Multifamily

SWBC Sells 300-Unit Apartment Community in Northwest San Antonio

by Taylor Williams May 3, 2018

SAN ANTONIO — Dallas-based SWBC Real Estate LLC has sold Twin Creeks at Alamo Ranch, a 300-unit multifamily community in San Antonio. The Class A property is located at the entrance of the Alamo Ranch master-planned community on the city’s northwest side. Developed by SWBC and completed in 2016, the community consists of one-, two- and three-bedroom units and offers amenities such as a pool, outdoor grilling areas, fitness center and a car wash. Will Balthrope and Jordan Featherston of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale. The buyer and sales price were not released.

May 3, 2018

Development Multifamily Texas

Transwestern to Develop 263-Unit Apartment Community in Downtown Austin

by Taylor Williams May 3, 2018

AUSTIN, TEXAS — Transwestern Development Co. has acquired 1.6 acres in downtown Austin for the development of Block 36, a 263-unit multifamily community. Block 36 will consist primarily of studio units with approximately 14 percent of the units being two-bedroom residences. In addition to having a 3,000-square-foot ground-floor restaurant space, the community will offer amenities such as a pool, fitness center, clubroom, business lounge and an elevated courtyard with fire pits. Wilder Belshaw, an architecture firm with offices in the Dallas and Austin area, is handling design of the project, and Comerica Bank is providing construction financing. Transwestern expects to break ground on the property in January 2019 and deliver it during the first half of 2020.

May 3, 2018

Development Michigan Midwest Multifamily

Woda Completes $7.4M Conversion of Former School into Apartment Property in Portland, Michigan

by Kristin Harlow May 3, 2018

PORTLAND, MICH. — Woda Cooper Cos. Inc. has completed Portland School Apartments in Portland, about 25 miles northwest of Lansing. Formerly Portland School, which dates back to 1919, the property is now home to 29 apartment units. The units are affordable for those earning no more than 60 percent of the area median income. Amenities include an elevator, a large community room, fitness center, outdoor BBQ space and gazebo. The school closed in 1996. The property was temporarily used for housing, but has mostly sat vacant. Low-income housing tax credits allocated by Michigan State Housing Development Authority and historic credits from the National Park Service helped fund the $7.4 million project. PNC purchased the tax credits and provided the construction, bridge and permanent loans.

May 3, 2018

Company News Maryland Multifamily New York Northeast Seniors Housing Southeast Top Stories

Annaly to Acquire Healthcare Real Estate Specialist MTGE for $900M in REIT Merger

by Camren Skelton May 3, 2018

NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …

May 3, 2018

Market Reports Michigan Midwest Midwest Market Reports Multifamily

Surging Demand for Apartments in Downtown Detroit Is Testament to the City

by Kristin Harlow May 3, 2018

At a time when downtown Detroit is in the midst of a civic renaissance, the state of the city’s multifamily real estate market is both a reflection of larger trends and a sign of what might be in store for the Motor City in the years ahead. To keep a pulse on the market, Broder & Sachse Real Estate compiles a market study twice a year to evaluate the rental and occupancy rates of all multifamily properties downtown. Through this research, the continued strength of Detroit’s multifamily market is abundantly clear, with an average occupancy rate of 95.6 percent across downtown in winter 2018. This occupancy rate indicates demand is high, especially coupled by the findings in the Downtown Detroit Partnership’s third Greater Downtown Residential Market Study released in 2017. The study estimated that an additional 10,000 units will be needed over the next five years. The need for these additional 10,000 units means supply — or a relative lack thereof — is also part of the equation. While the number of residential units in Detroit has increased by a great deal on a percentage basis, in relative terms the volume of quality residential product is still somewhat limited. Today, …

May 3, 2018

Affordable Housing Loans Multifamily New Jersey Northeast

KeyBank Provides $22.9M Loan for Affordable Housing in Newark

by David Cohen May 2, 2018

NEWARK, N.J. — KeyBank has provided $22.9 million in financing to Radiant Property Management for the acquisition of 209 units of affordable housing in Newark. The seller was Realty Management Associates. The three properties acquired are Pueblo City, Center City 3 and Johnson Apartments and include 13 buildings. Radiant Property Management is a real estate services company that focuses on the rehabilitation and management of multifamily properties. KeyBank provided a $22.9 million loan to acquire and rehabilitate the portfolio. The financing included $10.8 million that will be used for capital improvements such as new windows, roofs, building systems, lighting and boilers. The funds will also go toward ground-up construction of a new 20-unit building. The improvements and construction are expected to take 18 months to complete.

May 2, 2018

Development Multifamily Texas

StreetLights Residential Breaks Ground on 373-Unit Apartment Community in Austin

by Taylor Williams May 2, 2018

AUSTIN, TEXAS — StreetLights Residential has broken ground on The Elizabeth at Presidio, a 373-unit multifamily community in northwest Austin. The community will feature one-, two- and three-bedroom units ranging in size from 504 to 1,938 square feet. Amenities will include a pool, covered grilling stations, fitness center, pet park, a cocktail and coffee bar and co-working and conference spaces. The first units are expected to be available for occupancy in 2019. SLR Construction LLC is serving as general contractor on the project and Looney Ricks Kiss is handling the design, minus landscaping and unit interiors. The Elizabeth at Presidio will be StreetLights Residential’s second community in northwest Austin following The Michael at Presidio, a 415-unit property that opened in September 2016.

May 2, 2018

Acquisitions California Multifamily Western

Bascom Group Purchases 123-Unit Apartment Complex in Southern California for $33.3M

by Amy Works May 2, 2018

COSTA MESA, CALIF. — The Bascom Group has acquired Sunset Cove Apartments, an infill multifamily community located in Costa Mesa. The company purchased the property for $33.3 million, or $270,731 per unit. Built in 1970, Sunset Cove features 123 apartments. Brian Eisendrath, Annie Rice and Brandon Smith of CBRE arranged the debt financing for the acquisition, while Jim Fisher, Jeff Rowerdink, Joe Leon and Mike Smith of Berkadia brokered the transaction. The name of the seller was not released.

May 2, 2018

Acquisitions Multifamily Oregon Western

Trion Properties Acquires Three Multifamily Properties Near Portland for $24.2M

by Amy Works May 2, 2018

BEAVERTON AND TIGARD, ORE. — Trion Properties has purchased three multifamily properties totaling 174 units in metro Portland. The acquisitions include a two-property portfolio in Beaverton and a 71-unit multifamily community in Tigard. In Beaverton, Trion purchased the 41-unit Menlo Square, located at 5930 SW Menlo Drive, for $5.7 million, and the 62-unit Center Square Apartments, located at 12310 SW Center St., for $8.5 million. Continental Partners arranged $4.8 million and $7.7 million in acquisition financing for the purchases, respectively. Cody Hagerman and Tyler Johnson of HFO represented the buyer and seller, a private seller, in the portfolio transaction. Additionally, Trion acquired Maple Tree Apartments, a 71-unit property located at 10890 SW Canterbury Lane in Tigard. A private seller sold the property for $10.1 million. Continental Partners arranged a $8.1 million loan for the acquisition. Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate represented the buyer and seller in the deal.

May 2, 2018

Velocity-Sequoia-Station-Redwood-City-CA

Acquisitions California Multifamily Western

Levin Johnston Negotiates $15M Sale of Apartment Community in Redwood City, California

by Amy Works May 2, 2018

REDWOOD CITY, CALIF. — Levin Johnston has arranged the sale of Velocity at Sequoia Station, a multifamily community located at 1331 Jefferson Ave. in Redwood City. Old Adobe Management Co. sold the property to a private owner and investor for $15 million. The property features 30 apartment units. Adam Levin and Robert Johnston of Levin Johnston represented the seller and buyer in the 1031 exchange transaction.

May 2, 2018

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