Multifamily

Campus First Acquires 432-Bed Student Housing Property in Denton

by Taylor Williams February 22, 2018

DENTON, TEXAS — Campus First Student Living, a division of Atlanta-based CF Real Estate Services LLC, has acquired Midtown at Denton, a 432-bed student housing community near University of North Texas in Denton. The 120-unit property, which will has been rebranded Midtown 905, was built in 2011 and includes amenities such as a pool, fitness center, game room, study lounge and tanning bed. The transaction is part of a three-property portfolio sale in which Los Angeles-based Redbridge Capital acquired two other student housing assets totaling 383 beds in Arlington and Fort Worth. The seller was not disclosed.

February 22, 2018

Loans Multifamily Retail Southeast Virginia

HFF Arranges $115.4M Construction Financing for Retail, Residential Project in Metro D.C.

by Camren Skelton February 22, 2018

FAIRFAX, VA. — HFF has arranged $115.4 million in construction financing for Scout on the Circle, a 551,000-square-foot residential and retail project in Fairfax, roughly 20 miles west of Washington, D.C. Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex of HFF arranged a $100 million floating-rate loan and $15.4 million in preferred equity on behalf of the developer, Washington, D.C.-based Combined Properties Inc. Scout on the Circle will feature a 54,000-square-foot, single-story grocery store, two five-story apartment towers totaling 400 units and 29,000 square feet of ground-floor retail. Apartment units will feature stainless steel appliances, quartz countertops, plank flooring and private outdoor terraces or balconies. Community amenities will include a coffee bar, business center, clubroom, screening room, pool table, fitness center, dog park and two outdoor courtyards with a swimming pool, grilling areas, shuffleboard and a ping pong table. The transit-oriented property will be located one mile from the Vienna Metrorail station and less than four miles from George Mason University’s campus. Combined Properties expects to complete Scout on the Circle in 2021.

February 22, 2018

Loans Multifamily Southeast Virginia

Walker & Dunlop Provides $34.4M HUD Loan for Multifamily Community in Hampton Roads Region

by Camren Skelton February 22, 2018

NEWPORT NEWS, VA. — Walker & Dunlop has provided a $34.4 million loan through the United States Department of Housing and Urban Development (HUD) for the refinancing of Meridian Parkside, a 308-unit multifamily community in Newport News in Virginia’s Hampton Roads region. Hal Reinauer, Tom Toland and Chris Rumul of Walker & Dunlop worked with HUD’s Baltimore office to originate the 35-year HUD 223(f) loan on behalf of the borrowers, Bonaventure Realty Group and Phillip Roper III. The partnership originally acquired the property in 2016. Constructed in 2008, Meridian Parkside offers one- to three-bedroom units and features a 24-hour fitness center, business center, game room, grilling stations, resort-style pool and a sundeck. Section 223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily housing.

February 22, 2018

Florida Multifamily Southeast

Morgan, Mesirow Financial Open 309-Unit Apartment Tower in Midtown Miami

by Camren Skelton February 22, 2018

MIAMI — Houston-based developer Morgan, in conjunction with Mesirow Financial, has opened Midtown 29, a 309-unit apartment tower located at 180 N.E. 29th St. in Midtown Miami. Designed by Stantec, the community is situated at the entrance to the 645,000-square-foot The Shops at Midtown Miami. Wells Fargo provided construction financing for the 20-story project, which comprises studio to three-bedroom units, averaging 837 square feet. The seventh floor amenity deck features a resort-style swimming pool with private cabanas, an outdoor bar, grilling stations and a fitness center with a yoga/spinning studio. The development also includes 12,000 square feet of ground-floor retail and an adjacent six-story parking garage. In addition to delivering Midtown 29, Morgan plans to open the 350-unit Pearl Flagler Village in Fort Lauderdale at the end of the year.

February 22, 2018

Loans Multifamily Northeast Rhode Island

EagleBridge Capital Arranges $12.6M Loan for Apartment Building in Rhode Island

by Amy Works February 22, 2018

PROVIDENCE, R.I. — EagleBridge Capital has arranged $12.6 million in financing for 95 Lofts, a 59-unit apartment building located at 95 Chestnut St. in downtown Providence. Brian Sheehan and Ted Sidel of EagleBridge secured the loan, provided by a Massachusetts financial institution, for the undisclosed borrower. The property is a six-story, 58,500-square-foot residential building featuring 33 one-bedroom units, 17 two-bedroom units and nine studio units, as well as 2,500 square feet of ground-floor commercial space.

February 22, 2018

Multifamily New York Northeast

Stellar Management Acquires 42-Unit Apartment Building in Manhattan

by Amy Works February 22, 2018

NEW YORK CITY — Stellar Management has purchased a residential building located at 3505 Broadway in Manhattan’s Hamilton Heights. The estate of Harriet Okun sold the property for an undisclosed price. Built in 1907, the six-story property features 42 apartment units and five occupied retail storefronts. Stellar has a capital improvement program planned for the property, including an extensive lobby and hallway renovation. Peter Vanderpool and Lazer Sternhell of Signature Realty brokered the transaction.

February 22, 2018

Loans Midwest Minnesota Multifamily

High Street Residential Receives $34.2M in Construction Financing for Apartment Project in Edina, Minnesota

by Kristin Harlow February 22, 2018

EDINA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has received $34.2 million in financing for the construction of a 165-unit apartment building in Edina. The age-restricted property for persons 55 or older will feature a mix of one- and two-bedroom units with an average unit size of 900 square feet. Construction will also include a 212-space parking garage. The site was formerly home to buildings and parking space used by Edina Public Schools. Completion is slated for spring 2019. Associated Bank provided $19.2 million of the loan with $15 million syndicated to Great Southern Bank. Ted Notz of Associated Bank managed the loan and closing.

February 22, 2018

Midwest Ohio Student Housing

Triad Negotiates Sale of 536-Bed Student Housing Property Near Ohio University

by Kristin Harlow February 22, 2018

ATHENS, OHIO — Triad Real Estate Partners has negotiated the sale of Carriage Hill Apartments near Ohio University in Athens for an undisclosed price. Built in two phases between 1967 and 1970, the student housing property features 536 beds within 337 units. The buyer, Emet Capital Management, plans to complete a substantial renovation and rebranding of the property. Columbus-based Wallick Communities was the seller.

February 22, 2018

Illinois Midwest Multifamily

Interra Brokers $3.2M Sale of Multifamily Building in Chicago

by Kristin Harlow February 22, 2018

CHICAGO — Interra Realty has brokered the sale of a 33-unit multifamily building in Chicago for $3.2 million. The property, located at 5001 S. Drexel Blvd., features a mix of one-, two-, three- and four-bedroom units. The buyer, EquityBuild, plans to rehab the property, which was built in 1906. Brad Feldman and Adam Saxon of Interra represented the buyer. Brian DiBasilio, along with Feldman and Saxon, represented the seller, Cedar Street.

February 22, 2018

Arizona Multifamily Western

Western Wealth Capital Purchases 150 Apartment Units in Tempe for $17.3M

by Nellie Day February 21, 2018

TEMPE, ARIZ. — Western Wealth Capital has acquired the 150-unit Villatree apartments in Tempe for $17.3 million. The community is located at 1750 S. Price Road. Villatree was built in the 1980s, providing the new owner with a value-add opportunity. Steve Gebing and Cliff David represented both the buyer and the seller, PEM Real Estate Group, in this transaction.

February 21, 2018

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