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ConnecticutMultifamilyNortheast

Aria Legacy Group Acquires 58-Unit Apartment Community in Hartford, Connecticut, for $3.7M

by Amy Works

HARTFORD, CONN. — Aria Legacy Group has purchased Ritz Grande Apartments, a residential community located at 29 Annawan St. in Hartford’s South End, for $3.7 million. This acquisition marks the company’s 16th multifamily investment in the city. The 58-unit complex features a mix of one-, two-, three- and four-bedroom apartments. On-site amenities include laundry facilities, a playground, basketball courts and off-street parking. Taylor Perun and Rich Edwards of Northeast Private Client Group represented the undisclosed seller in the deal. Adelle Ross of Eastern Union Funding arranged acquisition financing with Freddie Mac through CBRE for the buyer.

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FloridaMultifamilySoutheast

ARA Newmark Arranges $53.8M Sale of Apartment Community in Broward County

by Camren Skelton

TAMARAC, FLA. — ARA Newmark has arranged the $53.8 million sale of Hidden Harbour, a 368-unit apartment community in Tamarac, roughly 15 miles northwest of Fort Lauderdale. Hampton Beebe, Avery Klann, Jonathan Senn, Matt Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark arranged the transaction on behalf of the seller, BH Management. Matthew Williams of NKF Capital Markets arranged a 10-year, $35.1 million acquisition loan on behalf of the buyer, Orstac Investments. The loan features a fixed interest rate of 4.02 percent and 10 years of interest-only payments. Constructed in 1988, Hidden Harbour includes one- and two-bedroom units. Orstac Investments has the option to enhance 218 of the units with updated cabinets, granite countertops, stainless steel appliances and vinyl plank wood flooring. Existing community amenities include two pools with a spa, poolside barbeque area, playground, lighted tennis courts, car care center and a fitness center. At the time of sale, Hidden Harbour was 93 percent occupied.

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LoansMultifamilyTexas

JLL Arranges $45M Acquisition Loan for 474-Unit Apartment Community in Plano

by Taylor Williams

PLANO, TEXAS — JLL has arranged a $45 million Fannie Mae loan for the acquisition of Windhaven Park Apartments, a 474-unit multifamily community located in the northern Dallas suburb of Plano. The property features two pools, a pet park, soccer field, volleyball court and community clubhouse. Tim Leonhard and Chris Crump of JLL arranged the loan on behalf of BSR Trust, an Arkansas-based multifamily operator.  

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FloridaMultifamilySoutheastStudent Housing

Colliers Brokers $26M Sale of Student Housing Asset Near University of South Florida

by Camren Skelton

LUTZ, FLA. — Colliers International has arranged the $26 million sale of The Social, a 560-bed student housing community located at 2919 Network Place in Lutz, roughly two miles from the University of South Florida in Tampa. Travis Prince and Sean Baird of Colliers International arranged the transaction. Other terms of the deal were not disclosed. The Social includes two- and four-bedroom floor plans ranging in size from 960 to 1,498 square feet. All apartment units feature a private balcony or patio, full-size washer and dryer and direct access to the Hillsborough Area Regional Transit bus service. Community amenities include a resort-style pool, tanning suite, study room, fitness center, outdoor lounge and a computer lab with free printing.

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MultifamilyTexas

Marcus & Millichap Closes $20M Sale of Three Multifamily Assets Totaling 351 Units in DFW

by Taylor Williams

FORT WORTH, ARLINGTON AND STEPHENVILLE, TEXAS — Marcus & Millichap has closed the sale of three multifamily properties totaling 351 units in the Dallas-Fort Worth (DFW) area. Catholic Charities of Fort Worth sold the 200-unit Casa apartments in Fort Worth, the 65-unit Nuestro Hogar in Arlington and the 86-unit Casa Brendan apartments in Stephenville. Collectively, the assets fetched a sales price of more than $20 million. Al Silva of Marcus & Millichap represented the seller and secured the institutional buyers.

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MultifamilyTexas

Westmount Acquires 234-Unit Apartment Community in Northwest Houston

by Taylor Williams

HOUSTON — Westmount Realty Capital has acquired Copper Mill, a 234-unit multifamily community located at 15910 FM 529 in northwest Houston. Built in 1983, the property features one- and two-bedroom units and amenities such as a pool, fitness center, business center and dog park. The property, which was 98 percent occupied at the time of sale, will be rebranded as Westmount at Copper Mill. The seller was not disclosed.

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MidwestOhioSeniors Housing

Woda Group Opens $8.6M Affordable Seniors Housing Property in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — The Woda Group Inc. has opened Wheatland Crossing in the Hilltop neighborhood of Columbus. The $8.6 million project features 42 affordable seniors housing units, developed for residents 55 and older who earn 60 percent or less of the area median income. The Ohio Housing Finance Agency provided private activity bonds, while the city of Columbus contributed a housing preservation bond grant. The project was also supported by the Low-Income Housing Tax Credit (LIHTC) program.

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LoansMidwestMissouriMultifamily

Hunt Provides $5.4M Refinancing for Multifamily Property in Hazelwood, Missouri

by Kristin Harlow

HAZELWOOD, MO. — Hunt Mortgage Group has provided a $5.4 million Freddie Mac loan for the refinancing of Brittany Townhomes and Trotwood Downs in Hazelwood, a suburb of St. Louis. Run as one property, Brittany Townhomes consists of 40 rental townhomes and Trotwood Downs consists of 68 units. Constructed between 1965 and 1968, the property is located at 7200 Brittany Town Place and 8507 Tally Ho Drive. The property is currently 94 percent occupied. The 10-year loan features a 30-year amortization schedule. Nidhi Gardens LLC, a Missouri-based limited liability company, was the borrower.

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CaliforniaMultifamilySeniors HousingWestern

Front Porch, Brookmore to Rehabilitate Affordable Community in Los Angeles

by Nellie Day

LOS ANGELES — Front Porch and Brookmore Apartment Corp. have acquired Vista Tower Apartments, a 230-unit affordable seniors housing community in Los Angeles, with plans to rehabilitate the property. Front Porch subsidiary CARING Housing Ministries (CHM) manages the property. Brookmore acquired the property in July from Baptist Services Corp. Capital partners on the acquisition and renovations include Citi Community Capital, Alden Capital Partners and the California Public Finance Authority. Low Income Housing Tax Credits have ensured that the property will serve low-income seniors for at least the next 55 years. Front Porch, its partners (including California Lutheran Homes and Community Services), and Brookmore contributed a total of $1.5 million dollars to preserve Vista Tower as an affordable housing community.

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Market ReportsMidwestMidwest Market ReportsMultifamilyNebraska

Why Omaha Multifamily Market Is Golden for Investor Opportunities

by Kristin Harlow

The national love affair with the multifamily sector may be starting to cool, but the Omaha market is just coming of age and heating up. “Overall, it was a strong third quarter, which was a nice surprise,”said Michael Cohen, CoStar Group director of advisory services, during his State of the Multifamily Market Third Quarter Review and Outlook on Nov. 1. “We’re still in the golden age for multifamily, but we’re seeing signs of a gradual slowdown in the apartment market.” Trendy new apartment towers and historic building conversions in downtown Omaha are all the rage — like most markets — but under the radar the entire Omaha metro is experiencing a significant boom in apartment development and sales. And why not? What’s not to like about Omaha? We are the non-threatening little brother of the Midwest that everyone likes, but never thought of in that way. But something has changed and Omaha is catching the attention of players that would have traditionally overlooked our strong fundamentals. Omaha has a diversified and stable economy fortified by nine Fortune 1000 companies, including Berkshire Hathaway, Union Pacific Railroad, Mutual of Omaha and TD Ameritrade, as well as a burgeoning innovation scene and a …

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