PASADENA, TEXAS — Keener Investments, a Houston-based investment firm, has acquired Parkside Place, a 321-unit apartment community located at 3101 Spencer Highway in the Houston metro of Pasadena. The company plans to renovate the interiors of the units, which range in size from 963 to 1,256 square feet. The property offers a pool, clubhouse, storage space and a laundry facility. The name of the seller was not disclosed.
Fannie Mae started off the year with a bang, producing $17.4 billion in multifamily financing in the first quarter, up about 38 percent compared to the first quarter of 2016. The quarterly total was also up 20 percent from its fourth-quarter 2016 production. Compared to its counterpart, Freddie Mac had a slower start to the year, producing $12.7 billion in the first quarter, down about 28 percent from both first-quarter and fourth-quarter 2016. Hilary Provinse, Fannie Mae’s senior vice president of customer engagement, says the driver of Fannie Mae’s hot start is the increased activity in its green product lines, which incentivize borrowers to perform energy and water efficiency improvements at their properties to qualify for financing with reduced interest rates. “Fannie Mae is the market leader in green rehab financing,” says Provinse. “In 2016, we did $3.6 billion in green financing volume. In the first quarter of 2017 alone we did $5 billion.” David Brickman, executive vice president of Freddie Mac’s multifamily business, says that Freddie Mac’s first-quarter production was more affected by the “pause” in the market in late 2016 and early 2017 than Fannie Mae. “There was a little disruption in the fourth quarter of last year …
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-building multifamily portfolio located in the Hell’s Kitchen section of Manhattan. A private interest fund acquired the portfolio from Yaron LLC for $15.5 million. Totaling 34 apartment units, the portfolio includes 439, 441 and 443 W. 48th St. The adjacent buildings, which total 24,515 square feet, were constructed in 1901. Lazer Sternhell, Peter Vanderpool and Michael Rahimzada of Cignature Realty represented the seller and buyer in the deal.
VERNON, CONN. — Colliers International has arranged the $13.7 million in refinancing for Vernon Gardens, a 152-unit apartment community located at 695 Talcottville Road in Vernon. John Banas and Kris Wood of Colliers secured the five-year, fixed-rate loan, which features a five-year reset, for the undisclosed borrower. Built in 1965, the 10-building property features 102 one-bedroom units, 25 two-bedroom apartments, 24 two-bedroom townhouse units and one landlord-occupied office space. At the time of financing, the property was 97 percent occupied.
RATHDRUM, IDAHO — Senior Living Investment Brokerage has arranged the sale of Generations Assisted Living and Wellness, a 48-unit assisted living community in Rathdrum, for an undisclosed price. Rathdrum is located in the panhandle of Northern Idaho, 12 miles northwest of Coeur d’Alene and 25 miles east of Spokane, Wash. The community was originally built in 2005 with expansions in 2007 and 2013. It now totals 28,472 square feet on just over two acres of land. The seller is a local owner/operator and this is their only facility. The buyer is an investment group located in Northern California and has leased the facility to Senior Services of America. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.
CARY, N.C. — ARA Newmark has brokered the $52.5 million sale of Cary Greens at Preston, a 292-unit apartment community located in Cary, roughly 10 miles west of Raleigh. Dean Smith and Sean Wood of ARA Newmark arranged the sale on behalf of the seller, Dayton, Ohio-based The Connor Group. New York-based Rivendell Global Real Estate acquired the property. Constructed in 1996, Cary Greens at Preston includes a mix of one-, two- and three-bedroom units and features a resort style pool with a sundeck and cabana, 24-hour fitness center, business center and a playground area.
PALM BAY, FLA. — Greystone has provided a $17.3 million bridge loan for the acquisition of The Pavilions at Monterey, a 271-unit, Class B multifamily property in Palm Bay. Leor Dimant of Greystone facilitated the two-year, fixed-rate loan through HUD on behalf of the borrower, Carabetta Cos., which purchased the property in June for $20.7 million. The Pavilions at Monterey features a fitness center and swimming pool.
AUSTIN, TEXAS — A partnership between Phoenix Capital Partners Ltd. and Austin-based Ardent Residential has broken ground on Palo Verde, a 296-unit apartment community located at the corner of U.S. Highway 290 and FM 1826 in Austin. Amenities will include a clubhouse with a business center and conference rooms, a dog park, pool and a fitness center with a yoga studio. Construction is expected to be complete by the second quarter of 2019.
GARLAND, TEXAS — KWA Construction has begun construction on Firewheel Senior Living Residences, a 154-unit, 171,572-square-foot seniors housing community located at 5151 N. President George Bush Highway in Garland. The property will feature a resort-style pool, grilling stations and a dog park. Construction is expected to be complete by the end of 2018. Seneca Investments is serving as the developer of the project.
KANSAS CITY, MO. — Altus Properties and Copaken Brooks have broken ground on ARTerra, a luxury apartment complex in the Crossroads Arts District of downtown Kansas City. The 12-story building is located at the intersection of 21st and Wyandotte streets. The building will feature 126 units, consisting of a mix of studios, one-, two- and three-bedroom apartments. The property will also feature first-floor retail space and a 12th-floor amenity suite with an infinity pool. This is the first high-rise apartment building in the district, according to Coapken Brooks. JE Dunn will serve as general contractor for the project, which was designed by HOK. Completion is slated for late 2018.
