Multifamily

Stonemont Financial, Preiss Co. to Develop Apartment Complex in San Marcos

by Haisten Willis October 16, 2015

SAN MARCOS, TEXAS — Stonemont Financial Group and The Preiss Co. will develop and complete the new Ella Lofts, a 252-bed off-campus student housing community within walking distance of the Texas State University campus. Located at 817 Chestnut St. in San Marcos, Ella Lofts will feature amenities including a 24-hour fitness center, group study areas, outdoor courtyards and a pool. The project will also feature one-, two- and four-bedroom loft floor plans. Formerly known as 817 Lofts, the project originally started construction under a different developer in 2013 and was set to be completed in August 2014. After construction delays and other stalls, the project sat dormant until Stonemont Financial purchased it in September. With more than 38,000 students enrolled, Texas State University is the fourth largest institution in the state of Texas. The Preiss Co. will serve as developer and manager for the project. Leasing is underway at the Ella Lofts leasing office located at 316-D Edward Gary Drive in San Marcos. Monthly rent will begin at $499 per student, which includes utilities and furniture.

October 16, 2015

LMI Capital Arranges $14.5M Refinancing of 450-Unit Apartment Community in Houston

by Haisten Willis October 16, 2015

HOUSTON — Jamie Mullin of LMI Capital has arranged $14.5 million in debt for the refinancing of an apartment complex in southwest Houston. Mullin worked on behalf of the borrower to obtain a 10-year, fixed-rate CMBS loan featuring full-term interest-only payments.

October 16, 2015

California Loans Multifamily Seniors Housing Western

Grandbridge Arranges $42.3M Refinancing for Assisted Living Community Near San Francisco

by Nellie Day October 15, 2015

CORTE MADERA, Calif. — The Atlanta-based Seniors Housing and Healthcare Finance Team of Grandbridge Real Estate Capital has arranged a $42.3 million refinancing for Aegis of Corte Madera, a 118-unit assisted living and memory care near San Francisco. A life insurance company provided funding for the loan. Grandbridge’s Richard Thomas, senior vice president, and Meredith Davis, vice president, originated the transaction. Grandbridge Real Estate Capital arranges permanent commercial and multifamily real estate loans, services loan portfolios and provides asset and portfolio management, as well as real estate brokerage services.

October 15, 2015

Colorado Multifamily Western

Denver Apartment Building Sells for $2.1M

by Nellie Day October 15, 2015

DENVER — An unnamed buyer has purchased an 18-unit apartment building in Denver for $2.1 million. The community is located at 1560-1570 Albion St. It was built in 1958. Joe Hornstein and Scott Fetter of Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.

October 15, 2015

St. Andrews Apartments Johns Creek Atlanta

Georgia Multifamily Southeast

The Shoptaw Group Acquires Upscale Apartment Community in Metro Atlanta

by John Nelson October 15, 2015

JOHNS CREEK, GA. — The Shoptaw Group (TSG) has purchased St. Andrews Apartments, a 228-unit luxury multifamily community located in the affluent Atlanta suburb of Johns Creek. The company plans to renovate the property’s interior units upon completion of the purchase. Patterson Real Estate Advisory Group arranged a $27 million, floating rate acquisition loan through MetLife on behalf of TSG.

October 15, 2015

Multifamily Southeast Virginia

CBRE Brokers $18M Sale of Apartment Community in Hampton Roads Area

by John Nelson October 15, 2015

HAMPTON, VA. — CBRE | Richmond and CBRE | Hampton Roads have brokered the $18 million sale of New Hampton Commons Apartments. The 252-unit apartment community is located at 1482 Queens St. in Hampton. Klein Hampton LLC purchased the asset from New Hampton LP. The apartment community comprises one-, two- and three-bedroom townhomes and was 95 percent occupied at the time of sale. The property features a community clubhouse, amenity deck and swimming pool. Craige Pelouze and Charles Wentworth of CBRE | Richmond, along with Dan Johnson and Hank Hankins of CBRE | Hampton Roads, represented the seller in the transaction.

October 15, 2015

Illinois Loans Midwest Multifamily

American Street Capital Arranges $2.3M Acquisition Loan for Multifamily Property in Chicago

by Christina Cannon October 15, 2015

CHICAGO — American Street Capital has arranged a $2.3 million acquisition loan for a multifamily property in Chicago. The property consists of 85 units and 64,390 square feet of rentable space. The borrower was undisclosed. The non-recourse CMBS loan features a 10-year term and 30-year amortization. Igor Zhizhin of America Street Capital arranged the loan.

October 15, 2015

Colorado Multifamily Western

Liberty Creek Apartments in Aurora Sells for $65M

by Nellie Day October 14, 2015

AURORA, COLO. — Oak Coast Properties and BMC Investments have acquired the 548-unit Liberty Creek Apartments in Aurora for $65 million. The community is located at 13100 E. Kansas Drive. The partners plan to invest $3 million to extensively renovate and reposition the property. Liberty Creek Apartments was originally built in 1981. It is currently more than 99 percent occupied. The pet-friendly community includes five basketball courts, three swimming pools, a sand volleyball court, three playgrounds, picnic and barbecue areas, a fitness center, a clubhouse and business center, a laundry facility, on-site security patrol and covered parking. Liberty Creek is in close proximity to Aurora Town Center, Market Square, Anshutz Medical Campus, Kaiser Center Pointe and Denver International Airport.

October 14, 2015

Multifamily Texas

Steadfast Apartment REIT Purchases 315-Unit Apartment Community in Metro Dallas

by Haisten Willis October 14, 2015

COPPELL, TEXAS — Steadfast Apartment REIT has acquired Lakeside at Coppell, a 315-unit apartment community located in Coppell. Constructed in 1999 on 35 acres, Lakeside at Coppell includes 45 two-story apartment buildings boasting one-, two-, three- and four-bedroom configurations. Layouts average 1,221 square feet and amenities include attached garages, washer-dryer connections, granite countertops and stainless steel appliances. Lakeside at Coppell was 96.2 percent occupied as of Oct. 6, and has average in-place rents of $1,698. On-site amenities include a clubhouse, swimming pool, basketball court, sand volleyball court, tennis court, jogging trail, health club, billiards room, business center, playground and community garden.

October 14, 2015

Loans Multifamily Texas

Grandbridge Arranges $18.8M Loan for 308-Unit Apartment Community in Irving

by Haisten Willis October 14, 2015

IRVING, TEXAS — Grandbridge’s Blake Willeford has arranged $18.8 million in financing for Newport Apartments, a 308-unit apartment complex in Irving. The loan, arranged through a debt fund REIT, included financing for the acquisition as well as capital for improvements to enhance the property. The transaction was structured with a two-year, interest-only term. The asset, built in 1981, includes 200 renovated units with faux wood flooring, black appliances, and brush nickel plumbing and lighting fixtures. The borrower, PPA Group, plans to renovate the remaining 108 units and make exterior improvements including masonry dumpster enclosures, replacing wood with wrought iron on select balconies/patios, adding an outdoor kitchen, and adding a dog park.

October 14, 2015

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