Multifamily

PMRG, AECOM Break Ground on 336-Unit Apartment Tower in Houston

by Taylor Williams May 24, 2018

HOUSTON — A partnership between Houston-based PM Realty Group (PMRG) and Los Angeles-based AECOM has broken ground on 3300 Main, a 336-unit apartment tower located in the Midtown area of Houston. The transit-served property will include 14,390 square feet of retail space and 521 parking spaces. According to CoStar Group, Goldman Sachs provided financing for the project. Construction is scheduled to take 24 months. PMRG has also entered into an agreement to merge with Washington, D.C.-based investment firm Madison Marquette, a deal that is expected to close within the next 30 days.

May 24, 2018

Development Multifamily Texas

Fort Capital Begins Work on 46-Unit Apartment Complex in Fort Worth

by Taylor Williams May 24, 2018

FORT WORTH, TEXAS — Fort Capital has begun work on The Palmer, a 46-unit apartment complex that will be located in Fort Worth’s River District. All units will be integrated with IOTAS smart home technology, which allows residents to control lighting and thermostats and set home entry alerts from their smartphones or tablets. Communal amenities will include a rooftop lounge, coffee bar with co-working areas, package concierge services and bike storage. Completion is slated for early 2019.

May 24, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $6.5M Sale of Apartment Building in Brooklyn

by David Cohen May 24, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-story apartment building in the Park Slope neighborhood of Brooklyn. The 17-unit property, which is located at 400 6th Ave., sold for $6.5 million at a capitalization rate of 3.4 percent. The sales price equates to $604 per square foot. Matt Fotis and Matthew Shapiro of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

May 24, 2018

Indiana Loans Midwest Multifamily Seniors Housing

Walker & Dunlop Arranges $17.3M Construction Loan for Assisted Living Facility in Indianapolis

by Kristin Harlow May 24, 2018

INDIANAPOLIS — Walker & Dunlop Inc. has arranged a $17.3 million loan for the construction of Oasis at 56th in Indianapolis. The 124-unit affordable assisted living facility will be located on three acres at 4940 W. 56th St. The property will feature 73 one-bedroom units and 51 studios. Amenities will include a dining area, exercise room, café and laundry facilities. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged the 40-year HUD loan on behalf of the borrower, Integral Community Development.

May 24, 2018

Loans Midwest Multifamily Ohio

Hunt Mortgage Provides $9.7M Acquisition Loan for Multifamily Property in Toledo, Ohio

by Kristin Harlow May 24, 2018

TOLEDO, OHIO — Hunt Mortgage Group has provided a $9.7 million Freddie Mac loan for the acquisition of Jamestown of Toledo Apartments. Constructed in 1965, the 204-unit multifamily property comprises 19 buildings. The property features a mix of one-, two- and three-bedroom units. Jamestown Apartments 17 LLC, an entity fully owned by Watermark Partners Fund IV LLC, was the borrower. Watermark is a Michigan-based firm that owns and operates multifamily properties throughout the Midwest.

May 24, 2018

Loans Maryland Multifamily Southeast

KeyBank Provides $29.3M Bridge Loan for Multifamily Community in Northern Maryland

by Camren Skelton May 24, 2018

JOPPA, MD. — KeyBank Real Estate Capital has provided a $29.3 million bridge loan for the acquisition of The Homes at Towne Plaza, a 417-unit apartment community in Joppa, a city in Harford County. A joint venture between Blue Ocean and JCR Capital acquired the property, which was constructed in 1964. The community includes a mix of one- and two-bedroom apartments, as well as two- and three-bedroom townhomes. Community amenities include an on-site leasing center, resident services center, playgrounds and a multi-purpose sports court, all of which will be renovated.

May 24, 2018

California Development Mixed-Use Multifamily Restaurant Retail Western

City of Alameda, Alameda Point Partners Break Ground on $1B Mixed-Use Development on Former Naval Air Station

by Amy Works May 24, 2018

ALAMEDA, CALIF. — The City of Alameda and Alameda Point Partners have broken ground on the first phase of the $1 billion mixed-use, transit-oriented waterfront development at the gateway to Alameda Point, called Site A. The 68-acre Site A development is located on the former Naval Air Station Alameda, which closed more than 20 years ago. Alameda Point Partners is a joint venture between managing partner Trammell Crow Residential, a division of Dallas-based Crow Holdings; commercial developer srmERNST Development Partners; affordable nonprofit housing developer Eden Housing; retail landlord Madison Marquette; and financial partner Cypress Equity Investments. Slated to cost $500 million, the first phase of the Site A project consists of 673 housing units, including 130 affordable units for low-income households and an additional 310 units for middle-income households; eight acres of parks and open space; and 100,000 square feet of retail, dining and marker space, as well as community event and gathering space. Major infrastructure improvements on the 30-acre Phase I project include new water, sewer, electrical and gas lines, newly paved streets with bike and transit lanes, and bulkhead improvements on Seaplane Lagoon for a new ferry terminal. Eden Housing will develop 130 affordable housing units during Phase …

May 24, 2018

Acquisitions Indiana Midwest Multifamily Student Housing

Preiss, TH Real Estate Acquire 472-Bed Student Housing Property Near Indiana University

by Kristin Harlow May 23, 2018

BLOOMINGTON, IND. — The Preiss Company and TH Real Estate have acquired The Park on Morton, located two blocks from Indiana University in Bloomington. The purchase price was not disclosed. Preiss will manage the 472-unit student housing property, which will undergo upgrades to the clubhouse and amenity spaces. Several of the units will receive upgrades as well. Situated on the western edge of campus, The Park on Morton features a mix of one-, two-, three- and four-bedroom units, which are all fully furnished.

May 23, 2018

Illinois Loans Midwest Multifamily

Eyzenberg & Co. Arranges $28M Bridge Loan for 304-Unit Apartment Property in Suburban Chicago

by Kristin Harlow May 23, 2018

WOODRIDGE, ILL. — Eyzenberg & Co. has arranged a $28 million bridge loan for Woodland Ridge Apartments in Woodridge, a southwestern suburb of Chicago. The 304-unit apartment property, built in 1974, is located at 3421 Foxboro Drive. The financing enabled the borrower to pay off its initial acquisition loan and allocate additional funds for the continued renovation of the Class B property’s units and common areas. Clubhouse improvements include a full kitchen and game room, cyber café, grilling stations, laundry lounge and a 24-hour fitness center. David Eyzenberg, Jeff Conti and Diana Davidson of Eyzenberg arranged the loan with Hunt Mortgage Group. SSIL II LLC, a partnership comprising Auerbach Funds and Sinatra & Co. Real Estate, was the borrower.

May 23, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Orchestrates Sale of 21-Unit Apartment Building in Schenectady, New York

by David Cohen May 23, 2018

SCHENECTADY, N.Y. — Marcus & Millichap has arranged the sale of Cottage Row Apartments, a 21-unit apartment property located in Schenectady for $1.7 million. Located at 1 Cottage Row, the apartment building is situated in the historic Stockade District of Schenectady. Units at the complex feature hardwood floors as well as spacious outdoor patios and decks. Chip Collins of Marcus & Millichap represented seller, a private investor, in the transaction. The buyer was also a private investor.

May 23, 2018

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