CINCINNATI — Columbia Pacific Advisors LLC has provided a $25 million bridge loan primarily for the acquisition of a nine-property, 435-unit multifamily portfolio in Cincinnati. Kentucky-based Blue Tide Partners was the borrower. A portion of the loan proceeds will be used to refinance existing debt on nine similar properties totaling 212 units in Cincinnati that Blue Tide acquired in 2014 and 2015. Together, the 18-property portfolio is 55 percent occupied.
PLANO, TEXAS — JLL Income Property Trust has acquired Villas at Legacy, a 328-unit multifamily community in Plano. The property is located within Legacy Business Park, a 2,665-acre master-planned community. Amenities include a pool, fitness center, business center, picnic areas and a coffee bar. This transaction, the seller in which was not disclosed, raises the size of the trust’s multifamily portfolio to more than 2,500 units.
HOUSTON — Chicago-based NXT Capital has provided a $10 million loan for the refinancing of a 133-unit apartment community in Houston. The Class A property is located near the Westchase and Galleria areas and offers amenities such as a pool, resident lounge and a fitness center. Additional terms of the transaction, the borrower and the property name were not disclosed.
SHILOH, ILL. — Contegra Construction Co. has broken ground on a $26 million apartment development in Shiloh, about 20 miles east of St. Louis. Known as Thirteen01 at Hartman Lakes, the property will include 216 units on 17 acres. The first of nine apartment buildings in Phase I is scheduled to be available for lease by November. The entire community is slated for completion in July 2019. Community amenities will include a fitness room, pool, fire pit, walking trail and two lakes. One-bedroom apartment rents will start at $950 per month and two-bedroom units at $1,250 per month. Greenmount Retail Center LLC is the developer.
ST. LOUIS — City Club Apartments has sold the 401-unit Central West End City Club Apartments in St. Louis, marking the company’s exit from the market. The sales price was not disclosed. City Club Apartments says that it has sold the community to focus on development in Cleveland and other Midwest and East Coast markets. This year, City Club Apartments has broken ground on communities in Detroit, Minneapolis and Cincinnati. All of the communities will feature retail space. “We have a responsibility to our investors, lenders and partners to perform at the highest level and we are reallocating our financial and human capital to several accelerating markets, including Cleveland,” says Jonathan Holtzman, CEO of City Club Apartments.
EAST POINT, GA. — Arbor Realty Trust Inc. has provided a $21.7 million Fannie Mae loan for the refinancing of Parkside at Camp Creek Apartments, a 486-unit multifamily community in East Point, roughly eight miles south of downtown Atlanta. Ryan Duff of Arbor originated the loan, which features a 30-year amortization schedule. Constructed in 1970, Parkside at Camp Creek includes a mix of two- and three-bedroom floor plans and features a clubhouse, laundry facility, two swimming pools, a fitness center, playgrounds and a basketball court.
FALL RIVER, MASS. — NAI Hunneman has arranged the sale of a 50-unit apartment community in Fall River for $3.7 million. The 37,824-square-foot property, which is located at 655-735 North Main St., contains four separate brick apartment buildings with 40 two-bedroom and 10 one-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Ferris Apartments Inc., in the transaction. The buyer was 655-735 North Main Street Realty Trust.
LOS ANGELES — Los Angeles-based Meta Housing Corp. has broken ground on Whittier & Downey SE, an affordable housing community located at 4200-4224 Whittier Blvd in East Los Angeles. Slated for completion in fall 2019, the property will feature 71 units in a mix of one-, two- and three-bedroom floorplans. On-site amenities will include an outdoor barbecue area, edible container garden, large courtyard, community room, tot lot, bicycle storage, on-site laundry and a gym. Located adjacent to the Los Angeles Metro Line 18, the property will also feature 3,400 square feet of retail space. As an affordable housing property, the project will reserve 35 of the 71 affordable units as permanent supportive housing. Financing for the $38.6 million project is being provided by the California Tax Credit Allocation Committee, California Housing Finance Agency, Community Development Commission of the County of Los Angeles, Los Angeles County Departments of Health Services and Mental Health, Brilliant Corners and Bank of America Merrill Lynch. The development is part of a two-phase project, with the second phase located at the northeast corner of Whittier Boulevard and Downey Road. The second phase is scheduled to begin construction in spring 2019.
LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of San Antonio Apartments, an apartment community located at 1090 E. San Antonio Drive in the Bixby Knolls submarket of Long Beach. A private limited liability company sold the property to a private investor for approximately $4.9 million, or $245,000 per unit. Built in 1948, the 22,247-square-foot building features 16 one-bedroom/one-bath units and four studio units. Additionally, the property features balconies, landscaped grounds and 11 private parking garages. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller in the transaction.
Apartment rents in Detroit are now the fastest rising in the United States among the nation’s largest cities, growing at an annual rate of 5.3 percent as of May 2018, according to Yardi Matrix and RENTCafé. Across the Midwest, the apartment market remains very strong with high demand and therefore increasing rents. Jay Madary, president and CEO of Oak Brook, Ill.-based JVM Realty, spoke with REBusinessOnline to discuss the state of the market, including the pace of investment sales. JVM owns and operates Class A and B apartment communities in Midwest markets such as Cleveland, Indianapolis, Kansas City and suburban Chicago. REBusinessOnline: How would you assess the overall state of the apartment market in the Midwest? Jay Madary: I think it’s really strong. In general, supply and demand remain balanced. We’ve certainly seen a surge of new construction in most Midwestern markets, and those new units coming online have cooled rent growth a bit. Whereas we were seeing growth of 5 to 6 percent a couple of years ago, now 2 to 4 percent is more typical. But the robust job growth in the region and the historically low unemployment rates have kept demand high, and those new units are largely being …
