SEABROOK, TEXAS — Lloyd Jones Capital, a Miami-based investment firm, has acquired Regatta Bay Apartments, a 240-unit multifamily complex located at 2555 Repsdorph Drive in Seabrook, a city about 35 miles southeast of Houston. Built in 2003, the three-story property features a mix of one-, two- and three-bedroom units, as well as a resort-style pool, fitness center and business center. FRBH Regatta Bay LLC sold the asset for an undisclosed price.
SAN MARCOS, TEXAS — Dougherty Mortgage has closed a $14.8 million Fannie Mae loan for the acquisition of Park Hill Apartment Homes, a 168-unit multifamily community in San Marcos. The 12-year loan, which features a 30-year amortization schedule and three years of interest-only payments, was arranged through Old Capital Lending on behalf of the borrower, a partnership between Park Hill SM LLC and Prudential Investment Properties LLC.
CLAYTON, MO. — CA Ventures and White Oak Realty Partners have opened Two Twelve Clayton, a 250-unit luxury apartment complex in Clayton, a western suburb of St. Louis. The 26-story building is located at 212 S. Meramec Ave. Two Twelve includes studio, one-, two- and three-bedroom units ranging from 592 to 1,366 square feet. Monthly rents start at $1,706 and rise to $4,415 for the largest units. The property features 9,300 square feet of amenity space, including a rooftop deck with a resort-inspired pool, fire pit and outdoor dining area with grills, fitness center, yoga studio and resident lounge. First move-ins began earlier this month. The Habitat Co. is managing the property and overseeing leasing.
CHICAGO — Origin Investments has raised $151 million from 450 investors through its third private equity real estate fund, paving the way for it to acquire $600 million in value-added commercial and multifamily properties. Since July 2016, the now closed and fully subscribed Origin Investments’ Fund III has spent $38 million to acquire eight assets, including The Clayson, a 448-unit apartment complex in Palatine, Ill. The eight properties are valued in excess of $257 million. The investment strategy for the third fund mirrors Chicago-based Origin Investments’ first two funds, which are currently on track to generate more than a 24 percent annualized net return. When fully invested, Origin Investors’ Fund III is expected to own more than 15 multifamily and office properties in eight markets across the United States.
Los Angeles County is facing a significant lack of housing product — an issue that can’t be resolved any time soon. With the fight to limit new development, it is a very uphill and challenging battle that is unfortunate for the economy, business and, most of all, residents. An influx of about 160,000 new residents moved to the county from 2010 through 2015, but we have only seen upwards of 25,000 new housing units built during that same time frame. The demand drivers are extremely significant for new housing, but supply constraints like zoning and regulations are preventing an adequate supply. Additionally, with an unemployment rate currently at a historical low of about 4 percent, projections for housing demand over the next decade all point to a severe shortage in this growing region. Despite all the news about companies moving out of state to enjoy less expensive business costs as well as more affordable housing for their employees, this region, along with California as a whole, continues to see a population increase. Even with all this being said, the multifamily sector has and will continue to be the darling of the commercial real estate industry as it’s fueled by a …
NEW YORK CITY — Akelius US has acquired an apartment building, located at 290 Clinton Ave. in the Clinton Hill neighborhood of Brooklyn. An undisclosed seller sold the asset for $13.3 million. The building features 35 apartment units.
LARGO, FLA. — Berkadia has arranged the $20.3 million sale of Columns at East Bay, a 196-unit multifamily community located at 3660 E. Bay Drive in Largo, roughly 20 miles west of Tampa. Jason Stanton, Cole Whitaker, Mary Beale and Greg Rainey of Berkadia marketed the property on behalf of the seller, ECI Group Inc. Berkadia’s Mitch Sinberg and Matthew Robbins secured a three-year, $17.8 million loan with interest-only payments through Freddie Mac’s Value-Add and Green-Up programs on behalf of the buyer, Insula Capital. Constructed in 1986, Columns at East Bay consists of 15 two-story buildings that include one- and two-bedroom units. Amenities include a resort-style swimming pool, clubhouse, lighted tennis court, playground, outdoor entertainment area, grills, recreational room and a car care center. The property was 94.4 percent occupied as of February 2017.
DALLAS — Westdale Real Estate Investment and Management has received $14.6 million in debt financing for the redevelopment of Mid Elm Lofts, a 29-unit boutique apartment complex located at 1512-1516 Elm St. in Dallas. Justin Laub of Metropolitan Capital Advisors Ltd. arranged the construction financing through an undisclosed, Texas-based bank.
MONUMENT, COLO. — Walker & Dunlop Inc. has structured a $28.2 million construction loan for Jackson Creek Senior Living, a 137-unit assisted living facility in Monument, located between Denver and Colorado Springs. The borrower is the project’s developer, an affiliate of CSI Construction. Scheduled to open in late 2018, Jackson Creek Senior Living will include a three-story, 128,600 square-foot building with 80 assisted living, 30 memory care and 27 independent living units. The asset is located on 6.4 acres of land. Ralph Lowen arranged the HUD loan at 90 percent of total replacement cost. The financing features 18 months of interest-only payments during the construction period, followed by a 40-year, fully amortizing permanent loan.
PHOENIX — Rivendell Global Real Estate has acquired the 112-unit Santa Rosa apartments in Phoenix for $19.5 million. The community is located at 3425 E. Chandler Blvd. Santa Rosa was built in 1997 within the 720-acre Lakewood Master Plan. CBRE’s Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch represented the seller, Baron Properties, in this transaction.
