Multifamily

CA Ventures, White Oak Open 250-Unit Luxury Apartment Complex in Suburban St. Louis

by Kristin Harlow July 18, 2017

CLAYTON, MO. — CA Ventures and White Oak Realty Partners have opened Two Twelve Clayton, a 250-unit luxury apartment complex in Clayton, a western suburb of St. Louis. The 26-story building is located at 212 S. Meramec Ave. Two Twelve includes studio, one-, two- and three-bedroom units ranging from 592 to 1,366 square feet. Monthly rents start at $1,706 and rise to $4,415 for the largest units. The property features 9,300 square feet of amenity space, including a rooftop deck with a resort-inspired pool, fire pit and outdoor dining area with grills, fitness center, yoga studio and resident lounge. First move-ins began earlier this month. The Habitat Co. is managing the property and overseeing leasing.

July 18, 2017

Illinois Midwest Multifamily

$151M Origin Investments’ Fund III Targets Value-Added Properties

by Kristin Harlow July 18, 2017

CHICAGO — Origin Investments has raised $151 million from 450 investors through its third private equity real estate fund, paving the way for it to acquire $600 million in value-added commercial and multifamily properties. Since July 2016, the now closed and fully subscribed Origin Investments’ Fund III has spent $38 million to acquire eight assets, including The Clayson, a 448-unit apartment complex in Palatine, Ill. The eight properties are valued in excess of $257 million. The investment strategy for the third fund mirrors Chicago-based Origin Investments’ first two funds, which are currently on track to generate more than a 24 percent annualized net return. When fully invested, Origin Investors’ Fund III is expected to own more than 15 multifamily and office properties in eight markets across the United States.

July 18, 2017

California Market Reports Multifamily Western Western Market Reports

L.A. County Apartment Sector is Feeling the Pressure From Buyers, Renters

by Camren Skelton July 18, 2017

Los Angeles County is facing a significant lack of housing product — an issue that can’t be resolved any time soon. With the fight to limit new development, it is a very uphill and challenging battle that is unfortunate for the economy, business and, most of all, residents. An influx of about 160,000 new residents moved to the county from 2010 through 2015, but we have only seen upwards of 25,000 new housing units built during that same time frame. The demand drivers are extremely significant for new housing, but supply constraints like zoning and regulations are preventing an adequate supply. Additionally, with an unemployment rate currently at a historical low of about 4 percent, projections for housing demand over the next decade all point to a severe shortage in this growing region. Despite all the news about companies moving out of state to enjoy less expensive business costs as well as more affordable housing for their employees, this region, along with California as a whole, continues to see a population increase. Even with all this being said, the multifamily sector has and will continue to be the darling of the commercial real estate industry as it’s fueled by a …

July 18, 2017

Multifamily New York Northeast

Akelius US Purchases 35-Unit Apartment Building in Brooklyn for $13.3M

by Amy Works July 17, 2017

NEW YORK CITY — Akelius US has acquired an apartment building, located at 290 Clinton Ave. in the Clinton Hill neighborhood of Brooklyn. An undisclosed seller sold the asset for $13.3 million. The building features 35 apartment units.

July 17, 2017

Florida Multifamily Southeast

Berkadia Arranges $20.3M Sale, Financing for Multifamily Property in Metro Tampa

by Camren Skelton July 17, 2017

LARGO, FLA. — Berkadia has arranged the $20.3 million sale of Columns at East Bay, a 196-unit multifamily community located at 3660 E. Bay Drive in Largo, roughly 20 miles west of Tampa. Jason Stanton, Cole Whitaker, Mary Beale and Greg Rainey of Berkadia marketed the property on behalf of the seller, ECI Group Inc. Berkadia’s Mitch Sinberg and Matthew Robbins secured a three-year, $17.8 million loan with interest-only payments through Freddie Mac’s Value-Add and Green-Up programs on behalf of the buyer, Insula Capital. Constructed in 1986, Columns at East Bay consists of 15 two-story buildings that include one- and two-bedroom units. Amenities include a resort-style swimming pool, clubhouse, lighted tennis court, playground, outdoor entertainment area, grills, recreational room and a car care center. The property was 94.4 percent occupied as of February 2017.

July 17, 2017

Loans Multifamily Texas

Westdale Receives $14.6M in Financing for Redevelopment of Dallas Lofts

by Taylor Williams July 17, 2017

DALLAS — Westdale Real Estate Investment and Management has received $14.6 million in debt financing for the redevelopment of Mid Elm Lofts, a 29-unit boutique apartment complex located at 1512-1516 Elm St. in Dallas. Justin Laub of Metropolitan Capital Advisors Ltd. arranged the construction financing through an undisclosed, Texas-based bank.

July 17, 2017

Colorado Loans Multifamily Seniors Housing Western

Walker & Dunlop Arranges $28.2M Construction Loan for 137-Unit Assisted Living Community in Monument

by Nellie Day July 17, 2017

MONUMENT, COLO. — Walker & Dunlop Inc. has structured a $28.2 million construction loan for Jackson Creek Senior Living, a 137-unit assisted living facility in Monument, located between Denver and Colorado Springs. The borrower is the project’s developer, an affiliate of CSI Construction. Scheduled to open in late 2018, Jackson Creek Senior Living will include a three-story, 128,600 square-foot building with 80 assisted living, 30 memory care and 27 independent living units. The asset is located on 6.4 acres of land. Ralph Lowen arranged the HUD loan at 90 percent of total replacement cost. The financing features 18 months of interest-only payments during the construction period, followed by a 40-year, fully amortizing permanent loan.

July 17, 2017

Arizona Multifamily Western

Rivendell Global Real Estate Buys Santa Rosa Apartments in Phoenix for $19.5M

by Nellie Day July 17, 2017

PHOENIX — Rivendell Global Real Estate has acquired the 112-unit Santa Rosa apartments in Phoenix for $19.5 million. The community is located at 3425 E. Chandler Blvd. Santa Rosa was built in 1997 within the 720-acre Lakewood Master Plan. CBRE’s Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch represented the seller, Baron Properties, in this transaction.

July 17, 2017

Midwest Multifamily Ohio Student Housing

CRG, Koman Group Complete 262,000 SF Student Housing Property in Cleveland

by Kristin Harlow July 17, 2017

CLEVELAND — CRG and The Koman Group have completed The Edge on Euclid, a 262,000-square-foot student housing property located directly across from Cleveland State University in downtown Cleveland. Early move-in began on July 1. The property features 240 residential suites, a fitness center, lounge, café, study areas and a 163-car garage. The 11-story building features a mix of one- to four-bedroom units. The 11th floor features a sky deck. Clayco served as the design-builder and its subsidiary, Forum Studio, served as the architect.

July 17, 2017

Multifamily Texas

RADCO Acquires 278-Unit Apartment Community in Houston

by Taylor Williams July 14, 2017

HOUSTON — The RADCO Cos. has acquired City Gate at Champions, a 278-unit, Class B apartment community situated on 10.6 acres at 12811 Greenwood Forest Drive in Houston. Built in 1978, the property consists of 27 two-story buildings with units averaging 874 square feet each. Amenities include a pool, picnic and grilling area and community clubhouse. The seller and other terms of sale were not disclosed. Atlanta-based RADCO plans to spend approximately $14,500 per unit on capital improvements. BBVA Compass provided debt and capital for the acquisition.

July 14, 2017

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