2018

Arkansas Loans Multifamily Southeast

Berkadia Arranges $13M Loan to Refinance North Little Rock Apartment Complex

by Alex Tostado December 6, 2018

NORTH LITTLE ROCK, ARK. — Berkadia has arranged $13 million in refinancing to borrower Salter Properties for Argenta Flats, a 160-unit apartment community located at 123 W. 7th St. in North Little Rock. New York-based Benefit Street Partners provided the loan. Charles Foschini, Christopher Apone and Patrick Jordan of Berkadia arranged the loan on behalf of the borrower. The loan comprises a first mortgage and mezzanine debt and features a 10-year term with two years interest-only. Argenta Flats offers one- and two-bedroom apartments with amenities such as a fitness room, wine room, book exchange room, business center and a pool.

December 6, 2018

Development Multifamily New York Northeast

S3 Capital Partners Provides $75M Construction Loan for Apartment Tower in the Bronx

by David Cohen December 6, 2018

NEW YORK CITY — S3 Capital Partners has provided a $75 million construction loan for an apartment tower in the Mott Haven neighborhood of the Bronx. Located at 210 E. 135th St., the property will include 237 residential rental apartments and 3,000 square feet of commercial space. Isaac Filler of Meridian Capital Group represented the borrower, Cheskel Schwimmer of CGS Developers. Terms of the financing were not disclosed.

December 6, 2018

Loans Multifamily Texas

LMI Capital Closes Four Loans Totaling $15M for Houston Area Apartments

by Taylor Williams December 6, 2018

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has closed four loans totaling $15 million for a quartet of multifamily properties totaling 335 units throughout the greater Houston area. The properties are located in the Galveston, Spring Branch and north Houston submarkets. Jamie Safier of LMI Capital placed the loans for the Galveston and north Houston communities, as well as for one of the Spring Branch assets. Jamie Mullin of LMI Capital placed the loan for the other Spring Branch property. The borrowers, lenders and property names were not disclosed.

December 6, 2018

California Development Multifamily Student Housing Western

ACC, San Francisco State Break Ground on 584-Unit Student Housing Community

by Amy Works December 6, 2018

SAN FRANCISCO — A public-private partnership between American Campus Communities (ACC) and San Francisco State University has broken ground on a 584-bed student housing community with mixed-use components on the university’s campus in San Francisco. The development will offer fully furnished, apartment-style units. Shared amenities will include social and recreational lounges and an academic success center, alongside 15,000 square feet of retail space. The development, located on the southeast edge of campus, is scheduled for completion in 2020.

December 6, 2018

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