Multifamily

CBRE/New England Brokers Multifamily Sale in Boston

by Jeff Shaw October 19, 2015

BOSTON — The CBRE/New England Multifamily Capital Markets team brokered the sale of West Square, a 255-unit infill apartment community in the South Boston neighborhood. CBRE/NE represented the seller, a joint venture between Lincoln Property Company and an institutional partner, and procured the buyer, 5514 D Street 320 Boston LLC, an affiliate of Akelius US LLC. Lincoln Property Co. will manage the property. The community was completed in April 2014 and has 33 apartments set aside under inclusionary zoning for residents at 70 percent of area media income. Akelius has also acquired the adjacent property 339 D Street, which comprises 24 apartment units.

October 19, 2015

Connecticut Multifamily Northeast

TGM Associates Sells TGM Village in Stamford

by Jeff Shaw October 19, 2015

STAMFORD, CONN. — TGM Associates L.P. has sold the 160-unit apartment project TGM Village at Stamford to Cherry Hill, N.J.-based Silverman Group. Jeffrey Dunne and Gene Pride of CBRE Group Inc. brokered the transaction for the property, which is located in downtown Stamford. TGM purchased Village at Stamford in 2008. Terms of the transaction were not disclosed.

October 19, 2015

Multifamily Texas

Casey Development Begins Construction on 246-Unit Apartment Community in Austin

by Haisten Willis October 19, 2015

AUSTIN, TEXAS — Casey Development has started construction on Tacara at Steiner Ranch, a 246-unit, Class A apartment community located in the Steiner Ranch master planned community in Austin. Located northwest of downtown Austin, Steiner Ranch sits between Lake Austin and Lake Travis alongside the Balcones Canyon Land Preserve with views of the lakes and the hill country. Exterior materials will include stone and stucco with tile roofs on all amenity buildings. The property will consist of 150 one-bedroom/one-bath units, 80 two-bedroom/two-bath units and 16 three-bedroom/two-bath units. Property amenities will include a pool, outdoor lounge areas with barbecue grills, coffee bar, business center, fitness center, dog park and gated entry. All units will have quartz countertops with under-mount sinks, stainless steel appliances, walk-in closets, washers and dryers and hard surface flooring in kitchens, bathrooms and living areas.

October 19, 2015

Multifamily Seniors Housing Texas

Construction of New Seniors Housing Property Underway in Houston

by Haisten Willis October 19, 2015

HOUSTON — Whiting Turner has broken ground on Amarillo Terrace, a new 108-unit independent living property at the Eagle’s Trace continuing care retirement community in Houston. Amenities will include stainless steel appliances and granite countertops, while screened-in porches and patios will be options for a number of the residences. Residents will also have access to a new media room, fitness center and additional meeting space. Amarillo Terrace is scheduled to open in the fall of 2016. Texas-based JHP Architecture designed Amarillo Terrace to be connected by a climate-controlled walkway to the main clubhouse of Eagle’s Trace, which houses services such as the medical center, convenience store, salon and bank. Additionally, the continuing care neighborhood provides 112 residences offering assisted living, memory care, post-acute rehabilitation and nursing care services.

October 19, 2015

Loans Multifamily Texas

Walker & Dunlop Provides $18M Acquisition Loan for Whispering Oaks Apartments in San Antonio

by Haisten Willis October 19, 2015

SAN ANTONIO — Walker & Dunlop has provided an $18 million acquisition loan for Whispering Oaks Apartments in San Antonio. The Walker & Dunlop team utilized Fannie Mae’s 10-year, fixed-rate product for the loan structure. In addition, the loan included three years of interest-only payments and utilized Fannie Mae’s Early Rate Lock program. Alex Inman led the Walker & Dunlop team that structured the loan. Located in the Whispering Oaks community, the garden-style apartment complex offers 346 units featuring one-, two- and three-bedroom apartments situated on 11.8 acres. Built in 1981, the property features a fitness center, three swimming pools, picnic areas, four on-site clothing facilities, a dog park, playground and business center. In the next 12 to 18 months, the purchaser plans to continue unit upgrades, common area improvements and exterior renovations. Whispering Oaks Apartments is 93 percent occupied.

October 19, 2015

Illinois Midwest Multifamily

The Connor Group Acquires 368-Unit Apartment Community in Aurora, Ill.

by Christina Cannon October 19, 2015

AURORA, ILL. — The Connor Group has acquired a 368-unit apartment community in Aurora, approximately 40 miles west of Chicago, from American Realty Advisors. The sales price was undisclosed. The Class A asset, located at 1840 Clubhouse Drive, was 96 percent occupied at the time of sale. Susan Lawson and Debbie Corson represented American Realty Advisors in the transaction.

October 19, 2015

Multifamily North Carolina Southeast

MHA Brokers Sale of Three Apartment Communities in Triangle Area for $62.4M

by John Nelson October 19, 2015

CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered three separate sales of three apartment communities in the Raleigh-Durham area totaling $62.4 million. The transactions include Atlanta-based TriBridge Residential selling The Hamptons at RTP, a 286-unit property in Durham, to Cortland Partners for $34.6 million; Los Angeles-based Robertson Properties Group selling Emerald Forest, a 320-unit property in Durham, to New York-based Somerset Partners for $19.5 million; and New York-based JEM Holdings purchasing Westchester, a 160-unit property in Garner, from Carlisle Residential for $8.3 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in all three transactions.

October 19, 2015

Maryland Multifamily Southeast

Wood Partners to Break Ground on Apartment Community in Maryland

by John Nelson October 19, 2015

LAUREL, MD. — Wood Partners plans to break ground on a new 340-unit apartment community in Laurel, a city situated halfway between Baltimore and Washington, D.C. The property, known as The Residences Towne Centre at Laurel, will be located on a 5.2-acre site adjacent to the Towne Centre at Laurel, a 400,000-square-foot mixed-use development that features an Old Navy, Outback Steakhouse, Mission BBQ and Panera Bread. Designed by JDavis Architects, the new community will comprise a 640,000-square-foot, four-story building wrapping a 555-space parking garage. The units will feature quartz countertops, stainless steel appliances, tile backsplashes, oversize tubs, vinyl plank flooring, upgraded lighting and hardware packages and full-size washers and dryers. Community amenities will include lounge spaces, a game room, café, business center, fitness facility with a yoga studio, additional storage space, bicycle storage and a pet spa. CBRE represented the seller, Greenberg Gibbons, in the land sale. Leasing is anticipated to begin in early 2017, with construction scheduled for completion by the summer of 2017.

October 19, 2015

California Multifamily Western

AvalonBay Buys Hollywood Land Parcel for New Mixed-Use Development

by Nellie Day October 16, 2015

LOS ANGELES — AvalonBay has purchased a 5.8-acre land parcel in Hollywood for more than $100 million. The parcel is located at 6677 Santa Monica Blvd. AvalonBay plans to demolish the existing site where it will build a mixed-use multifamily and retail development. The proposed development will include 24,900 square feet of retail space and 695 apartment units, including 56 affordable housing units. The project is currently in the pre-development stage. CBRE’s Curtis Palmer, Anthony Muhlstein and Peter Sherman represented the buyer. The seller was Calico and Tinseltown.

October 16, 2015

Arizona Multifamily Western

TruAmerica Multifamily Buys Trevi Apartments in Chandler for $47.5M

by Nellie Day October 16, 2015

CHANDLER, ARIZ. — TruAmerica Multifamily has purchased the 290-unit Trevi apartments in Chandler for $47.5 million. The Class A community is located at 635 S. Ellis Street. Trevi was built in 2005. It is currently 97 percent occupied. TruAmerica leveraged the acquisition with $34.2 million in agency debt financing secured through Berkeley Point Capital. Mitch Clarfield originated the loan. This is TruAmerica’s second acquisition in the Greater Phoenix area. The purchase was made in partnership with an institutional investor. The seller was Alliance Residential Company.

October 16, 2015

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