Multifamily

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

Florida Loans Multifamily Southeast

Berkadia Arranges $41.9M Acquisition Loan for Apartment Community in Orlando

by Camren Skelton May 11, 2018

ORLANDO, FLA. — Berkadia has arranged a $41.9 million loan for the acquisition of Alexan Crossroads, a 314-unit apartment community in Orlando. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia arranged the five-year loan with three years of interest-only payments and two one-year extension options on behalf of the borrower, Harbor Group International. A life insurance company provided the fixed-rate loan. Virginia-based Harbor Group acquired the property, constructed in 2016, for $64 million. Alexan Crossroads includes one-, two- and three-bedroom units and features a saltwater pool, grilling stations, yoga and spin room, two-story fitness center and a clubhouse.

May 11, 2018

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Brokers Sale of 128-Bed Skilled Nursing Facility Near Phoenix

by Amy Works May 11, 2018

PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Plaza Del Rio, a 128-bed skilled nursing and long-term acute care facility in the Phoenix suburb of Peoria. The seller is a Florida-based philanthropist and senior living developer that held the asset in a charitable remainder trust. The buyer is The Ensign Group, which already owned a seniors housing portfolio in the region. At the time of the sale, Plaza Del Rio was 80 percent occupied. The price was not disclosed. Amy Sitzman and Jacob Gehl led the transaction for Blueprint.

May 11, 2018

Acquisitions Colorado Multifamily Western

ARA Newmark Negotiates $21.2M Sale of Multifamily Property in Greeley, Colorado

by Amy Works May 11, 2018

GREELEY, COLO. — ARA, A Newmark Co., has brokered the sale of University Flats, a multifamily property located at 1758 Sixth Ave. in Greeley. Greeley Flat DTS and Greeley Land LLC acquired the property from Greeley Realty Investors for $21.2 million, or $227,946 per unit. The property features 93 apartments. Andrew Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction.

May 11, 2018

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