While recently visiting a local Starbucks, I noticed an employee behind the counter with a tattoo in the shape of California. I decided to ask the barista if she was from the Golden State, and indeed she was. I asked what brought her to Des Moines, thinking she would say family or a love interest, but I was wrong. She had read and heard so much positive press about the Des Moines area that she decided to give it a shot. She started applying for jobs online and landed one with Wells Fargo, the largest employer in Des Moines. Working at Starbucks was her second gig. I asked if she lived in the suburbs. She replied, “Nope, I live downtown and work in the suburbs.” Population surge This anecdotal story is pretty common these days. Young people are flocking to Des Moines like never before. I have lived in Des Moines nearly 40 years, and never have I seen the growth we are currently experiencing. Much of it has to do with the quality of life. We don’t yet have a rush hour — we call it rush minutes. The cost of living is reasonable, and young people stand a …
Multifamily
CENTENNIAL, COLO. — Waterton has purchased the 266-unit Greenwood Plaza in Centennial for an undisclosed sum. The community is located at 7610 E. Caley Ave. Greenwood Plaza features units that range from one to three bedrooms. The property is situated near the Denver Tech Center. Waterton plans to renovate the units’ interiors. On-site amenities include a fitness center, media room, business center, outdoor grilling area, clubhouse, and heated outdoor swimming pool and spa.
OKLAHOMA CITY — ARA Newmark has closed the $60.5 million sale of Brookwood Village, a 1,128-unit apartment community located at 9401 S. Shartel Drive in Oklahoma City. The property, which was 94 percent occupied at the time of sale, is the largest apartment community in the state. Built in 1970 and renovated in 2015 and 2016, the garden-style property features nine pools, six tennis courts and a 20-acre park. Tim McKay, David Burnett, Brandon Lamb and Justin Wilson of ARA Newmark represented the seller, Tulsa-based Brookwood Village Apartments LLC. Washington state-based Weidner Apartment Homes purchased the property
FAIRVIEW, TEXAS — Meridian Capital Group has arranged $32 million loan for the acquisition for Sorrel Fairview, a 267-unit, Class A multifamily community located at 351 Sugarloaf Trail in the Dallas metro of Fairview. The property features a clubhouse with lounge areas, game room, resort-style pool, fitness center and an on-site car washing service. Abe Hirsch, Moshe Majeski and Zec Karpel of Meridian Capital arranged the five-year loan with a 4 percent fixed interest rate and three years of interest-only payments, on behalf of New York-based Azure Partners LLC.
Partnership Breaks Ground on $17M Affordable Housing Redevelopment in Upper Dublin, Pennsylvania
by Amy Works
UPPER DUBLIN, PA. — Montgomery County Housing Authority (MCHA) and Pennrose Properties have partnered to redevelop North Hills Manor, an affordable housing property in Upper Dublin. The $17 million project includes the demolition of the existing 50-unit public housing development, which was originally built in 1954, and the construction of 50 new apartments ranging from one- to four-bedrooms located in 17 residential buildings. Additionally, the development will feature a shared building featuring a community room, computer lab and property management offices. The new units will feature modern kitchens, including dishwasher, spacious closets, ceramic-tiled bathrooms, resident-controlled heating and cooling, and in-unit washers/dryers.
NEW YORK CITY — M&T Realty Capital has provided a $10 million Freddie Mac loan for the permanent financing of Carmel Place, a micro-unit building located at 335 E. 27th St. in New York City. Monadnock Development developed the 55-unit building that features studio apartments, 40 percent of which are affordable units. At the time of financing, the property was 100 percent leased. Michael Chavkin, Joe Pizzutelli and Douglas Tilley of M&T Realty Capital arranged the transaction. M&T Bank provided construction financing for the project.
BUTLER, N.J. — Cronheim Mortgage has arranged $8.5 million in financing for two garden apartment developments in Butler. Provided by Southern Farm Bureau Life Insurance, the 10-year loan features a 25-year amortization schedule and a fixed interest rate. Butler Ridge features 188 units in a mix of studio, one- and two-bedroom units, and Butler Arms features 30 one-bedroom units. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and closed the loans.
GARFIELD, N.J. — Marcus & Millichap has brokered the sale of Davison Apartments, an apartment building located at 500 Lanza Ave. in Garfield. A limited liability company sold the eight-unit property for $1.1 million. Daniel Aviles of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
DURHAM, N.C. — Terwilliger Pappas Multifamily Partners has broken ground on Solis Brightleaf, a 194-unit apartment complex located on West Main Street in downtown Durham. The property sits next to Brightleaf Square, a mixed-use community, and is less than two miles from Duke University. Solis Brightleaf will offer studio, one-, two- and three-bedroom floor plans and feature an outdoor beer garden, clubroom with a veranda, fitness center, yoga studio and a heated pool. Pittsburgh-based First National Bank is providing construction financing for the project, and Clancy & Theys Construction Co. is the general contractor. The design team includes Cline Design Associates and engineering and landscape architecture firm Stewart.
MIDDLE RIVER, MD. — Walker & Dunlop has arranged a $72.6 million construction loan for The Berkleigh, a Class A apartment community in Middle River, roughly 10 miles east of Baltimore. Dee McClure of Walker & Dunlop structured the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing. The financing included a two-year construction loan followed by a 40-year, fully amortizing, permanent fixed-rate loan with a debt service coverage ratio of 1.176x. The Berkleigh is part of the Baltimore @ 95, a master-planned, mixed-use development that will contain office, flex and retail space, as well as hotels, single-family homes, townhouses and apartment communities.