Multifamily

Highs, Lows of Texas Apartment Market Under Microscope at InterFace Conference

by Jeff Shaw October 11, 2016

DALLAS — The multifamily market in Texas has cooled off on the lending and development front, and even leasing activity isn’t as robust as it once was in some markets. That’s the consensus of panelists at Interface Multifamily Texas, which took place last Thursday, Oct. 6 at the InterContinental Dallas. The conference’s opening panel, “What’s the Big Picture for Multifamily Supply, Demand & Demographics?” featured three economists specializing in the Texas multifamily market, all of whom agreed the sector was slowing from the same time a year ago. “‘Noise’ is a great term to use, and in our company we are using ‘chop’ to describe the market,” said Ryan Davis, senior economist with Witten Advisors. “Apartments are steady, but the economy is slowing from the ramp-up.” That said, the Texas economy is generating plenty of new jobs, which is a positive sign for apartments in certain markets, added Davis. Dallas Metroplex Shines Among individual markets, all agreed that Dallas/Fort Worth displayed the strongest real estate fundamentals. With the area benefiting from some large corporate relocations, demand for apartments is rising. Rents have grown in the market 7.7 percent over the past 12 months, and there are more than 30,000 units …

October 11, 2016

Multifamily New Jersey Northeast

Woodmont Metro at Metuchen Station Opens for Leasing in New Jersey

by Amy Works October 10, 2016

METUCHEN, N.J. — Woodmont Properties has opened Woodmont Metro at Metuchen Station, a transit-oriented development located at the New Jersey Transit Metuchen Train Station in Metuchen. Situated at the corner of Pearl and New streets, the property features 273 residential apartments, an indoor pet spa, a swimming pool, outdoor fireplace and barbecue grilling areas. The community was developed by Woodmont Properties and Nexus Parking Systems, which built and operates the parking deck for the Metuchen Municipal Authority.

October 10, 2016

Multifamily Texas

Allied Orion Group to Manage 400-Unit Apartment Complex in Metro Houston

by Katie Sloan October 10, 2016

WEBSTER, TEXAS — Allied Orion Group has been selected to manage The Falls at Clear Lake, a 400-unit apartment community located in Webster, roughly 25 miles southeast of Houston. The property, located at 801 E. Nasa Road 1, is owned by a joint venture between Oak Coast Properties LLC and Becker Properties. The complex offers newly renovated one- and two-bedroom apartments and townhomes with walk-in closets and alarm systems. Community amenities include two swimming pools, a playground, dog park, picnic area with grills and optional covered parking. A state-of-the-art fitness center, bocce ball court and a gazebo with an outdoor kitchen are all currently under construction.

October 10, 2016

Loans Multifamily Student Housing Texas

BMC Capital Arranges $5.3M Acquisition Loan for Student Housing Community in College Station

by Katie Sloan October 10, 2016

COLLEGE STATION, TEXAS — BMC Capital has arranged a $5.3 million loan for the acquisition of Broadstone Ranch at Wolf Pen Creek, a student housing community located minutes away from Texas A&M University in College Station. The property offers one- and two-bedroom units with washers and dryers and bed-to-bath parity. The FHA/HUD 223(f) loan features an 85 percent loan-to-value ratio and a 3.9 percent interest rate fixed over 35 years. Hank Crane of BMC Capital’s Austin office secured the loan on behalf of an undisclosed borrower through correspondent agency lenders.

October 10, 2016

California Multifamily Student Housing Western

Capstone Development, University of the Pacific Break Ground on $36M, 381-Bed Residence Hall

by Nellie Day October 10, 2016

STOCKTON, CALIF. — Capstone Development Partners and the University of the Pacific have broken ground on a 381-bed, on-campus residence hall in Stockton. The 158,000-square-foot development will include two four-story buildings consisting of 142 studio, two- and four-bedroom units. A 15,000-square-foot amenity space will offer social and study areas for residents. Mogavero Architects designed the $36 million project, which is scheduled to open for occupancy in January 2018. Sundt Construction has been tapped to build the facility.

October 10, 2016

District of Columbia Multifamily Southeast

Skanska to Develop $112M Apartment Project in D.C.

by John Nelson October 10, 2016

WASHINGTON, D.C. — Skanska USA plans to invest $112 million for RESA at Tyber Place, a new 12-story multifamily development located at 22 M St. N.E. in Washington, D.C.’s NOMA neighborhood. Skanska USA is the developer and owner of the 326-unit project, which will be the multifamily component of Tyber Place, a three-building mixed-use development that Skanska is planning. The other components include more than 580,000 square feet of office space, more than 30,000 square feet of retail and restaurant space and an open-air courtyard. Skanska is aiming for LEED Silver certification for the new apartment building, which will feature 7,000 square feet of ground-floor retail space and a rooftop pool and lounge. Skanska USA will break ground in October with completion scheduled for fourth-quarter 2018.

October 10, 2016

Arkansas Seniors Housing Southeast

AdCare Sells Nine Skilled Nursing Facilities in Arkansas for $55M

by John Nelson October 10, 2016

ATLANTA — AdCare Health Systems Inc. has sold nine of its skilled nursing facilities in Arkansas for $55 million. The buyer was Skyline Healthcare, which operates the communities and is executing a purchase option on the lease. The purchase price consisted of $52 million in cash and a $3 million promissory note. AdCare leased the properties to Skyline on March 1, transitioning the properties from Aria Health Group. AdCare plans to use the proceeds for general corporate purposes, including the repayment of mortgage and other debt. AdCare is an Atlanta-based real estate investor largely focused on the skilled nursing sector. Following the sale, the company now owns, leases or manages 29 facilities.

October 10, 2016

Maryland Multifamily Southeast

CBRE Global Investors Acquires Apartment Community in Baltimore

by John Nelson October 10, 2016

BALTIMORE — A fund advised by CBRE Global Investors has purchased Brewers Hill, a two-building, 440-unit apartment community located at 3700 Toone St. in Baltimore’s Canton neighborhood. Built in 2013, Brewers Hill was 92 percent occupied at the time of sale and features 16,718 square feet of retail space. Community amenities include two courtyards with a resort-style swimming pool and private cabanas; a 10,904-square-foot clubhouse with a fitness center, resident lounge, demonstration kitchen, billiard room, screening room, two game rooms and a pet washing station; and outdoor entertainment areas with grills, fireplaces and dining spaces. The seller and sales price were undisclosed.

October 10, 2016

Loans Multifamily North Carolina Southeast

NorthMarq Capital Arranges $7.5M Loan for Multifamily Community in Winston-Salem

by John Nelson October 10, 2016

WINSTON-SALEM, N.C. — NorthMarq Capital has arranged a $7.5 million acquisition loan for Sedgefield Apartments, a 144-unit apartment community located at 4755 Country Club Road in Winston-Salem. Wanda Riggs Mack of NorthMarq’s Atlanta office arranged the seven-year loan with five years of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged the loan through its Fannie Mae DUS program on behalf of the borrower, Arcan Capital, which will own and manage Sedgefield Apartments.

October 10, 2016

Loans Multifamily Texas

Dougherty Mortgage Closes $6.9M Fannie Mae Loan for Emerald Village Apartment Homes in San Antonio

by Katie Sloan October 7, 2016

SAN ANTONIO, TEXAS — Dougherty Mortgage LLC has closed a $6.9 million Fannie Mae loan for the refinancing of Emerald Village Apartment Homes, a 144-unit affordable housing community located in San Antonio. The property offers one-, two-, three- and four-bedroom units with walk-in closets and covered patios or balconies. Community amenities include a 24-hour fitness center, a community room, an outdoor playground, controlled access and a pool with a sundeck. Arranged through Dougherty’s Minneapolis office, the loan features a 15-year term and a 30-year amortization schedule.

October 7, 2016

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