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.
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, …
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.
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.
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.
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.
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 …
OMAHA, NEB. — Carter Validus Mission Critical REIT II Inc. has acquired Old Mill Rehabilitation in Omaha for $13 million. The property is a 40,402-square-foot skilled nursing facility that was built in 2014. Old Mill offers 44 private rooms with in-suite bathrooms and showers. Amenities include 24-hour room service and a full-service salon. Rehabilitation services at the facility include physical, occupational and speech therapy, IV therapy, medication management and wound care. Carter Validus Mission Critical REIT II is a non-traded real estate investment trust.
NEW YORK CITY — Silver Arch Capital Partners, a private lender, has closed an $8 million first mortgage loan secured by two mixed-use properties in New York City. The borrowers, Mooney House LLC and 127 Mott Street LLC, will use the loan proceeds to pay off an existing mortgage, renovate the properties and fund reserves and closing costs. The properties are 18 Bowery/1-7 Pell St., which features four residential apartments and two ground-level commercial spaces in two buildings; and 127 Mott St., which consists of 12 residential units and one commercial space in two buildings. Both properties were acquired in 2014 and have undergone more than $375,000 in capital improvements. Additionally, each property has more than 6,000 square feet of excess development rights.
TEMPE, ARIZ. — University House Communities has opened the second phase of University House, a 16-story, 148,680-square-foot building with 242 beds and two-, three- and four-bedroom options near Arizona State University’s campus. Designed by Dallas-based architecture firm BOKA Powell to complement the existing adjacent first phase, University House amenities include a resort-style pool and hot tub, a scoreboard-sized LED outdoor TV screen, a clubroom with gaming systems, a yoga and steam room, fitness center, outdoor grilling stations as well as indoor/outdoor study areas and conference rooms. Apartments range from 716 to 1,289 square feet, with fully equipped kitchens. Each unit has floor-to-ceiling windows that provide views of the Sun Devil Stadium across the street. Units are available to students for nine- and 12-month leases. Sixthriver Architects completed the interior design for the new tower. Materials and furnishings include mirrored tile, natural wood planks and exposed concrete.
