Multifamily

Cushman & Wakefield Brokers $50.5M Sale of Apartment Property in Phoenix

by Amy Works June 28, 2018

PHOENIX — Cushman & Wakefield has arranged the $50.5 million sale of Aura Apartments, a multifamily property located at 1920 E. Indian School Road in Phoenix. Banner Audere LLC, an entity formed by Northbrook, Ill.-based Banner Real Estate Group, acquired the property from Dallas-based TRG Indian School LP, an entity of Trinsic Residential Group. The newly constructed community features 220 apartments in a mix of one-, two- and three-bedroom floor plans. On-site amenities include a clubhouse with an entertainment lounge/coffee bar, resort-style swimming pool with spa, private poolside cabanas, outdoor fireside seating, and an outdoor kitchen with televisions and barbecue grills. Additionally, the property features a multi-level fitness center, cardio theater, spin bikes, pool table, electric car charging station, covered parking and detached garages, and controlled access. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.

June 28, 2018

Development Illinois Midwest Multifamily

CRG Nears Completion of 132-Unit Apartment Building in Chicago

by Kristin Harlow June 27, 2018

CHICAGO — CRG, Clayco’s private real estate development firm, is nearing completion of A.M. 1980, a 132-unit apartment building in Chicago’s Bucktown neighborhood. Located at 1980 N. Milwaukee Ave., the project spans 110,000 square feet. A.M. 1980, which is named for its address at the intersection of Armitage and Milwaukee avenues, features studio, one- and two-bedroom units. Amenities include a fitness center, coffee bar, package storage, dog run, rooftop deck and 6,000 square feet of retail space. Monthly rents start at $1,500 for studios. Construction began in the summer of 2017. Clayco is the design-builder and its subsidiary, BatesForum, is the architect. Residents are expected to begin moving in later this summer.

June 27, 2018

Loans Michigan Midwest Multifamily

KeyBank Provides $14.4M Freddie Mac Loan for Acquisition of Manufactured Housing Community in Michigan

by Kristin Harlow June 27, 2018

KALAMAZOO, MICH. — KeyBank Real Estate Capital has provided a $14.4 million Freddie Mac loan for the acquisition of Pavilion Estates in Kalamazoo. The 531-pad manufactured housing community was built in 1965 and is situated on 74.3 acres of land. Tim Weldon of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

June 27, 2018

Development Multifamily Texas

RightQuest to Develop 248-Unit Apartment Community in Metro Austin

by Taylor Williams June 27, 2018

MANOR, TEXAS — Addison, Texas-based RightQuest will develop Flats at ShadowGlen, a 248-unit multifamily community in Manor, about 12 miles northeast of Austin. The property will feature a pool, fitness center, clubhouse with a media center and a dog park. Cross Architects is handling design of the project, which is expected to deliver in summer 2019. Scott LaMontagne and Michael Gonzalez of JLL brokered the sale of the 12 acres on which the development will be situated.

June 27, 2018

Acquisitions Georgia Multifamily Southeast

NAP Sells 244-Unit Apartment Community in Atlanta’s Old Fourth Ward for Record Price

by John Nelson June 27, 2018

ATLANTA — North American Properties (NAP) has sold Anthem on Ashley, a 244-unit multifamily community in Atlanta’s Old Fourth Ward neighborhood, to Invesco Advisers Inc. Built in 2017 by NAP, the asset sold for $370 per square foot, a record price for wood-framed multifamily development in metro Atlanta. JLL Multifamily Investment Sales team represented NAP in the transaction. Located at the corner of Ashley Avenue and Ralph McGill Boulevard, the Class A community is located two blocks from Atlanta BeltLine’s Eastside Trail and is the only apartment community with direct access to Historic Fourth Ward Park. Community amenities include a saltwater pool with a sundeck and private cabanas; 24-hour fitness center with group classes; poolside club room and sky deck overlooking the park; outdoor grilling stations and a fire pit; clubhouse with bar lounge; bike storage; Wi-Fi enabled micro-offices; and an event stylist who programs resident experiences like wine tastings. NAP is continuing to develop Edge, a nearby apartment community that will open in December. The project will feature a pedestrian bridge over the BeltLine Eastside Trail and include 29,000 square feet of loft office, retail and restaurant space.

June 27, 2018

Development Multifamily Texas

Howard Hughes to Develop 386-Unit Apartment Community in The Woodlands

by Taylor Williams June 26, 2018

THE WOODLANDS, TEXAS — Howard Hughes Corp. will develop a 386-unit apartment community in The Woodlands, located about 30 miles north of downtown Houston. The lakefront property, which will offer one-, two- and three-bedroom units, will feature ground-floor retail and restaurant space. Amenities will include a pool, fitness center, yoga room, sky lounge on the top floor and free kayaks and bikes for resident use. Construction is expected to be complete by spring 2020.

June 26, 2018

Development Georgia Multifamily North Carolina Southeast

PointOne Holdings Breaks Ground on Two Apartment Projects Totaling $90M

by John Nelson June 26, 2018

NEWNAN, GA. AND HOLLY SPRINGS, N.C. — PointOne Holdings has broken ground on two multifamily communities in Georgia and North Carolina totaling 614 units. Combined, the projects are valued at $90 million. In the Atlanta metro of Newnan, PointOne started construction on The Promenade at Newnan Crossing, a 298-unit community comprising three-story apartments and townhomes. In the Raleigh-Durham suburb of Holly Springs, the South Florida-based apartment owner and developer has broken ground on The Exchange at Holly Springs, a 316-unit, garden-style property. PointOne expects the first residents of both apartment communities to move in during the second quarter of 2019.

June 26, 2018

Acquisitions Florida Multifamily Southeast

Jefferson Apartment Group, Starwood Sell Broward County Community to Harbor Group for $55M

by John Nelson June 26, 2018

POMPANO BEACH, FLA. — Jefferson Apartment Group, in a joint venture with Starwood Asset Management, has sold Jefferson Lighthouse Place, a 243-unit apartment community located in Broward County’s Pompano Beach. Norfolk, Va.-based Harbor Group International purchased the property for $55 million. Built in 2015, Jefferson Lighthouse Place features nine-foot ceilings, granite countertops and full-sized washer and dryers in each unit. Community amenities include a resort-style pool, fitness center, outdoor living room, kitchen and grill area with a TV, billiards and lounge seating.

June 26, 2018

Loans Multifamily New York Northeast

Capital One Provides $20M Construction Loan for Multifamily Development in Chelsea

by David Cohen June 26, 2018

NEW YORK CITY — Capital One has provided a $20 million construction loan to Bernstein Real Estate for the development of a 24-story multifamily property at 211 W. 29th St. The property, which is located in the Chelsea neighborhood of Manhattan, will feature 38 free-market units, 17 affordable units and 3,150 square feet of ground floor retail space. Amenities at the building will include a 24-hour doorman, gym, bike room and a laundry room. Built on a former parking lot, the project will benefit from a 421-A real estate tax abatement with full taxes abated for 25 years.

June 26, 2018

Illinois Loans Midwest Multifamily

Pembrook Provides $20.3M Bridge Loan for Multifamily Portfolio in Chicago

by Kristin Harlow June 26, 2018

CHICAGO — Pembrook Capital Management LLC has provided a $20.3 million bridge loan for the acquisition and renovation of a 325-unit multifamily portfolio in southwest Chicago. Icarus Investment Group was the borrower. The portfolio, formerly owned by Cano Properties, consists of 23 Naturally Occurring Affordable Rental Housing (NOAH) properties. NOAH properties are generally considered to be affordable to families earning less than 80 percent of the area median income. HUD deems rents to be affordable if they are at or below 30 percent of a household’s median income. Icarus intends to complete improvements at the buildings and has agreed to continue to operate the properties as NOAH throughout the term of Pembrook’s loan. The properties feature ground-floor retail spaces. Currently the residential portion is 94.2 percent occupied.

June 26, 2018

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