Multifamily

Blue Rock Partners Buys Apartment Community in Metro Montgomery for $23.1M

by John Nelson July 6, 2016

PRATTVILLE, ALA. — Blue Rock Partners LLC has purchased the Highland Lakes Apartment Homes, a 224-unit complex located in the Montgomery suburb of Prattville, for $23.1 million. Blue Rock plans to rebrand the property as Prattville at Highland Lakes and invest $1 million in interior and exterior upgrades. Jimmy Adams and Craig Hey of Cushman & Wakefield’s Birmingham office represented the seller, Foshee Management Co. LLC, in the transaction. Arbor Mortgage provided acquisition financing on behalf of Blue Rock.

July 6, 2016

Florida Multifamily Southeast

RADCO Acquires Apartment Complex in Tampa for $20.1M

by John Nelson July 6, 2016

TAMPA, FLA. — The RADCO Cos. has purchased The Newport Villas Apartments, a 372-unit, Class B apartment community in Tampa, for $20.1 million. RADCO Residential will manage the property, which was built in 1984 and will be rebranded as Mabry Manor. The Atlanta-based multifamily investment firm plans to invest $5.2 million in capital improvements to the property, including repairing and replacing the fascia and siding, renovating the leasing and fitness centers, rebuilding the floating dock and wooden boardwalk surrounding the lake and building a new playground. RADCO financed the acquisition and renovations using private capital and financing from Prudential Financial.

July 6, 2016

Georgia Loans Multifamily Southeast

Colliers Arranges $19.6M Acquisition Loan for Apartment Community in Central Georgia

by John Nelson July 6, 2016

WARNER ROBINS, GA. — The Colliers Philadelphia Capital Markets team has arranged a $19.6 million acquisition loan for Sandpiper Apartments, a 530-unit apartment complex in Warner Robins. The 30-year loan features an interest rate of LIBOR plus 2.44 percent. The Colliers team also arranged a joint venture equity partner to co-invest with the borrower, an investor new to the Warner Robins apartment market.

July 6, 2016

Loans Midwest Minnesota Multifamily

New York Life Arranges $33.4M Loan for 290-Unit Multifamily Complex Near Minneapolis

by Christina Cannon July 6, 2016

SHAKOPEE, MINN. — New York Life Real Estate Investors has arranged a $33.4 million acquisition loan for a 290-unit apartment property in Shakopee, approximately 25 miles southwest of Minneapolis. A joint venture between White Oak Partners and affiliates of The Hartford is the borrower. The Addison Apartments is a Class A property that features amenities such as a swimming pool, fitness center, business center, clubhouse, courtyard, dog park, walking trails and cyber café with coffee bar. Apartment amenities include in-unit washers and dryers, walk-in closets, kitchen appliances and patios or balconies. The property, built in 2005, offers one-, two- and three-bedroom units. Buildings at The Addison Apartments are three stories. The fixed-rate loan features a six-year term.

July 6, 2016

Loans Multifamily Texas

CBRE Arranges $34.5M Acquisition Loan for Apartment Community in Lewisville

by Christina Cannon July 5, 2016

LEWISVILLE, TEXAS — CBRE has arranged a $34.5 million loan for the acquisition of Provenza at Windhaven, a 324-unit, Class A apartment community located at 4900 Windhaven Parkway in Lewisville. Built in 2015, the property’s units feature granite countertops, kitchen islands, stainless steel appliances, wood-style flooring and wood cabinetry. Community amenities include a resort-style swimming pool with cabanas, grilling stations, a fitness center, private courtyards, club lounge, dog park with a wash station and a game room. Christopher Apone and Charles Foschini of CBRE’s Miami office arranged the eight-year loan through USAA on behalf of the borrower, Momentum Real Estate Partners.

July 5, 2016

Multifamily Student Housing Texas

29th Street Capital Acquires Student Housing Property Near Texas State University

by Christina Cannon July 5, 2016

SAN MARCOS, TEXAS — 29th Street Capital (29SC) has purchased The Villagio Apartments, a 180-unit, 492-bed student housing property located near Texas State University at 1850 Aquarena Springs Drive in San Marcos. Built in 2005, The Villagio features two-, three- and four-bedroom apartments. Each fully furnished unit has a bathroom for every bedroom, private patios and a full-size washer and dryer. Community amenities include a resort-style pool with fountains and a hot tub, outdoor grilling areas, 24-hour fitness center, clubhouse, private study center, movie theater and volleyball and basketball courts. The Villagio is on Texas State University’s bus route. 29SC plans to invest about $2 million ($4,100 per bedroom) in capital improvements. Interior renovations will include new faux hardwood vinyl flooring, granite countertops, kitchen backsplashes, upgraded lighting and plumbing fixtures and new paint schemes. Amenity improvements include the expansion of the fitness center and adding new exercise and spin equipment, as well as updating the exteriors. The community is 100 percent pre-leased for the upcoming academic year. The bulk of the capital improvements will begin immediately with future phases planned during school breaks.

July 5, 2016

California Multifamily Western

Loma Vista Apartment Building in San Diego Sells for $4.4M

by Nellie Day July 5, 2016

SAN DIEGO — Jay Crystal LLC has acquired the 13-unit Loma Vista Apartment Homes in the San Diego submarket of Point Loma for $4.4 million. The community is located at 3720 Yonge St. It was built in 1973 and renovated in 2007. CBRE’s Jim Neil, Eric Comer and Merrick Matricardi represented the buyer. The seller, SD Apartments LLC, an affiliate of Birge & Held Asset Management LLC, represented itself in this transaction.

July 5, 2016

Loans Michigan Midwest Multifamily

Cohen Financial Arranges $11.2M Loan for 304-Unit Apartment Property in Detroit Suburb

by Christina Cannon July 5, 2016

WESTLAND, MICH. — Cohen Financial has arranged an $11.2 million CMBS loan to refinance Westland Colonial Village Apartments in Westland, approximately 25 miles west of Detroit. The Class B property, located at 8181 N. Wayne Road, was built in the 1960s and features 304 units. Cathy Bronkema of Cohen Financial placed the fixed-rate, 10-year loan with Morgan Stanley. The borrower was undisclosed.

July 5, 2016

Indiana Loans Midwest Multifamily

Dougherty Mortgage Closes $8.3M Acquisition Loan for Apartment Complex in Indianapolis

by Christina Cannon July 5, 2016

INDIANAPOLIS — Dougherty Mortgage LLC has closed an $8.3 million Fannie Mae loan for the acquisition of a 192-unit apartment property in Indianapolis. Amenities at Madison Village include a clubhouse, laundry facilities, grilling stations, swimming pool with sundeck, technology lounge and fitness center. Oak Hills Village LLC was the borrower. The loan features one year of interest-only payments and a 30-year amortization schedule.

July 5, 2016

Multifamily New York Northeast

Fox Hill Partners Sells Apartment Buildings in Staten Island for $52M

by Amy Works July 5, 2016

NEW YORK CITY — Fox Hill Partners LLC has completed the disposition of apartment buildings located at 141 Park Hill Ave. and 320 and 350 Vanderbilt Ave. in Staten Island. Fox Hill Housing LLC acquired the properties for $52 million. Janice Mac Avoy, Stephanie Spell, Michael Hofer and Benjamin Cohen of Fried Frank served as counsel to the seller in the deal.

July 5, 2016

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