Multifamily

ZOM Living Breaks Ground on $45M Apartment Community in McKinney

by Taylor Williams October 2, 2017

MCKINNEY, TEXAS — Orlando-based multifamily developer ZOM Living has broken ground on The KINSTEAD, a $45 million, garden-style apartment community in McKinney. The 376-unit property will comprise six three-story buildings, the first units of which are scheduled for a first-quarter 2018 delivery. Amenities will include a coffee bar, yoga or spin room and sports simulator. Stanford Construction will serve as general contractor for the project, which is ZOM Living’s fifth in the Dallas area and 10th overall in Texas.

October 2, 2017

Marcus & Millichap Brokers Sale of 130-Unit Apartment Complex in Fort Worth

by Taylor Williams October 2, 2017

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Normandale Place Apartments, a 130-unit multifamily complex located at 8713 S. Normandale St. in Fort Worth. The property offers a mix of studio, one- and two-bedroom units. Mark Allen of Marcus & Millichap represented the seller and procured the buyer, an undisclosed partnership and limited partnership, respectively.

October 2, 2017

Massachusetts Multifamily Northeast

WinnCompanies Completes $24.2M Adaptive Reuse of Historic Mill into Multifamily Housing

by Amy Works October 2, 2017

FITCHBURG, MASS. — WinnCompanies has completed a $24.5 million transformation of a 112-year-old yarn mill into a mixed-income multifamily property in Fitchburg. Situated on 7.4 acres along the Nashua River, the three-story, 190,000-square-foot Yarn Works Apartments features 96 residential rental units. The property features a current tenancy mix of 30 percent market renters, 30 percent middle income/workforce earners and 40 percent for residents earning 60 percent or below the area median income. The Architectural Team served as architect, while Colantonia Inc. served as general contractor. WinnResidential manages the property.

October 2, 2017

Massachusetts Multifamily Northeast

Akelius US Acquires 58-Unit Apartment Building in Boston’s Back Bay for $33.5M

by Amy Works October 2, 2017

BOSTON — Akelius US has purchased a multifamily building located at 12-14 Commonwealth Ave. in the Back Bay neighborhood of Boston. An undisclosed seller sold the asset for $33.5 million. Built in 1928, the property features 58 apartments.

October 2, 2017

Colorado Multifamily Western

Castle Lanterra Properties Buys 257-Unit Mountain Vista Apartments in Lakewood

by Nellie Day October 2, 2017

LAKEWOOD, COLO. — Castle Lanterra Properties (CLP) has purchased the 257-unit Mountain Vista Apartments in the Denver suburb of Lakewood for an undisclosed sum. The community is located at 474 S. Wright St. Amenities include a resident clubhouse, business center, fitness center, two outdoor swimming pools, picnic areas with barbecue grills, dog park, parking and laundry rooms.

October 2, 2017

Midwest Missouri Multifamily Student Housing

Brinkmann Completes Construction of 415-Bed Student Housing Property in Columbia, Missouri

by Kristin Harlow October 2, 2017

COLUMBIA, MO. — Brinkmann Constructors has completed the Rise on 9th, a 178-unit student housing property in Columbia, home of the University of Missouri. The 232,000-square-foot, 10-story property features 178 luxury apartment units. Floor plans range from studios to four-bedroom units with a total of 415 beds. Amenities include a pool and entertainment deck, fitness center, penthouse lounge and private study lounges. CA Student Living developed the property, while ACI Boland provided architectural services.

October 2, 2017

Loans Midwest Minnesota Multifamily

Dougherty Provides $15.4M Construction Loan for Apartment Property in Minneapolis

by Kristin Harlow October 2, 2017

MINNEAPOLIS — Dougherty Funding has provided a $15.4 million loan for the construction of a 110-unit apartment property in Minneapolis. The property will be located on Marshall Street within the Northeast Minneapolis Arts District. Located approximately two blocks from the Mississippi River, many of the units in the six-story building will feature views of the downtown skyline and the Mississippi River. Dougherty Funding served as lead lender and servicer for the loan. Marshall14 LLC was the borrower.

October 2, 2017

Illinois Midwest Multifamily

Timberland Purchases 240-Unit Apartment Property in O’Fallon, Illinois

by Kristin Harlow October 2, 2017

O’FALLON, ILL. — Timberland Partners has purchased Green Mount Lakes Apartments in O’Fallon, about 20 miles east of St. Louis. The purchase price was not disclosed. A number of improvements are planned for the property, including a new fitness center, pool, dog park and a remodeling of the clubhouse. The property, built in 2004, features a mix of one-, two- and three-bedroom floor plans. Timberland Partners Investment Fund VI LLC was used to acquire Green Mount Lakes Apartments. Matt Bukhshtaber of CBRE represented the undisclosed seller.

October 2, 2017

Loans Multifamily Texas

Arbor Realty Trust Provides $24M Refinancing for Apartment Community in San Antonio

by Taylor Williams September 29, 2017

SAN ANTONIO — Arbor Realty Trust Inc., a publicly traded REIT and direct lender, has provided a $24 million loan for the refinancing of Manor at Castle Hills, a 306-unit apartment community in San Antonio. Located at 1835 Lockhill Selma Road, the property offers amenities such as a pool, cyber café, billiards room, spa and a dog park. The 10-year, fixed-rate loan features a 30-year amortization schedule.

September 29, 2017

Multifamily Northeast Pennsylvania

Hanover Co. Opens 339-Unit Apartment Building in Philadelphia

by Amy Works September 29, 2017

PHILADELPHIA — Houston-based Hanover Co. has opened Hanover North Broad, an apartment building located at the corner of North Broad and Callowhill streets in Philadelphia. The property features 339 studio, one- and two-bedroom apartments, as well as 17,000 square feet of retail space. Units feature designer kitchens with stainless steel appliances, granite countertops and luxury finishes, including frameless cabinetry, expansive windows and nine-foot ceilings. On-site amenities include a residents’ clubhouse with private gym, lounge and media room, as well as landscaped courtyards with fire pit, grilling areas, dining areas and a bocce ball court.

September 29, 2017

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