Multifamily

Franklin Street Brokers Sales of Five Tampa Apartment Communities Totaling $50M

by John Nelson November 23, 2015

TAMPA, FLA. — Franklin Street Real Estate Services has closed the sales of five apartment communities in the metro Tampa area totaling more than $50 million. The five properties span roughly 950 units combined. Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zachary Ames of Franklin Street brokered all five transactions. The buyers and sellers are private companies from the Tampa area and various locations throughout the U.S. The transactions included the $23.5 million sale of Harbour Cay in Largo, the $14.8 million sale of The Park at Chesterfield, the $7 million sale of University Oakwoods, the $4.3 million sale of Bayside North and the $1.9 million sale of Grove Court-Plant City, all in Tampa. All of the buyers are planning to make substantial investments to upgrade the properties.

November 23, 2015

Florida Loans Multifamily Southeast

Aztec Group Arranges $12.7M Construction Loan for Multifamily Property in West Palm Beach

by John Nelson November 23, 2015

WEST PALM BEACH, FLA. — Aztec Group Inc. has arranged a $12.7 million construction loan for a planned 105-unit multifamily community in West Palm Beach’s Northwood neighborhood. The 1.3-acre development site is located at 312 23rd St. north of downtown West Palm Beach. Jason Katz of Aztec Group arranged the loan through City National Bank of Florida on behalf of the developer, Parkland Cos.

November 23, 2015

Midwest Minnesota Multifamily Seniors Housing

Evans Senior Investments Arranges $30M Sale of 105-Unit Seniors Housing Community in Minnesota

by Christina Cannon November 23, 2015

MAPLEWOOD, MINN. — Evans Senior Investments has arranged the $30 million sale of The Shores of Lake Phalen, a seniors housing community located in the Twin Cities suburb of Maplewood. A non-traded REIT purchased the property at a price of $285,714 per unit. The Shores of Lake Phalen features 22 independent living units, 51 assisted living units and 32 memory care units. Constructed in 2011, the Class A community is adjacent to the Gateway State Trail for walking or biking. The new owner plans to lease the facility to a national operator. The final capitalization rate was 6.3 percent based on a 2015 budgeted net operating income of $1.9 million. Evans Senior Investments is a Chicago-based seniors housing investment banking firm.

November 23, 2015

Loans Midwest Multifamily Ohio

KeyBank Provides $9.3M Refinancing Loan for Multifamily Property in Metro Columbus

by Christina Cannon November 23, 2015

REYNOLDSBURG, OHIO — KeyBank Real Estate Capital has provided $9.3 million in Freddie Mac financing for a multifamily property in Reynoldsburg, an eastern suburb of Columbus. Eden at Caleb’s Crossing is a 360-unit complex that was constructed between 1971 and 1982. Tim Migchelbrink of KeyBank arranged the adjustable rate financing, which was used to refinance an existing KeyBank loan.

November 23, 2015

Market Reports Multifamily Southeast Southeast Market Reports Virginia

Richmond’s Multifamily Market Couldn’t Look More Attractive to Investors

by John Nelson November 23, 2015

The Richmond metropolitan area, with a population of 1.3 million, is bursting with multifamily development. The growing MSA contains more than 72,000 apartments units (45 percent Class A) and has 2,018 units under construction with another 5,826 in various stages of pre-development. On top of all this activity, the overall market occupancy remains at 96 percent. The fuel for these conditions comes from the many amenities in the market, from the University of Richmond and a robust sports scene to the proximity to Atlanta, the Atlantic coast and Washington, D.C., as well as the encouraging employment picture. The city’s unemployment stands at 5 percent compared to the U.S. average of 6.3 percent; since 2000 the city’s population has grown by nearly 15 percent. These conditions allow property owners to leverage this diverse and sustainable market for multifamily investments. Richmond development also benefits from the attractive interest rates, which remain low despite having climbed 80 basis points since late January. Along with monitoring this upward trend, news earlier this month from the Federal Reserve of a rate hike will serve as a caution sign for investors. Whether we see this hike in the next couple of months, or not until 2016, …

November 23, 2015

Arizona Multifamily Western

El Cortez Condominium Complex in Phoenix Sells for $6.4M

by Nellie Day November 20, 2015

PHOENIX — The El Cortez condominium complex in Phoenix has sold to FPA Multifamily LLC for $6.4 million. The community is located on 7th Avenue within the Melrose District. The acquisition included 146 of the 165 units. CBRE’s Bert Kempfert represented FPA. Brian Smuckler and Jeff Seaman of the same firm represented the seller, El Cortez Condominiums LLC.

November 20, 2015

Florida Multifamily Southeast

Monogram Residential Trust Opens Upscale Apartment Community in Miami’s Brickell District

by John Nelson November 20, 2015

MIAMI — Monogram Residential Trust Inc., a publicly traded operator and developer of luxury apartment communities, has opened SOMA, a new 418-unit multifamily community in downtown Miami’s Brickell district. Monogram Residential developed the eight-story boutique community in partnership with Alliance Residential Co. Monogram and Monogram Residential Master Partnership I LP, a joint venture between Monogram and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds, provided equity for the development of SOMA. The Class A property is located at 145 S.W. 13th St. within blocks of Mary Brickell Village, the Brickell Metrorail Station and Simpson Park. Community amenities include 24-hour package receipt and delivery via Luxer locker systems, electric car charging stations, an athletic center overlooking downtown Miami, yoga studio, big screen movie theater and a rooftop resort with a pool, grilling stations, lounge area and basketball court. Unit interiors feature epicurean kitchens, designer lighting, al fresco balconies, walk-in closets and Roman soaking tubs.

November 20, 2015

Multifamily Texas

Stream Realty Partners Brokers Sale of Canyon Springs Apartments in Waco

by Haisten Willis November 20, 2015

WACO, TEXAS — Stream Realty Partners has arranged the sale of Canyon Springs Apartments. The 80-unit, Class A apartment community is located at 2301 Woodgate Drive in Waco. Kelly Witherspoon and Charlie Marrs of Stream Realty’s Austin office represented the seller, Southern Financial Group, in the transaction. The newly built property consists of eight two-story, townhome-style apartment buildings. At the time of the sale, the 4.2-acre property was 96 percent occupied. Property amenities include controlled-access gates, perimeter fencing and a community clubhouse. Jeff Patterson leads Stream’s multifamily division.

November 20, 2015

Loans Multifamily Texas

UC Funds Secures $4.8M Acquisition Bridge Loan in Metro Houston

by Haisten Willis November 20, 2015

ANGLETON, TEXAS — UC Funds has secured a $4.8 million bridge loan for the acquisition and renovation of a 152-unit apartment community located in Angleton. The sponsor will implement a renovation program focused on repositioning the property. The renovation will convert the existing clubhouse into four additional units, bringing the total unit count of the property to 156. The property is situated on a seven-acre site and spans 13, two-story buildings. Angleton is located 40 miles south of Houston.

November 20, 2015

Market Reports Multifamily Office Texas Texas Market Reports

San Antonio Wins the Race with Consistency, Diversified Economy

by Haisten Willis November 20, 2015

The story of the tortoise and the hare can be used to describe the major metros throughout Texas. In recent years, Austin has sprung to life while San Antonio has developed slow and steady. Most recently, however, it appears San Antonio’s office market has received a jolt — the second quarter of 2015 saw three to four times more activity than historic averages indicate — and San Antonio now boasts its lowest vacancy rate since 2008. With a 3.4 percent unemployment rate, San Antonio ranks third on the list of major metropolitan cities across the country with the lowest unemployment rates, trailing only Austin at 3 percent and Salt Lake City at 3.1 percent. These numbers are indicative of a much larger picture of San Antonio. Uniquely positioned to capture the spillover of tech companies and supporting businesses from Austin, its neighbor, San Antonio’s low rental rates for both Class A and B office space along with stable infrastructure make it a viable, attractive alternative for many major businesses looking to expand. But where in San Antonio is all this activity erupting? San Antonio’s newest residents are interested in one area, and you need look no further than the central …

November 20, 2015

Newer Posts

Older Posts