Multifamily

Bellwether Enterprise Closes $12.4M Loan for Apartment Community in Greensboro

by John Nelson October 11, 2016

GREENSBORO, N.C. — Bellwether Enterprise Real Estate Capital LLC has closed a $12.4 million Fannie Mae loan for Piedmont Place Apartments, a newly built, 100-unit multifamily community in Greensboro. Glenn Enochs of Bellwether Enterprise’s Greensboro office originated the loan using Fannie Mae’s Green Financing program on behalf of the borrower, Piedmont Place Apartment Property Investors. Bellwether Enterprise Real Estate Capital closed 52 loans totaling nearly $420 million in September alone, including the Piedmont Place financing.

October 11, 2016

California Multifamily Top Stories Western

Strata Equity Group Acquires 24-Property Multifamily Portfolio in Southeast for $720M

by Katie Sloan October 11, 2016

SAN DIEGO — Strata Equity Group has acquired a 24-property multifamily portfolio from an affiliate of New York City-based DRA Advisors LLC for $720 million. The Southeast Residential Portfolio consists of 6,294 units located throughout 13 metropolitan areas in Georgia, North Carolina, Tennessee and South Carolina. The properties were built between 1985 and 2000, with an average year built of 1996. Over the past three years, net rental income for the portfolio has increased 12.2 percent while averaging 95.3 percent occupancy. Malcom McComb of CBRE negotiated the transaction on behalf of the seller. Bill Chiles and Robert LaChapelle of CBRE also secured $500 million in acquisition financing for Strata. The financing features a mixture of seven- and 10-year fixed- and floating-rate loans provided by Freddie Mac. “We negotiated a portion of the portfolio under a newly created version of the Freddie Mac Revolving Credit Facility,” says Chiles. “This facility gives Strata Equity Group more financing flexibility for certain assets, as well as an attractive vehicle for new purchases with similar business plans.” The names of only three properties in the portfolio were disclosed: Alta Mills, 1650 Anderson Mill Road, Austell, Ga.; Eagle Pointe Apartments, 8608 Eagle Pointe Drive, Knoxville, Tenn.; …

October 11, 2016

Conference Coverage Features Multifamily Texas Texas & Oklahoma Feature Archive Top Stories

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

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