Multifamily

Fein to Develop 304-Unit Apartment Community in Houston’s Post Oak Submarket

by Taylor Williams July 16, 2018

HOUSTON — Fein, a Houston-based multifamily development firm, has acquired 3.3 acres for the development of Reverie at River Hollow, a 304-unit apartment community that will be located in the Post Oak area of Houston. Designed by Steinberg Dickey Collaborative, the property will feature one-, two- and three-bedroom units ranging in size from 558 to 1,966 square feet. Amenities will include a pool, rooftop clubhouse, fitness center, pet spa and a bike shop. The groundbreaking is slated for August and completion is scheduled for the fourth quarter of 2020. Simmi Jaggi and Elizabeth Clampitt of JLL represented the seller in the land sale. Chris Bergmann, also of JLL, represented Fein in that transaction.

July 16, 2018

Loans Multifamily Texas

NorthMarq Arranges $11.4M in Acquisition Financing for Lubbock Apartments

by Taylor Williams July 16, 2018

LUBBOCK, TEXAS — NorthMarq Capital has arranged $11.4 million in acquisition financing for Metropolitan Apartments, a 236-unit multifamily community in Lubbock. The property is located at 6402 Albany Ave. near South Plains Mall, about six miles from Texas Tech University. Carl Pankratz of NorthMarq Capital arranged the financing on behalf of the borrower, EBG Acquisitions, a Plano-based multifamily investment firm. The transaction was structured with a bridge loan.

July 16, 2018

Acquisitions Multifamily North Carolina Southeast

Dominion Realty Sells Newly Built Apartment Community in Uptown Charlotte for $68.8M

by Camren Skelton July 16, 2018

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has sold Centric Gateway, a 297-unit apartment community located at 1010 W. Trade St. in Uptown Charlotte. An affiliate of TH Real Estate acquired the property for $68.8 million. Justin Good, Allan Lynch and Jeff Glen of HFF arranged the transaction on behalf of DRP, which completed construction on the property in December 2017. Individual units feature quartz countertops, private balconies, exterior storage and keyless entry. Community amenities include a central courtyard with a saltwater pool, activity lawn, automated package delivery system, fitness center with an interactive studio and a game room. Centric Gateway was 43 percent occupied at the time of sale.

July 16, 2018

Loans Multifamily North Carolina Southeast

Hunt Mortgage Provides $65M Freddie Mac Acquisition Financing for Two Triangle Multifamily Assets

by Camren Skelton July 16, 2018

RALEIGH AND DURHAM, N.C. — Hunt Mortgage Group has provided two Freddie Mac loans totaling $65 million for the acquisition of two multifamily properties in North Carolina’s Triangle region. The borrower is a joint venture between an equity investor and American Landmark. Chicago-based Livcor sold the assets, according to local media reports. In Raleigh, Hunt Mortgage provided a $30.1 million, seven-year loan for Edinborough Commons, a 312-unit community that was completed in 1997. The new owner plans to invest an additional $2.2 million in improvements over the next few years. The community features resort-style pools, a spa area, gas grill stations, fitness center, dog park, sand volleyball court, car wash station, clothes care center and two tennis courts. In Durham, Hunt Mortgage provided a $34.9 million, seven-year loan for the acquisition of Edinborough at the Park. The 330-unit community features a concierge, package/grocery/dry cleaning reception, two resort-style pools, heated indoor lap pool, business center, fitness center, dog park with agility stations, car wash station and a tennis court. The new owner will invest $2.3 million to upgrade the property.

July 16, 2018

Development Multifamily Retail Southeast Virginia

Skanska Acquires 94,000 SF Site in Metro D.C. for New Retail, Multifamily Development

by Camren Skelton July 16, 2018

TYSONS, VA. — Skanska USA has acquired a 94,000-square-foot site in Tysons for a new multifamily and retail development. Richard Siegel, Wendy Feldman Block and Bill Quinby of Savills Studley arranged the transaction on behalf of Skanska. The development company acquired the site within the mixed-use district of Scotts Run from master developer Cityline Partners. At full build-out, Scotts Run will span 8 million square feet and house offices, apartments, hotels, retail and restaurants. The land Skanska acquired is located across the street from the McLean Silver Line Metro station. The company is scheduled to break ground on the unnamed multifamily/retail development in 2019, with completion slated for 2022.

July 16, 2018

Loans Multifamily Southeast Virginia

Avison Young Arranges $15.7M Refinancing for Apartment Community in Metro D.C.

by Camren Skelton July 16, 2018

ARLINGTON, VA. — Avison Young has arranged a $15.7 million loan for the refinancing of Lyon Village Apartments, a 109-unit multifamily community located at 3004 Lee Highway in Arlington, roughly five miles southwest of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the 20-year loan through John Hancock Financial on behalf of the borrower, Lyon Village Apartments LLC. The community was originally constructed in 1939 and underwent extensive renovations in 2002. In addition to refinancing, the owner will use proceeds of the loan to fund another capital improvement program. Lyon Village Apartments is located within one mile of three different Metro stations and one block from Interstate 66. The community features a fitness room and free parking and storage.

July 16, 2018

Loans Multifamily New York Northeast

Houlihan Parnes Arranges $2M Refinancing for Apartment Building in Yonkers

by David Cohen July 16, 2018

YONKERS, N.Y. — Houlihan Parnes Properties has arranged a $2 million refinancing for a four-story brick apartment building in Yonkers. Located at 819-821 McLean Ave., the property contains 11 residential units and two retail stores. Jeremiah A. Houlihan of Houlihan Parnes arranged a 10-year loan with a fixed rate of 4.75 percent and a 30-year amortization. The lender was an undisclosed savings bank from Upstate New York.

July 16, 2018

Acquisitions Illinois Midwest Multifamily

Interra Brokers $10.1M Sale of Three Multifamily Buildings in Chicago Area

by Kristin Harlow July 16, 2018

CHICAGO AND EVANSTON, ILL. — Interra Realty has brokered the sale of three multifamily buildings in the Chicago area for $10.1 million. Located in Evanston, 222-240 Asbury Ave. is a three-story, 34-unit condominium building. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra brokered the $4.8 million deconversion sale. An Illinois-based investor purchased the asset from 222-240 Asbury Condominium Association with the intent to convert the units into rentals. The second transaction was a 23-unit apartment building located at 3149 N. Springfield Ave. in Chicago’s Avondale community. The property, built in 1932, was 96 percent occupied at the time of sale. Smazal represented the buyer and the seller, both of which were Illinois-based investors. The asset sold for $3.1 million. A third building, a 19-unit multifamily building in Chicago’s Rogers Park neighborhood, sold for $2.2 million. Built in 1917 and located at 7735-57 N. Sheridan Road, the property features 16 studios and three one-bedroom units. The buyer plans to upgrade some of the units in the building, which is 95 percent occupied. Smazal represented the buyer and the seller, both of which were Illinois-based investors.

July 16, 2018

California Loans Multifamily Western

Greystone Provides $70.8M Refinancing for Apartment Building in San Jose

by Amy Works July 16, 2018

SAN JOSE, CALIF. — Greystone has provided a $70.8 million Fannie Mae DUS loan to refinance a newly constructed multifamily property located at 251 Brandon St. in San Jose. Simon Herrmann, Todd Vitzthum and Cody Field of Greystone’s Northern California Advisory team secured the financing for the undisclosed borrower. The loan carries a fixed rate for 10 years, eight years of interest-only payments and a 30-year amortization period. The multifamily property features 271 apartments, an outdoor entertaining space, business resources and event spaces.

July 16, 2018

Acquisitions California Multifamily Western

Mariman & Co. Sells 41-Unit Apartment Community in Southern California for $16.3M

by Amy Works July 16, 2018

COSTA MESA, CALIF. — Mariman & Co. has sold Sundance West Apartment Homes, a multifamily community located at 1990-2002 Maple Ave. in Costa Mesa. An Orange County-based private family investment partnership acquired the property for $16.3 million. The buyer also assumed the existing loan with Chase Bank. Built in 1965, the community features 40 two- and three-bedroom floorplans and one studio floorplan. The property comprises 12 one- and two-story buildings and a separate rental office. On-site amenities include a pool, additional storage, laundry facilities and 69 parking spaces. Peter Hauser and Matt Hauser of Avison Young’s Irvine office represented the seller and the buyer in the deal.

July 16, 2018

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