Multifamily

HFF Arranges Sale, Financing for 384-Unit Apartment Community in Metro Houston

by Taylor Williams September 15, 2017

CYPRESS, TEXAS — HFF has arranged the sale of Villages at Cypress Creek, a 384-unit, Class A apartment community located in the northwest Houston suburb of Cypress. The property, which was 95 percent occupied at the time of sale, offers amenities such as two pools, a spa and massage room, media room, coffee bar and dog park. Todd Marix and Chris Curry of HFF represented the undisclosed seller in the transaction. Cortney Cole and Jordan Finch of HFF arranged an undisclosed amount of acquisition financing through a life insurance company on behalf of the purchaser, Hilltop Residential.

September 15, 2017

CBRE Brokers Sale of 384-Unit Apartment Community in North Houston

by Taylor Williams September 15, 2017

HOUSTON — CBRE has arranged the sale of Casa Verde Apartments, a two-story, 384-unit multifamily community located at 2 Goodson Drive on Houston’s north side. Clint Duncan and Matt Phillips of CBRE represented the seller, Goodson Avenue Investors LLC. Trinity Casa Verde LLC purchased the garden-style community for an undisclosed price.

September 15, 2017

Delaware Multifamily Northeast

HFF Facilitates Sale of 301-Unit Multifamily Property in Wilmington, Delaware

by Amy Works September 15, 2017

WILMINGTON, DEL. — HFF has brokered the sale of Brandywine Hundred Apartments, a multifamily property located at 400 and 402 Foulk Road in the Brandywine Hundred neighborhood of Wilmington. A joint venture between CenterSquare Investment Management and Korman Residential Properties sold the property to a regional private buyer for an undisclosed price. Situated on 10.6 acres, the property features units averaging 946 square feet, a swimming pool with sundeck, tennis courts, a fitness center with televisions, a resident lounge with Wi-Fi, a business center and covered parking. Mark Thomson, Jose Cruz, Carl Feibig and Francis Coyne of HFF, along with Robert Stella of Financial Consulting Services, represented the seller in the transaction.

September 15, 2017

Residences-Fairmont-Station-Hyde-Park-Boston

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $2.1M in Financing for Affordable Housing Community in Boston

by Amy Works September 15, 2017

BOSTON — Massachusetts Housing Finance Agency (MassHousing) has provided $2.1 million in financing to Traggorth Cos. and Southwest Boston Community Development for the construction of Residences at Fairmont Station in Boston’s Hyde Park. Located at 11 Nott St., the community will feature 27 apartments for low- and moderate-income households. MassHousing is providing a $1.8 million permanent loan and $300,000 through the agency’s $100 million Workforce Housing Initiative. The community will feature one studio unit, three one-bedroom units, 18 two-bedroom units and five three-bedroom units, as well as a community room, green space and an outdoor play area. Of the 27 units, six will be for low-income households earning at or below 30 percent of the area median income (AMI) supported by a federal Section 8 Housing Assistance Payment Contract, five will be for households with incomes at or below 50 percent of AMI, 13 will be for households with incomes at or below 60 percent AMI, and three will be workforce housing units for households earning at or below 80 percent AMI. The project is also receiving financing from the city of Boston, and the Massachusetts Department of Housing and Community Development as well as an allocation of Low-Income Housing Tax …

September 15, 2017

Multifamily Southeast Virginia

S.L. Nusbaum to Deliver 126-Unit Multifamily Community in Downtown Norfolk

by Camren Skelton September 15, 2017

NORFOLK, VA. — S.L. Nusbaum Realty Co. has broken ground on The St. Paul’s Apartments, a 126-unit multifamily community located in downtown Norfolk. The design team includes TS3 Architects, Siska Aurand, The Livas Group, Pace Collaborative, Speight Marshall Francis and Details Interior Design. Hoy Construction Co. will lead construction of the community. The St. Paul’s Apartments will feature a mix of one-, two- and three-bedroom units with walk-in closets and patios or balconies. Community amenities will include a clubhouse, swimming pool, playground, barbeque area, fitness center and a dog park. The project is slated for completion by the first quarter of 2019.

September 15, 2017

Midwest Minnesota Multifamily

IRET Acquires 500-Unit Multifamily Property in Plymouth, Minnesota for $92.3M

by Kristin Harlow September 15, 2017

PLYMOUTH, MINN. — IRET (NYSE: IRET) has acquired Park Place Apartments in Plymouth, about 15 miles west of Minneapolis, for $92.3 million. The 500-unit multifamily property consists of four buildings spanning 32 acres. Built in 1985, the property is currently 95 percent occupied. Amenities include a clubhouse, fitness center, business center, playground, swimming pools and tennis courts.

September 15, 2017

Conference Coverage Features Multifamily Texas Texas & Oklahoma Feature Archive Top Stories

Combination of Multifamily, Office Space is Hot Concept in Texas, Say InterFace Panelists

by Taylor Williams September 15, 2017

DALLAS — Say the words “mixed-use” in commercial real estate circles today and generally the first thought that comes to mind is a property featuring a combination of multifamily and retail space. But there’s no written rule that says what property classes can or can’t be included in mixed-use. As such, a number of multifamily developers in Texas are redefining the term’s scope and application by bringing together apartment living and an office component in newer projects. As part of the InterFace Multifamily Texas conference, a panel of real estate experts convened Sept. 13 at the Westin Galleria in Dallas to address this topic and other emerging trends in the apartment sector, most of which center on ways of improving amenity packages for tenants. Approximately 200 real estate professionals attended the event. The move toward developing apartment communities with office space — not business centers — stems from landlords’ need to differentiate their amenity packages from the competition. These new office elements within multifamily properties are taking a variety of forms in their infancy, ranging from large co-working spaces and conference rooms to individualized desks and cubicles. “Having amenities like a knockout pool and an awesome fitness center doesn’t really …

September 15, 2017

Multifamily Seniors Housing Washington Western

Blueprint Negotiates $24.5M Sale of 104-Unit Assisted Living Community in Seattle

by Nellie Day September 14, 2017

SEATTLE — Blueprint Healthcare Real Estate Advisors has arranged the $24.5 million sale of Foundation House, a 104-unit independent living and assisted living community in Seattle. A local nonprofit sold the property to a Seattle-based commercial real estate firm. The sale will keep the existing triple-net lease in place with the operator. The purchase price equates to approximately $236,000 per unit and a 6.9 percent yield on current rent. Ben Firestone and Michael Segal of Blueprint executed the transaction with the assistance of Mike Mooney, who covers the Pacific Northwest region for the firm.

September 14, 2017

Multifamily Seniors Housing Utah Western

Buchanan Street Partners Buys Unfinished Age-Restricted Property Near Salt Lake City

by Nellie Day September 14, 2017

HERRIMAN, UTAH — Buchanan Street Partners has acquired a 298-unit age-restricted apartment community in the Salt Lake City suburb of Herriman for an undisclosed price. The sellers were KeyBank and Bank of the West. Buchanan Street plans to finish construction of the unfinished property in early 2018. The name of the community was not released. Previously focused on the office, industrial and retail sectors, Buchanan Street launched a multifamily investment platform in March. The company plans to invest $500 million in multifamily properties over the next three years. Kip Paul and Camron Carpenter of Cushman & Wakefield represented the sellers in the transaction. Buchanan Street represented itself. Buchanan Street Partners is a real estate investment firm based in Newport Beach, Calif. Over its history, the company has invested more than $6 billion in real estate debt and equity.

September 14, 2017

Illinois Midwest Multifamily

Habitat Co. Acquires 305-Unit Luxury Apartment Tower in Chicago

by Kristin Harlow September 14, 2017

CHICAGO — The Habitat Co. has acquired 1333 S. Wabash in Chicago’s South Loop for an undisclosed price from CMK Cos. The company acquired the 305-unit luxury apartment tower in a joint venture with Pacific Life and Township Capital. Designed by Chicago-based Brininstool & Lynch, the 28-story building opened in August 2016 and is currently 75 percent leased. The property features a mix of one-, two- and three-bedroom units, including nine duplex penthouses. Building amenities include a courtyard on the fourth floor that features a lounge area, fire pit and grill stations. Inside, the building features a workout facility, demonstration kitchen and lounge area. Habitat will also handle leasing and management for the property.

September 14, 2017

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