Multifamily

M&M Arranges Sale of Two Apartment Buildings in Fort Worth

by Haisten Willis July 14, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of two apartment communities in Fort Worth: The Ridge, a 208-unit apartment complex, and Shadowood Apartments, a 52-unit apartment property. Al Silva of Marcus & Millichap’s Fort Worth office marketed both properties on behalf of the Texas-based sellers and secured both buyers. The Ridge is located at 8925 Randol Mill Road, 10 miles east of downtown Fort Worth and north of I-30. The property was built in 1985 and consists of 14 buildings. The new owner plans to make substantial renovations to the property. Shadowood Apartments is located at 6701 Calmont Ave. The property is located near I-30 and is five miles west of downtown Fort Worth. The property was built in 1964 and consists of one large building that comprises a brick veneer exterior with a new mansard roof and wood frame on a concrete slab foundation. The Texas-based buyer plans to make substantial improvements to the complex.

July 14, 2015

Lloyd Jones Capital Purchases Apartment Complex in Fort Worth

by Haisten Willis July 14, 2015

FORT WORTH, TEXAS — Lloyd Jones Capital, a multifamily investment firm, has purchased the Carol Oaks Apartments in Fort Worth. The firm plans to upgrade and rebrand the 224-unit community located at 7412 Ederville Road. The property is located one mile from I-30 and I-820. Finlay Management will provide management services.

July 14, 2015

Loans Multifamily Texas

NXT Capital Provides $22.3M Loan for Acquisition of Apartment Properties in Dallas

by Haisten Willis July 14, 2015

DALLAS — NXT Capital has provided a $22.3 million first mortgage loan to finance the acquisition of two multifamily properties located in Dallas. The two properties total 394 units. Both properties provide access to I-635, eastern Dallas and Uptown Dallas. One of the properties offers two swimming pools and a fitness center, and the other property offers a swimming pool and a clubhouse. Andy Scott of HFF’s Dallas office placed the loan. NXT Capital’s real estate finance group primarily serves experienced real estate investors with non-recourse first mortgages of $10 million to $40 million for major-market properties.

July 14, 2015

Multifamily Texas

ARA Newmark Arranges Sale of Apartment Complex in San Antonio

by Haisten Willis July 14, 2015

SAN ANTONIO — ARA Newmark has arranged the sale of Ventana, a 390-unit, Class A asset located in northwest San Antonio. Occupancy at the time of the sale was 95 percent. Patton Jones and Matt Michelson of ARA Newmark represented the seller, California-based Francis Property Management, in the transaction. A real estate investment and management company, Francis Property Management maintains an existing portfolio of Class A apartment communities located throughout Texas and California. The buyer, Venterra Realty Management, purchased the property for an undisclosed price. Constructed in 1994, Ventana is a Class A, garden-style community located in the Northwest Medical Center submarket of San Antonio. Apartment units at Ventana average 975 square feet and feature nine-foot ceilings with crown molding, brushed nickel lighting and plumbing fixtures. There are 14 floor plans ranging from 671-square-foot, one-bedroom homes to 1,403-square-foot, three-bedroom homes, with some units including direct access garages. Property amenities at Ventana include two swimming pools, poolside wireless internet, attached garages, a business center and fitness center.

July 14, 2015

Loans Multifamily New York Northeast

Madison Realty Capital Provides $37M Loan Backed by Three Queens Multifamily Properties

by Amy Works July 14, 2015

NEW YORK CITY — Madison Realty Capital (MRC) has provided $37 million of financing collateralized by three properties located in Queens. The undisclosed borrower is using the proceeds of the loan to close a separate acquisition in New York. The collateralized properties include 163-05 Archer Ave., a 32,471-square-foot retail building in Jamaica, Queens; 163-25 Archer Ave., a development site with 700,000 buildable square feet; and a newly developed condominium building in Flushing, Queens. MRC was able to close the transaction within six days of sourcing the opportunity.

July 14, 2015

Georgia Multifamily Southeast

CBRE Brokers $23M Sale of Apartment Community in Atlanta

by John Nelson July 14, 2015

ATLANTA — CBRE has brokered the $23 million sale of Lakeside Village, a 310-unit apartment community located on a 50-acre parcel in Atlanta. FPA Multifamily purchased the property from Arenda Capital Management LLC, a private investment firm based in Los Angeles. Lakeside Village’s units average 1,400 square feet, among the largest floorplans in the North DeKalb submarket according to CBRE. Shea Campbell and Kevin Geiger of CBRE’s Southeast multifamily group represented the seller in the transaction.

July 14, 2015

Georgia Loans Multifamily Southeast

Dougherty Arranges $9.6M Fannie Mae Loan for Apartment Community in Macon

by John Nelson July 14, 2015

MACON, GA. — Dougherty Mortgage LLC has closed a $9.6 million Fannie Mae loan for the refinancing of Rutland Place Apartments, a 228-unit multifamily property located in Macon. The apartment community features one-, two- and three-bedroom floorplans, as well as a fitness center, two swimming pools, onsite laundry facility and a clubhouse. Dougherty’s Nashville office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Rutland Apartments LLC.

July 14, 2015

Midwest Minnesota Multifamily Student Housing

Dougherty Closes $2.5 Million Loan for Student Housing Property in Minnesota

by Jonathan Mehall July 13, 2015

ST. CLOUD, MINN. — Dougherty Mortgage LLC has provided Apartments on 12th LLC with a $2.5 Fannie Mae loan for the refinancing of Charlamain & Montaje Apartment Homes. Located at 505 12th St., the 36-unit student housing property along the Mississippi River provides residency for students at St. Cloud State University. Dougherty’s Minneapolis office arranged the fully amortizing 20-year loan.

July 13, 2015

Multifamily Seniors Housing Washington Western

Evans Senior Investments Arranges Sale of Washington Community for $18M

by Nellie Day July 13, 2015

VANCOUVER, WASH. — Evans Senior Investments has arranged the sale of a three-property seniors housing community, all located on the same campus in Vancouver, to a publicly traded REIT for $18 million. The three properties are Fort Vancouver Convalescent Center, a skilled nursing facility; Caretique, a memory care community; and Park Lido, an assisted living facility. With 136 total beds, the sale price represents $132,353 per unit. Opened in 1982, additions and buildings were added on to the facility in 1985 and 1992. At the time of the transaction, occupancy ran between 70 percent and 80 percent for the facilities. The capitalization rate was 11.7 percent based on the trailing 12 months of net operating income.

July 13, 2015

California Multifamily Student Housing Western

EdR to Begin Construction of Housing at UC Berkeley

by Nellie Day July 13, 2015

BERKELEY, CALIF. — EdR will soon begin construction on the redevelopment of Bowles Hall, a historic residential facility serving the University of California, Berkeley. The Bowles Hall Foundation (BHF) is funding the $39.5 million project primarily through tax-exempt revenue bonds underwritten by Raymond James Financial Inc. and a capital campaign led by Bowles Hall alumni and foundation members. The University of California Board of Regents approved the BHF’s proposal in March 2014 to renovate, refurnish and reestablish Bowles Hall as a residential college. With the signing of a ground lease with the University of California, Berkeley, the Bowles Hall Foundation will become the owner and independent operator of Bowles Hall for 45 years. EdR was selected by BHF last year to execute all the aspects of this renovation, including the design and construction processes, which will be led by PYATOK Architecture + Urban Design and Clark Construction Group, respectively. Construction will begin this month. EdR will provide property management services to the community upon its completion in summer 2016. The University of California, Berkeley has been selected by U.S. News & World Report magazine as the highest ranked public university for nearly 20 years. Bowles Hall was built in 1929 …

July 13, 2015

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