Multifamily

Pollack Shores Buys New Apartment Community in Austin from Flournoy Development

by John Nelson November 10, 2017

AUSTIN, TEXAS — Atlanta-based Pollack Shores has purchased Eastside Station, a newly built, 330-unit apartment community in east Austin, in an off-market transaction. Pat Jones of ARA Newmark represented the seller and developer, Columbus, Ga.-based Flournoy Development. The mid-rise property is situated within walking distance of downtown Austin, the University of Texas campus, the 10-acre Plaza Saltillo project, Medical District, Main Street Hub, the future site of the Oracle Cloud Campus and Google’s and Facebook’s new offices. Community amenities include a rooftop lounge, resort-style pool, two-story lifestyle fitness center and a clubroom with a demonstration kitchen, cyber café and business center. Units include nine-foot ceilings, open-concept kitchens, spa-like bathrooms and walk-in closets.

November 10, 2017

Tarrant County Multifamily Market Is Undersupplied

by Taylor Williams November 10, 2017

As a lender in construction and permanent financing of new multifamily properties, Mason Joseph Co. is constantly assessing and reassessing future supply and demand estimates for rental properties. Tarrant County has several high-profile apartment properties under construction, causing some in the lending industry to ask if the market is on the verge of being oversupplied. Our answer to that question is a firm “no.” Since 2010, a year in which Tarrant County boasted a ratio of 1.07 housing units per household, the market has suffered diminished production of all housing types. As of 2017, ESRI estimates that the units-to-household ratio is closer to 1.09. While that difference appears small, it means about 14,000 fewer housing units were built in Tarrant County from 2010 to 2017 than would be expected. A review of housing permits issued for the following two periods supports that data. From 2001 to 2010, the volume of housing units permitted exceeded the number of new households by an average of 821 units per year. From 2011 to 2017, the equation flipped and Tarrant County added 354 more households than housing units annually, implying the county has now been undersupplied by about 1,200 units per year for the …

November 10, 2017

Arizona Multifamily Western

Morgan, Mesirow Financial Purchase Site for 474-Unit Pearl Biltmore Apartment Complex in Phoenix

by Nellie Day November 9, 2017

PHOENIX — A joint venture between Morgan and Mesirow Financial has purchased a permit-ready infill site in the Camelback area of central Phoenix for an undisclosed sum. The JV plans to build the 474-unit Pearl Biltmore apartment complex on the site. The community is located at 4640 N. 24th St. Construction on the five-story project will begin in the first quarter of 2018. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and retail and dining destinations, including Biltmore Fashion Park. The Pearl Biltmore is scheduled to open in the third quarter of 2019. CBRE’s Bert Kempfert arrange the sale. CCBG Architects is designing the community.

November 9, 2017

Arizona Multifamily Seniors Housing Western

Bethel Development Building Affordable Seniors Housing Community in Phoenix

by Nellie Day November 9, 2017

PHOENIX — Bethel Development has selected Rainbow Housing Assistance Corp. to provide services for The Revello, a 76-unit senior living complex in Phoenix. The project is currently under construction, with a planned completion in 2019. The Revello is funded by low income housing tax credits (LIHTC) allocated by the Arizona Department of Housing in 2017. This will be the fourth property Rainbow will operate for Bethel, and the second seniors housing community. The Revello is owned by Revello Housing LLC and will comprise one four-story building totaling approximately 81,000 square feet. The 76 units will include one- and two-bedroom units designed for the elderly. Rainbow will provide programming for seniors at the property such as computer training, financial literacy workshops, health promotion and disease prevention.

November 9, 2017

California Multifamily Student Housing Western

Texla Housing Partners Sells Element Sacramento Near CSU Sacramento

by Nellie Day November 9, 2017

SACRAMENTO, CALIF. — Texla Housing Partners has sold the Element Sacramento, which is situated near the campus of California State University, Sacramento. Texla purchased the asset in December 2015 through its VerTex Student Housing Partners JV with Harrison Street Real Estate Capital. Built in 2004, Element Sacramento contains 288 units and 792 beds. It features a mix of one- to four-bedroom units. Over the hold period, Texla’s management arm, VerTex Student Housing Management, executed interior capital improvements that ultimately produced returns of about 57 percent and an equity multiple greater than 2x.

November 9, 2017

Multifamily New York Northeast

CBRE Negotiates $7.7M Sale of 50-Unit Multifamily Property in the Bronx

by Amy Works November 9, 2017

NEW YORK CITY — CBRE has arranged the sale of a multifamily property located at 1654 Monroe Ave. in the Bronx. A private investment company sold the property to an undisclosed buyer for $7.7 million in a multi-faceted transaction. The six-story building features 50 apartment units. Fully occupied at the time of sale, the property recently underwent major renovations and rehabilitation as part of the New York City 8A program. Elli Klapper, Charles Berger and Jay Gelbtuch of the CBRE Tri-State Investment Properties team represented the seller in the transaction. The proceeds of the 1031 exchange sale were applied to the acquisition of two retail properties in Austin, Texas, and Wauchula, Fla.

November 9, 2017

Loans Multifamily New York Northeast

Greystone Bassuk Arranges $217.5M Refinancing for 586-Unit Multifamily Tower in Brooklyn

by Amy Works November 9, 2017

NEW YORK CITY — Greystone Bassuk has secured a $217.5 million loan for an affiliate of The Gotham Organization for the refinancing of The Ashland, a 53-story multifamily tower located at 250 Ashland Place in Brooklyn. The 30-year, fixed-rate loan was originated by Wells Fargo Multifamily Capital and securitized through Fannie Mae’s multifamily Mortgage-Backed Securities program. Greystone Bassuk served as exclusive advisor on the transaction. Designed by SPAN Architects, the 547,000-square-foot property features 586 mixed-income apartment units, 11,500 square feet of cultural office space and 17,000 square feet of retail space, which is occupied by Gotham Market. On-site amenities include a fitness studio, outdoor fitness area, outdoor screening area, multiple indoor lounges, playroom and stroller/bicycle room.

November 9, 2017

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $32M Refinancing for Apartment Property in Omaha

by Kristin Harlow November 9, 2017

OMAHA, NEB. — NorthMarq Capital has arranged a $32 million Freddie Mac loan for the refinancing of Broadmoor at Aksarben Village in Omaha. The 258-unit apartment property is located at 2225 South 64th Plaza. Amenities include a fitness center, movie theater, business center, clubhouse and resort-style pools. Jason Kinnison of NorthMarq arranged the loan.

November 9, 2017

District of Columbia Loans Multifamily Retail Southeast

ING Capital Leads $110M Refinancing of 310-Unit Multifamily, Retail Asset in D.C.

by Camren Skelton November 9, 2017

WASHINGTON, D.C. — ING Capital LLC has led the $110 million refinancing of Atlantic Plumbing, a 310-unit multifamily and retail property located at the intersection of 8th and V streets in Washington, D.C. BMO Harris Bank joined ING as a co-lender in the financing on behalf of the borrower, JBG Smith, a publicly traded REIT based in Chevy Chase, Md. Architect Morris Adjmi designed the 10-story, Class A building. The retail portion of the property is leased to tenants including Landmark Theaters, Tasty Burger, Declaration Pizza, Bazaar Spices and Hazel.

November 9, 2017

Florida Loans Mixed-Use Multifamily Southeast Student Housing

HFF Arranges $103.3M in Construction Financing for Mixed-Use, Student Housing Project in Downtown Orlando

by Camren Skelton November 9, 2017

ORLANDO, FLA. — HFF has arranged $103.3 million in financing for the development of a mixed-use, student housing development in downtown Orlando. The project is part of the University of Central Florida (UCF)/Valencia Downtown Campus at Creative Village. The Creative Village project is a redevelopment of the former Amway Arena site into a 68-acres mixed-use, transit-oriented community. Michael Weinberg, Brian Kelly and Mike Higgins of HFF arranged the financing on behalf of the project’s co-developers, DEVEN – Development Ventures Group Inc. and Ustler Development Inc. The financing included a $68.1 million construction loan from PCCP LLC, $29.9 million in joint venture equity from Halstatt Real Estate Partners and $5.3 million in sponsor equity contributed by the co-developers. The 15-story building will include 600 student housing beds, 11,000 square feet of ground floor retail space, 600 parking spaces and 102,500 square feet of space that is long-term leased to UCF and Valencia College for education and education support services. The project is slated for completion in August 2019 and will coincide with the opening of the UCF/Valencia Downtown Campus at Creative Village.

November 9, 2017

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