CHICAGO — Jameson Commercial has arranged the sale of a six-unit multifamily building in Chicago’s Lakeview neighborhood for $1.2 million. The property is located at 1644 W. Addison St. Mark Kishtow of Jameson represented the undisclosed buyer.
HOUSTON — Winther Investment, a Houston-based developer, has broken ground on a 215-unit multifamily community in Houston. According to the Houston Chronicle, the company acquired the land for the project in 2013 but delayed construction in 2016 due to soft multifamily demand in the market. Steinberg Dickey Collaborative LLP designed the community, which is slated to be complete by spring 2020.
PLEASANTON, TEXAS — San Antonio-based Windmill Investments LLC has acquired Chaparral Place, a 92-unit multifamily community in Pleasanton, about 30 miles south of San Antonio. The sale of the property, which was built in 2013, includes the 10.3 acres on which it is situated. Moses Siller and Zar Haro of JLL brokered the deal. The seller was not disclosed.
SEATTLE — Newmark has arranged $62 million in fixed-rate financing for 624 Yale Apartment Building in Seattle. Located in Seattle’s South Lake Union district, the two-building high-rise community features 204 studio, one-bedroom and two-bedroom units. Additionally, the property features ground-floor retail space and parking. Brian Bonipart and Abby Kemp of Newmark’s Seattle office arranged the financing on behalf of the undisclosed borrower. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders and was funded at receipt of Certificate of Occupancy.
RICHMOND, VA. — CBRE | Richmond has arranged the $39.3 million sale of First National Bank Apartments in downtown Richmond. GHA Barnaby Associates acquired the asset from Rushmark FNB LLC. Charles Wentworth and Petyton Cox of CBRE | Richmond, in conjunction with Jonathan Greenberg, Yalda Ghamarian and Tom Leachman of CBRE’s Washington, D.C., office, arranged the transaction on behalf of Rushmark. Originally constructed in 1913 as a bank, the 20-story building was converted to a 154-unit apartment property in 2012. The community features a pool, coffee bar, fitness center, bike storage, package service and laundry facilities.
M&T Realty Capital Provides $31.1M HUD Construction Loan for Multifamily Community in Tampa Bay Area
BRADENTON, FLA. — M&T Realty Capital Corp. has provided a $31.1 million construction loan for Blue Heron Lakes, a 192-unit, market-rate apartment community in the Tampa Bay community of Bradenton. Paula Quigley and Brian Benzel of M&T Realty originated the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Cedarwood Development Inc. Blue Heron Lakes is the second phase of the Blue Heron community. The property will include a mix of one-, two- and three-bedroom units with granite countertops and private screened balconies or patios. Community amenities will include a clubhouse and entertainment deck, as well as cross-access to additional amenities at its sister community, Blue Heron Creek. A construction timeline for the development was not disclosed.
KNOXVILLE, TENN. — NAI Global has arranged the sale of Tower at Morgan Hill, a 360-bed student housing community located roughly two miles from the University of Tennessee in Knoxville. Rick Ross, Alex Waddey, David Ellis and Colin Moore of NAI Global arranged the transaction on behalf of the undisclosed seller. FPA Multifamily acquired the property for an undisclosed price. The Tower at Morgan Hill features one- and two-bedroom, fully furnished apartments. Community amenities include a resident clubhouse, fitness center, computer room, study lounge, business center, pool and an on-site parking garage.
LAS VEGAS — SDS Realty Corp. has purchased Fremont Palms Apartments, a multifamily property located at 2540 Fremont St. in Las Vegas. Sackley Family Management 2540 LLC sold the building for $3.2 million. The property features 53 apartment units, resulting in a price of $60,377 per unit. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily represented the seller, while Blake Leavitt of Wardley Real Estate represented the buyer in the off-market transaction.
CHICAGO — What are the limitations of a market study? In light of overbuilding concerns in some major metros, it’s a salient question. J.P. LoMonaco, president of Valuation & Information Group, moderated a panel discussion on the impact of market studies on new development during the InterFace Seniors Housing Midwest conference in June. The textbook definition of a market study is a comparison of supply and demand within a defined geographic area. It is a risk-assessment tool. Rick Banas, vice president of development and positioning at Gardant Management Solutions, considers a market study to be a snapshot in time that can help an owner or operator formulate strategies for developing a community. “[A market study] helps you identify red flags, caution flags. It may provide a green light, but it is not the only element that can give you an indication whether a project is a go, no go, or whether it is going to be successful,” said Banas. Dave Erickson, vice president of real estate development for the Ryan Cos., said one step he takes early on in the market study process is to mesh the National Investment Center for Seniors Housing & Care (NIC) data on supply and …
CHELSEA, MASS. — Cornerstone Realty Capital has arranged $12.3 million in acquisition financing for an 11-building multifamily portfolio in Chelsea. The properties, which are each three to five stories tall, include a total of 92 units and two commercial spaces. The borrower, Maverick Chelsea LLC,plans to renovate each building based on need. Cornerstone delivered a fixed-rate loan through an undisclosed lender with two years of interest-only payments followed by a 30-year amortization. Chelsea is directly across the Mystic River from Boston.