Multifamily

Transwestern Arranges Sale of 1,154-Unit Multifamily Portfolio in Lubbock

by Taylor Williams May 4, 2018

LUBBOCK, TEXAS — Transwestern has arranged the sale of a three-property, 1,154-unit multifamily portfolio in the West Texas city of Lubbock. The properties include The Park, a 528-unit asset that includes townhomes and single-level apartments with yards; Ashton Pointe, a 366-unit community that offers a fitness center and racquetball court; and Dominion Apartments, a 260-unit property that features a pool and fitness center. James Roberts, Philip Wiegand and Taylor Snoddy of Transwestern represented the seller, Lubbock-based McDougal Cos. A Colorado-based investment firm purchased the portfolio for an undisclosed price.

May 4, 2018

Garden-Valley-Apartments-Waxahachie-Texas

Loans Multifamily Texas

Love Funding Provides $26.3M HUD Construction Loan for Apartment Project in Metro Dallas

by Taylor Williams May 4, 2018

WAXAHACHIE, TEXAS — Love Funding has provided $26.3 million in construction and permanent financing for Garden Valley Apartments, a 213-unit market-rate apartment project being developed in the southern Dallas suburb of Waxahachie. The property will feature one- and two-bedroom units and amenities such as a pool and attached garages. Love Funding secured the loan through HUD’s 221(d)(4) program. Cross Architects will design the property and Brownstone Construction Ltd. will serve as general contractor.

May 4, 2018

Alabama Loans Multifamily North Carolina Southeast

KeyBank Provides $37.4M in Agency Financing for Two Apartment Properties in Alabama, North Carolina

by Camren Skelton May 4, 2018

HOOVER, ALA. AND WILMINGTON, N.C. — KeyBank Real Estate Capital has provided $37.4 million in financing for two multifamily properties in Hoover and Wilmington. In Hoover, KeyBank provided a $16.3 million Fannie Mae loan for the acquisition of Hawthorne at Wisteria, a 200-unit community. The property was built in 1978 and renovated in 2015. In Wilmington, KeyBank provided a $21.1 million Freddie Mac loan for the refinancing of Hawthorne at New Centre, a 301-unit apartment community that was constructed in 1998 and renovated in 2014. Tim DeWispelaere of KeyBank originated both 10-year loans with 30-year amortization schedules on behalf of the undisclosed borrowers.

May 4, 2018

Acquisitions California Multifamily Top Stories Western

IPA Brokers $161.9M Sale of Multifamily Portfolio in Los Angeles County

by Kristin Harlow May 4, 2018

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of an eight-property, 644-unit multifamily portfolio in Los Angeles County for $161.9 million. The properties include: Oaktree Apartments and Stillmore Apartments in Santa Clarita; Tamarind Terrace Apartments in Hollywood; Regency Apartments, Woodley Court and Sylvan Apartments in Van Nuys; Vista Del Madre in Pasadena; and Foothill Village in Sylmar. Seven of the eight assets were not subject to rent control. Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec and Bryan Schellinger of IPA represented the seller, a private ownership group. The team also procured the five separate buyers, which include an institutional discretionary fund, regional syndicators and private investors. Renovations are currently planned for the properties. “It is rare to find a sizeable, almost completely non-rent-controlled, value-add portfolio where the upside can be immediately realized,” says Green. Cap rates ranged between 3.5 percent and 4.5 percent based on current net operating income, according to Harris. Projected cap rates following renovations are between 5 percent and 6 percent. — Kristin Hiller

May 4, 2018

Market Reports Multifamily Office Texas Texas Market Reports

Downtown Renaissance Drives El Paso Office Market, Multifamily Growth

by Taylor Williams May 4, 2018

For decades, El Paso was a big, sleepy town nestled on the banks of the Rio Grande that relied on a slow-paced, but consistent economy. In those days, housing was always affordable. Pricing levels for single- and multifamily properties were below national averages, but so too were wages. The city’s office market, which has traditionally served as a leading indicator for multifamily growth, hummed along without ever experiencing strong asset appreciation or interest from outside investors. Taken at face value, this activity would suggest that there was a firm ceiling for new development and rent growth for both of these markets. In recent years, however, El Paso natives have seen their city experience enormous growth fueled by exceptionally low crime rates and expanding population at Fort Bliss Army base. Development of both single- and multifamily product really took off between 2011 and 2014, causing rent growth to subside and vacancies to rise from 5 percent a few years ago to roughly 9 percent today. The market returned to a more sustainable pace of new development in subsequent years. Looking ahead, the metro’s job growth should remain a factor of its population of military personnel and federal employees. As El Paso …

May 4, 2018

California Loans Multifamily Student Housing Western

Keybank Originates $247.8M in Financing for Student Housing Property in Los Angeles

by Amy Works May 3, 2018

LOS ANGELES — Keybank Real Estate Capital has originated a $247.8 million Freddie Mac first mortgage loan for The Lorenzo in Los Angeles. The 913-unit, Class A, mid-rise student housing property was developed in 2015. The property is 95 percent leased to students attending University of Southern California, Fashion Institute of Design and Merchandising, and Loyola Law School. The remaining units are reserved for tenants earning 50 percent or less of the area median income. The Lorenzo features a three-story fitness center with rock climbing walls, basketball courts and an indoor jogging track. Additionally, the property offers an on-site restaurant with room service, media rooms, study rooms and libraries catering to the different colleges, as well as multiple swimming pools, saunas and sand volleyball courts. Robert Prouty of Key’s Commercial Mortgage Group arranged the fixed-rate loan with a seven-year interest-only term. The undisclosed sponsor used the loan to refinance existing debt.

May 3, 2018

Development Multifamily Southeast Tennessee

Akara Partners Breaks Ground on 420-Unit Multifamily Community in Nashville

by Camren Skelton May 3, 2018

NASHVILLE, TENN. — Chicago-based Akara Partners has broken ground on Kenect Nashville, a 420-unit apartment community located at 1815 Division St. in Nashville. The community is situated in Nashville’s Midtown neighborhood, two blocks from Vanderbilt University. The 20-story building, designed by Nashville-based Smith Gee Studio and the Chicago office of Perkins + Will, will feature 20,000 square feet of ground-floor retail and include a mix of studio to three-bedroom units. Community amenities will include food and beverage options throughout the building, social and coworking lounges, a fitness center, outdoor terraces, swimming pool, grills and firepits. Akara Partners expects to wrap up construction on the community in the fall of 2019.

May 3, 2018

Acquisitions Multifamily Texas

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

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