Multifamily

Co-Developers Open Residential Component of Annapolis Junction Town Center in Maryland

by Camren Skelton August 15, 2017

ANNAPOLIS JUNCTION, MD. — Somerset Construction Co. and Armada Hoffler Properties, the developers behind Annapolis Junction Town Center, have opened the development’s multifamily component, The Residences at Annapolis Junction. The five-story, 416-unit apartment community includes a mix of studio, one- and two-bedroom units ranging in size from 520 square feet to 1,629 square feet. The LEED Gold-certified property features energy-efficient heating, ventilating and air-conditioning and central hot water systems, low-flow plumbing fixtures and Energy Star-rated appliances. Community amenities include a fitness center, media center, community kitchen, business center, pet spa and a saltwater swimming pool with cabanas, grills and gazebos. S.L. Nusbaum Realty Co. will manage the property. Annapolis Junction Town Center is a 19-acre mixed-use, transit-oriented development and is situated adjacent to the Savage Maryland Rail Commuter Rail Station roughly halfway between Baltimore and Washington, D.C. The property is approximately 25 miles northwest of the United States Naval Academy. St. John Properties is partnering with Somerset Construction to develop the office and retail space within Annapolis Junction Town Center.

August 15, 2017

Florida Multifamily Southeast

CBRE Arranges $49.5M Sale of Multifamily Property Near Orlando

by Camren Skelton August 15, 2017

KISSIMMEE, FLA. — CBRE has brokered the $49.5 million sale of Lake Tivoli Apartments, a 384-unit multifamily property located at 851 Lake Tivoli Blvd. in Kissimmee, roughly 22 miles south of Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Lake Tivoli Apartments LLC. Newport News, Va.-based Chandler Residential acquired the asset. The property comprises 36 two- and three-story buildings. Community amenities include a lakeside sundeck, pool, tennis, racquetball and basketball courts, clubhouse, fitness center and a spa. Lake Tivoli Apartments was 97 percent occupied at the time of sale.

August 15, 2017

Florida Loans Multifamily Southeast

KeyBank Provides $50M Bridge Loan for Apartment Community in Naples

by Camren Skelton August 15, 2017

NAPLES, FLA. — KeyBank Real Estate Capital has provided a $50 million bridge loan for the acquisition of Alvista at Laguna Bay Apartments, a 426-unit multifamily community in Naples. Alan Isenstadt of KeyBank originated the 90-day loan on behalf of the borrower, Axonic Properties LLC, a New York City-based real estate private equity firm. KeyBank plans to refinance the bridge loan through agency permanent financing. Constructed in 1990, Alvista at Laguna Bay Apartments is situated on 38 acres and comprises 28 two-story buildings. Community amenities include two pools, a fitness center, lighted tennis courts, dog park and an outdoor grilling area.

August 15, 2017

Woodfield-Valley-Forge-King-of-Prussia-PA

Loans Multifamily Northeast Pennsylvania

Phillips Realty Capital Arranges $31.3M Equity Financing for Metro Philadelphia Apartment Complex

by Amy Works August 15, 2017

KING OF PRUSSIA, PA. — Phillips Realty Capital has arranged $31.3 million in equity financing for Woodfield Investments. The company provided the joint venture equity investment toward the acquisition and development of Woodfield Valley Forge, an apartment community in King of Prussia. Adam Bieber of Phillips Realty structured the equity financing. Woodfield Valley Forge will be a 320-unit apartment community located in The Valley at Valley Forge, a 122-acre, mixed-use development. The property will feature a 493-space parking garage, a pool, fitness center, spin/class studio, flex work space, pet spa and sky lounge. The site plan for the development was approved in March 2017.

August 15, 2017

Maine Multifamily Northeast

Presidium Group, Helios Purchase 407-Unit Multifamily Portfolio in Mid-Coast Maine

by Amy Works August 14, 2017

BRUNSWICK AND TOPSHAM, MAINE — A joint venture between Presidium Group and Portland, Maine-based Helios has acquired a 407-unit multifamily portfolio in the Mid-Coast area of Maine for an undisclosed price. The portfolio includes five assets located adjacent to the former Brunswick Naval Air Base in Brunswick and a sixth property located in the neighboring town of Topsham. The portfolio consists of a combination of townhouses, garden-style apartments, single-family homes and land for future development. The Mid-Coast area consists of approximately 95,000 people within a 15-mile radius. The name of the seller was not released.

August 14, 2017

California Multifamily Western

Allstate, TruAmerica JV Buys Eagles Point Apartment Community in Escondido for $90M

by Nellie Day August 14, 2017

SAN DIEGO — A joint venture between Allstate and TruAmerica Multifamily has acquired the 519-unit Eagles Point Apartment Community in the San Diego submarket of Escondido for $90 million. The community is located at 1501 E. Grand Ave. Eagles Point includes studio to three-bedroom apartments. The asset has not been updated since it was built in 1985. The JV plans to refurbish all interior units and upgrade the property’s two pools and spas, tennis courts and clubhouse. Plans also call for a new fitness center to be built into the existing clubhouse. CBRE’s Troy Tegeler arranged the project financing through Fannie Mae. The firm’s Kevin Mulhern, Rachel Parsons and Dixie Hall represented the seller in this transaction.

August 14, 2017

Loans Multifamily New Jersey Northeast

Sterling Properties Receives $146.6M in Refinancing for Apartment Community in New Jersey

by Amy Works August 14, 2017

FRANKLIN LAKES, N.J. — Sterling Properties has received a $146.6 million mortgage loan for the refinancing of Mill Pond Apartments, a garden-style apartment complex located in Franklin Lakes. New York Life Real Estate Investors arranged the 10-year, fixed-rate loan. The Class A property features 100 apartments.

August 14, 2017

Arizona Multifamily Student Housing Western

Arizona State, American Campus Communities Open 1,600 Bed On-Campus Community

by Nellie Day August 14, 2017

TEMPE, ARIZ. — Arizona State University and American Campus Communities have opened The Fulton Schools Residential Community at Tooker House, a 1,600-bed residential community for undergraduate students in the university’s engineering school. The “dorm for engineers” features on-site digital classrooms and state-of-the-art maker spaces complete with 3D printers, laser cutters and design tools needed for a broad range of engineering courses and projects. The community also offers a 525-seat dining facility, Bluetooth-enabled laundry rooms that notify residents when their clothes are dry, advanced green building technology and high speed internet. Solomon Cordwell Buenz designed the property. In total, American Campus Communities has developed seven communities totaling 7,719 beds for ASU, an investment in excess of $540 million.

August 14, 2017

Multifamily Texas

Vanguard Negotiates Sale of 92-Unit Townhome Community in Lubbock

by Taylor Williams August 14, 2017

Vanguard Negotiates Sale of 92-Unit Townhome Community in Lubbock LUBBOCK, TEXAS — Dallas-based Vanguard Real Estate Advisors has negotiated the sale of Siena Townhomes, a 92-unit rental community located at 2102 34th St., approximately 1.8 miles south of Texas Tech University in Lubbock. The property was 95 percent occupied at the time of sale. Jordan Cortez of Vanguard represented the New York-based seller in the transaction and procured the buyer, a North Texas-based private investor.

August 14, 2017

Loans Multifamily Texas

BMC Capital Arranges $1.9M Loan for 61-Unit Multifamily Property in Houston

by Taylor Williams August 14, 2017

HOUSTON — Dallas-based BMC Capital has arranged a $1.9 million loan for the acquisition of a 61-unit multifamily property in the Oak Forest neighborhood of Houston. Clayton Wells of BMC Capital arranged the non-recourse bridge loan, which features two years of interest-only payments. The funds will also be used to make capital improvements to the property.

August 14, 2017

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