WILSONVILLE, ORE. — MG Properties Group has acquired two multifamily properties in Wilsonville, a suburb of Portland, for a total of $92.1 million. The company acquired Domaine at Villebois, a 274-unit property built in 2008, from a partnership between Holland Partner Group and Hetiman for $69.5 million and the 126-unit Haven at Charbonneau, built in 1990, from TruAmerica Multifamily for $22.6 million. Both properties feature a mix of floor plans and a variety of on-site amenities, including outdoor pools and hot tubs, fitness centers and updated clubhouses. Ira Virden and Carrie Kahn of HFF represented the sellers in the deal. Charles Halladay, Rick Salinas, Scott Gilson and Charlie Wilson of HFF arranged financing for the acquisition. MG Properties has purchased 12 properties in the past 12 months, totaling more than 3,200 units and over $880 million in combined valued. The company is targeting additional acquisitions in Washington, Oregon, Arizona, California, Colorado and Nevada.
LITTLE ROCK, ARK. — Hunt Real Estate Capital has provided a $6 million Fannie Mae loan to an undisclosed borrower for the purchase of Northwest Hills Apartments in Little Rock. The loan has a 10-year term with a fixed interest rate of 5.52 percent, amortizing over 30 years after two years of interest-only payments. The apartment community comprises 42 one-bedroom units and 84 two-bedroom units across 13 two-story buildings. The asset was originally built in 1984. Amenities include a swimming pool with a sun deck and hot tub, wooden entertaining deck and a clubhouse.
KANSAS CITY, MO. — Marcus & Millichap has brokered the sale of View High Lake, a 309-unit multifamily community in Kansas City. The sales price was not disclosed. Built in 1973, the property is situated near I-470 and Highway 350. Nick Fluellen, Bard Hoover and Max Helgeson of Marcus & Millichap brokered the transaction. In addition to the apartment complex, the sale includes a 31-acre parcel to the south and an 18-acre parcel to the north that will enable the new owner to construct common area amenities, additional apartment buildings or single-family homes, according to Fluellen.
RALEIGH, CHARLOTTE AND CARY, N.C — In a move that furthers its value-add strategy, Waterton has acquired a four-property, 1,148-unit apartment portfolio in North Carolina. The sales price was undisclosed, but the Triangle Business Journal reports that the portfolio traded for $169 million. The seller was an investment group led by the Bainbridge Cos. The properties are located in Raleigh, Charlotte and Cary. The complexes were built between 1987 and 1995, and the acquisition nearly doubles Chicago-based Waterton’s portfolio in North Carolina. The properties, which feature a mix of garden-style buildings and townhomes, include: Ashford Green, a 300-unit community consisting of 22 three-story, garden-style buildings and five townhome buildings on 20 acres in Charlotte; Atria at Crabtree Valley, a 268-unit complex across 18 two- and three-story, garden-style buildings on 28 acres in Raleigh; Audubon Parc, 180-units with 10 three-story, garden-style buildings on 18 acres about 11 miles southwest of downtown Raleigh in Cary; and The Retreat at McAlpine Creek, a 400-unit property with 30 three-story, garden-style buildings and four townhome buildings on 40 acres in Charlotte. Waterton plans to renovate unit interiors and exteriors, upgrade amenities, including clubhouses, leasing centers, pools, fitness centers and playgrounds at all four locations, and …
CHARLOTTE, N.C. — Novare Group has sold SkyHouse Uptown, a 672-unit multifamily complex in Uptown Charlotte’s Fourth Ward neighborhood, to CBRE Strategic Partners U.S. Value 8 fund, a subsidiary of Los Angeles-based CBRE Global Investors. The sales price was undisclosed, but Charlotte Business Journal reports the high-rise project sold for $190 million. The asset consists of two 24-story buildings, which were completed in 2015 and 2017. The property includes 14,000 square feet of retail space and an eight-story parking structure. Each tower features a rooftop pool, covered poolside lounges with billiards, fire pits and large flat screen TVs. David Gutting, Andrea Howard, Jim Sewell and John Currin of JLL represented the Atlanta-based seller in the transaction.
BRAINTREE, MASS. — Colliers International has negotiated the $15.2 million sale of Windjammer Cover Apartments, a 72-unit, waterfront apartment community in Braintree. Located at 79 Shaw St., the property features a mix of studio, one- and two-bedroom units. Bruce Lusa, Jonathan Bryant, John Flaherty and Maggie Collins of Colliers represented the sellers, WJ Partners LLC and Oak Sapling Partners LLC, in the transaction. The buyer was True North Capital Partners LLC.
BOSTON — MassHousing has provided $2.1 million in affordable housing financing from the agency’s Workforce Housing Initiative to support the development of 233 Hancock, a five-story, 36-unit workforce housing community being developed by Arx Urban in Dorchester. The financing will help transform two former automobile repair shops into 36 units of new mixed-income homes, including 21 units of workforce housing. Of the 36 new apartments, 10 will be affordable for working households earning up to 80 percent of the Area Median Income (AMI), and 11 apartments will be affordable for working households earning up to 100 percent of AMI. The remaining 15 units will be rented at market rates. The AMI for Boston is $107,800 for a family of four. Additional financing for the project is being provided by the Property and Casualty Initiative, which is providing $9.4 million in construction and permanent financing. Other sources include $3.2 million of private equity and $500,000 in Community Preservation funding from the City of Boston. Haycon is serving as general contractor on the project. The architect is RODE Architects Inc.
AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital, the multifamily mortgage banking arm of Enterprise Community Investment Inc., has arranged $49.3 million in acquisition financing for a pair of multifamily assets in Austin. The company arranged a $34.3 million loan for Northwest Hills, a 314-unit community; and a $15 million loan for The Place at Terracina, a 170-unit property. Kevin Bowen of Bellwether placed the loans for the properties, both of which have 51 percent of their units reserved for residents making 80 percent or less of the area median income, through Fannie Mae’s Special Public Purpose program.
OKLAHOMA CITY — Arlington-based investment firm 180 Multifamily Capital has acquired Pheasant Run, a 271-unit apartment community in Oklahoma City. Situated on 12 acres on the city’s northwest side, the property features one- and two-bedroom units and amenities such as a pool, clubhouse and onsite laundry facilities. 180 Multifamily will renovate and rebrand the community, which was acquired from the undisclosed developer.
ALLEN, TEXAS — Florida-based finance firm Churchill Stateside Group LLC (CSG) has provided a $12.9 million HUD construction loan for Springwood at Allen, a 92-unit community in the northeastern Dallas suburb of Allen that will serve seniors aged 62 and above. CSG closed the loan through HUD’s 221(d)(4) program on behalf of an undisclosed borrower. Construction of the community began in December 2018.