Multifamily

Community Preservation Partners Acquires 179-Unit Affordable Seniors Community in Anaheim for $53.5M

by Nellie Day January 19, 2017

ANAHEIM, CALIF. — Community Preservation Partners (CPP), in a joint venture with Jamboree Housing, has acquired Miracle Terrace Apartments, a 179-unit affordable seniors housing community in the Los Angeles suburb of Anaheim, for $53.5 million. A private owner sold the property. As part of the transaction, the Anaheim Housing Authority will help keep rents below market level. Irvine-based CPP plans to invest $7.4 million in renovations to the property, including new air conditioning units, energy-efficient appliances, water conservation upgrades, improvements to the façade, amenity improvements, and new countertops, cabinets and flooring. Jamboree Housing will provide wellness and mobility services, as well as coordinate services and offer community events.

January 19, 2017

Multifamily Texas

High Street, PREI Break Ground for 353-Unit Multifamily Project in Austin

by Amy Works January 19, 2017

AUSTIN, TEXAS — High Street Residential and Principal Real Estate Investors (PREI) have broken ground for Crestview Commons, a four-story residential property located adjacent to the Crestview MetroRail station at North Lamar Street and Sugaree Avenue in Austin. The property will feature 353 apartment units in a mix of one-, two- and three-bedroom layouts ranging in size from 642 square feet to 1,405 square feet. Community amenities will include a conference room, resident lounge, entertaining kitchen, top-floor indoor and outdoor clubroom, three courtyards, pool and a dog park. JHP Architecture is serving as project architect and Andres Construction is the general contractor. Comerica Bank and Southside Bank are providing construction financing. Pre-leasing is slated to start in January 2018.

January 19, 2017

Multifamily Nevada Student Housing Western

Asset Campus to Manage The Summit Near UNR

by Nellie Day January 19, 2017

RENO, NEV. — Houston-based Asset Campus Housing has been awarded management of The Summit, a 709-bed community located near the University of Nevada-Reno (UNR) in Nevada. The Summit in Reno offers two-, three-, four- and five-bedroom, fully furnished units. Community amenities include a two-story clubhouse, resort-style pool and tanning deck, outdoor barbecue area, hot tub and private study rooms.

January 19, 2017

Multifamily Texas

Howard Hughes Corp. to Develop 292-Unit Multifamily Community in The Woodlands

by Amy Works January 19, 2017

THE WOODLANDS, TEXAS — The Howard Hughes Corp., along with its subsidiary The Woodlands Development Co., is developing Creekside Park Apartments, a multifamily property within Creekside Park Village Center in The Woodlands. Located on Kuykendahl Road, the gated residential property will feature 292 apartment units designed for young families, empty nesters and seniors. Once completed, the property will feature 10 two-story buildings totaling 100 units and two four-story buildings totaling 192 units. Community amenities will include a clubhouse; resort-style pool with outdoor kitchen and grilling areas, cabanas, lounge seating, sundecks and hammocks; a 24/7 fitness center; dog park; bike storage; package delivery lockers; and children’s play area. Designed by Humphreys & Partners Architects, Creekside Park is slated for completion in mid-2018.

January 19, 2017

Connecticut Multifamily Northeast

CBRE/NE Arranges $13.6M Sale of Portion of Condo Property in Connecticut

by Amy Works January 19, 2017

ROCKY HILL, CONN. — CBRE/New England has brokered the sale of a portion of Greenfield Village, a condominium property located in Rocky Hill. An affiliate of The Simon Konover Co. acquired 151 units of the 231-unit condominium community from an undisclosed seller for $13.6 million. The acquired portion features 79 one-bedroom and 72 two-bedroom townhouses with an average size of 778 square feet. Built in 1965, Greenfield Village comprises 56 two-story garden-style buildings offering a total of 231 condominiums. Simon Butler, Biria St. John, Jeff Dunne and Gene Pride of CBRE/NE represented the seller and procured the buyer in the deal.

January 19, 2017

Affordable Housing Multifamily New York Northeast

Bellwether Enterprise Expands Affordable Housing Lending Group in New York City

by Amy Works January 19, 2017

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has expanded its affordable housing lending group in New York City. The company has hired three team members to exclusively focus on Federal Housing Administration lending in the New York region. Hadley Bressman and John Mannix have joined the company as senior vice presidents and loan originators, and Nicole Bressman has joined as an analyst. Hadley Bressman and Nicole Bressman most recently served at the Hadley Group, while Mannix previously served at Merchant Equity Group. Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company and a subsidiary of Enterprise Community Investment Inc.

January 19, 2017

Georgia Multifamily Southeast

Steadfast Apartment REIT III Buys Apartment Community in Metro Atlanta for $32.4M

by John Nelson January 19, 2017

LAWRENCEVILLE, GA. — Steadfast Apartment REIT III Inc. (STAR III) has purchased Reflections on Sweetwater, a 280-unit apartment community located in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. STAR III purchased the asset from the undisclosed seller for $32.4 million. Built in 1996, Reflections features one-, two- and three-bedroom units averaging 933 square feet, with rents averaging $965 per month. Unit interiors include 9-foot ceilings, washer/dryer connections, crown molding, built-in bookshelves, breakfast bars, ceiling fans and private balconies or patios. Community amenities include a resort-style pool with a sundeck, 24-hour fitness center, playground, clubhouse with resident lounge, outdoor grills, business center, lighted tennis-courts, walking trail, on-site lake, car-washing station and detached garage parking. The property was 95.7 percent occupied at the time of sale. The previous owner upgraded half of the apartment units, and STAR III plans to renovate and paint the remaining units when turning the apartments between residents.

January 19, 2017

Florida Multifamily Southeast

CBRE Brokers $31M Sale of Apartment Community in Metro Orlando

by John Nelson January 19, 2017

ALTAMONTE SPRINGS, FLA. — CBRE has brokered the $31 million sale of Charter Pointe, a 312-unit apartment community located at the corner of Ballard Street and South Ronald Reagan Boulevard in Altamonte Springs, roughly 10 miles north of Orlando. Jacksonville-based Michaelson Group purchased the property from Sarasota, Fla.-based Insula Cos. Built in the 1970s, the newly renovated, 258,000-square-foot property sits on 19 acres near Eastmonte Park. In addition to recent upgrades including new signage and roofs, Charter Pointe features a clubhouse, fitness center, two pools, pet spa and an outdoor kitchen. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

January 19, 2017

Affordable Housing Illinois Midwest Multifamily

Evergreen Real Estate Starts Lease-up of $13.5M Affordable Housing Community in Mundelein, Illinois

by Kristin Harlow January 19, 2017

MUNDELEIN, ILL. — Evergreen Real Estate Group has begun pre-leasing at Fairhaven Crossing, an affordable housing community in Mundelein, about 35 miles northwest of Chicago. The $13.5 million project is part of a larger initiative to turn downtown Mundelein into a walkable mixed-use district. Located at 407 E. Hawley St., the transit-oriented development consists of 40 units. The site was previously home to an industrial building that was converted into the three-story residential building. The redevelopment was partially funded using $5.6 million in low-income housing tax credit financing secured by Evergreen Real Estate.

January 19, 2017

Connecticut Multifamily Northeast Texas Top Stories

Starwood Capital Group to Acquire Milestone Apartments REIT for $2.85B

by John Nelson January 19, 2017

TORONTO AND GREENWICH, CONN. — Milestone Apartments Real Estate Investment Trust (TSX: MST.UN), a Toronto-based multifamily REIT, has entered into an agreement with an affiliate of Starwood Capital Group whereby Starwood will acquire all of Milestone’s subsidiaries and assets. The transaction, which is expected to close in the second quarter of this year, is valued at $2.85 billion (USD). Milestone’s board of trustees has unanimously approved the acquisition and recommends that its shareholders vote in favor of the transaction. Milestone’s shareholders will receive $16.15 per share in cash upon closing, and the REIT expects to continue paying its monthly distributions in the normal course through closing. Milestone REIT’s portfolio consists of 78 garden-style apartment properties comprising 24,061 apartment units that are located in 16 major metropolitan markets throughout the Southeast and Southwest. Nearly half of the REIT’s holdings are in Texas. The transaction’s average price per apartment unit of approximately $120,000 compares favorably to Milestone’s current book value of approximately $109,500 per apartment unit. Starwood’s acquisition of Milestone’s portfolio of multifamily properties and operating platform of more than 1,200 employees will allow the firm to grow its multifamily footprint, especially in the Sunbelt region, where Starwood owns more than 67,000 …

January 19, 2017

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