Multifamily

KeyBank Provides $50M Bridge Loan for Apartment Community in Naples

by Camren Skelton August 15, 2017

NAPLES, FLA. — KeyBank Real Estate Capital has provided a $50 million bridge loan for the acquisition of Alvista at Laguna Bay Apartments, a 426-unit multifamily community in Naples. Alan Isenstadt of KeyBank originated the 90-day loan on behalf of the borrower, Axonic Properties LLC, a New York City-based real estate private equity firm. KeyBank plans to refinance the bridge loan through agency permanent financing. Constructed in 1990, Alvista at Laguna Bay Apartments is situated on 38 acres and comprises 28 two-story buildings. Community amenities include two pools, a fitness center, lighted tennis courts, dog park and an outdoor grilling area.

August 15, 2017

Woodfield-Valley-Forge-King-of-Prussia-PA

Loans Multifamily Northeast Pennsylvania

Phillips Realty Capital Arranges $31.3M Equity Financing for Metro Philadelphia Apartment Complex

by Amy Works August 15, 2017

KING OF PRUSSIA, PA. — Phillips Realty Capital has arranged $31.3 million in equity financing for Woodfield Investments. The company provided the joint venture equity investment toward the acquisition and development of Woodfield Valley Forge, an apartment community in King of Prussia. Adam Bieber of Phillips Realty structured the equity financing. Woodfield Valley Forge will be a 320-unit apartment community located in The Valley at Valley Forge, a 122-acre, mixed-use development. The property will feature a 493-space parking garage, a pool, fitness center, spin/class studio, flex work space, pet spa and sky lounge. The site plan for the development was approved in March 2017.

August 15, 2017

Maine Multifamily Northeast

Presidium Group, Helios Purchase 407-Unit Multifamily Portfolio in Mid-Coast Maine

by Amy Works August 14, 2017

BRUNSWICK AND TOPSHAM, MAINE — A joint venture between Presidium Group and Portland, Maine-based Helios has acquired a 407-unit multifamily portfolio in the Mid-Coast area of Maine for an undisclosed price. The portfolio includes five assets located adjacent to the former Brunswick Naval Air Base in Brunswick and a sixth property located in the neighboring town of Topsham. The portfolio consists of a combination of townhouses, garden-style apartments, single-family homes and land for future development. The Mid-Coast area consists of approximately 95,000 people within a 15-mile radius. The name of the seller was not released.

August 14, 2017

California Multifamily Western

Allstate, TruAmerica JV Buys Eagles Point Apartment Community in Escondido for $90M

by Nellie Day August 14, 2017

SAN DIEGO — A joint venture between Allstate and TruAmerica Multifamily has acquired the 519-unit Eagles Point Apartment Community in the San Diego submarket of Escondido for $90 million. The community is located at 1501 E. Grand Ave. Eagles Point includes studio to three-bedroom apartments. The asset has not been updated since it was built in 1985. The JV plans to refurbish all interior units and upgrade the property’s two pools and spas, tennis courts and clubhouse. Plans also call for a new fitness center to be built into the existing clubhouse. CBRE’s Troy Tegeler arranged the project financing through Fannie Mae. The firm’s Kevin Mulhern, Rachel Parsons and Dixie Hall represented the seller in this transaction.

August 14, 2017

Loans Multifamily New Jersey Northeast

Sterling Properties Receives $146.6M in Refinancing for Apartment Community in New Jersey

by Amy Works August 14, 2017

FRANKLIN LAKES, N.J. — Sterling Properties has received a $146.6 million mortgage loan for the refinancing of Mill Pond Apartments, a garden-style apartment complex located in Franklin Lakes. New York Life Real Estate Investors arranged the 10-year, fixed-rate loan. The Class A property features 100 apartments.

August 14, 2017

Arizona Multifamily Student Housing Western

Arizona State, American Campus Communities Open 1,600 Bed On-Campus Community

by Nellie Day August 14, 2017

TEMPE, ARIZ. — Arizona State University and American Campus Communities have opened The Fulton Schools Residential Community at Tooker House, a 1,600-bed residential community for undergraduate students in the university’s engineering school. The “dorm for engineers” features on-site digital classrooms and state-of-the-art maker spaces complete with 3D printers, laser cutters and design tools needed for a broad range of engineering courses and projects. The community also offers a 525-seat dining facility, Bluetooth-enabled laundry rooms that notify residents when their clothes are dry, advanced green building technology and high speed internet. Solomon Cordwell Buenz designed the property. In total, American Campus Communities has developed seven communities totaling 7,719 beds for ASU, an investment in excess of $540 million.

August 14, 2017

Multifamily Texas

Vanguard Negotiates Sale of 92-Unit Townhome Community in Lubbock

by Taylor Williams August 14, 2017

Vanguard Negotiates Sale of 92-Unit Townhome Community in Lubbock LUBBOCK, TEXAS — Dallas-based Vanguard Real Estate Advisors has negotiated the sale of Siena Townhomes, a 92-unit rental community located at 2102 34th St., approximately 1.8 miles south of Texas Tech University in Lubbock. The property was 95 percent occupied at the time of sale. Jordan Cortez of Vanguard represented the New York-based seller in the transaction and procured the buyer, a North Texas-based private investor.

August 14, 2017

Loans Multifamily Texas

BMC Capital Arranges $1.9M Loan for 61-Unit Multifamily Property in Houston

by Taylor Williams August 14, 2017

HOUSTON — Dallas-based BMC Capital has arranged a $1.9 million loan for the acquisition of a 61-unit multifamily property in the Oak Forest neighborhood of Houston. Clayton Wells of BMC Capital arranged the non-recourse bridge loan, which features two years of interest-only payments. The funds will also be used to make capital improvements to the property.

August 14, 2017

Midwest Multifamily Wisconsin

KTGY Unveils Design for Apartment Property Adjacent to University of Wisconsin-Oshkosh

by Kristin Harlow August 14, 2017

OSHKOSH, WIS. — KTGY Architecture + Planning has unveiled the design for Annex 71, a 140-unit apartment property located one-quarter mile from the University of Wisconsin-Oshkosh. The site was rezoned from industrial to residential in April 2017. The property was formerly home to Lamico Inc., a manufacturer of wooden crutches. Developer Annex Student Living is targeting young professionals and students as residents. Residences at Annex 71, currently under construction, will range from 500 to 1,300 square feet. Floor plans include 60 one-bedroom units, 35 two-bedroom units and 45 four-bedroom suite-style apartments. Amenities will include a clubhouse with a kitchen for community functions and private gatherings, as well as a fitness room and study lounge. Plans also call for an outdoor patio that may be used as an event area. Completion is slated for summer 2018.

August 14, 2017

Illinois Midwest Multifamily

Essex Brokers $11M Sale of Apartment Buildings in Chicago

by Kristin Harlow August 14, 2017

CHICAGO — Essex Realty Group Inc. has brokered the sale of two apartment buildings located at 1521 & 1608 W. Sherwin Ave. in Chicago for $11 million. The vintage corridor-style buildings are within one block of each other in the Rogers Park neighborhood. Vintage corridor buildings were built primarily in the 1920s or 1930s and feature layouts with one main hallway per floor. The properties total 138 units. Matt Welke of Essex represented the undisclosed buyer, while Doug Imber, Kate Varde and Clay Maxfield represented the undisclosed seller.

August 14, 2017

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