Multifamily

Citadel Builders Breaks Ground on $40M Multifamily Community in New Orleans’ Mid-City District

by Camren Skelton January 30, 2018

NEW ORLEANS — Citadel Builders, a Metairie, La.-based general contractor, has broken ground on Parkway Apartments, a 207-unit multifamily project located at 4650 Washington Ave. in New Orleans’ Mid-City district. The community is situated at the corner of South Jefferson Davis Parkway and Washington Avenue, across the street from Xavier University of Louisiana. Kailas Cos. is developing the $40 million project in conjunction with All Star Electric Inc. and Harry Baker Smith Architects II PLLC. Parkway Apartments will offer one- and two-bedroom units and will include 13,776 square feet of retail space. In addition, the community will feature a fitness center with CrossFit-style equipment, ballroom with catering kitchen, conference center, elevated gardens, swimming pool, picnic area, dog park and an observation deck. The project is slated for completion in spring 2019.

January 30, 2018

Loans Mixed-Use Multifamily North Carolina Southeast

Trez Forman Provides $35M Construction Loan for Mixed-Use Project in Coastal North Carolina

by Camren Skelton January 30, 2018

WILMINGTON, N.C. — Trez Forman Capital Group has provided a $35 million loan for the development of River Place, a mixed-use project located at 200 N. Water St. in downtown Wilmington. The Florida-based company is a joint venture between Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group. Trez Forman Capital arranged the loan on behalf of developer East West Partners. The Chapel Hill, N.C.-based firm is developing the 13-story project, which will include 92 condominium residences, 79 apartment units and 32,000 square feet of retail space. The building will be the central component of a more than $70 million redevelopment of a municipal parking deck with a new 400-space parking garage. River Place will feature a rooftop pool, fitness center and a clubhouse. Individual units will feature open floor plans and balconies with views of the Cape Fear River.

January 30, 2018

Affordable Housing Georgia Loans Multifamily Southeast

Capital One Provides $23.1M Fannie Mae Loan for Affordable Housing Community in Atlanta

by Camren Skelton January 30, 2018

ATLANTA — Capital One has provided a $23.1 million Fannie Mae loan for the acquisition, renovation and expansion of Edgewood Court Apartments, a 204-unit affordable housing community in Atlanta’s Edgewood neighborhood. Evan Williams of Capital One arranged the 16-year, fixed-rate loan with a 35-year amortization schedule on behalf of the borrower, Jonathan Rose Cos. In addition to renovating the existing units, the firm plans to build 18 new units and a new community center. As part of the transaction, the HUD Section 8 contract on the original units was renewed for 20 years. The project received an allocation of 4 percent Low Income Housing Tax Credits issued by the Georgia Department of Community Affairs and tax-exempt bonds issued by Invest Georgia. Constructed in 1950, Edgewood Court was last renovated more than 35 years ago. Jonathan Rose Cos. will add a fitness center and computer lab in the new community center, refresh building facades, replace roofs and gutters, update unit electrical and HVAC systems, renovate kitchens and baths and create a community garden and playground.

January 30, 2018

Midwest Minnesota Multifamily

Marcus & Millichap Brokers $2M Sale of Apartment Building in St. Paul, Minnesota

by Kristin Harlow January 30, 2018

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a 20-unit apartment building in St. Paul for $2 million. The property is located at 1756 Grand Ave. and consists of 20 studio apartments. Dan Linnell, Mox Gunderson, Josh Talberg and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a private investor who had owned the property for 40 years. A private investor purchased the asset.

January 30, 2018

Arizona Multifamily Western

Knightvest Capital Purchases 768-Unit Apartment Complex in Phoenix for $110M

by Nellie Day January 30, 2018

PHOENIX — Knightvest Capital has acquired the 768-unit Red Mountain Villas in Phoenix for $110 million. The community is located at 815 N. 52nd St. Red Mountain Villas was built on nearly 30 acres in three phases between 1987 and 1996. Community amenities include a koi pond, six resort-inspired swimming pools and access to the Papago Golf Course. Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, Weidner Apartment Homes, in this transaction.

January 30, 2018

Multifamily Texas

JLL Arranges Sale of 77-Unit Apartment Community in San Antonio

by Taylor Williams January 30, 2018

SAN ANTONIO — JLL has arranged the sale of Hamilton Place, a 77-unit multifamily community in San Antonio. The Class B property is located at 1622 and 1650 Jackson Keller Road on the city’s north side and offers amenities such as a pool, a dog park and on-site laundry services. Moses Siller of JLL represented the seller, Vergara Properties LLC, in the sale. JMB Group, an investment and management firm with offices around the country, purchased the property.

January 30, 2018

District of Columbia Multifamily Southeast Top Stories

Urban Investment Partners, Atalaya Acquire Apartment Community in Washington D.C. for $95.5M

by Katie Sloan January 30, 2018

WASHINGTON, D.C. — A partnership between Urban Investment Partners (UIP) and Atalaya Capital Management has acquired Onyx on First, a 266-unit apartment community located in Washington, D.C.’s Capitol Riverfront neighborhood for $95.5 million. The seller was J.P. Morgan, according to the Washington Business Journal. Constructed in 2008, Onyx on First was originally developed by Faison Development as condominiums, but was converted to rental apartments upon delivery. The property is located at 1100 First St. S.E., two blocks from Washington Nationals Park and near the Navy Yard Metro station. The community features shared amenities including a rooftop deck and pool, fitness center, picnic area with grills, courtyard, underground parking and controlled-access entry. The new ownership will update the property by installing cell phone repeaters to improve cell phone service, expanding the outdoor kitchens, installing dog runs and adding other building enhancements. Upon closing, UIP and Atalaya separated the land and building and sold the land to Safety, Income & Growth Inc. (SAFE), a publicly traded owner of ground-net leases. SAFE then leased the land to UIP under a 99-year ground lease. Andy Weiss of Gem Equity structured the placement of the ground lease. Jacob Katz of Meridian Capital represented Capital One and Fannie Mae …

January 30, 2018

Multifamily Texas

Stillwater Breaks Ground on 336-Unit Apartment Complex in Dallas’ Deep Ellum District

by Taylor Williams January 29, 2018

DALLAS — Stillwater Capital has broken ground on The Crosby, a 336-unit multifamily complex located at 400 S. Hall St. in the Deep Ellum district of Dallas. Designed by Dallas-based HLR Architects Inc., the building will feature 3,000 square feet of co-working space, a rooftop deck and lounge, a dog park, pool, fitness center and bike storage services. Units will include studio, one- and two-bedroom residences ranging in size from 535 to 1,176 square feet. A timetable for completion has not yet been established.

January 29, 2018

Multifamily Texas

IPA Brokers Sale of 274-Unit Multifamily Property in Fort Worth

by Taylor Williams January 29, 2018

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Ranch at Fossil Creek, a 274-unit multifamily property located on Fort Worth’s north side. The property was built in 2002. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, Connecticut-based Beachwold Residential LLC. The group also procured the buyer, Frisco-based CAF Capital Partners LLC.

January 29, 2018

Arizona Multifamily Seniors Housing Western

Western States Lodging Breaks Ground on 216-Unit Assisted Living Community Near Phoenix

by Nellie Day January 29, 2018

SCOTTSDALE, ARIZ. —Western States Lodging has broken ground on Legacy Village of Salt River, a 216-unit assisted living and memory care community in the Phoenix suburb of Scottsdale. The property will be the company’s third in the Phoenix metro, as it continues its expansion into seniors housing. The property is located within Pima Center, a 232-acre, mixed-use business park developed by MainSpring Capital Group containing more than 1.5 million square feet of office, flex and light industrial facilities. The Block, a full-service retail center, is currently under construction within the park. Salt Lake City-based Beecher Walker Architects designed the community, which hardison/downey construction is building. The community is scheduled to open in early 2019. Development partners include The Boyer Group and the Colmena Group. Zions Bank provided development financing. Western States Lodging’s portfolio includes hotels, senior apartments and seniors housing communities in Utah, Oregon, Idaho, Washington, Hawaii, Colorado, Nevada and Arizona.

January 29, 2018

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