Multifamily

Waterton Acquires Four Multifamily Assets Totaling 1,634 Units in Dallas Area

by Taylor Williams July 31, 2018

DALLAS AND PLANO, TEXAS — Chicago-based Waterton has acquired four multifamily assets totaling 1,634 units in Dallas and Plano. The properties include the 535-unit Gramercy on the Park in Dallas; the 417-unit Mockingbird Flats in Dallas; the 380-unit Creekside at Legacy in Plano; and the 302-unit Lakeshore at Preston in Plano. The properties, which were built between 1992 and 2012, were acquired in a portfolio sale from a partnership controlled by CBRE Global Investors for undisclosed prices. The portfolio also included multifamily assets in North Carolina, Arizona and Virginia.

July 31, 2018

Acquisitions Multifamily Texas

L5 Investments, BH Equities Sell 364-Unit Apartment Community in Houston

by Taylor Williams July 31, 2018

HOUSTON — A partnership between California-based L5 Investments and Iowa-based BH Equities has sold Huntington Glen, a 364-unit multifamily community in southwest Houston. Built in 1982, Huntington Glen offers amenities such as two pools, a business center and a playground. The partnership acquired the asset in 2015 and implemented a capital improvement program. The buyer was Austin-based GVA Real Estate Group. Joey Rippel, Chris Young and Connor Phillips of HFF represented the partnership in the sale.

July 31, 2018

Acquisitions Multifamily Texas

WWC Purchases 161-Unit Apartment Property in Metro Houston for $14.9M

by Taylor Williams July 31, 2018

SPRING, TEXAS — Western Wealth Capital (WWC) has purchased Wimbledon Apartment Homes, a 161-unit multifamily property in the northern Houston suburb of Spring, for $14.9 million. The property was built in 1979 and features one-, two- and three-bedroom units. Amenities include a pet park, business center and a coffee bar. This transaction marks WWC’s first acquisition of a multifamily property in Houston and its fourth overall in Texas.

July 31, 2018

Illinois Loans Midwest Multifamily

Citizens Bank Provides $20.9M Construction Loan for Apartment Property in Chicago’s Lincoln Park

by Kristin Harlow July 31, 2018

CHICAGO — Citizens Bank has provided a $20.9 million loan for the construction of 42 luxury apartments at Norweta Row in Chicago’s Lincoln Park neighborhood. The development also includes 31 for-sale condominium units that will share amenities with the apartments, but were not part of the collateral for this loan. The apartment phase of the project is due for completion in spring 2019 and will encompass 79,000 square feet. Community amenities will include a pool, fire pit, outdoor grilling area, sport court and dog wash station. Christopher Knight and Greg LaBine of HFF arranged the loan on behalf of the borrower, Broder.

July 31, 2018

Loans Midwest Multifamily Ohio

SunTrust Arranges $20.3M Fannie Mae Refinancing of Multifamily Property in Dayton, Ohio

by Kristin Harlow July 31, 2018

DAYTON, OHIO — SunTrust Banks Inc. has arranged a $20.3 million Fannie Mae loan for the refinancing of a 300-unit multifamily property in Dayton. Built in 1988, the Class B property is located 11 miles southwest of Dayton’s central business district. Joe Markech of SunTrust originated the 12-year loan, which features a 30-year amortization schedule. Markech sourced the transaction through Michael Dury of PR Mortgage & Investments.

July 31, 2018

Acquisitions Multifamily New Jersey Northeast

Spirit Bascom Ventures Acquires Multifamily Community in Hoboken for $17.6M

by David Cohen July 31, 2018

HOBOKEN, N.J. — Spirit Bascom Ventures has acquired Columbus Park Apartments, a 37-unit multifamily community in Hoboken for $17.6 million. Located at 1024 Clinton St., the eight-story property is a former warehouse that was converted to multifamily use in the 1990s. The community also includes a 37-space parking structure. Stephen Simonelli of HFF and James Giaccio and Kevin Helsinki of Chelsea Realty represented the undisclosed seller in the transaction. HFF arranged acquisition financing through CIT Group. Spirit Bascom Ventures is a partnership between The Bascom Group LLC and Spirit Investment Partners LLC. The buyer plans to reposition the asset as a boutique institutional-quality property.

July 31, 2018

Connecticut Development Multifamily Northeast

Senior Lifestyle Corp. Breaks Ground on 71-Unit Assisted Living Community in Connecticut

by David Cohen July 31, 2018

NEWTOWN, CONN. — Senior Lifestyle Corp. has broken ground on Church Hill Village, a 71-unit assisted living and memory care community in Newtown, located approximately midway between New York City and Hartford. The community will feature 49 assisted living apartments and 22 memory care apartments. The 66,000-square-foot building will be situated on four acres. Development partners for the project include Teton Capital Co. and JRP Architects. The community is scheduled to open in summer 2019.

July 31, 2018

Connecticut Development Multifamily Northeast

Pennrose Opens First Phase of 151-Unit Multifamily Community in Connecticut

by David Cohen July 31, 2018

MERIDEN, CONN. — Pennrose has opened Meriden Commons I, a 75-unit multifamily community in Meriden. The community is the first of a two-phase transit oriented development that will bring 151 mixed-income apartment units and more than 6,500 square feet of retail space to the City of Meriden. Once completed in the fall of 2019, Meriden Commons II will consist of 76 mixed-income apartments. Located at 161 and 177 State St., Meriden Commons I and II are within close proximity to downtown Meriden and Meriden’s Amtrak Center.

July 31, 2018

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Negotiates $1.6M Sale of Three-Story Multifamily Building in Queens

by David Cohen July 31, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $1.6 million sale of a multifamily building in the Jackson Heights neighborhood of Queens. Stephen R. Preuss, Denise Prevete and Kevin Louie of Cushman & Wakefield represented the seller, Tina M. Ng & Katherine Y. Ng, in the transaction. The buyer was Harry Otterman. Located at 35-15 72nd St., the three-story property consists of six units. Recent upgrades to the building include an updated roof, and boiler within the past four years.

July 31, 2018

Loans Multifamily North Carolina Southeast

Canyon Provides $16.9M Equity Investment for New Multifamily Construction in Raleigh

by Camren Skelton July 31, 2018

RALEIGH, N.C. — Canyon Partners Real Estate LLC has provided a $16.9 million preferred equity investment to Kane Realty Corp. for the development of Vine North Hills, a 326-unit apartment community in Raleigh’s North Hills submarket. Located on four acres along St. Albans Drive, Vine North Hills is the first phase of the 33-acre, multi-phased North Hills East Expansion. The community will feature a mix of studio to three-bedroom apartment units with quartz countertops, stainless steel appliances, glass walk-in showers and private balconies. Community amenities will include a clubhouse with hospitality kitchen, lounge and game rooms, fitness center, saltwater pool, grills, fire pits, dog washing facility, a bike center and storage units. A construction timeline was not disclosed.

July 31, 2018

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