Multifamily

Westdale, StreetLights to Develop High-Rise Apartment Tower in Dallas

by Katie Sloan September 3, 2015

DALLAS — Westdale and StreetLights Residential are teaming up to develop The Case Building, a 17-story high-rise apartment tower located at the intersection of Hall and Main streets in the Deep Ellum neighborhood in Dallas. According to the developers, the 337-unit property will be the first high-rise development ever in Deep Ellum. The units will span between 500 and 1,300 square feet and feature 10-foot concrete ceilings, exposed brick walls and open metal shelving. Community amenities will include a business lounge, conference room, studio offices, club room with coffee bar, full-service bar, pool table, private dining room, dog wash station, bike storage room, fitness center and an outdoor swimming pool. Leasing will begin in early 2017, and the co-developers expect to deliver the first units in spring 2017. StreetLights Residential Texas Construction LLC is serving as general contractor for the project.

September 3, 2015

Multi Housing Advisors Arranges $19.9M Sale of Apartment Community in Augusta

by John Nelson September 3, 2015

AUGUSTA, GA. — Multi Housing Advisors (MHA) has brokered the $19.9 million sale of Century Hills, a 200-unit apartment community located in Augusta. Kole Management Co. purchased the property from an undisclosed seller. Built in 2000, Century Hills is located on Alexander Drive within two miles of Costco, Whole Foods Market, Publix, Kroger, The Fresh Market and Starbucks Coffee. Robert Stickel of MHA represented the seller in the transaction.

September 3, 2015

California Multifamily Western

Sienna Springs Apartments in Phoenix Sells for $20.5M

by Nellie Day September 3, 2015

PHOENIX — Liv Biltmore LLC has acquired the 395-unit Sienna Springs apartment complex in Phoenix for $20.5 million. The Class B community is located at 5120 N. 16th St. It was built in 1973 and renovated in 2006. The seller was P.B. Bell. Brad and Cindy Cooke of Colliers International executed the transaction

September 3, 2015

Multifamily Oregon Retail Seniors Housing Western

NHI Acquires Seniors Community in Oregon for $6.7M

by Nellie Day September 3, 2015

PORTLAND, ORE. — National Health Investors has acquired Golden Age Senior Living in Portland for $6.7 million. Renovated in 2010 and expanded in 2013, the 40-bed memory care community was 88 percent occupied at the time of sale. The community will be leased to Chancellor Health Care for 15 years with renewal options at an initial lease rate of 7.75 percent plus annual escalators. The purchase was funded with cash on hand and borrowings from NHI’s revolving credit facility. NHI is a REIT specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.

September 3, 2015

Multifamily Student Housing Texas

Progress Student Living Begins Construction on Progress405 Near Oklahoma State

by Katie Sloan September 2, 2015

STILLWATER, OKLA. — Progress Student Living has begun construction on Progress405, a luxury student housing community near the central campus of Oklahoma State University (OSU) in Stillwater. Located on an 11-acre site at the northern edge of the OSU campus, Progress405 will consist of four three-story buildings with 544 bedroom/bathroom suites in 180 apartment units. When completed, Progress405 will be the nearest Class A, fully amenitized, student housing complex to campus, according to Progress Student Living. The community will be located less than a quarter-mile from Boone Pickens Stadium and a half-mile from the center of campus. Among the property’s amenities will be an outdoor, resort-style swimming pool; a 10,000-square-foot clubhouse; outdoor grilling areas with fire pits; a fitness center; a sand volleyball court; a collaborative study center; a cybercafé; on-site bike racks; and community Wi-Fi. The apartments at Progress405 will be fully furnished and available in one-, two- and four-bedroom floor plans, with each bedroom having its own bathroom. Progress405 will be completed for the 2016-2017 academic year. Greystar Student Living will serve as property manager. Mutual of Omaha Bank is providing construction financing for the project, with equity from Seminole Financial Services. Stillwater National Bank provided acquisition and …

September 2, 2015

Loans Multifamily Texas

LMI Capital Closes Three Multifamily Loans Totaling $15M in Greater Houston

by Katie Sloan September 2, 2015

HOUSTON — LMI Capital has closed three loans totaling $15 million for the acquisition of two garden-style apartment complexes and the refinancing of a third multifamily property in metro Houston. The acquisitions included 260 units across two properties in the thriving Spring Branch submarket. While the assets shared a similar location, the transactions required distinct capital solutions. In the first transaction, Jamie Safier of LMI secured a 10-year CMBS loan at a low fixed rate. The loan represented over 90 percent of the purchase price. For the second acquisition, Safier arranged a five-year loan at a fixed rate of 4.35 percent. The loan equated to over 75 percent of the asset’s purchase price. The deal also featured a flexible prepayment structure. Amid the closings of the two acquisition loans, Safier closed a $2.5 million refinance loan for a 50-unit multifamily property in Tomball. The 10-year agency loan arranged at a fixed rate of 4.34 percent provided significant cash-out proceeds for the client within 18 months of its original acquisition.

September 2, 2015

California Loans Multifamily Western

NorthMarq Arranges $93M Financing for Silicon Valley Apartment Buildings

by Nellie Day September 2, 2015

SANTA CLARA, CALIF. — NorthMarq Capital has arranged $93 million in financing for Timberleaf Apartments and Alderwood Apartments, a pair of apartment buildings in the Silicon Valley submarket of Santa Clara. The funds will allow the borrower, Prometheus Real Estate Group, to lock in low interest rates. Prometheus will also enjoy a period of interest-only payments for part of the loan term. Prometheus built both properties in the late 1980s. The company has made substantial upgrades to both assets over the past 10 years. Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office arranged the new senior mortgage loans were arranged by through the firm’s correspondent relationship with a life insurance company.

September 2, 2015

Connecticut Multifamily Northeast

Chozick Realty Brokers $7.5M Sale of Connecticut Apartment Complex

by Amy Works September 2, 2015

FARMINGTON, CONN. — Chozick Realty Inc. has arranged the sale of Centennial Inn Apartments, located on Spring Lane in Farmington. Mystic Properties Management acquired the property for $7.5 million from Centennial Inns Inc. Originally built in 1987 as a 112-suite extended-stay hotel, 56 of the units were converted to full-time apartment use in 2010, while the remaining suites operate as extended-stay use. The buyer plans to convert the remaining hotel portion into full-time apartment occupancy. At the time of sale the apartment portion was fully occupied, with a waiting list. Rick Chozick of Chozick Realty’s Hartford, Conn., office represented the seller and procured the buyer in the transaction.

September 2, 2015

Multifamily Southeast Tennessee

Berkadia Brokers Sale of Six Tennessee Apartment Communities Totaling $96.4M

by John Nelson September 2, 2015

CHATTANOOGA, TENN. — Berkadia has brokered the sale of six apartment communities in Tennessee totaling 1,110 units for a combined $96.4 million. Marcus Lyons of Berkadia’s Chattanooga office led the investment sales team in representing the sellers with help from other Berkadia offices. The transactions include Quarry Trail in Knoxville, which sold for $42 million to an investment group based in Atlanta; a trio of Middle Tennessee State University apartment communities that sold for $32.1 million to another Atlanta-based investment group; King’s Crossing and Tara’s Place in Murfreesboro, a combined 184 units, which sold for $11.3 million; and Waterview, a 160-unit property in Henderson that sold for $10.9 million. The Berkadia team for the transactions includes Kevin Larimer, David Oakley, Aaron Hargrove, Eric Taylor and Royce Emerson.

September 2, 2015

Florida Loans Multifamily Southeast

NXT Capital Provides $25.6M Acquisition Loan for Multifamily Community in Florida

by John Nelson September 2, 2015

BRADENTON, FLA. — NXT Capital has provided a $25.6 million acquisition loan for Riversong Apartments, a newly constructed, 179-unit apartment complex in Bradenton. The property is located along the Manatee River and is adjacent to the Bradenton Riverwalk. Riversong’s amenities include a resort-style swimming pool and resident lounge with Wi-Fi, as well as a fitness center and a business center. According to the Bradenton Herald, a subsidiary of New York-based Beachwold Residential purchased the property from Atlanta-based Hatfield Development for $31.5 million.

September 2, 2015

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