Multifamily

Terra Verde Group, Wheelock Street Capital Acquire Boot Ranch in Central Texas

by Haisten Willis August 21, 2015

FREDERICKSBURG, TEXAS — Terra Verde Group, in a partnership with Wheelock Street Capital, has acquired Boot Ranch, a 2,052-acre master-planned community located in Fredericksburg, from Lehman Brothers. The acquisition includes estate and cabin home sites, a 55,000-square-foot clubhouse and village complex, a 4.5-acre pool and sports campus, an 18-hole golf course, a 34-acre golf practice park and a par-3 course. The new ownership group plans a regional marketing outreach for the property. Additional amenity enhancements are scheduled for 2016.

August 21, 2015

Loans Multifamily Texas

HFF Arranges $45M in Acquisition Financing for Apartment Complex in Metro Dallas

by Haisten Willis August 21, 2015

FRISCO, TEXAS — HFF has arranged $45 million in acquisition financing for Amalfi Stonebriar, a 395-unit, Class A apartment complex in Frisco. Working on behalf of the borrower, Pure Multi-Family REIT LP, HFF placed the 12-year, fixed-rate loan through TIAA-CREF. Amalfi Stonebriar is located at 5725 Town & Country Blvd. in the north Dallas suburb of Frisco across from the future headquarters of Toyota and FedEx, as well as the new Liberty Mutual office campus. Completed in 2014, the property has units ranging from 603 to 1,689 square feet, with 69 percent of the units one-bedroom and 31 percent two-bedroom. Amenities include a swimming pool, fitness center, grilling areas, courtyard and a business center. The asset is 94 percent occupied. John Brownlee and Michael Cosby led the HFF debt placement team representing the borrower.

August 21, 2015

Alabama Multifamily Southeast

Berkadia Brokers Sale of Nine Multifamily Communities in Alabama Totaling $154.1M

by John Nelson August 21, 2015

BIRMINGHAM, ALA. — Berkadia has brokered the sales of nine multifamily communities in Alabama totaling $154.1 million in the past 90 days. The assets total 2,475 units. David Oakley led Berkadia’s sales team in representing the sellers in every transaction. The largest transaction was an Irvine, Calif.-based investment group purchasing Landmark at Magnolia Glen, a 1,080-unit property in Hoover, for $71.5 million. The most recent deal was the sale of two Center Point communities, Devonshire and Sun Valley, that sold together for a combined $14.1 million. Other Birmingham area sales include Inverness Landing, a 322-unit property, which sold for $27.6 million; River Place on the Cahaba, a 213-property, which sold for $17.7 million; Town Park, a 270-unit property, which sold for $15 million; TimberChase, a 94-unit property, which sold for $4.8 million; and Fox Hall, a 36-unit property, which sold for $2.3 million. In Mobile, Woodland Square, a 128-unit property, sold for $4 million. Royce Emerson and William Parkhurst of Berkadia brokered the River Place on the Cahaba and the Town Park transactions, and Josh Jacobs of Berkadia brokered the TimberChase and the Devonshire-Sun Valley transactions.

August 21, 2015

American House Zephyrhills Commons on Pretty Pond

Florida Multifamily Seniors Housing Southeast

American House Acquires Seniors Housing Community in Florida

by John Nelson August 21, 2015

ZEPHYRHILLS, FLA. — American House Senior Living Communities has acquired Commons on Pretty Pond, an independent living, assisted living and memory care community in Zephyrhills. The purchase price was not disclosed. The community, which will be renamed American House Zephyrhills, features 132 studio, one- and two-bedroom units including 111 assisted living and 21 memory care apartments. Units range in size from 300 to 892 square feet. American House is a Michigan-based affiliate of REDICO, and is seeking to expand its seniors housing portfolio in Florida.

August 21, 2015

Multifamily New Jersey Northeast

Bijou Properties Opens Park + Garden Multifamily Development in Hoboken

by Amy Works August 21, 2015

HOBOKEN, N.J. — Bijou Properties has opened Park + Garden, a sustainable residential development in Hoboken. Located at 1450 Garden St., the property features 212 one-, two- and three-bedroom apartment units. Designed by Marchetto Higgins Stieve to achieve LEED Gold certification, the development consists of two 12-story residential towers connected by a podium featuring an amenities center and a 383-car enclosed parking garage. Additionally, the development includes 13,000 square feet of street-level retail space and 32,000 square feet of educational space. On-site amenities include an attended lobby, state-of-the-art gym, multiple clubrooms, courtyards, an outdoor pool and landscaped deck, laundry facilities and bike storage. Monthly rents start at $3,250, and the property was more than 30 percent pre-leased prior to opening.

August 21, 2015

Mixed-Use Multifamily New York Northeast Retail

Thor Equities Acquires 46,200 SF Residential, Retail Building in Central Harlem

by Amy Works August 21, 2015

NEW YORK CITY — Thor Equities has acquired a residential and retail building located at 17 W. 125th St. in Central Harlem for an undisclosed sum. Constructed in 1900, the five-story, 46,200-square-foot elevator building features 50 rental units, including 32 one-bedroom apartments, 14 two-bedroom units and three three-bedroom units, and more than 9,000 square feet of retail space with 18-foot ceilings. The name of the seller was not released.

August 21, 2015

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

United States’ 16th Largest City Continues Fast Growth Post-Recession

by Haisten Willis August 21, 2015

As the 16th largest city in the United States and one of the fastest growing metro markets, Fort Worth is consistently a hot market in Texas and hasn’t slowed down post-recession. The current retail market is showing a low vacancy rate of 6.5 percent along with increasing rental rates. Surprisingly, these rates have not slowed leasing activity. Instead, the combination of increasing rates and dwindling vacancies have spurred new development. In years past, Fort Worth has been seen as a secondary market to Dallas, but with its strong economy and high returns, the city is now able to stand on its own. Fort Worth is seeing a lot of capital being tossed around the market. With a strong economy and low operations costs, money is pouring in from all angles, including from out-of-state and international investors. California, New York and overseas investors are beginning to recognize the stability of the city and the potential for stronger returns, and are aggressively starting to pursue opportunities here. For example, Iowa-based Lockard Development is in the process of expanding its Walmart anchored Renaissance Square power center at Berry Street and Hwy 287 in East Fort Worth to include more national credit tenants. Lockard …

August 21, 2015

Multifamily Seniors Housing Texas

SQLC Raises $109M in Financing for Expansion of Seniors Housing Project in Houston

by Haisten Willis August 20, 2015

HOUSTON — Senior Quality Lifestyles Corp. (SQLC), a Texas-based nonprofit developer of seniors housing, has completed financing for the expansion and renovation of The Buckingham, a seniors housing complex in Houston. Financing was completed through the sale of $109 million in series 2015 bonds. The project will add space for 187 additional residents. Ziegler Capital Markets served as bond underwriter for the transaction. Construction has already begun. Currently, The Buckingham has 204 independent living apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. The Buckingham acquired six additional acres to accommodate the project and will add 106 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living apartment homes will be offered in one-, two- and three-bedroom floor plans.

August 20, 2015

Multifamily Retail Texas

TAYO Sells Land Parcel in West Texas

by Haisten Willis August 20, 2015

SWEETWATER, TEXAS — Taylor Consulting Inc. (TAYO) has signed a contract to sell a real estate parcel in West Texas. It’s the sixth sale in the region that the company has completed since May. Last year, TAYO’s real estate division, Third Avenue Development, added 47 residential and commercial lots to its portfolio in the town of Sweetwater, where development has been spurred by a new railroad logistics center and other projects. Third Avenue Development is working to build a portfolio of real estate assets for investment, rehabilitation and resale.

August 20, 2015

Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of Apartment Building in Ottawa, Ill. for $1.8M

by Jonathan Mehall August 20, 2015

OTTAWA, ILL. — Marcus & Millichap has brokered the sale of a 48-unit apartment property for $1.8 million located at 600-606 E. McKinley Rd. in Ottawa, approximately 80 miles south of Rockford, Ill. Willow Crossing Apartments features mostly two-bedroom units, with individual gas furnaces and water heaters for each unit. The property also includes a lot zoned for a third, 24-unit building. Jim Walsh represented the buyer and seller, both of which were individuals/personal trusts.

August 20, 2015

Newer Posts

Older Posts