Multifamily

Pollack Shores Opens Apartment Community in West Midtown Atlanta

by John Nelson April 12, 2017

ATLANTA — Pollack Shores Real Estate Group has opened Millworks at Howell Mill, a 345-unit apartment community located on Emery Street in Atlanta’s West Midtown district. The property, which has 80 residences under lease, is situated near the intersection of Collier and Howell Mill roads. Millworks features one- and two-bedroom apartments ranging from 727 to 1,581 square feet. Matrix Residential, a Pollack Shores subsidiary, is managing Millworks. Community amenities at Millworks at Howell Mill include a conference room, Google Fiber connectivity, resort-style saline pool, bocce ball court and an outdoor lounge.

April 12, 2017

Illinois Midwest Multifamily

Crevo Capital to Develop $35M Apartment Property in Shiloh, Illinois

by Kristin Harlow April 12, 2017

SHILOH, ILL. — Crevo Capital has unveiled plans to develop a $35 million apartment property in Shiloh, about 22 miles east of St. Louis. The Savannah will consist of 300 luxury apartments on 26 acres. Amenities will include a health club and community lounge. Floor plans will consist of one-, two- and three-bedroom layouts. Housing Studio is designing the buildings and site layout. Fairview Heights, Ill.-based IMPACT Strategies will provide construction services. Pending approval from the Village of Shiloh, Crevo Capital expects to begin construction this fall with units available for occupancy in early 2019.

April 12, 2017

Iowa Loans Midwest Multifamily

Dougherty Mortgage Arranges $11M Acquisition Loan for Apartment Property in Des Moines, Iowa

by Kristin Harlow April 12, 2017

DES MOINES, IOWA — Dougherty Mortgage LLC has arranged an $11 million loan for the acquisition of Willow Park Apartments in Des Moines. The apartment property, which consists of 300 units, was built in 1976 and renovated in 2000. The 10-year Fannie Mae loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Willow Park Partners LLC.

April 12, 2017

Multifamily New Jersey Northeast

Sterling Properties to Develop 69-Unit Apartment Property in Somerville, N.J.

by Haisten Willis April 12, 2017

SOMERVILLE, N.J. — Sterling Properties will develop a four-story, 69-unit apartment property near downtown Somerville. Set to deliver in 2018, the property will be located at 110 S. Bridge St., which is within walking distance of New Jersey Transit’s Somerville Station, and will be known as SOMA. Floor layouts will consist of studio, one- and two-bedroom units. Initial site work on the property will begin this spring. Designed by architecture firm Comito Associates, SOMA’s units will range from 585 to 1,290 square feet with features including nine-foot ceilings and stainless steel appliances. Common area amenities will include a fitness studio and tech lounge. Interior Design firm Mary Cook and Associates will design the project’s unit interiors and common space.

April 12, 2017

Mixed-Use Multifamily Northeast Office Retail Vermont

Rouse Properties, Devonwood Investors to Redevelop Burlington Town Center in Vermont

by Haisten Willis April 12, 2017

BURLINGTON, VT. — Rouse Properties has formed a joint venture with Devonwood Investors LLC, owner of Burlington Town Center, to redevelop the retail property into a mixed-use development with apartments, retail, restaurants and offices. The joint venture is expected to close on the property in the next few weeks and will then begin construction on the project, which is expected to cost $225 million. HFF’s Porter Terry arranged the redevelopment financing. The project has received zoning approval from the Burlington Development Review Board. Groundbreaking is expected in mid-2017, with the project completed in phases over three years.

April 12, 2017

California Multifamily Western

Orion Properties, DVO Real Estate Purchase Bel Brook and Hideaway Apartments in San Leandro for $36.6M

by Nellie Day April 11, 2017

SAN LEANDRO, CALIF. — A joint venture between Trion Properties and DVO Real Estate has acquired the 146-unit Bel Brook and Hideaway Apartments in San Leandro for $36.6 million. The community is located at 77-85 Estabrook St. Bel Brook and Hideaway was originally built in 1967. It was 94 percent occupied at the time of acquisition. The JV plans to modernize the property through exterior and interior renovations, including the installation of new vinyl wood plank flooring, stainless steel kitchen appliances, modern cabinetry, high-end finishes and bathroom upgrades. The property will also be rebranded and receive new signage. John Leyvas Jr. and Brad Lehman of Newmark, Cornish and Carey represented both the buyer and seller, John Sullivan Family, in this transaction. Continental Partners arranged acquisition financing through NXT Capital.

April 11, 2017

Loans Multifamily Texas

Dougherty Mortgage Arranges $11.1M Acquisition Loan for Apartment Complex in Waco

by Taylor Williams April 11, 2017

WACO, TEXAS — Dougherty Mortgage LLC, a Minnesota-based mortgage broker, has arranged an $11.1 million Fannie Mae loan for the acquisition of Blair’s Cove Apartments, a 256-unit multifamily property in Waco. The loan, which was arranged on behalf of Upper Level Acquisitions II LLC, features a 10-year term, 30-year amortization schedule and one year of interest-only payments. The property is located at 2425 S. 21st St., approximately two miles from Baylor University.

April 11, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of 24-Unit Apartment Complex in West Dallas

by Taylor Williams April 11, 2017

DALLAS — Marcus & Millichap has brokered the sale of Chiquita, a 24-unit apartment complex located at 3955 Mather Court in Cockrell Hill, an area within the North Oak Cliff neighborhood in west Dallas. Stephen Crittenden of Marcus & Millichap represented the buyer and seller in the transaction, both of whom were private investors. The property was presented as a distressed sale opportunity and offered at a 10.8 percent capitalization rate.

April 11, 2017

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Originates $183.1M in Financing for Two Multifamily Properties in D.C.

by John Nelson April 11, 2017

WASHINGTON, D.C. — Walker & Dunlop has arranged two loans totaling $183.1 million for Park Chelsea and 2M, two LEED-certified multifamily properties in Washington, D.C. Brendan Coleman, Keith Melton and David Strange led the Walker & Dunlop origination team, which arranged the transactions through Fannie Mae’s Green certification execution for Park Chelsea and the U.S. Department of Housing and Urban Development’s (HUD) refinance program for 2M on behalf of WC Smith, a developer and owner of affordable housing in the Mid-Atlantic region. Situated in Washington, D.C.’s NoMa district, 2M is a LEED Gold-certified property with 93 percent of its units reserved for low-income tenants, including renters using Section 8 vouchers. Community amenities include a rooftop pool, grilling area, indoor fitness center and basketball court and 24-hour concierge services. The property was 99 percent occupied at closing. WC Smith, which closed a HUD development loan for 2M two years ago, will use the $63.8 million loan to refinance existing debt. Park Chelsea is the first of three properties that will be known as The Collective, a rental community located in Washington, D.C.’s Capitol Riverfront. As a LEED Silver-certified building, the property qualified for Fannie Mae’s Green Building Certification financing, which totaled …

April 11, 2017

Multifamily North Carolina Southeast

TriBridge Residential Purchases Multifamily Community in Charlotte for $31.5M

by John Nelson April 11, 2017

CHARLOTTE, N.C. — Atlanta-based TriBridge Residential LLC has purchased Morehead West, a 211-unit apartment community located at 1932 W. Morehead St. in Charlotte’s FreeMoreWest neighborhood, for $31.5 million. The asset also includes 5,600 square feet of commercial space. The property is TriBridge’s fourth acquisition in Charlotte area. TriBridge will manage the property, and Ligon Commercial Real Estate will lease the asset on behalf of TriBridge.

April 11, 2017

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