Multifamily

ZOM Living Breaks Ground on 41-Story Multifamily Tower in Dallas

by Taylor Williams July 2, 2018

DALLAS — Orlando-based multifamily developer ZOM Living has broken ground on ATELIER, a 41-story multifamily tower that will be located adjacent to Klyde Warren Park in Dallas. The property will feature 364 one-, two- and three-bedroom units ranging in size from 702 to 2,266 square feet, as well as 15,000 square feet of retail space. Amenities will include a resort-style pool, fitness center with a yoga/spin room, conference room, coworking spaces, fire pits, a lounge and private wine lockers. The project will also deliver a 10-story parking garage. Stantec provided design services and Balfour Beatty is serving as general contractor. Fifth Third Bank and SunTrust Bank provided construction financing.A timeline for completion was not released.

July 2, 2018

Acquisitions Multifamily Texas

American Landmark Acquires 334-Unit Apartment Community in Metro Fort Worth

by Taylor Williams July 2, 2018

MANSFIELD, TEXAS — Multifamily owner-operator American Landmark has acquired Advenir at Mansfield, a 334-unit apartment community located in the southern Fort Worth metro of Mansfield. Built in 2010, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, business center and a dog park. Mitch Sinberg, Matt Robbins, Bob Falese and Matt Cullison of Berkadia arranged a $32.9 million Freddie Mac green loan, which features 4.16 percent interest and 70 percent loan-to-value, for the acquisition. The new ownership will implement a capital improvement program valued at approximately $1.5 million.

July 2, 2018

Loans Multifamily Texas

TRC Arranges Construction Loan for 238-Unit Apartment Project in Metro Austin

by Taylor Williams July 2, 2018

LEANDER, TEXAS — Austin-based mortgage banking firm Texas Realty Capital (TRC) has arranged a construction loan for Hermosa Village, a 238-unit apartment project that recently broke ground in the northern Austin suburb of Leander. The loan featured a 75 percent loan-to-cost (LTC) structure, including both bank financing (64 percent) and preferred equity (11 percent). TRC arranged the loan on behalf of the sponsor, IMPACT Developers, an Austin-based multifamily development group. The loan amount was not disclosed.

July 2, 2018

Loans Midwest Minnesota Multifamily

Dougherty Provides $4.8M HUD Loan for Acquisition of Apartment Property in Suburban Minneapolis

by Kristin Harlow July 2, 2018

COON RAPIDS, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 223(f) loan for the acquisition and rehabilitation of Drake Apartments in Coon Rapids, a northern suburb of Minneapolis. The 48-unit affordable housing property was originally constructed in 1978 and underwent a partial renovation in 2001. As part of this acquisition, the property will undergo a rehabilitation of approximately $34,000 per unit. The loan is fully amortized over 35 years. Drake MDG LP was the borrower.

July 2, 2018

California Development Multifamily Western

SLIG Breaks Ground on Apartment Building in Hollywood

by Amy Works July 2, 2018

LOS ANGELES — Strategic Legacy Investment Group (SLIG), a Los Angeles-based private placement investment firm, has broken ground for La Mirada @ Central Park Smart Apartment, located at 5608 La Mirada Ave. in Hollywood. The 13,018-square-foot apartment building will consist of 13 units on a 7,500-square-foot R-3-zoned lot with mix of affordable and market-rate housing. The property will feature seven one-bedroom/one-bath units, six two-bedroom/two-bath units, smart home technology, a WiFi lounge and game room, modern European finishes, a pet-friendly community and a rooftop lounge with views of Hollywood. SLIG’s subsidiary, Strategic Legacy Management Corp., will handle the marketing and leasing of the property, which will be available for lease in December 2019. The project team includes Acraforma as architect and ESAB Construction for construction management.

July 2, 2018

Acquisitions Arizona Loans Multifamily Western

CBRE Secures $18.3M Acquisition Loan for Apartment Complex in Chandler, Arizona

by Amy Works July 2, 2018

CHANDLER, ARIZ. — CBRE Capital Markets’ Debt & Structured Finance team has arranged an $18.3 million loan for the acquisition of Avilla at Chandler Heights, an apartment complex located at 255 E. Chandler Heights Road in Chandler. Brian Cruz, Scott Peterson and Bill Chiles of CBRE’s San Diego office secured the interest-only, fixed-rate loan through Fannie Mae for the borrower, San Diego-based The Certé Group. Constructed in 2017, the property consists of 116 single-story units, featuring private backyards, in 101 individual buildings. All two- and three-bedroom units are standalone buildings and the one-bedroom units are in duplex configurations. Situated on 9.5 acres, the community features a swimming pool, spa, central greenbelt, gated access and covered parking.

July 2, 2018

Development Multifamily Oregon Seniors Housing Western

MorningStar, Confluent Start Construction of Seniors Housing Community in Oregon

by Amy Works July 2, 2018

HAPPY VALLEY, ORE. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Happy Valley in the Portland suburb of Happy Valley. The three-story, 83,300-square-foot property will feature 61 units of assisted living and 27 units of memory care. Located on two acres, the community is scheduled to open in summer 2019. This is the second seniors housing project in the Portland metro area for the joint venture, and the 12th overall. Local firms involved in the project include LRS Architects and LCG Pence Construction. Thoma-Holec Design, based in Mesa, Ariz., will serve as interior designer.

July 2, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Brokers $6.8M Sale of Multifamily Building in Denver

by Amy Works July 2, 2018

DENVER — Pinnacle Real Estate Advisors has arranged the sale of Observatory Park, an apartment building located at 2035 S. Josephine St. in Denver. Old Faithful Properties sold the property to Michael Blackman for $6.8 million, or $316 per square foot. The 21,674-square-foot building features 40 apartment units. Kevin Calame of Pinnacle represented the seller in the transaction.

July 2, 2018

Loans Lument Multifamily RED Capital Group Texas

RED Capital Provides $52.5M in Financing for 805-Unit Multifamily Community in Houston

by Taylor Williams June 29, 2018

HOUSTON — RED Mortgage Capital LLC, the debt banking arm of Columbus, Ohio-based RED Capital Group LLC, has provided $52.5 million in financing for Vista on Gessner, an 805-unit affordable housing community in Houston. The financing, which was arranged on behalf of Dallas-based Dalcor Holdings LLC, included a first lien $50 million Fannie Mae loan and a second lien $2.5 million co-terminus taxable loan. Vista on Gessner was built in 1977 and offers amenities such as a resident clubhouse, three pools, on-site laundry facilities and a library. Dalcor will implement a renovation project to upgrade the property’s unit interiors, parking, landscaping and utility systems, as well add fitness and business centers. Following the renovation, all units will be available to renters earning up to 60 percent of the area median income.

June 29, 2018

Acquisitions Multifamily New York Northeast

Gebroe-Hammer Brokers $30M Sale of Apartment Community in Northern New Jersey

by David Cohen June 29, 2018

HIGHLAND PARK, N.J. — Gebroe-Hammer Associates has brokered the $30 million sale of Donaldson Park Apartments, a 152-unit apartment community in Highland Park. Joseph Brecher of Gebroe-Hammer represented the seller, JGT Managing Partners, in the transaction. JGT was the original developer of the garden-style community, which was built in 1966. The buyer was Oxford Realty Group. Located at 321 Crowells Road, the six-building property features eat-in kitchens, hardwood floors and sliding-glass-door patios. The community is located near the 90-acre riverfront Middlesex County Park, which includes a boat ramp, sports fields and paved trails.

June 29, 2018

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