Multifamily

M&T Realty Capital Provides $62.5M Freddie Mac Loan for New Multifamily Property Near Baltimore

by Camren Skelton July 26, 2018

JESSUP, MD. — M&T Realty Capital Corp., a wholly owned subsidiary of M&T Bank, has provided a $62.5 million Freddie Mac loan for the permanent financing of The Elms at Shannon’s Glen, a 364-unit multifamily community in Jessup, roughly 15 miles southwest of Baltimore. Matthew Hodson and Debra Goldstein of M&T Realty Capital structured the 12-year loan with eight years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Elm Street Development. The McLean, Va.-based company developed the community in 2016. M&T Bank provided construction financing for the project. The Elms at Shannon’s Glen includes a mix of one- to three-bedroom units with granite countertops, Energy Star appliances and private patios or balconies. Community amenities include a resort-style pool, fire pit, bocce ball court, fitness center, yoga room, dog park and a community garden.

July 26, 2018

Development Kentucky Multifamily Southeast Student Housing

Aptitude Development to Break Ground on Student Housing Community Near University of Louisville

by Camren Skelton July 26, 2018

LOUISVILLE, KY. — Aptitude Development is set to break ground on The Marshall Louisville, a 591-bed student housing community located near the University of Louisville. The 10-story property will offer fully furnished units with shared amenities including a 2,500-square-foot, outdoor terrace on the top floor; a gym; study lounges; and game rooms with views of Churchill Downs, the home of the Kentucky Derby. Aptitude Development is working with Prescient to virtually plan, design and construct the building. BSB Design has also been tapped to assist with design, and Whittenberg Construction will build the project. Aptitude Development expects to wrap up construction on the community in fall 2020.

July 26, 2018

The-Forum-at-Sam-Houston-Huntsville-Texas

Acquisitions Multifamily Student Housing Texas

Preiss, TH Real Estate Acquire 450-Bed Student Housing Property Near Sam Houston State

by Taylor Williams July 26, 2018

HUNTSVILLE, TEXAS — A joint venture between The Preiss Co. and TH Real Estate has acquired The Forum at Sam Houston, a 450-bed student housing property serving Sam Houston State University in Huntsville. The community offers one-, two- and three-bedroom units and amenities such as a pool, basketball and volleyball courts, fitness center, outdoor lounge and two pet parks. The new ownership will renovate the property this fall. The seller was not disclosed.

July 26, 2018

Acquisitions Arizona Multifamily Student Housing Western

Harrison Street Acquires 318-Bed Residence Hall at Arizona State University Polytechnic for $27M

by Amy Works July 26, 2018

MESA, ARIZ. — Harrison Street Real Estate Capital has acquired Century Hall, a 318-bed residence hall located on the Arizona State University Polytechnic campus in Mesa, for $27 million. Built in 2012, the community is located at the heart of campus adjacent to the university’s student union building, dining and recreational facilities. The property offers shared amenities including two multi-purpose rooms, a resident community kitchen, group study rooms, student activity lounges on each floor, and on-site classroom space. Capstone Management Partners will manage the property in collaboration with the university. “We are excited to partner with Arizona State University and support the university’s efforts to provide their students with much needed high-quality student accommodations,” says Christopher Merrill, CEO of Harrison Street.

July 26, 2018

Acquisitions Multifamily Oregon Western

Trion Properties Purchases Multifamily Community Near Portland for $10.5M

by Amy Works July 26, 2018

ALOHA, ORE. — Trion Properties has acquired Springbrook Gardens, a multifamily property located at 6300 SW 188th Court in Aloha, a suburb of Portland. A private seller sold the property for $10.5 million in an off-market transaction. Built in 1971, the property features 84 apartments in a mix of one- and two-bedroom floorplans spread across 21 four-plex buildings. Trion Properties plans to complete strategic value-add renovations to the asset, including upgrades to kitchen cabinetry and appliances, unit flooring, bathroom cabinetry and countertops, as well as renovations to exterior landscaping and outdoor amenities. Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate represented the buyer and seller in the deal. Continental Partners arranged a $5.4 million acquisition loan for the borrower.

July 26, 2018

Running-Brook-Apartments-Arlington-Texas

Loans Multifamily Texas

Dougherty Arranges $14.6M Acquisition Loan for Arlington Apartments

by Taylor Williams July 26, 2018

ARLINGTON, TEXAS — Dougherty Mortgage has arranged a $14.6 million Fannie Mae loan for the acquisition of Running Brook Apartments, a 232-unit market-rate multifamily community in Arlington. The 12-year loan, which features a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending. The borrower was RBA202 LLC.

July 26, 2018

Acquisitions Multifamily Texas

CBRE Brokers Sale of 82-Unit Apartment Property in Fort Worth

by Taylor Williams July 26, 2018

FORT WORTH, TEXAS — CBRE has brokered the sale of Vistana Apartments, an 82-unit multifamily property in Fort Worth. The property was built in 1972 and was 96 percent occupied at the time of sale. Texas- and California-based Gomel Vistana LLC purchased the asset from California-based Josmatava LLC for an undisclosed price. Chris Deuillet and Chandler Sims of CBRE brokered the deal on behalf of the seller.

July 26, 2018

Loans Multifamily New Jersey Northeast

Progress Capital Secures $4.8M Refinancing for Multifamily Community in Newark

by David Cohen July 25, 2018

NEWARK, N.J. — Progress Capital has secured a $4.8 million refinancing for a six-story multifamily property in Newark. Located at 469 Elizabeth Ave., the building contains 58 residential units and was built in 2016. Brad Domenico of Progress Capital arranged the loan with an initial five-year, 4 percent fixed-rate. After the initial term, the loan becomes a variable rate with a 20-year term and a 30-year amortization. The lender was undisclosed. The proceeds of the loan will be used to retire the existing debt on the property and provide a cash-out to the undisclosed borrower, which will be used to fund additional property acquisitions.

July 25, 2018

The-Village-at-Crown-Park-Willow-Park-Texas

Acquisitions Multifamily Texas

Olympus Acquires 258-Unit Apartment Community in Metro Fort Worth

by Taylor Williams July 25, 2018

WILLOW PARK, TEXAS — Olympus Property has acquired The Village at Crown Park, a 258-unit apartment community in Willow Park, located about 25 miles west of Fort Worth. Built in 2015, the Class A property includes 50 townhomes and features two pools, outdoor grilling areas, a children’s play area, basketball and volleyball courts, fitness center, movie theater and a game room. The seller was not disclosed.

July 25, 2018

Acquisitions Florida Multifamily Southeast

ARA Newmark Brokers $65.8M Sale of Apartment Community in Orlando

by Camren Skelton July 25, 2018

ORLANDO, FLA. — ARA Newmark has brokered the $65.8 million sale of GrandeVille at Jubilee Park, a 330-unit apartment community in Orlando. Patrick Dufour, Scott Ramey and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, LeCesse Development Corp. Cortland Partners LLC acquired the asset and will manage the community, renaming it Cortland Jubilee Park. Constructed in 2015, the community features a pool with sundeck, outdoor kitchen, community dog park, fitness center and a clubhouse with a pub and a game room.

July 25, 2018

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