Multifamily

NXT Capital Provides $26.8M Acquisition Loan for Apartment Community in Central Florida

by Camren Skelton September 6, 2017

DAVENPORT, FLA. — NXT Capital has provided $26.8 million in financing for the acquisition of Village at Town Center, a 240-unit multifamily community in Central Florida’s city of Davenport. Elliott Throne and Mona Carlton of HFF secured the acquisition and bridge financing through NXT Capital on behalf of the borrower, Beachwold Residential. Located at 2000 Village Blvd. within the Reunion Resort & Club, Village at Town Center is roughly nine miles south of Walt Disney World. Constructed in 1999, the property features a basketball court, children’s play area, tennis court, swimming pool and a fitness facility. Beachwold plans to renovate the apartment units and install an institutional management team.

September 6, 2017

Multifamily Seniors Housing Southeast Virginia

Humanities Foundation, James Doran Break Ground on $16M Seniors Housing Community in Virginia

by Camren Skelton September 6, 2017

SPOTSYLVANIA, VA. — Humanities Foundation, in conjunction with James Doran Co., has broken ground on Keswick Senior Apartments, a 100-unit seniors housing community in Spotsylvania. The $16 million development is located within Keswick, a residential community under development by Jarrell Properties Inc. Located at the intersection of Lake Anna Parkway and Old Robert E. Lee Drive, the community will include 700 townhomes, single-family homes and apartments. Keswick Senior Apartments will features a security system, a community space with a meeting area, business center, exercise room, laundry facility, gazebo and a garden area. The project is being built utilizing Low Income Housing Tax Credits administered by the Virginia Housing and Development Authority. Citi Community Capital provided construction financing for the project with Boston Capital as the syndicator. The project team includes architect Martin Riley Associates, civil engineer Webb & Associates and land broker Coldwell Banker Elite/Coldwell Banker Commercial.

September 6, 2017

Florida Multifamily Southeast

BTI Partners Sells Future Multifamily Site at Tampa’s Westshore Marina District for $13.2M

by Camren Skelton September 6, 2017

TAMPA, FLA. — BTI Partners has sold a 12-acre parcel of land in Tampa’s Westshore Marina District for $13.2 million. The buyer, Wellington, Fla.-based Bainbridge Cos., plans to build a 351-unit apartment community on the property. Westshore Marina District is a master-planned community under development by BTI Partners. The company is selling portions of the 52-acre property to developers that will build residential communities in phases. Upon completion, Westshore Marina District will include approximately 1,750 residential units, a 200-room hotel, retail, restaurants and office space, 185 to 240 marina slips and a 1.5-mile waterfront park. Bainbridge’s community will feature a public park, game rooms, swimming pool, dog parks, parking garages, fitness center and a clubhouse.

September 6, 2017

Loans Multifamily Texas

NorthMarq Arranges $13.4M Acquisition Loan for Apartment Complex in Fort Worth

by Taylor Williams September 6, 2017

FORT WORTH, TEXAS — NorthMarq Capital has arranged a $13.4 million acquisition loan for Valencia Apartment Homes, a 263-unit multifamily asset located at 7301 Ederville Road in Fort Worth. The community offers a pool, laundry facility and resident clubhouse. Suzanne Jones of NorthMarq arranged the 12-year Fannie Mae loan, which features four years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower, Nicholas Residential.

September 6, 2017

Multifamily Texas

HGI Sells Five Apartment Properties Totaling 1,192 Units in Dallas

by Taylor Williams September 6, 2017

DALLAS — Affiliates of Virginia-based investment firm Harbor Group International LLC (HGI) have sold five multifamily properties totaling 1,192 units in Dallas. HGI acquired the assets in 2014 as part of a 12-property, 3,100-unit portfolio. Ten of the properties are located in the Dallas area and two in Houston. With this transaction, HGI has now sold all 10 Dallas properties to three different buyers for approximately $295 million.

September 6, 2017

Georgia Multifamily Southeast Top Stories

Independence Realty Trust to Acquire Nine-Property Multifamily Portfolio for $228.1M

by Nellie Day September 6, 2017

PHILADELPHIA — Independence Realty Trust Inc. (NYSE: IRT) has agreed to acquire a nine-property multifamily portfolio for $228.1 million. The portfolio contains 2,353 units across the U.S. The seller was not disclosed. This acquisition will allow IRT to further develop its presence in core markets like Atlanta, Indianapolis and Columbus, Ohio. It will also allow the REIT to enter two new markets, though further information regarding the assets’ locations was not disclosed. IRT maintains a large multifamily portfolio in the South and Midwest, particularly in Arkansas, Georgia, Florida, Kentucky, Missouri, North Carolina, Oklahoma, Tennessee and Texas. Rents range from $455 per month at Raindance Apartments in Oklahoma City to more than $1,265 per month at Sabal Key in Naples, Fla. The communities within the new portfolio were built or renovated between 2000 and 2011 and feature an average occupancy of 95 percent. Average effective rent per unit was $884 for the three months that ended July 31, 2017. “This acquisition represents another key milestone for IRT, bolstering our current portfolio with a collection of high-quality communities located in amenity-rich, non-gateway markets that are core to our investment thesis,” says Scott Schaeffer, chairman and CEO of IRT. “This is a tremendous …

September 6, 2017

Multifamily New Jersey Northeast

DMG Tops Out 14-Story Multifamily Project in Cliffside Park, New Jersey

by Amy Works September 5, 2017

CLIFFSIDE PARK, N.J. — DMG Investments has topped out One Park, a 14-story multifamily project in Cliffside Park. Slated for completion in fall 2018, the development will feature 204 one-, two-, three- and four-bedroom condominiums, starting at $495,000. Designed by Architectura, with interior spaces by VLDG Inc., the residences feature kitchens with chef-caliber appliances, floor-to-ceiling windows, freestanding sculpted tubs and open showers. Additionally, the property will feature 25,000 square feet of indoor and outdoor amenity space, including a 24-hour attended front desk; aquatic center with indoor heated pool; adjoining outdoor sun deck, sauna and steam rooms; furnished roof deck with grilling stations, fire pits, intimate seating areas and an outdoor movie theater; fitness center with Pilates room, squash court, golf simulator, children’s playroom, pet spa and guest suites; and a secure parking garage.

September 5, 2017

Mixed-Use Multifamily New York Northeast Retail

Bestreich Realty Group Brokers Two Mixed-Use Building Sales in Brooklyn Totaling $7.1M

by Amy Works September 5, 2017

NEW YORK CITY — Bestreich Realty Group has arranged the sales of two mixed-use properties located in Brooklyn. In the first transaction, Starr Lofts sold a newly constructed 4,500-square-foot mixed-use building, located at 100 Starr St. in Bushwick. Private investors acquired the property, which features eight multifamily units, for $3.2 million. Derek Bestreich, Steve Reynolds, Tom Reynolds and Greg Rhodes of Bestreich Realty represented the buyer and seller in the deal. In the second transaction, Alchemy acquired a 20,468-square-foot mixed-use property located at 649 Argyle Road in Ditmas Park for $3.9 million. The property features 19 apartments and three retail stores. Bestreich, Erik Rodriguez and Brian Underkofler of Bestreich Realty represented the buyer and seller, a private investor, in the transaction.

September 5, 2017

Colorado Multifamily Western

AvalonBay Communities Buys 252-Unit Lodge Denver West Apartments for $76.8M

by Nellie Day September 5, 2017

DENVER — AvalonBay Communities has purchased the 252-unit the Lodge Denver West apartment complex for $76.8 million. The community is located at 14125 Denver W. Circle in the Denver submarket of Lakewood. The Lodge Denver West was built in 2016. The acquisition marks AvalonBay’s entry into the Denver metropolitan area.

September 5, 2017

Arizona Multifamily Student Housing Western

CA Student Living Completes Seven Student Housing Developments Totaling 3,600 Beds

by Nellie Day September 5, 2017

TEMPE, ARIZ. — Chicago-based CA Student Living has completed seven student housing communities comprising more than 3,600 beds. Located in six different states, the communities opened throughout August and, together, are 96 percent leased for the upcoming academic year. Recent deliveries include RISE on Apache, an 833-bed community located near Arizona State University in Tempe; Identity Reno, a 325-bed community located near the University of Nevada, Reno in Reno; and Uncommon Fort Collins, a 247-bed community located near Colorado State University in Fort Collins, among other communities. CA Student Living plans to complete another seven communities comprising 2,200 beds in 2018 and an additional eight properties with 4,100 beds in 2019.

September 5, 2017

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