Multifamily

ARA Newmark Arranges $57M Sale of Apartment Community in Orlando

by Camren Skelton December 15, 2017

ORLANDO, FLA. — ARA Newmark has arranged the $57 million sale of The Place on Millenia, a 371-unit apartment community located along the I-Drive Corridor in Orlando. Scott Ramey and Kevin Judd of ARA Newmark arranged the transaction on behalf of the seller, B&M Management. Millburn & Co. acquired the asset. In addition, Matthew Williams of NKF Capital Markets secured a seven-year, $40 million Freddie Mac acquisition loan with two years of interest-only payments and a floating interest rate of 3.51 percent. The Place on Millenia offers one- to three-bedroom floor plans and features a fitness center, clubhouse and a swimming pool with sundeck and cabanas.

December 15, 2017

Loans Multifamily Texas

Greystone Provides $36.4M Acquisition Loan for 384-Unit Apartment Community in Metro Houston

by Taylor Williams December 15, 2017

SPRING, TEXAS — Greystone has provided a $36.4 million bridge loan for the acquisition of Parkside Place Apartments, a 384-unit multifamily community in Spring, about 45 minutes north of Houston. The property features amenities such as a pool, demonstration kitchen, complimentary coffee bar, fitness and business centers, a movie-screening room with an arcade and a game room. Donny Rosenberg of Greystone originated the loan, which carries a two-year term with two six-month extensions, on behalf of Houston-based Ilan Investments.

December 15, 2017

Alabama Loans Multifamily Southeast

KeyBank Secures $35.2M Loan for Refinancing of Multifamily Asset in Birmingham

by Camren Skelton December 15, 2017

BIRMINGHAM, ALA. — KeyBank Real Estate Capital has closed a $35.2 million Freddie Mac loan for the refinancing of Retreat at Greystone, a 312-unit multifamily community in Birmingham. Caleb Marten and Chris Black of KeyBank originated the seven-year loan with a 30-year amortization schedule on behalf of the undisclosed borrower. Constructed in three phases between 2015 and 2016, the property includes 26 two-story apartment buildings. Community amenities include grilling stations, a fitness center and a swimming pool.

December 15, 2017

Loans Multifamily New Jersey Northeast

Love Funding Arranges $7.9M Loan for Affordable Multifamily Community in Newark, New Jersey

by Amy Works December 15, 2017

NEWARK, N.J. — Love Funding has arranged a $7.9 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new affordable and special needs community in Newark. Carrino Plaza Apartments will offer 60 one-, two- and three-bedroom units in one mid-rise building located in the North Ward of Newark. In addition to three multifamily floors, the property will contain partial ground-floor commercial space. Additionally, 49 of the residential units will be restricted to those earning less than 60 percent of the area median income under the Low-Income Housing Tax Credit program, and 10 rental-assistance units will be reserved for residents who receive mental health services. The development is being led by Resetarits Construction Corp. The project team includes Jose Carballo Architectural Group, Signature Custom Homes and Interstate Realty Management Co.

December 15, 2017

Multifamily Texas

SWBC Sells Two-Property Multifamily Portfolio in Dallas Area for $100M

by Taylor Williams December 15, 2017

FLOWER MOUND AND GRAND PRAIRIE, TEXAS — Dallas-based SWBC Real Estate LLC has sold two multifamily properties totaling 662 units in the Dallas area for $100 million. Virginia-based Weinstein Properties purchased the 358-unit River Walk Village in Flower Mound and the 304-unit Timberview Ranch in Grand Prairie from SWBC. Construction of the two Class A properties was completed in 2016 and 2017, respectively. Will Balthrope, Drew Kile and Joey Tumminello of Marcus & Millichap’s Institutional Property Advisors (IPA) division brokered the sale.

December 15, 2017

Loans Midwest Missouri Multifamily

Maverick Arranges $5.4M Bridge Loan for Mobile Home Community in Fenton, Missouri

by Kristin Harlow December 15, 2017

FENTON, MO. — Maverick Commercial Mortgage has arranged $5.4 million in bridge and subsequent permanent financing for Ravinia Estates in Fenton. The 217-site mobile home community spans 74 acres at 1103 Robindale Drive. Maverick arranged the 10-year loan on behalf of the borrower, JWW Robinland LLC. The bridge loan enabled the borrower, a private real estate investment firm, to fully renovate the infrastructure of the park including new signage, retaining walls, perimeter fencing, new office, parking lot, new asphalt, sealcoating and significant tree removal. The borrower invested in excess of $150,000 in capital improvements. Maverick was then able to secure permanent financing that paid off the existing bridge lender, returned equity to the borrower and paid for closing costs.

December 15, 2017

Market Reports Multifamily Texas Texas Market Reports

Strong Demand Underserved in San Antonio Multifamily Market

by Taylor Williams December 15, 2017

San Antonio is one of the nation’s fastest-growing cities, with a booming, diversified economy that’s luring new businesses and young people at a rate that most other metro areas can only envy. Lacking Austin’s hipster cred, Dallas’ moneyed glamour and Houston’s perennial position at the epicenter of a global industry, San Antonio’s many strengths are often overlooked. While this lower profile hasn’t slowed growth in the Alamo City, it has left its expanding market for Class A apartments comparatively underserved. Led by education and health services, the San Antonio area’s economy added approximately 21,500 new jobs in 2016. This represents a 2.1 percent growth rate, a healthy pace for the San Antonio MSA, albeit a slight reduction from the 2.8 percent growth rate in 2015, according to the Federal Reserve Bank of Dallas. This steady expansion fueled a population boom that saw 47,906 new residents join the metro between July 2015 and July 2016. This 2 percent growth rate ranked San Antonio as the 10th fastest-growing MSA with a population greater than 1 million people, according to estimates by the U.S. Census Bureau. Millennials Lead the Way San Antonio isn’t just a leader in total population growth; it also ranks …

December 15, 2017

Multifamily Oregon Western

Security Properties, Cigna Investment Buy 348-Unit Apartment Complex Near Portland for $81M

by Nellie Day December 14, 2017

TIGARD, ORE. — A joint venture between Security Properties and Cigna Investment Management has purchased the 348-unit Arbor Heights apartment complex in Tigard for $81 million. The community is located at 15199 S.W. Royalty Parkway in the Beaverton submarket. The Class A asset was built in 1997. Units feature walk-in closets, full-size washers/dryers and private patios/balconies. The JV plans to carry out a renovation of the property. This will include upgrades to the current amenities, a dog park area and an outdoor kitchen adjacent to the pool. The JV will also add a package concierge, bike storage and outdoor living area.

December 14, 2017

Colorado Multifamily Student Housing Western

Whiting-Turner Starts Construction of 700-Bed Residence Hall at the University of Colorado Boulder

by Nellie Day December 14, 2017

BOULDER, COLO. — Construction is underway on Williams Village East, a 178,000-square-foot, 700-bed residence hall located at the University of Colorado Boulder. The design-build team for the project consists of KWK Architects, alm2s and Whiting-Turner Contracting Co. The $96.7 million residence hall is being built in accordance with LEED Gold standards, and will include solar panels, LED lighting, recycling areas, occupancy sensor lighting, green outlets and thermostats in each room. The development — which targets upperclassman — will open for occupancy in August 2019.

December 14, 2017

Multifamily Northeast Pennsylvania

Joint Venture Breaks Ground for 319-Unit Apartment Property in Pittsburgh

by Amy Works December 14, 2017

PITTSBURGH — High Street Residential and Northwestern Mutual have broken ground for Glasshouse, a five-story, Class A residential mixed-use building located in Pittsburgh’s historic glassmaking district. Slated for completion in summer 2019, the property will feature 319 apartments in a mix of studio, one-, one+den, and two-bedroom units ranging in size from 665 square feet to 1,200 square feet. Additionally, the property will offer ground-floor restaurant retail space and 335 indoor parking spaces. On-site amenities include a club room, a game room, an e-lounge, an entertainment kitchen, a fitness center, a yoga room, a conference center, three outdoor courtyards and an outdoor pool. The project team includes Rycon Construction, Hord Coplan Macht, Langan Engineering, Tower Engineering, Structura, RD Jones Associates and Steven Winter.

December 14, 2017

Newer Posts

Older Posts