Multifamily

Pearl-Woodlake-apartments-morgan-houston

Morgan Opens Pearl Woodlake Luxury Apartment Homes in Houston

by Haisten Willis December 16, 2015

HOUSTON — Morgan, a multifamily developer and manager, has opened Pearl Woodlake in Houston’s Westchase District. Located at 2033 S. Gessner Road between Westheimer and Briar Forest, construction started on the property in early 2014. Pearl Woodlake’s 376 studio, one-, two- and three-bedroom units range from 607 to 1,551 square feet. The units feature open floor plans, wood-style floors, track and pendant lighting, under-mount kitchen and bathroom sinks, kitchen islands in select units, full-size washers and dryers, walk-in closets, side-by-side refrigerators/freezers and patios and balconies in select units. Recreational amenities include a courtyard with a pool, outdoor kitchen and poolside cabanas, grilling stations, a dog park and dog wash station, a club room with pool table and catering kitchen and a gym. Car charging stations also are available. Rents for Pearl Woodlake units range from around $1,250 to $2,600 per unit.

December 16, 2015

Flaherty & Collins Breaks Ground on $26.5M Multifamily Project In New Albany, Indiana

by Christina Cannon December 16, 2015

NEW ALBANY, IND. — Flaherty & Collins Properties has broken ground on a $26.5 million luxury apartment project in downtown New Albany, located across the Ohio River from Louisville, Ky. Flaherty & Collins is partnering with the city of New Albany and the Indiana Economic Development Corp. on the project. The Breakwater is being constructed on the site of the former Coyle Chevrolet property. The complex will feature 191 luxury units and 1,650 square feet of street-front retail space. Amenities will include a heated swimming pool with cabanas, an outdoor movie screen, bike storage, a pet washroom, a fitness club, dog park and an outdoor kitchen with grilling stations and a fire pit. Unit amenities will include 9-foot ceilings, granite countertops, over-sized tubs, faux wood flooring, washers and dryers and smart thermostats. The project is slated for completion in spring 2017. The developer is targeting residents with annual incomes between $50,000 and $60,000. The Breakwater will also be the first apartment project in Southern Indiana to offer gigabit Internet.

December 16, 2015

Michigan Midwest Multifamily Seniors Housing

American House to Add Memory Care Units to Two Seniors Housing Communities in Michigan

by Christina Cannon December 16, 2015

ROSEVILLE AND ROCHESTER HILLS, MICH. — American House Senior Living Communities will add 40 units of memory care to its communities in the Detroit suburbs of Roseville and Rochester Hills. Virtus Real Estate Capital, a Texas-based private equity firm, arranged a loan through Talmer Bank and Trust to fund the expansion by American House, a Michigan-based operator. Each of the two new communities will include 40 units of licensed memory care and will share a campus with existing American House communities. REDICO is developing both projects. The Roseville community is set to open in September 2016, while the Rochester Hills community is scheduled to open in late 2016.

December 16, 2015

Loans Multifamily Texas

HFF Arranges Acquisition Financing for Apartment Complex in Austin

by Haisten Willis December 15, 2015

AUSTIN, TEXAS — HFF has arranged acquisition financing for Chez Moi, a 384-unit apartment community in Austin. Working on behalf of Griffis Residential, HFF placed the seven-year, 3.9 percent fixed-rate acquisition loan with a correspondent life insurance company. Chez Moi is situated on 21 acres at 12100 Metric Blvd. in north Austin with access to MoPac Expressway, I-35 and West Parmer Lane. The 94 percent-leased property features a variety of one-, two- and three-bedroom floor plans averaging 893 square feet. Community amenities include a swimming pool with sundeck, hot tub, outdoor fire pit, sand volleyball court, clubhouse, business center, dog park, car wash, nature trail and garage parking. Eric Tupler, Josh Simon and Casey Wenzel led the HFF debt placement team representing the borrower.

December 15, 2015

Multifamily Texas

Marcus & Millichap Arranges Sale of Two Apartment Buildings in Garland

by Haisten Willis December 15, 2015

GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Colonial Apartments and Town Central, two Class B communities located in Garland. Scott Ogilvie and Trey Caldwell of Marcus & Millichap’s Dallas office marketed the properties on behalf of the seller, a limited liability company. Ogilvie and Caldwell also procured the buyer, a limited liability company. Colonial Apartments is located at 515 Flook St., just south of West Avenue D. Constructed in 1977, the asset consists of a total of 31 units — 25 one-bedroom/one-bath and six two-bedroom/one-bath units. At the time of listing, the occupancy rate for Colonial Apartments was 94 percent. Town Central is located at 104 11th St., just north of West Avenue A. Constructed in 1983, the asset consists of a total of 24 units — 17 one-bedroom/one-bath and seven two-bedroom/one-and-a-half-bath units. At the time of listing, the occupancy rate for Town Central was 83 percent.

December 15, 2015

Connecticut Multifamily Northeast

Colliers Brokers $3.8M Sale of 41-Unit Apartment Complex in Rocky Hill, Conn.

by Amy Works December 15, 2015

ROCKY HILL, CONN. — Colliers International has arranged the sale of Worthington Arms, a 41-unit garden-style apartment complex located at 100 and 200 Laura Lane in Rocky Hill. Sunset Hill Restoration acquired the asset for $3.8 million. The complex features a mix of one- and two-bedroom apartments will full basement storage in each building. Philip Gagnon of Colliers represented the undisclosed seller, while Bob Pagani, also of Colliers, represented the buyer in the transaction.

December 15, 2015

Loans Massachusetts Multifamily Northeast Seniors Housing

Congressional Bank Closes Financing for Skilled Nursing Facility in Massachusetts

by Amy Works December 15, 2015

NEW BEDFORD, MASS. — Congressional Bank’s Healthcare Lending group has closed a $3 million bridge-to-HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a skilled nursing facility in New Bedford. The revolving line of credit will fund the ongoing working capital needs of the 107-bed facility. Congressional Bank will close its merger with American Bank on January 1, 2016, and the company’s lending capacity will exceed $10 million, allowing it to expand its lending platform.

December 15, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $1.3M Sale of Multifamily Property in Woodside, N.Y.

by Amy Works December 15, 2015

WOODSIDE, N.Y. — Marcus & Millichap has brokered the sale of an apartment building located at 37-35 64th St. in Woodside. The six-unit property sold for $1.3 million. Shaun Riney, Michael Salvatico and Aryaan Azarbarzin of Marcus & Millichap’s Brooklyn office represented the seller, an individual/private trust, and the buyer, a limited liability company, in the transaction.

December 15, 2015

Illinois Midwest Multifamily Student Housing

Bluffstone II Breaks Ground on 72-Unit Student Housing Project in Springfield, Illinois

by Christina Cannon December 15, 2015

SPRINGFIELD, ILL. — Developer Bluffstone II LLC has broken ground on The Villas Downtown Springfield, a mixed-use student housing development containing 72 units and 92 beds near the University of Illinois Springfield. Living quarters at The Villas will include studio suites, one-bedroom/one-bathroom suites and two-bedroom/two-bathroom suites. Each suite will be fully furnished with full-size beds, living room furnishings and more. Kitchens will feature full-size Energy Star appliances. The Villas development will be a four-story building and will include more than 6,000 square feet of commercial and retail space. The common indoor area of The Villas will consist of the manager’s office, mailboxes, social room and recreation center, study rooms and laundry facilities. Catalyst Construction Inc. is building the development, which has a projected total cost of $8.9 million.

December 15, 2015

Loans Midwest Multifamily Ohio

NorthMarq Arranges $1.4M in Acquisition Financing for Multifamily Property in Cincinnati

by Christina Cannon December 15, 2015

CINCINNATI — NorthMarq Capital has arranged $1.4 million in acquisition financing for the buyer of a 72-unit multifamily property in Cincinnati. Williamstown Apartments is located at 5500 Glengate Lane. The five-year loan includes 18 months of interest-only payments followed by a 25-year amortization schedule. Noah Juran of NorthMarq originated the loan for the undisclosed out-of-state borrower through a local bank.

December 15, 2015

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