Multifamily

Berkadia Brokers Sale of 306-Unit Apartment Community in Metro Houston

by Taylor Williams January 11, 2018

STAFFORD, TEXAS — Berkadia has brokered the sale of Estates at Fountain Lake, a 306-unit multifamily community in the southwestern Houston metro of Stafford. The property was built in 1998 and offers one- and two-bedroom units with full-size washers and dryers and private terraces or balconies. Illinois-based Prime Property Investors Ltd. sold the asset to Missouri City, Texas-based GPI Investments LLC. Ryan Epstein, Cutt Ableson, Jennifer Ray and Scott Bray of Berkadia represented Prime Property Investors in the sale and arranged an undisclosed amount of Fannie Mae acquisition financing on behalf of GPI Investments.

January 11, 2018

CBRE Arranges Sale of 132-Unit Seniors Housing Community in Metro Dallas

by Taylor Williams January 11, 2018

CEDAR HILL, TEXAS — CBRE has arranged the sale of Primrose at Cedar Hill, a 132-unit seniors housing community located in the southwestern Dallas metro of Cedar Hill. Built in 2003, the property was 98 percent occupied at the time of sale. Amenities include a pool, fitness center, business center and an on-site laundry facility. Chris Deuillet and Chandler Sims of CBRE represented the seller, Cedar Hill Seniors Housing LLC, in the transaction. Kaufman Investments purchased the asset for an undisclosed price.

January 11, 2018

Loans Multifamily Seniors Housing Texas

Greystone Secures $19M in Refinancing for Two Seniors Housing Assets in Dallas Area

by Taylor Williams January 11, 2018

DALLAS AND DESOTO, TEXAS — Greystone has secured the $19 million refinancing of two undisclosed seniors housing assets located in Dallas and nearby suburb DeSoto. The properties, which total 500 units, represent affordable housing options for seniors earning 60 percent or less of the area median income (AMI). Both loans were secured through Freddie Mac’s Targeted Affordable Housing (TAH) Express program.

January 11, 2018

Florida Multifamily Southeast

Pollack Shores Sells 274-Unit Apartment Community in Tampa for $58.1M

by Camren Skelton January 11, 2018

TAMPA, FLA. — Pollack Shores Real Estate Group LLC has sold Havana Square, a 274-unit apartment community located at 400 N. Rome Ave. in Tampa, for $58.1 million. Matt Mitchell and Zac Nolan of HFF arranged the transaction on behalf of Pollack Shores, which completed the property in 2017. Nashville-based Nicol Investment Co., a private investment firm, acquired the asset. Located in Tampa’s North Hyde Park neighborhood, Havana Square is roughly one mile west of Tampa’s central business district. The four-story building includes one-, two- and three-bedroom units averaging 804 square feet. Community amenities include a swimming pool, outdoor kitchen, bocce ball court, fire pits, grilling areas, fitness center, clubroom with game tables, kitchen and a bar.

January 11, 2018

Loans Michigan Midwest Multifamily

Pillar Provides $7.5M Refinancing for Apartment Property in Lansing, Michigan

by Kristin Harlow January 11, 2018

LANSING, MICH. — Pillar Financial, a division of SunTrust Bank, has provided a $7.5 million Fannie Mae loan for the refinancing of The Outfield Apartments in Lansing. The 84-unit apartment property overlooks the Cooley Law School Stadium, home of the Lansing Lugnuts, a Class A minor league baseball team affiliated with the Toronto Blue Jays. Residents can view baseball games from their living rooms and balconies. The fully leased property is a combined development agreement between Gillespie Group, the city of Lansing and Michigan Economic Development Corp. David Wilkins and Charles Krisfalusi of Pillar originated the 30-year loan, which will refinance Gillespie Group’s construction loan.

January 11, 2018

Features Multifamily Top Stories

Reis: Apartment Market Continues to Face Pressure From Added Supply

by Kristin Harlow January 11, 2018

NEW YORK — Over the course of 2017, asking rents for the national apartment market increased 3.9 percent while effective rents grew by 3.3 percent, according to a fourth-quarter preliminary trends release from Reis Inc. Although still representing rent growth, these rates reflect a deceleration in apartment market fundamentals compared to recent years. This deceleration is due in part to the large amount of new supply coming online. A total of 43,769 units were completed in the fourth quarter, raising the year-end total to 213,802 units. The national apartment market has not seen new completions in excess of 200,000 units since 1986, says Reis. “At 4.5 percent, the national vacancy rate increased 10 basis points from 4.4 percent in the third quarter. This represents a 30 basis point increase in year-over-year vacancy,” says the report. “Vacancies have more or less been on an upward march since the middle of 2016.” At $1,364, the national average asking rent grew 0.4 percent in the fourth quarter. This figure is well below the 0.9 percent average quarterly growth rate for the prior six quarters. Effective rent growth of 0.3 percent in the fourth quarter was also below the 0.8 percent average quarterly growth. …

January 11, 2018

Multifamily Nevada Western

Citymark Capital, InterCapital Group Acquire 368-Unit Apartment Complex in Las Vegas for $49.2M

by Nellie Day January 10, 2018

LAS VEGAS — A joint venture between Citymark Capital and InterCapital Group has purchased the 368-unit Vintage Pointe apartments in Las Vegas for $49.2 million. The community is located at 6500 Vegas Drive. Vintage Pointe is situated along US Route 95, near employers including the North West Medical District, retail establishments and entertainment centers.

January 10, 2018

Colorado Multifamily Western

Holland Partner Group, North America Sekisui House Buy 472-Unit Apartment Community in Colorado

by Nellie Day January 10, 2018

LAKEWOOD, COLO. — A joint venture between Holland Partner Group and North America Sekisui House has purchased the 472-unit Village at Bear Creek in Lakewood for an undisclosed sum. The apartment community is located at 2605 S. Miller Drive in the Bear Creek area. The asset was completed in two phases. It features two swimming pools, sun deck, hot tub, outdoor grilling area, basketball and tennis courts, 24-hour fitness center, business center, two clubhouses, community garden, and access to the adjacent Bear Creek hiking and biking trail. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens represented both the buyer and unnamed seller in this transaction.

January 10, 2018

Multifamily Texas

WWC Acquires 296-Unit Apartment Community in San Antonio for $19.5M

by Taylor Williams January 10, 2018

SAN ANTONIO — Canadian investment firm Western Wealth Capital (WWC) has acquired Sedona Canyon, a 296-unit multifamily community located at 4620 Thousand Oaks Drive in northeast San Antonio. The sales price was approximately $19.5 million. Built in the 1980s, the property offers amenities such as a pool, fitness center, tennis court, business center and resident clubhouse. The sale marks WWC’s third acquisition of a multifamily asset in San Antonio.

January 10, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Extell Development Closes on $1.1B Financing for Central Park Tower in Manhattan

by Amy Works January 10, 2018

NEW YORK CITY — Extell Development Co. closed on a $1.1 billion construction loan for Central Park Tower on Dec. 29, 2017. The financing package comprised a $900 million senior construction loan syndication led by J.P. Morgan and a $235 million preferred equity loan from a hedge fund. Situated on 57th Street, the 1,550-foot Central Park Tower will be the tallest residential building in the world. Designed by Adrian Smith + Gordon Gill Architecture, the building will feature 179 residences, stratospheric views and a full-service amenity package, as well as a seven-story, 300,000-square-foot Nordstrom department store. Extell is co-developing Central Park Tower with SMI USA, the U.S. subsidiary of Shanghai Municipal Investment.

January 10, 2018

Newer Posts

Older Posts