Multifamily

Living Care Lifestyles to Open New Memory Care Community in West Seattle

by Nellie Day September 14, 2015

SEATTLE — Living Care Lifestyles, an operator with 10 communities in Hawaii, California, Oregon, Texas and Washington, plans to open a new memory care community in Seattle in early 2017. Quail Park of West Seattle will feature 45 units, all memory care, in a 20,000-square-foot, three-story facility situated on a half-acre site. According to the operator, the community will be the first memory-care-only facility in West Seattle. Morningside Development Group is developing the property, which John Lape Architecture designed.

September 14, 2015

California Multifamily Western

Construction is Complete on Phase II of Playa Del Oro in Los Angeles

by Nellie Day September 14, 2015

LOS ANGELES — Construction is now complete on Phase II of Playa Del Oro, a 260-unit addition to the existing 405-unit residential and mixed-use complex in Los Angeles. The community is located at the corner of Manchester Avenue and Lincoln Boulevard in the Westchester district. The original structure was built in 2009. The new addition is a concrete, podium-style structure with 235 units above the podium slab, along with 25 units situated at street level, which also contains 5,000 square feet of retail space. Phase II also adds a variety of lifestyle amenities to the complex, including a lounge, fitness on demand, a video game lounge and resident café. It also received a new landscaped courtyard with water features and outdoor living areas. Decron Properties developed the property, which Bernards build and Van Tilburg, Banvard & Soderbergh designed.

September 14, 2015

Multifamily Texas

HFF Secures Financing for Apartment Complex in Dallas

by Haisten Willis September 14, 2015

DALLAS — HFF has secured financing commitments for The Village Apartments, an apartment complex in Dallas totaling 7,000 units. The financing included a single-sponsor securitization and a floating-rate credit facility. Freddie Mac provided all financing commitments, and the loans will be serviced by HFF through its Freddie Mac Program Plus seller/servicer program. HFF worked on behalf of a joint venture between Lincoln Property Co., Invesco Real Estate (acting on behalf of an institutional client) and Crow Holdings. Financing proceeds were used to retire an existing Freddie Mac loan facility and to provide additional capital for future development. The Village is located at the intersection of Caruth Haven and Greenville Avenue, eight miles northeast of downtown Dallas.

September 14, 2015

Loans Multifamily Texas

Dougherty Mortgage Closes $3.7M Acquisition Loan for Bent Tree Apartments in San Angelo

by Haisten Willis September 14, 2015

SAN ANGELO, TEXAS — Dougherty Mortgage LLC has closed a $3.7 million Fannie Mae loan for the acquisition of Bent Tree Apartments, a 112-unit multifamily property located in San Angelo. Dougherty’s Minneapolis office arranged the seven-year term, 30-year amortization loan on behalf of the borrower, SA Bent Tree Apartments LP.

September 14, 2015

Multifamily Texas

SWBC Real Estate Sells Overlook Ranch in Fort Worth

by Haisten Willis September 14, 2015

FORT WORTH, TEXAS — SWBC Real Estate has sold the Overlook Ranch apartment complex. SWBC Real Estate developed the property in a partnership with American National Insurance Co. CAF Capital Partners purchased the property in an off-market transaction for an undisclosed amount. Completed in July 2015, Overlook Ranch is located in the AllianceTexas corridor of north Fort Worth. The Class A complex consists of 318 garden-style units comprising one-, two- and three-bedroom floorplans. Overlook Ranch’s amenities include a Texas ranch-themed clubhouse with a fitness center, resort-style pool, game room and a business center.

September 14, 2015

Georgia Multifamily Southeast

RADCO Acquires Two Apartment Communities in Metro Atlanta Totaling $53.4M

by John Nelson September 14, 2015

ATLANTA — The RADCO Cos. has purchased two apartment communities in metro Atlanta totaling 554 units for a combined $53.4 million. The properties include Andover at East Cobb in Marietta and Crossing at McDonough in McDonough. Both properties offer apartments with one, two and three bedrooms. Community amenities include resort-style pools, fitness facilities and business centers with Wi-Fi. Each apartment complex is within one mile of I-75 and provides immediate access to major local corporations such as Dobbins Air Reserve Base in Marietta and Midland Industrial Park in McDonough. Atlanta-based RADCO will invest a combined $6.5 million to upgrade both properties through unit upgrades, amenity enhancements and exterior improvements. Andover at East Cobb will be rebranded as Winterset at East Cobb, and Crossing at McDonough will become Crossings at McDonough. RADCO purchased both assets from Wilkinson Real Estate Advisors Inc., and the two communities are now the third and fourth assets that RADCO and Wilkinson have traded together. CBRE brokered both transactions. RADCO’s portfolio now includes 44 multifamily assets with an additional 1,301 units under contract, which should close in September and October.

September 14, 2015

Multifamily Student Housing Texas

Vesper Acquires 864-Bed University Courtyard Near Texas Tech

by Katie Sloan September 11, 2015

LUBBOCK, TEXAS — Vesper Holdings has purchased the 864-bed University Courtyard student housing community near Texas Tech University in Lubbock. Vesper purchased University Courtyard from a group of tenant-in-common owners “at a steeply discounted price,” the company says. The property was acquired through an off-market transaction. Vesper is planning to execute a complete renovation of University Courtyard and intends to invest $4.5 million in capital expenditures. Property improvements will include a renovation of the units and amenities, as well as enhancements to the property’s exteriors and technology upgrades throughout the complex. Completed in 2005, University Courtyard is located in close proximity to Texas Tech University. University Courtyard contains 12 three-story residential buildings and a clubhouse spread across a 30-acre site. The property’s unit mix consists of two-, three-, and four-bedroom floor plans. All of the units have a one-bed-to-bath ratio. All apartments are fully furnished and feature black appliance packages and large, fully equipped kitchens. All units at University Courtyard have private, full-sized washers and dryers, along with high-speed Internet connection in every bedroom. University Courtyard amenities include a movie theatre, fitness center, business center, game room, basketball court, free tanning salon, lighted jogging track and two swimming pools.

September 11, 2015

Multifamily Texas

Cypressbrook Acquires Hunters Cove Apartment Complex in Bay City

by Katie Sloan September 11, 2015

BAY CITY, TEXAS — Cypressbrook Co. has acquired Hunters Cove, a 326-unit apartment complex located in Bay City about 80 miles southwest of Houston. Cypressbrook will begin improvements to the complex including new faux wood flooring, new appliances, brushed nickel fixtures and hardware, resurfaced countertops, an upgraded pool area, landscaping improvements, replaced roofs, and new signage. Cypressbrook’s affiliate, Ascension Commercial Real Estate, will manage the property.

September 11, 2015

Michigan Midwest Multifamily

Apartment Community in Suburban Detroit Sells for $17M

by Amy Works September 11, 2015

SOUTHFIELD, MICH. — Marcus & Millichap has brokered the sale of Country Corner Apartments, a multifamily property located at 30300 Southfield Road in Southfield. The 211-unit apartment community sold for $17 million, or $80,970 per unit. Built in 1966 on 16.6 acres, the property consists of 29 buildings and features an outdoor pool with sundeck, clubhouse, fitness center, carports and laundry facilities. The community features seven apartment- and townhouse-style floor plans ranging in size from 1,100- and 1,200-square-foot one-bedroom/one-bath units to 1,800-square-foot two-bedroom/2.5-bath townhomes with full basements. Simon Jonna and Ryan Cockerill of Marcus & Millichap represented the seller, while Earl Elliott, Chris Futo and Gordan Navarre, also of Marcus & Millichap, represented the buyer. The names of the seller and buyer were not released.

September 11, 2015

Midwest Missouri Multifamily

Leasing Opens for Arcade Apartments in St. Louis

by Amy Works September 11, 2015

ST. LOUIS — Dominium, a Minneapolis-based owner, developer and manager of apartment communities, has opened leasing for Arcade Apartments, which is currently under renovation in downtown St. Louis. Leasing is available to the general public for both artist and market-rate suites in the landmark property, with expected move-in dates to begin in early December. The property features 80 market-rate luxury apartments, as well as apartment suites for artists who meet certain income and other requirements. Arcade Apartments will feature more than 11,000 square feet of artist studio spaces, including a performance studio; painting, drawing and photography studios; music practice rooms; sound attenuated music and multi-media studios; and a flex studio with a pottery kiln. Additional on-site residential amenities include fitness centers, indoor bike storage, controlled entry access, rooftop indoor clubroom and terrace, and a theater. Monthly rates range from $563 for working artist apartments to nearly $3,000 per month for two-level, upper-end units.

September 11, 2015

Newer Posts

Older Posts