SAN FRANCISCO — A local unidentified private investor has purchased the 22-unit Mallard Pointe apartment complex in the San Francisco submarket of Belvedere has sold to a for $18.2 million. The community is located at 1-22 Mallard Drive. Mallard Pointe was built in 1951 and has been renovated several times during the past five decades. The property is situated on Belvedere Lagoon, directly across from Angel Island, a California state park. Ryan Wagner of Colliers International and Matt Wagner of Paragon Commercial represented both parties in the transaction. The seller was a local private investor who owned the property for almost 80 years.
LAS COLINAS, SAN ANTONIO AND HOUSTON — Hunt Mortgage Group has arranged three Fannie Mae loans totaling $62.6 million for multifamily properties in Houston, Las Colinas and San Antonio on behalf of Ilan Investments LLC, a Houston-based investment manager. Acquisition financing was secured for Portofino at Las Colinas, a 224-unit complex located at 11601 Lago Vista West in Farmers Branch, and for Vineyard Springs Apartments, a 364-unit property located at 18200 Blanco Springs Road in San Antonio. Additionally, refinancing funds were secured for Thorntree Apartments, a 224-unit complex located at 13502 N. Thorntree Drive in Houston.
TOMBALL, TEXAS — Love Funding has arranged a $2.6 million FHA loan to cover the bridge financing for the acquisition of Forever Young Senior Living, an assisted living and memory care facility in Tomball, a northwestern suburb of Houston. Located at 609 S. Pine St., the facility offers a choice of 16 private suites, personal laundry services, private party room and professional hair salon. The loan features a 35-year term with non-recourse financing.
JACKSONVILLE, FLA. — Walker & Dunlop, a Maryland-based real estate finance firm, has structured a $13.5 million loan for the acquisition of Alexander Pointe, a Class B, garden-style apartment complex located at 2121 Burwick Ave. in the Jacksonville suburb of Orange Park. Andrew Tapley and Alexandra Huffman of Walker & Dunlop sourced the 10-year, fixed-rate, Fannie Mae loan on behalf of Capital Square Holdings LLC, a Virginia-based investment and management firm.
MINNEAPOLIS — CBRE has arranged a $9.5 million loan for the acquisition of Laguna Apartments, a 45-unit multifamily property in Minneapolis. Newly constructed in the summer of 2016, the apartment complex is located at 2900 Irving Ave. South. Amenities include an outdoor patio with built-in gas grill station, fitness center, dog wash station, club room and bicycle parking. The property was more than 95 percent occupied at the time of closing. The seven-year loan was obtained through CBRE Multifamily Capital, a Fannie Mae Delegated Underwriter and Servicer. Joel Torborg and Mark Roos of CBRE arranged the loan. The buyer and seller were not disclosed.
DOWNERS GROVE, ILL. — Essex Realty Group Inc. has brokered the sale of a 32-unit apartment property in the Chicago suburb of Downers Grove for $5.3 million. Comprised of four buildings, the complex is located at 1200-1224 71st St. All units are two-bedroom units and measure approximately 1,200 square feet. Doug Imber and Brian Kochendorfer of Essex brokered the transaction. Neither the buyer nor the seller were disclosed.
NEW YORK CITY — Construction has begun and retail leasing is underway at Tremont Renaissance, a mixed-use property located at 1910 Webster Ave. in the East Tremont section of the Bronx. The building is an affordable housing development that fronts Webster and East Tremont avenues. Tremont Renaissance is located near the Tremont Metro-North station, the Tremont Avenue subway station on the B and D lines and several bus routes. Half of the 256 units in the 12-story building will rent to people with maximum household income levels ranging from $38,100 annually for an individual to $48,960 for a family of three. The rest will rent to people making up to $76,200 for an individual and $97,920 for a family of three. Amenities will include a health and fitness center, children’s play area, internet lounge, private terraces, landscaped rooftops and a yoga studio. Tremont Renaissance will contain four ground-floor commercial units totaling almost 40,000 square feet.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a five-story Inwood apartment building for $10.4 million. The 24,985-square-foot walk-up building is located at 4848 Broadway and includes 37 apartments. It was built in 1924. Rosewood Realty Group’s Aaron Jungreis represented the seller, 4848 Broadway LLC, and Rosewood’s Michael Guttman represented the buyer, 4848 Broadway Residences LLC.
Following the recession, demand for multifamily development took off in many areas of the country. We predicted it as significant economic and demographic changes were happening, spurring a shift from homeownership to renting. As a result, the multifamily sector experienced a resurgence that hadn’t been seen in decades. In some cities where an abundance of multifamily projects have been delivered, there is discussion of potential saturation. That’s not the case in the Twin Cities of Minneapolis and St. Paul, where demand for multifamily developments remains strong and the vacancy rate is an extremely low 2.6 percent. Based on data from the U.S. Census Bureau, at the end of 2016 the vacancy rate in the Twin Cities compared quite favorably with other metropolitan areas such as San Antonio, Texas (13.6 percent); Tampa, Fla., (11.6 percent); and Tulsa, Okla. (10.2 percent). Keep in mind that a 5 percent vacancy rate is considered to be a stabilized market. Healthy job growth Several economic factors continue to drive apartment demand in the Twin Cities, including job growth, low unemployment and a strong base for business expansion. Minnesota ranks third in the nation for number of Fortune 500 companies per capita. Prominent corporations with headquarters …
FORT WORTH, TEXAS — HFF has arranged an undisclosed amount of acquisition financing for The Venue at Hometown, a 209-unit, Class A multifamily property located at 9012 Courtenay St in Fort Worth. Cortney Cole and Steve Heldenfels of HFF arranged the seven-year loan, which features a 4.06 percent fixed interest rate, on behalf of Venterra Realty, a Houston-based management firm. At the time of the loan closing, the property, which includes a pool, fitness center and business center, was 94 percent leased.