NEW CASTLE HUNDRED, DEL. — KeyBank Real Estate Capital has secured a $20.8 million Fannie Mae loan for the acquisition of Village of Windhover Apartments in New Castle Hundred. Built in 1979 and renovated in 2014, the complex features 383 garden-style apartment units. Jeannie Johnson of Key’s Commercial Mortgage Group arranged the financing for an undisclosed borrower.
San Antonio remains a strong growth market. While not receiving as much national attention as its sister metro areas of Dallas/Fort Worth, Austin and Houston, the San Antonio area gained over 25,000 new jobs last year. The growth is concentrated in tourism, conferences, military and business support services. San Antonio’s growth is expected to remain strong over the next two years and should continue to drive demand for housing throughout the metro area. Local unemployment remains low at 3.8 percent, almost two points below the national average of 5.6 percent. Unemployment is forecasted to remain well below 5 percent over the next five years, according to Moody’s Analytics. However, with per-capita income at $42,000, about 10 percent below the national average, and with lower paying service jobs, San Antonio remains an affordable market for most real estate — particularly residential, which consumes the most land. At Stratford Land we invest in and lend on land for development across the faster growing metropolitan areas in the Sunbelt from the Carolinas to Southern California. Therefore, we either have the opportunity, or burden, of staying abreast of the fundamentals driving demand in all product types — residential and commercial. In looking to invest, …
PHOENIX — HSL 44 Monroe LLC has acquired a controlling interest in 44 Monroe, a 198-unit multifamily tower in Downtown Phoenix, for $50.6 million. The luxury tower is located at its namesake, 44 Monroe, on the northeast corner of 1st Avenue and East Monroe Street in the Financial District. The property is Arizona’s tallest luxury residential tower. It includes one- and two-bedroom units, as well as three-bedroom, two-bath penthouse apartment homes. Units feature floor-to-ceiling windows, private balconies and dual master vanities, among other amenities. Common-area amenities include an outdoor terrace with gas grill and fire pit, a spa and swimming pool with sundeck, conference room, fitness center, clubhouse with Wi-Fi and a 24-hour lobby attendant. HSL will continue to operate the property as a luxury apartment home building. HSL Properties now owns 42 apartment communities and five hotel properties in Arizona with its affiliates.
LOS ANGELES – Linda May Manor, a 32-unit apartment building in Los Angeles, has sold to an unnamed buyer for $5.7 million. The community is located at 456 South Cochran Ave., in the area’s Miracle Mile district. The seller was not named, but the property was listed as being “owned by the same family for more than 40 years.” The family was represented by Rich Johns of KW Commercial.
SANDY, UTAH – The Hills at Sandy Station, a 70,000-square-foot luxury apartment complex in Utah, has sold to an unnamed buyer for an undisclosed sum. The community is located at 234 Sego Lily Drive in Sandy, on Utah’s East bench. The Hills was originally built as condos before it went into foreclosure and was ultimately converted into apartments. The initial development contained 61 condos, though the city later approved the development of 146 additional units. The seller, The Hills at Sandy Station LLC, was represented by Mark Jensen and Greg Ratliff of ARA, a Newmark Company.
BAYTOWN, Texas — Dallas-based lender HFF has closed the sale of Remington Park at Baytown, a 129-unit independent and assisted living community. HFF marketed the property on behalf of the unnamed seller. Capital Senior Living purchased the asset for an undisclosed amount. Remington Park at Baytown is located at 901 West Baker Road in Baytown, a suburb approximately 25 miles east of downtown Houston. Expanded in 2008, the 95-percent-occupied property has a mix of nine independent living cottages and 120 assisted living units. The HFF team representing the seller was led by managing director Ryan Maconachy and director Chad Lavender.
AUSTIN — Dougherty Mortgage has arranged a $6.2 million Fannie Mae loan for the refinancing of Quail Park Village Apartments, a 142-unit multifamily affordable housing property located in Austin. The Fannie Mae loan includes a 10-year term with a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Heartland Wanaka Limited Partnership. Quail Park Village is located in north Austin. Unit amenities include energy-efficient windows and doors, countertop and flooring upgrades, new cabinets and gas stoves.
WEATHERFORD, TEXAS — Clayton Wells of BMC Capital’s Dallas office has arranged a $1.5 million purchase loan for an apartment complex located in Weatherford. The property was constructed in December 2014. The loan features a 75 percent loan-to-value ratio, a five-year fixed-rate at 4.5 percent with a rate reset at five years, and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
LAWRENCE, KAN., AND CONWAY, ARK. — Colliers International Student Housing Group has arranged the sales of three major student-housing communities in Kansas and Arkansas. In two of the deals, Collegium Capital Partners LLC, an affiliate of Calidus Realty LLC, acquired The Grove at Lawrence in Kansas and The Grove at Conway. The properties which were previously owned by a joint venture between Campus Crest Communities and Harrison Street Real Estate Capital LLC. The Grove at Lawrence is a 500-bed, 172-unit property located approximately five miles from the University of Kansas. The Grove at Conway is a 504-bed, 180-unit property located a few miles from the University of Central Arkansas. The third sales transaction was for a 792-bed, 216-unit student housing community. The details of the transaction were undisclosed. Dorothy Jackman and Travis Prince of Colliers International Student Housing Group represented the seller and the buyer in all three transactions.
CLEVELAND — KeyBank Real Estate Capital has secured $66 million in debt financing on behalf of Pierce Education Properties for a five-property student housing apartment portfolio. Totaling 2,788 beds, the properties are located in four states across the Midwest and Southeast. KeyBank originally funded five on-balance sheet, three-year, non-recourse loans to finance the acquisition of the five properties in 2014. KeyBank refinanced the original bank loans with 10-year, interest-only floating rate debt with a loan-to-value ratio of 55 percent. Robert Prouty and Andrew Lucca of KeyBank’s Commercial Mortgage Group arranged the financing.
