Multifamily

Melo Group Tops Off Transit-Oriented Apartment Towers in Downtown Miami

by Camren Skelton September 29, 2017

MIAMI — Melo Group has completed vertical construction on Square Station, a transit-oriented development that will include two 34-story towers located at 1424 N.E. Miami Place in downtown Miami. The 710-unit apartment development will feature market-rate rental apartments and 15,000 square feet of ground-floor retail and restaurant space, as well as access to the Metromover, Metrorail and Miami Trolley. Square Station will include one- to three-bedroom units ranging in size from 900 to 1,500 square feet, with rental rates ranging from $1,650 to $2,500 per month. Individual units will features granite countertops, stainless steel appliances, wood floors and large balconies. Community amenities will include a swimming pool, Jacuzzi, fitness center, valet service, covered garage parking and a social room. Apartments are open for preleasing and slated for completion in the first quarter of 2018. Square Station marks the first phase of Melo Group’s three-phase multifamily development to boost transit-oriented residential options in downtown Miami. The second phase, known as Art Plaza, will comprise two 36-story towers located next door to Square Station with a total of 667 residential units and roughly 15,000 square feet of retail space. The final phase of the project, Miami Plaza, will be designed as a …

September 29, 2017

Multifamily South Carolina Southeast

TWO Capital Breaks Ground on 312-Unit Multifamily Asset in Metro Charlotte

by Camren Skelton September 29, 2017

INDIAN LAND, S.C. — TWO Capital Partners has broken ground on Capital Club at Indian Land, a 312-unit apartment community in Indian Land, approximately 20 miles south of Charlotte. TWO Capital’s financial partner, Patterson Real Estate Advisory Group, arranged a preferred equity investment from RSE Capital Partners, as well as a construction loan from Texas Capital Bank NA and HomeTrust Bank. Capital Club at Indian Land is located at the intersection of Highway 521 and Fort Mill Highway. Community amenities will include an outdoor amphitheater, saltwater pools with cabanas, outdoor kitchens, virtual golf room, dog park, fitness center and shared workspaces. The project, which marks TWO’s second multifamily development in the Charlotte area, is slated for completion at the end of 2018.

September 29, 2017

Florida Multifamily Southeast

Cushman & Wakefield Arranges $30.3M Sale of Multifamily Asset Near Daytona Beach

by Camren Skelton September 29, 2017

PORT ORANGE, FLA. — Cushman & Wakefield has arranged the $30.3 million sale of Ocean Oaks Apartments, a 296-unit multifamily community located at 1645 Dunlawton Ave. in Port Orange, roughly six miles south of Daytona Beach. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented the seller, GoldOller Real Estate Investments, in the transaction. A joint venture between ApexOne Investment Partners and The Collier Cos. acquired the asset. Constructed in 1988, Ocean Oaks Apartments comprises 37 buildings with a mix of one- and two-bedroom units. The average unit is 903 square feet, with rents averaging $948 at the time of sale. Community amenities include a clubhouse, playground, lighted tennis and basketball courts, business center, fitness center, clothes care center and two swimming pools.

September 29, 2017

Georgia Multifamily Southeast

CBRE Arranges Sale of Two Multifamily Properties in Metro Atlanta

by Camren Skelton September 29, 2017

SANDY SPRINGS, GA. — CBRE has arranged the sale of two adjacent multifamily properties in Sandy Springs: The Falls at Sandy Springs and The Mosaic at Sandy Springs. Both properties are located roughly 16 miles north of Atlanta. Kevin Geiger of CBRE represented the sellers, The Family Office and Titan Real Estate Investment Group, in the transaction. Covenant Capital Group LLC purchased the assets for an undisclosed price. Located at 5555 Roswell Road, The Falls at Sandy Springs includes 309 units and was 92 percent occupied at the time of sale. Community amenities include a business center, pool, fitness center, dog park and a picnic area with grills. Located at 5675 Roswell Road N.E., The Mosaic at Sandy Springs includes 505 units and was 96 percent occupied at the time of sale. The community features a lounge, fitness center, pool, tennis court and a playground.

September 29, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Arranges $31.5M HUD Loan for Construction of Affordable Housing Property in St. Paul

by Kristin Harlow September 29, 2017

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $31.5 million HUD 221(d)(4) loan for the construction of Union Flats in St. Paul. The 217-unit affordable housing property will be located at the intersection of Territorial Road and Hampden Avenue. All units will be restricted to residents earning 60 percent or less of the area median income. The project will be constructed on a site currently occupied by the Hunt Electric Corp. building, which will be demolished. Amenities will include a community room with kitchen, outdoor patio, fitness room, rooftop deck, dog park and storage lockers. Dougherty arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VIII LLLP. The project will also receive equity through the Low Income Housing Tax Credit (LIHTC) program, as well as funds from the Metropolitan Council (a regional government agency), the Minnesota Department of Employment and Economic Development, and Ramsey County, to be used for environmental cleanup costs.

September 29, 2017

Market Reports Multifamily Texas Texas Market Reports

Close Ties to Mexico Enable Stability in El Paso’s Multifamily Market

by Taylor Williams September 29, 2017

Long-time El Paso residents frequently hear people talking about the good things happening in our city. To be sure, El Paso is an enigma and a contradiction — a big small town with its own identity. Cultural, economic, social and ethnic differences are comfortably accommodated in a “mi casa es tu casa” openness. Contrary to our “wild west” reputation, El Paso ranks as one of America’s safest cities by size. The closest major city to El Paso is Ciudad Juarez, a city of 1.5 million people just across the Rio Grande River in the Mexican state of Chihuahua. The economies of the two cities are inextricably linked and create a major trade area on the southern U.S. border with Mexico. Roughly 30 percent of El Paso’s retail sales come from Mexican shoppers who also access educational institutions, medical services and professional services on the U.S. side. American and multinational manufacturers employ more than 200,000 people in Juarez and rely on El Paso’s transportation and trade infrastructure. The expansion of both trade and interdiction at the border has generated thousands of new federal agency jobs paying wages above the city’s median incomes. Apartment development and ownership in El Paso are dominated …

September 29, 2017

Arizona Multifamily Western

Bascom Buys Southern Arizona Multifamily Portfolio for $70.2M

by Nellie Day September 28, 2017

TUCSON, ARIZ. — Bascom Arizona Ventures has purchased an 812-unit multifamily portfolio in Southern Arizona for $70.2 million. The acquisition includes the 252-unit Port Royale in Sierra Vista, as well as the 288-unit Summit Vista and the 272-unit Crescent Ridge in Tucson. Summit Vista and Crescent Ridge are situated in the North Tucson submarket near Northwest Medical Center, Foothills Mall and Arizona Pavilions shopping center. Port Royale is situated near Fort Huachuca, Cochise College and the University of Arizona South Campus. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, a private investor, in this transaction.

September 28, 2017

Colorado Multifamily Western

Stoneleigh Cos., Realty Capital Management to Develop 85-Unit Apartment Complex in Glenwood Springs

by Nellie Day September 28, 2017

GLENWOOD SPRINGS, COLO. — A joint venture between Stoneleigh Cos. and Realty Capital Management has acquired 3.8 acres of land to build The Lofts at Red Mountain Apartments, an 85-unit apartment community with ground-floor retail in Glenwood Springs. The land is situated at south of Wulfsohn Road, adjacent to the Glenwood Meadows Market Street and Shopping Center. The Lofts at Red Mountain has an on-site RFTA bus stop, situated next to the Glenwood Springs Community and Recreation Center. It is also adjacent to the Glenwood Springs trail system. The developers have already broken ground on Phase I, with completion scheduled for early 2019. RVC Construction is building the project, which KCB Architecture designed. SunGate Capital Funding 7 LLC, Stoneleigh Cos. LLC and Realty Capital Partners provided equity financing.

September 28, 2017

Multifamily Texas

Greystar to Develop 341-Unit Multifamily Community in Fort Worth

by Taylor Williams September 28, 2017

FORT WORTH, TEXAS — Greystar will develop Elan at River District, a 341-unit multifamily community that will be located roughly 10 minutes from downtown Fort Worth. Designed by Houston-based Meeks + Partners, the project will consist of 325 apartment units ranging in size from 491 to 1,268 square feet and 16 townhome units that measure up to 2,031 square feet. Amenities will include a lounge/game room, fitness wing, pool area with an outdoor kitchen and a media room. Construction is expected to be complete by the first quarter of 2018.

September 28, 2017

Loans Multifamily Texas

Dougherty Closes $34.3M Acquisition Loan for 270-Unit Apartment Community in Plano

by Taylor Williams September 28, 2017

PLANO, TEXAS — Dougherty Mortgage has closed a $34.3 million Fannie Mae loan for the acquisition of The Domaine Apartment Homes, a 270-unit multifamily community located at 6400 Windcrest Drive in Plano. Dougherty arranged the 10-year loan, which features five years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower, Domaine Apartments LLC.

September 28, 2017

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