Multifamily

SWBC Sells Two-Property Multifamily Portfolio in Dallas Area for $100M

by Taylor Williams December 15, 2017

FLOWER MOUND AND GRAND PRAIRIE, TEXAS — Dallas-based SWBC Real Estate LLC has sold two multifamily properties totaling 662 units in the Dallas area for $100 million. Virginia-based Weinstein Properties purchased the 358-unit River Walk Village in Flower Mound and the 304-unit Timberview Ranch in Grand Prairie from SWBC. Construction of the two Class A properties was completed in 2016 and 2017, respectively. Will Balthrope, Drew Kile and Joey Tumminello of Marcus & Millichap’s Institutional Property Advisors (IPA) division brokered the sale.

December 15, 2017

Maverick Arranges $5.4M Bridge Loan for Mobile Home Community in Fenton, Missouri

by Kristin Harlow December 15, 2017

FENTON, MO. — Maverick Commercial Mortgage has arranged $5.4 million in bridge and subsequent permanent financing for Ravinia Estates in Fenton. The 217-site mobile home community spans 74 acres at 1103 Robindale Drive. Maverick arranged the 10-year loan on behalf of the borrower, JWW Robinland LLC. The bridge loan enabled the borrower, a private real estate investment firm, to fully renovate the infrastructure of the park including new signage, retaining walls, perimeter fencing, new office, parking lot, new asphalt, sealcoating and significant tree removal. The borrower invested in excess of $150,000 in capital improvements. Maverick was then able to secure permanent financing that paid off the existing bridge lender, returned equity to the borrower and paid for closing costs.

December 15, 2017

Market Reports Multifamily Texas Texas Market Reports

Strong Demand Underserved in San Antonio Multifamily Market

by Taylor Williams December 15, 2017

San Antonio is one of the nation’s fastest-growing cities, with a booming, diversified economy that’s luring new businesses and young people at a rate that most other metro areas can only envy. Lacking Austin’s hipster cred, Dallas’ moneyed glamour and Houston’s perennial position at the epicenter of a global industry, San Antonio’s many strengths are often overlooked. While this lower profile hasn’t slowed growth in the Alamo City, it has left its expanding market for Class A apartments comparatively underserved. Led by education and health services, the San Antonio area’s economy added approximately 21,500 new jobs in 2016. This represents a 2.1 percent growth rate, a healthy pace for the San Antonio MSA, albeit a slight reduction from the 2.8 percent growth rate in 2015, according to the Federal Reserve Bank of Dallas. This steady expansion fueled a population boom that saw 47,906 new residents join the metro between July 2015 and July 2016. This 2 percent growth rate ranked San Antonio as the 10th fastest-growing MSA with a population greater than 1 million people, according to estimates by the U.S. Census Bureau. Millennials Lead the Way San Antonio isn’t just a leader in total population growth; it also ranks …

December 15, 2017

Multifamily Oregon Western

Security Properties, Cigna Investment Buy 348-Unit Apartment Complex Near Portland for $81M

by Nellie Day December 14, 2017

TIGARD, ORE. — A joint venture between Security Properties and Cigna Investment Management has purchased the 348-unit Arbor Heights apartment complex in Tigard for $81 million. The community is located at 15199 S.W. Royalty Parkway in the Beaverton submarket. The Class A asset was built in 1997. Units feature walk-in closets, full-size washers/dryers and private patios/balconies. The JV plans to carry out a renovation of the property. This will include upgrades to the current amenities, a dog park area and an outdoor kitchen adjacent to the pool. The JV will also add a package concierge, bike storage and outdoor living area.

December 14, 2017

Colorado Multifamily Student Housing Western

Whiting-Turner Starts Construction of 700-Bed Residence Hall at the University of Colorado Boulder

by Nellie Day December 14, 2017

BOULDER, COLO. — Construction is underway on Williams Village East, a 178,000-square-foot, 700-bed residence hall located at the University of Colorado Boulder. The design-build team for the project consists of KWK Architects, alm2s and Whiting-Turner Contracting Co. The $96.7 million residence hall is being built in accordance with LEED Gold standards, and will include solar panels, LED lighting, recycling areas, occupancy sensor lighting, green outlets and thermostats in each room. The development — which targets upperclassman — will open for occupancy in August 2019.

December 14, 2017

Multifamily Northeast Pennsylvania

Joint Venture Breaks Ground for 319-Unit Apartment Property in Pittsburgh

by Amy Works December 14, 2017

PITTSBURGH — High Street Residential and Northwestern Mutual have broken ground for Glasshouse, a five-story, Class A residential mixed-use building located in Pittsburgh’s historic glassmaking district. Slated for completion in summer 2019, the property will feature 319 apartments in a mix of studio, one-, one+den, and two-bedroom units ranging in size from 665 square feet to 1,200 square feet. Additionally, the property will offer ground-floor restaurant retail space and 335 indoor parking spaces. On-site amenities include a club room, a game room, an e-lounge, an entertainment kitchen, a fitness center, a yoga room, a conference center, three outdoor courtyards and an outdoor pool. The project team includes Rycon Construction, Hord Coplan Macht, Langan Engineering, Tower Engineering, Structura, RD Jones Associates and Steven Winter.

December 14, 2017

Connecticut Multifamily Northeast

Aria Legacy Group Acquires 58-Unit Apartment Community in Hartford, Connecticut, for $3.7M

by Amy Works December 14, 2017

HARTFORD, CONN. — Aria Legacy Group has purchased Ritz Grande Apartments, a residential community located at 29 Annawan St. in Hartford’s South End, for $3.7 million. This acquisition marks the company’s 16th multifamily investment in the city. The 58-unit complex features a mix of one-, two-, three- and four-bedroom apartments. On-site amenities include laundry facilities, a playground, basketball courts and off-street parking. Taylor Perun and Rich Edwards of Northeast Private Client Group represented the undisclosed seller in the deal. Adelle Ross of Eastern Union Funding arranged acquisition financing with Freddie Mac through CBRE for the buyer.

December 14, 2017

Florida Multifamily Southeast

ARA Newmark Arranges $53.8M Sale of Apartment Community in Broward County

by Camren Skelton December 14, 2017

TAMARAC, FLA. — ARA Newmark has arranged the $53.8 million sale of Hidden Harbour, a 368-unit apartment community in Tamarac, roughly 15 miles northwest of Fort Lauderdale. Hampton Beebe, Avery Klann, Jonathan Senn, Matt Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark arranged the transaction on behalf of the seller, BH Management. Matthew Williams of NKF Capital Markets arranged a 10-year, $35.1 million acquisition loan on behalf of the buyer, Orstac Investments. The loan features a fixed interest rate of 4.02 percent and 10 years of interest-only payments. Constructed in 1988, Hidden Harbour includes one- and two-bedroom units. Orstac Investments has the option to enhance 218 of the units with updated cabinets, granite countertops, stainless steel appliances and vinyl plank wood flooring. Existing community amenities include two pools with a spa, poolside barbeque area, playground, lighted tennis courts, car care center and a fitness center. At the time of sale, Hidden Harbour was 93 percent occupied.

December 14, 2017

Loans Multifamily Texas

JLL Arranges $45M Acquisition Loan for 474-Unit Apartment Community in Plano

by Taylor Williams December 14, 2017

PLANO, TEXAS — JLL has arranged a $45 million Fannie Mae loan for the acquisition of Windhaven Park Apartments, a 474-unit multifamily community located in the northern Dallas suburb of Plano. The property features two pools, a pet park, soccer field, volleyball court and community clubhouse. Tim Leonhard and Chris Crump of JLL arranged the loan on behalf of BSR Trust, an Arkansas-based multifamily operator.

December 14, 2017

Florida Multifamily Southeast Student Housing

Colliers Brokers $26M Sale of Student Housing Asset Near University of South Florida

by Camren Skelton December 14, 2017

LUTZ, FLA. — Colliers International has arranged the $26 million sale of The Social, a 560-bed student housing community located at 2919 Network Place in Lutz, roughly two miles from the University of South Florida in Tampa. Travis Prince and Sean Baird of Colliers International arranged the transaction. Other terms of the deal were not disclosed. The Social includes two- and four-bedroom floor plans ranging in size from 960 to 1,498 square feet. All apartment units feature a private balcony or patio, full-size washer and dryer and direct access to the Hillsborough Area Regional Transit bus service. Community amenities include a resort-style pool, tanning suite, study room, fitness center, outdoor lounge and a computer lab with free printing.

December 14, 2017

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