Multifamily

Colliers to Acquire 75 Percent Stake in Harrison Street for $450M

by Taylor Williams May 14, 2018

TORONTO AND CHICAGO — In an effort to expand its global investment management platform, Colliers International Group Inc. (NASDAQ: CIGI) has agreed to acquire 75 percent of Harrison Street Real Estate Capital LLC for $450 million. Under the terms of the transaction, which is expected to close during the third quarter, the senior management team of Harrison Street will hold the remaining 25 percent of equity. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement certain performance targets. Chicago-based Harrison Street currently manages about $14.6 billion worth of assets, primarily in the seniors housing, student housing, medical office and self-storage sectors. The company’s senior management team will continue to handle its day-to-day operations. No changes to the company name have been announced at this time. According to CEO Christopher Merrill, Harrison Street was seeking an outside investment partner to assist with its global positioning strategy. Harrison Street was drawn to the depth of Colliers’ relationships on a global scale, as well as the brokerage firm’s decentralized management style and track record in investment sales. For its part, Toronto-based Colliers was in the market for a new platform that would enable global investment growth. …

May 14, 2018

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Birmingham’s Multifamily Market Sees a Turnaround in Highway 280 Corridor

by John Nelson May 14, 2018

Birmingham’s multifamily market closed out 2017 with an average 7 percent vacancy rate and effective rents that flirted with the $900 per unit ceiling. On the investment side, multifamily assets in the market demonstrated some notable pricing trends through year-end 2017. The market outperformed the region and the nation in terms of value appreciation on a per unit basis. The average price per unit in Birmingham increased by more than 20 percent from fourth-quarter 2016 to fourth-quarter 2017. And, among these assets, garden-style properties stood out with a 36 percent increase in average price per unit. One explanation for this trend is the combination of value-add upgrades to garden-style properties in the market, as well as new construction that is lifting values in the market. To that end, Birmingham’s Highway 280 Corridor makes for a great case study. Stabilization of 280 Corridor What was a soft submarket in 2017, the Highway 280 Corridor in Birmingham has now rapidly tightened up in the first quarter of 2018. This one corridor spans various Birmingham submarkets ranging from urban Central City and Southside to Birmingham’s southeastern suburbs of Meadowbrook and Lake Purdy. According to Alabama Traffic Data (ATD), the average annual daily traffic …

May 14, 2018

Acquisitions Multifamily New York Northeast Seniors Housing

Brightview Senior Living Purchases 7.5 Acres in Long Island for Seniors Housing Development

by David Cohen May 11, 2018

SAYVILLE, N.Y. — Brightview Senior Living has acquired a 7.5-acre plot of land in the Long Island hamlet of Sayville. Anthony James Fusco LLC sold the property for $5.5 million. Brightview plans to begin development of a seniors housing property on the plot, starting in June. Although the type of care offered was not disclosed, Brightview generally offers independent living, assisted living and memory care. The community will be Brightview’s first on Long Island. The company’s current portfolio totals 25 seniors housing communities in Connecticut, Florida, Maryland, Massachusetts, Missouri, New Jersey, Pennsylvania, Rhode Island and Virginia. Dennis McCoy of NAI Long Island represented Brightview in the transaction.

May 11, 2018

Acquisitions Multifamily Student Housing Texas

PAC Acquires 808-Bed Student Housing Property in College Station

by Taylor Williams May 11, 2018

COLLEGE STATION, TEXAS — A subsidiary of Preferred Apartment Communities Inc. (PAC), a publicly traded multifamily investment firm, has acquired The Tradition, an 808-bed student housing property in College Station. The 427-unit community is located one block away from Texas A&M University and features amenities such as a pool, outdoor grilling areas, 24-hour fitness center, computer stations, Starbucks Coffee bar, theater room and a game room. PAC financed the acquisition with a $30 million first mortgage bridge loan from Macquarie Group, an Australian investment banking firm. The seller was not disclosed.

May 11, 2018

Retreat-by-Watermark-Corpus-Christi-Texas

Loans Multifamily Texas

Meridian Capital Arranges $40M Refinancing of Apartment Community in Corpus Christi

by Taylor Williams May 11, 2018

CORPUS CHRISTI, TEXAS — New York-based Meridian Capital Group has arranged a $40 million loan for the refinancing of The Retreat by Watermark, a 324-unit apartment community in Corpus Christi. The property consists of one-, two- and three-bedroom units and offers amenities such as a pool, fitness center, movie room, game room and a pet park. Peter Martz, Akiva Friend and Israel Schubert of Meridian Capital arranged the 10-year, non-recourse loan, which features an 80 percent loan-to-value (LTV) ratio and a fixed interest rate, on behalf of Watermark Residential, an Indiana-based multifamily developer.

May 11, 2018

Acquisitions Multifamily Texas

RAM Investments Sells 144-Unit Apartment Community in Andrews, Texas

by Taylor Williams May 11, 2018

ANDREWS, TEXAS — Austin-based development firm RAM Investments has sold Greenmark at Andrews, a 144-unit multifamily community located in the West Texas city of Andrews. Built in 2014, the property consists of one-, two- and three-bedroom units ranging in size from 654 to 1,146 square feet. Amenities include a pool, clubhouse, business center and a theater room. Ryan McBride, Sean Sorrell and Steven Hahn Jr. of HFF represented RAM Investments in the transaction, the buyer of which was not disclosed. Greenmark at Andrews was 100 percent occupied at the time of sale.

May 11, 2018

Loans Multifamily Student Housing Texas

Madison Realty Capital Provides $6.5M Acquisition Loan for Student Housing Asset in Beaumont

by Taylor Williams May 11, 2018

BEAUMONT, TEXAS — Madison Realty Capital, a New York-based private equity firm, has closed a $6.5 million loan for the acquisition of a non-performing first mortgage note secured by The Edge, 96-unit student housing complex located at 5230 S. Martin Luther King Parkway in Beaumont. The five-building property serves Lamar University and includes amenities such as a pool, fitness center, tanning salon, volleyball court, business center and a coffee bar. The borrower was not disclosed.

May 11, 2018

Acquisitions Multifamily Utah Western

Security Properties Acquires 96-Unit Affordable Multifamily Property in Park City, Utah

by Amy Works May 11, 2018

PARK CITY, UTAH — Security Properties has purchased Elk Meadows, an affordable multifamily property located at 2627 Kilby Road in Park City, for an undisclosed price. The garden-style community comprises 96 units that are income restricted. The property was originally developed in 1993 utilizing Low-Income Housing Tax Credits from the Utah Housing Corp. A regulatory agreement tied to that original source of financing restricts the property to affordable housing through 2023. KeyBank provided a five-year, floating-rate loan for the property. Security Properties Residential, an affiliate of Security Properties, will manage the property. This acquisition is Security Properties’ first purchase in Utah.

May 11, 2018

Acquisitions Florida Multifamily Southeast

HG Management Sells 350-Unit Apartment Community in Palm Beach County for $120M

by Camren Skelton May 11, 2018

WELLINGTON, FLA. — Tampa-based HG Management LLC has sold The Quaye at Wellington, a 350-unit apartment community in Palm Beach County, for $120 million. Walker & Dunlop arranged the transaction on behalf of HG Management, which delivered the property in the spring of 2017. Stockbridge Capital Group acquired the asset. Situated on 32 acres in Wellington, The Quaye includes a mix of one- to four-bedroom floor plans and townhome-style units with direct-access garages. Community amenities include four lakes, a nature preserve with a walking path, dog park, playground, heated pool, clubhouse, game room, fitness center with a boxing ring, yoga and spin studio, indoor sports court and an outdoor summer kitchen. The community was more than 90 percent occupied at the time of sale.

May 11, 2018

Development Florida Multifamily Southeast

Crescent Communities to Develop 390-Unit Multifamily Asset at Bromley’s Midtown Tampa Project

by Camren Skelton May 11, 2018

TAMPA, FLA. — Crescent Communities, in conjunction with The Bromley Cos., has unveiled plans for NOVEL Midtown Tampa, a 390-unit multifamily community. The project is the residential component of Midtown Tampa, Bromley’s 1.8 million-square-foot mixed-use development. The master-planned project is located between downtown Tampa and the Westshore Business District. NOVEL Midtown Tampa will feature ground-floor retail and restaurant space and will be situated within walking distance to Midtown Tampa’s amenities, including the recently announced, 48,000-square-foot Whole Foods Market. In addition to the apartment community, at full build-out Midtown Tampa will feature more than 200,000 square feet of retail, restaurant, entertainment and outdoor space; 750,000 square feet of office space; and two boutique hotels. NOVEL Midtown Tampa is expected to open in the second half of 2020.

May 11, 2018

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