Multifamily

Lowe Enterprises, First Capital Advisors Buy Deer Creek Apartment Homes in Puyallup

by Nellie Day October 20, 2015

PUYALLUP, WASH. — A joint venture between Lowe Enterprises Investors and First Capital Advisors has purchased the 256-unit Deer Creek Apartment Homes in Puyallup for an undisclosed sum. The community is located at 6115 111th St. East. The 18-acre, garden-style property was built in 2000. It was 95 percent occupied at the time of sale. Deer Creek is situated at the base of Mt. Rainier, 10 miles outside of Tacoma and 35 miles south of Seattle. Greystar will manage the property. Jones Lang LaSalle represented the unnamed seller.

October 20, 2015

Multifamily Texas

Lloyd Jones Capital Acquires Two Texas Apartment Communities

by Haisten Willis October 20, 2015

HOUSTON AND FORT WORTH, TEXAS — Lloyd Jones Capital has acquired the Carol Oaks and Villa Oaks apartment communities in Fort Worth and Houston, respectively. Both properties are considered value-add opportunities, which the company anticipates improving and rebranding in order to enhance the asset value. The Carol Oaks is a gated community consisting of 224 units on 18 acres. It is now called The Vibe at Landry Way. The Houston property, Villa Oaks, with 212 units of affordable housing, will be rebranded as TownParc at Sherwood and is a townhouse community.

October 20, 2015

Multifamily Texas

Keener Investments Acquires Multifamily Property in Houston’s Montrose Area

by Haisten Willis October 20, 2015

HOUSTON — Keener Investments has acquired a 62-unit multifamily property in an off-market purchase. The property will be rebranded as The Block at Montrose and will be managed by Allied Orion Group. The property is located in the Montrose neighborhood, just west of Houston’s central business district and just north of the Texas Medical Center and Museum District.

October 20, 2015

Loans Multifamily Texas

LMI Capital Secures Acquisition Loan for Multifamily Property in Rio Grande Valley

by Haisten Willis October 20, 2015

HARLINGEN, TEXAS — Kurt Dennis of LMI Capital has arranged acquisition financing for a garden-style apartment complex in Harlingen. Working on behalf of the borrower, Dennis secured a 10-year, fixed-rate loan with a CMBS lender. The first mortgage represented 80 percent of the purchase price and featured five years of interest-only payments. The borrower plans to fully upgrade the property’s interiors, exteriors and amenities in order to maximize the asset’s potential cash flow.

October 20, 2015

Florida Multifamily Southeast

China City Construction Buys Oceanfront Development Site in Miami Beach for $38.5M

by John Nelson October 20, 2015

MIAMI BEACH, FLA. — China City Construction Co. has purchased a one-acre, oceanfront development site at 6747 Collins Ave. in Miami Beach from The Peebles Corp. for $38.5 million. The site is zoned for multifamily and was previously approved for 60 residential units or 150 hotel rooms, with a gross building square footage up to 93,600. Robert Taylor and Paul Weimer of Miami-based CBRE Hotels, along with Gerard Yetming of CBRE Multifamily and Irving Padron of Engel & Volkers, represented the seller in the transaction. American Da Tang Group and Borda Commercial Real Estate represented the buyer.

October 20, 2015

Loans Multifamily North Carolina Southeast

Capstone Capital Closes $37.6M Loan for Apartment Community in Triangle Area

by John Nelson October 20, 2015

CARY, N.C. — Capstone Capital has arranged a $37.6 million Fannie Mae loan for Amberton at Stonewater Apartments, a 348-unit community in Cary. The non-recourse loan features three years of interest-only payments fixed at 4.49 percent. Completed in 2014, the property features one-, two- and three-bedroom units. Jackson Howard of Capstone Capital arranged the loan on behalf of the borrower, The Carroll Cos.

October 20, 2015

Loans Multifamily North Carolina Southeast

Greystone Closes $25M CMBS Loan for Multifamily Community in North Carolina

by John Nelson October 20, 2015

FAYETTEVILLE, N.C. — Greystone has provided a $25 million CMBS loan to refinance Addison Ridge, a 211-unit apartment community located in Fayetteville. Constructed in 2014, the apartment property features a movie theater, swimming pool and fitness center with an on-site personal trainer. Greg Krafcik of Greystone originated the five-year, interest-only loan with a 30-year amortization schedule. Jackson Howard of Capstone Capital arranged the loan.

October 20, 2015

Loans Multifamily Southeast Tennessee

Walker & Dunlop Closes $17.7M Loan for Apartment Community in Tennessee

by John Nelson October 20, 2015

LENOIR CITY, TENN. — Walker & Dunlop Inc. has closed a $17.7 million loan for The Cove at Creekwood Park, a 208-unit apartment complex located in Lenoir, roughly 30 minutes outside of Knoxville. Built in 2011, the apartment property comprises one-, two- and three-bedroom units that feature keyless door entry systems, fully equipped kitchens with stainless steel appliances, plank flooring, walk-in closets and full-sized washers and dryers. Common area amenities include gated access, a picnic/play area, walking trail, pavilion, business center with a cyber café, fitness center, saltwater swimming pool and an outdoor cooking station. Keith Melton and David Strange of Walker & Dunlop arranged the 39-year, fixed-rate loan using HUD’s Interest Rate Reduction program.

October 20, 2015

California Multifamily Western

Mauna Loa Apartments in Santa Ana Sells for $14.6M

by Nellie Day October 19, 2015

SANTA ANA, CALIF. — An unnamed buyer has purchased the 60-unit Mauna Loa Apartments in Santa Ana for $14.6 million. The community is located at 1311 Washington Ave. It is situated near Westfield MainPlace Mall and the Discovery Cube Orange County science museum. Tyler Leeson of Marcus & Millichap’s Newport Beach office represented the seller, an LLC.

October 19, 2015

Loans Multifamily Nevada Seniors Housing Western

Lancaster Pollard Arranges $1.8M Bridge Loan for Community in Nevada

by Nellie Day October 19, 2015

RENO, NEV. — Lancaster Pollard has arranged a $1.8 million bridge loan for Reno Valley Assisted Living & Retirement Center (RVALRC), a 118-unit assisted living facility located in Reno. The community was acquired in 2013 and has undergone a turnaround process. The loan, provided by a local lender, has a five-year term and will fund further capital improvements, debt repayment and recapitalization. The improvements will also allow RVALRC to accept Medicaid residents, opening its doors to a wider range of customers. The community plans to refinance the loan within three years once improvements are implemented. Grant Goodman led the transaction for Lancaster Pollard.

October 19, 2015

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