Multifamily

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

Development Michigan Midwest Multifamily

NAI Wisinski Brokers Sale of 1.5-Acre Development Site for Apartment Project in Grand Rapids, Michigan

by Kristin Harlow June 26, 2018

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 1.5-acre development site located at 745 Stocking Ave. in Grand Rapids. The sales price was not disclosed. The buyer, Woda Cooper Cos., plans to tear down the current building onsite and develop a four-story, 50-unit apartment complex. Known as Seven45, the property will feature affordable apartments intended for those who make 30 to 60 percent of the area median income. The unit mix will include one-, two- and three-bedroom units. Stan Wisinski of NAI Wisinski represented the buyer and the seller, John VanTongeren, president of Ferris Nut & Coffee.

June 26, 2018

Acquisitions California Multifamily Western

Next Space Development Buys Apartment Complex in San Diego for $14.5M

by Amy Works June 26, 2018

SAN DIEGO — Next Space Development Realty, a residential and multifamily development company, has purchased 25 on Fifth, an apartment complex, for $14.5 million. Located at 3265 Fifth Ave. in San Diego, the property features 25 apartment units. Mayfair initially developed the building in 2007 but lost the property to Bank of America in the 2008 recession. Pacifica Cos. provided acquisition equity for the transaction. Eric Comer, Jim Neil and Merrick Matricardi of Kidder Mathews represented the buyer in the deal.

June 26, 2018

California Loans Multifamily Top Stories Western

Walker & Dunlop Provides $392.4M in Green Financing for Los Angeles Multifamily Portfolio

by John Nelson June 26, 2018

LOS ANGELES — Walker & Dunlop (NYSE: WD) has provided approximately $392.4 million in agency financing for three apartment communities in the greater Los Angeles area. The portfolio includes The Medici and The Orsini I in downtown Los Angeles and The Colony Townhomes in Santa Clarita, about 34 miles north of Los Angeles. Walker & Dunlop closed approximately $233.6 million through Freddie Mac’s Green Up program for the two Los Angeles properties. The Bethesda, Md.-based company also provided a $158.8 million loan through Fannie Mae’s Green Rewards program for the 752-unit community in Santa Clarita. G.H. Palmer Associates, the borrower and developer of all three communities, used the funding to refinance the assets. Led by Walker & Dunlop’s Trevor Fase, each transaction provided cash out to the borrower and was structured as a 10-year, non-recourse loan with interest-only payments for the entire term. As part of the green lending programs from the two government-sponsored enterprises (GSEs), G.H. Palmer is also using the proceeds to improve the apartment communities’ energy and/or water efficiency. In order to qualify for the agencies’ green lending programs, borrowers have to plan improvements for at least 25 percent savings in energy or water usage, according to …

June 26, 2018

Discovery-at-Mandolin-Apartments-Houston

Acquisitions Multifamily Texas

Praedium Group Acquires 260-Unit Multifamily Asset in Houston

by Taylor Williams June 25, 2018

HOUSTON — The Praedium Group, a New York-based investment firm, has acquired Discovery at Mandolin Apartments, a 260-unit multifamily asset in Houston. Built in 2009, the property consists of one-, two- and three-bedroom units averaging 972 square feet per unit. Amenities include a pool, fitness center, clubhouse, outdoor grilling area and a dog park. The seller was not disclosed.

June 25, 2018

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