Multifamily

Cushman & Wakefield Brokers $78.3M Sale of Multifamily Portfolio Located Across Southeast

by Camren Skelton June 6, 2018

ATLANTA — Cushman & Wakefield has arranged the $78.3 million sale of a six-property, 1,522-unit multifamily portfolio located across Alabama, Georgia and Mississippi. Tampa-based Blue Rock Partners acquired the properties from Atlanta-based Varden Capital Partners. Tyler Averitt, Jimmy Adams and Craig Hey of Cushman & Wakefield’s Atlanta office arranged the transaction on behalf of the seller. The sold portfolio includes the 184-unit Madison Square in Dothan, Ala.; the 324-unit Preserve at Bent Creek in Atlanta; the 384-unit Lakeview Trails and the 210-unit Epic Brookside in College Park, Ga.; the 188-unit Orchard Cove in Covington, Ga.; and the 232-unit Gardens of Canal Park in Robinsonville, Miss. Community amenities across the portfolio include swimming pools, playgrounds, business centers, laundry facilities and fitness centers.

June 6, 2018

Alaska Loans Multifamily Western

Hunt Mortgage Provides $5.4M Refinancing for Two Multifamily Properties in Anchorage

by Amy Works June 6, 2018

ANCHORAGE, ALASKA — Hunt Mortgage Group has provided two Fannie Mae Small Balance Loans totaling $5.4 million for two multifamily properties in Anchorage. The borrower is a limited liability company backed by key principal Elaine Baker, owner of Elaine S. Baker & Associates, a design and furnishing company. The transactions included: A $2.8 million loan for the acquisition of Horizon West Apartments, a 29-unit apartment property located at 540 L St. Constructed in 1971, the five-story building features 17 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. At the time of acquisition, the property was 96 percent occupied. The 10-year loan features a fixed rate with 12 months of interest-only payments followed by a 30-year amortization schedule. A $2.6 million loan for the purchase of East 56th Avenue Apartments, located at 200, 240 and 270 E. 56th Ave. The community features five three-story, walk-up multifamily buildings constructed in 2009. At the time of sale, the property was 95 percent occupied. The property features 10 two-bedroom/one-bath units and 12 two-bedroom/two-bath units. The 10-year, fixed-rate loan features a 30-year amortization schedule.

June 6, 2018

Development Multifamily North Carolina Southeast Student Housing

Eyzenberg & Co. Selects Greystar to Develop 850-Bed Student Housing Community Near UNC Chapel Hill

by Camren Skelton June 6, 2018

CHAPEL HILL, N.C. — Eyzenberg & Co. has selected Greystar to develop Grove Park, an 850-bed student housing community located at 425 Hillsborough St. in Chapel Hill, a half-mile from the University of North Carolina (UNC) at Chapel Hill campus. Eyzenberg arranged the 12.3-acre ground lease for the project, which is currently home to an existing 111-unit apartment community. Other terms of the deal were not disclosed. The community will include a mix of apartment units and townhomes, and will feature study spaces, a swimming pool, fitness facilities, five-level parking garage and a rooftop deck. Townhouse Apartments LLC, owned by the Segar Family, which also owns the land, developed the project concept, managed the design, coordinated the entitlement and delivered the permits. Greystar expects to break ground on the community this summer and deliver the project prior to the 2020-2021 school year.

June 6, 2018

Development Multifamily Texas

Transcontinental Begins Work on 308-Unit Apartment Community in Metro Dallas

by Taylor Williams June 6, 2018

LEWISVILLE, TEXAS — Transcontinental Realty Investors Inc. and its subsidiary, Adobe Properties, have broken ground on Tower Bay Lofts, a 308-unit midrise multifamily community in Lewisville, a northern suburb of Dallas. The four-story property will feature amenities such as multiple pools, a fitness center, bocce court, storage units, bike rental service, coffee bar and a resident lounge with a bar. Units will range in size from 575 square feet to 1,604 square feet. A timeline for completion has not yet been established.

June 6, 2018

Cypress-Creek-Apartment-Homes-at-Parker-Boulevard-Royse-City-Texas

Affordable Housing Loans Multifamily Texas

Bellwether Provides $19.6M Loan for Affordable Housing Asset in Royse City, Texas

by Taylor Williams June 6, 2018

ROYSE CITY, TEXAS — Bellwether Enterprise Real Estate Capital LLC has provided a $19.6 million loan to complete the acquisition and construction of Cypress Creek Apartment Homes at Parker Boulevard, a 220-unit affordable housing community in Royse City, about 35 miles northeast of Dallas. The property features one-, two-, three- and four-bedroom units and amenities such as a pool, outdoor grilling area, fitness center, computer center and a resident clubhouse. Kevin Bowen and Bob Morton of Bellwether secured the 40-year, non-recourse loan through the U.S. Department. of Agriculture (USDA).

June 6, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates $1.7M Sale of Apartment Building in Bayonne, New Jersey

by David Cohen June 5, 2018

BAYONNE, N.J. — Marcus & Millichap has negotiated the $1.7 million sale of a 14-unit apartment building in Bayonne located at 1053-1057 Broadway. Jonathan Zamora of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. Brent Hyldahl, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the buyer, also a private investor. The property, which also includes an attached lot, is located in the uptown neighborhood of Bayonne.

June 5, 2018

Advenir-at-Woodbridge-Reserve-Sugar-Land-Texas

Loans Multifamily Texas

Advenir Refinances Two Apartment Properties Totaling 546 Units in Houston Area

by Taylor Williams June 5, 2018

HUMBLE AND SUGAR LAND, TEXAS — Florida-based investment firm Advenir Inc. has refinanced two apartment properties totaling 546 units in the Houston area. The properties include the 258-unit Advenir at Eagle Creek in the northern metro of Humble and the 288-unit Advenir at Woodbridge Reserve in the southwestern metro of Sugar Land. Eric Tupler, Josh Simon and Cortney Cole of HFF secured seven-year, fixed-rate loans with an average interest rate of 4.27 percent for the properties through Freddie Mac.

June 5, 2018

Acquisitions Multifamily Texas

ARA Newmark Brokers Sale of 299-Unit Apartment Community in San Antonio

by Taylor Williams June 5, 2018

SAN ANTONIO — ARA Newmark has brokered the sale of Ridgeline at Rogers Ranch, a newly built, 299-unit multifamily community located in northwest San Antonio. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and a resident clubhouse. Pat Jones of ARA Newmark represented the seller, San Antonio-based Embrey Partners, in the transaction. Atlanta-based multifamily investment firm Benimax purchased the property for an undisclosed price.

June 5, 2018

Westmount-at-Three-Fountains-San-Antonio

Acquisitions Multifamily Texas

Westmount Realty Capital Acquires 272-Unit Apartment Community in San Antonio

by Taylor Williams June 5, 2018

SAN ANTONIO — Dallas-based Westmount Realty Capital LLC has acquired Three Fountains, a 272-unit multifamily community located in the Westover Hills area of San Antonio. Built in 1998, the property consists of 120 one-bedroom units, 120 two-bedroom units and 32 three-bedroom units. Westmount will rebrand the property as Westmount at Three Fountains. The company will also invest in capital improvements to the property’s lighting and plumbing systems, unit interiors and communal amenities, which include a pool, fitness center, on-site laundry facilities and a business center.

June 5, 2018

Acquisitions Multifamily Texas

Transcontinental Opens 198-Unit Apartment Property in Metro Dallas

by Taylor Williams June 5, 2018

WYLIE, TEXAS — Transcontinental Realty Investors Inc. and its subsidiary, Adobe Properties, have opened Parc at Wylie, a 198-unit multifamily community in Wylie, a northeastern suburb of Dallas. The property consists of 13 three-story buildings and offers amenities such as a pool with a tanning deck, dog park, playground, fitness center and walking trails. The property, which also offers convenient access to two nearby lakes, was approximately 95 percent leased at its opening.

June 5, 2018

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