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Multifamily

Origin-Apts-Seattle
AcquisitionsMultifamilyWashingtonWestern

IPA Negotiates $53M Sale of Apartment Building in North Seattle

by Amy Works

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Origin Apartments, a seven-story multifamily property located at 12311 32nd Ave. NE in Seattle’s Lake City neighborhood. JB Matteson acquired the property for $53 million, or $346,405 per unit. Kim Grant of IPA represented the buyer in the deal. The seller was not disclosed. Constructed in 2017, the property features 153 units in a mix of studio, one- and two-bedroom apartments averaging 750 square feet. Community amenities include a rooftop deck, an outdoor dog park and gated underground parking.

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IndianaMidwestMultifamilyStudent Housing

Asset Campus Housing to Manage Two Student Housing Properties in South Bend, Indiana

by Kristin Harlow

SOUTH BEND, IND. — Asset Campus Housing has been awarded the management of two adjacent student housing properties in South Bend near the University of Notre Dame. The 221-bed Campus Court features a mix of one-, two- and three-bedroom units while the 330-bed Campus View features one- and two-bedroom units. Each community includes amenities such as a yoga studio, study room, game room, fitness center, outdoor grilling area and volleyball courts. Property owners were not disclosed.

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Company NewsDistrict of ColumbiaMixed-UseMultifamilyRetailSoutheastTexasTop Stories

Madison Marquette, PMRG Confirm Merger Discussions

by Kristin Harlow

HOUSTON AND WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have confirmed that they plan to combine operations. The terms of the merger were not disclosed, but PMRG will become part of the family of companies owned by Capital Guidance, a global investment firm that owns Washington, D.C.-based Madison Marquette. The leadership of both firms will remain intact, and the combined company will maintain its primary office locations in Houston and Washington, D.C. Closing is expected in the next 30 days. “We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” says Amer Hammour, chairman of Madison Marquette. “Madison Marquette’s investment management as well as retail and mixed-use development, marketing and management expertise would join PMRG’s office, medical, industrial and multifamily capabilities to provide leadership across all asset classes to our clients and investment partners.” PMRG’s concentration in the Southern United States will balance well with Madison Marquette’s presence in primary gateway markets on both coasts, according to PMRG. The companies’ shared clients include several institutional owners and investors in the industry. PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management and development services. The company’s 180 …

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3300-Main-Houston
DevelopmentMultifamilyTexas

PMRG, AECOM Break Ground on 336-Unit Apartment Tower in Houston

by Taylor Williams

HOUSTON — A partnership between Houston-based PM Realty Group (PMRG) and Los Angeles-based AECOM has broken ground on 3300 Main, a 336-unit apartment tower located in the Midtown area of Houston. The transit-served property will include 14,390 square feet of retail space and 521 parking spaces. According to CoStar Group, Goldman Sachs provided financing for the project. Construction is scheduled to take 24 months. PMRG has also entered into an agreement to merge with Washington, D.C.-based investment firm Madison Marquette, a deal that is expected to close within the next 30 days.    

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The-Palmer-Fort-Worth
DevelopmentMultifamilyTexas

Fort Capital Begins Work on 46-Unit Apartment Complex in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Fort Capital has begun work on The Palmer, a 46-unit apartment complex that will be located in Fort Worth’s River District. All units will be integrated with IOTAS smart home technology, which allows residents to control lighting and thermostats and set home entry alerts from their smartphones or tablets. Communal amenities will include a rooftop lounge, coffee bar with co-working areas, package concierge services and bike storage. Completion is slated for early 2019.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $6.5M Sale of Apartment Building in Brooklyn

by David Cohen

NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-story apartment building in the Park Slope neighborhood of Brooklyn. The 17-unit property, which is located at 400 6th Ave., sold for $6.5 million at a capitalization rate of 3.4 percent. The sales price equates to $604 per square foot. Matt Fotis and Matthew Shapiro of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

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IndianaLoansMidwestMultifamilySeniors Housing

Walker & Dunlop Arranges $17.3M Construction Loan for Assisted Living Facility in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Walker & Dunlop Inc. has arranged a $17.3 million loan for the construction of Oasis at 56th in Indianapolis. The 124-unit affordable assisted living facility will be located on three acres at 4940 W. 56th St. The property will feature 73 one-bedroom units and 51 studios. Amenities will include a dining area, exercise room, café and laundry facilities. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged the 40-year HUD loan on behalf of the borrower, Integral Community Development.

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LoansMidwestMultifamilyOhio

Hunt Mortgage Provides $9.7M Acquisition Loan for Multifamily Property in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — Hunt Mortgage Group has provided a $9.7 million Freddie Mac loan for the acquisition of Jamestown of Toledo Apartments. Constructed in 1965, the 204-unit multifamily property comprises 19 buildings. The property features a mix of one-, two- and three-bedroom units. Jamestown Apartments 17 LLC, an entity fully owned by Watermark Partners Fund IV LLC, was the borrower. Watermark is a Michigan-based firm that owns and operates multifamily properties throughout the Midwest.

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LoansMarylandMultifamilySoutheast

KeyBank Provides $29.3M Bridge Loan for Multifamily Community in Northern Maryland

by Camren Skelton

JOPPA, MD. — KeyBank Real Estate Capital has provided a $29.3 million bridge loan for the acquisition of The Homes at Towne Plaza, a 417-unit apartment community in Joppa, a city in Harford County. A joint venture between Blue Ocean and JCR Capital acquired the property, which was constructed in 1964. The community includes a mix of one- and two-bedroom apartments, as well as two- and three-bedroom townhomes. Community amenities include an on-site leasing center, resident services center, playgrounds and a multi-purpose sports court, all of which will be renovated.

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Alameda-Pointe-Alameda-CA
CaliforniaDevelopmentMixed-UseMultifamilyRestaurantRetailWestern

City of Alameda, Alameda Point Partners Break Ground on $1B Mixed-Use Development on Former Naval Air Station

by Amy Works

ALAMEDA, CALIF. — The City of Alameda and Alameda Point Partners have broken ground on the first phase of the $1 billion mixed-use, transit-oriented waterfront development at the gateway to Alameda Point, called Site A. The 68-acre Site A development is located on the former Naval Air Station Alameda, which closed more than 20 years ago. Alameda Point Partners is a joint venture between managing partner Trammell Crow Residential, a division of Dallas-based Crow Holdings; commercial developer srmERNST Development Partners; affordable nonprofit housing developer Eden Housing; retail landlord Madison Marquette; and financial partner Cypress Equity Investments. Slated to cost $500 million, the first phase of the Site A project consists of 673 housing units, including 130 affordable units for low-income households and an additional 310 units for middle-income households; eight acres of parks and open space; and 100,000 square feet of retail, dining and marker space, as well as community event and gathering space. Major infrastructure improvements on the 30-acre Phase I project include new water, sewer, electrical and gas lines, newly paved streets with bike and transit lanes, and bulkhead improvements on Seaplane Lagoon for a new ferry terminal. Eden Housing will develop 130 affordable housing units during Phase …

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