Multifamily

Kushner Cos. Acquires 308-Unit Apartment Community in Chatham Township, N.J.

by Jaime Lackey October 20, 2015

Chatham Township, N.J. — Kushner Cos. has acquired the Chatham Hill Apartments, a 308-unit rental apartment community in Chatham Township. Joseph Brecher of Gebroe-Hammer represented the seller, Home Properties/Lone Star. Meridian Capital Group arranged acquisition financing through New York Community Bank (NYCB). The property is located on 23 acres and offers a mix of one-, two-, and three-bedroom apartments featuring fully equipped kitchens with separate dining rooms. Amenities include a community pool with deck, tennis courts and on-site garage parking. Terms of the deal were not disclosed.

October 20, 2015

Michigan Midwest Multifamily Student Housing

Triad Arranges Sale of Block 36 near Michigan State University for $13.3M

by Christina Cannon October 20, 2015

EAST LANSING, MICH. — Triad Real Estate Partners has arranged the sale of Block 36, a student housing property located three miles north of the Michigan State University campus in East Lansing, for $13.3 million. The sales price of Block 36 equates to $30,716 per bed and a 6.3 percent capitalization rate. The 433-bed property was originally built in 2001 and underwent a renovation in 2013 that included the addition of an extensive amenity package. The buyer was a San Diego-based family investment trust that already owned several apartment properties in Michigan. The seller was a private ownership group based in San Francisco whose plan was to sell the asset following the renovation and full stabilization of the property.

October 20, 2015

Multifamily Nevada Western

MG Properties Group Buys Broadstone Azure Apartments in North Las Vegas

by Nellie Day October 20, 2015

LAS VEGAS — MG Properties Group (MGPG) has purchased the 312-unit Broadstone Azure apartment complex in North Las Vegas for an undisclosed sum. The community was built in 2007. Broadstone Azure features a resort-style pool, spa, lounge and fitness center. The property is located in North Las Vegas with access to the 215 and 15 freeways. MG financed the acquisition with a $22 million, 10-year mortgage from Fannie Mae that Bryan Frazier of Walker & Dunlop arranged. Doug Schuster of Newmark Grubb Knight Frank represented the unnamed seller.

October 20, 2015

Multifamily Washington Western

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

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