Multifamily

The RADCO Cos. Acquires 714-Unit Multifamily Portfolio for $38.5M

by Haisten Willis January 8, 2015

OKLAHOMA CITY — The RADCO Cos. has acquired a three-property multifamily portfolio in Oklahoma City for $38.5 million with plans to invest more than $7.6 million to improve the properties. Arbor Lake, Deer Creek and Lincoln Greens contain a combined 714 units and are located in the north-central Oklahoma City market near Lake Hefner. The Class B properties average 94 percent occupancy and were built between 1984 and 1986. RADCO financed the purchase with a mixture of bridge debt and private equity. Arbor Lake is a townhome community originally built as condominiums. It consists of one- and two-bedroom units. Deer Creek consists of 104 units with either one or two bedrooms. Lincoln Greens is a 458-unit complex with one- and two-bedroom layouts.

January 8, 2015

IPA Arranges Sale of 149-Unit Apartment Complex in San Antonio

by Haisten Willis January 8, 2015

SAN ANTONIO — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Castle Hills Townhomes, a 149-unit, townhome-style apartment complex in San Antonio. The property was built in 1998 on eight acres and is located one block east of Northwest Military Highway. The complex is near the South Texas Medical Center and the United Services Automobile Association’s headquarters. Will Balthrope and Drew Kile of IPA represented the seller, Sendera Investment Group LLC of Austin. Hayden Properties, of Oregon, is the buyer. The previous owner completed an exterior renovation and the interiors of 63 percent of the apartments have been upgraded. Castle Hills Townhomes includes one-, two- and three-bedroom floorplans with an average unit size of 1,000 square feet.

January 8, 2015

Multifamily Texas

CBRE Brokers Sale of Villas on Fair Oaks in Dallas

by Haisten Willis January 8, 2015

DALLAS — CBRE Capital Markets’ multifamily team has brokered the sale of The Villas on Fair Oaks on behalf of California-based CCC&R Investment Group. Vizao TTH Partners II LP purchased the apartment complex. Chris Deuillet with CBRE represented the seller. The Villas on Fair Oaks will be rebranded as Valenceo @ Midtown and is located at 7222 Fair Oaks Ave., in the Vickery Meadow area of Midtown Dallas. The property includes 284 apartment units and is 48 percent occupied. Vizao plans to make renovations and improvements at the property.

January 8, 2015

Multifamily North Carolina Southeast

Berkshire Buys Two Apartment Properties in Raleigh, Durham from Crescent Communities

by John Nelson January 8, 2015

RALEIGH AND DURHAM, N.C. — Berkshire Group has acquired two Class A multifamily communities from Crescent Communities in the Raleigh-Durham area: Crescent Cameron Village in Raleigh and Crescent Ninth Street in Durham. Berkshire purchased the assets for an undisclosed price. Berkshire Communities, the property management division of Berkshire Group, will manage both properties. Cameron Village is a 282-unit community completed in 2014 that features a clubroom, business center, fitness center, pool and outdoor common spaces with a grilling area and fire pit. The 303-unit Ninth Street was also completed in 2014 and includes a fitness center, pool, business center with conference rooms, and outdoor common spaces with grilling areas and a dog park.

January 8, 2015

Multifamily Texas

Carroll Organization Arranges Sale of Apartment Complexes in Houston

by Haisten Willis January 7, 2015

HOUSTON — Carroll Organization has arranged the sale of ARIUM Westheimer and ARIUM Westheimer Villas. The properties are located at 13099 Westheimer Road and 2727 Synott Road in Houston. Carroll acquired the properties in 2013 with plans to implement a value-add renovation plan and streamline management operations. The two properties were built in 2006 and 2009 and are located within a block of the southern boundary of Houston’s Energy Corridor. The corridor includes more than 18 million square feet of office space, 1.4 million square feet of retail and 1.4 million square feet of industrial space. Each complex spans 330 units.

January 7, 2015

Multifamily Texas

Independence Realty Trust Acquires Apartment Complex in Austin

by Haisten Willis January 7, 2015

AUSTIN, TEXAS — Independence Realty Trust Inc. has acquired an apartment complex in Austin for $35.3 million. IRT used $26.7 million of cash and issued operating partnership common units valued at $8.6 million to acquire the complex. RAIT Presidential will provide property management services. The 300-unit apartment complex was built in 2001 and 2002 and has an average unit size of 1,055 square feet. The property was 96 percent occupied at the time of sale with an average effective rent per occupied unit of $1,146.

January 7, 2015

Loans Multifamily New Hampshire Northeast Seniors Housing Vermont

Cushman & Wakefield Senior Housing Arranges $49.6M Construction Financing for LCB Senior Living

by Amy Works January 7, 2015

SALEM, N.H., AND SOUTH BURLINGTON, VT. — Cushman & Wakefield Senior Housing Capital Markets has arranged $49.6 million in construction financing and joint venture equity for two senior housing developments in New England. The projects are LCB Senior Living’s seventh and eighth senior housing developments since it began its development program in 2013. The properties are The Residence at Salem Woods in Salem and The Residence at Quarry Hill in South Burlington. The Salem property will offer 84 apartments with 88 beds for independent, assisted and memory-care living. Wells Fargo provided $15.6 million in construction financing while the joint venture equity was provided by an institutional investor. The project broke ground in November 2014 and is expected to open in early 2016. The South Burlington property features 102 apartments with 104 beds for independent, assisted and memory-care living. PNC Bank provided $18.4 million in construction financing, while Virtus Real Estate Capital provided $8.5 million in joint venture equity. Construction is slated to begin in January 2015 with a planned summer 2016 opening. Rick Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield negotiated the transactions.

January 7, 2015

Multifamily New York Northeast

Gaia Real Estate Sells Brooklyn Apartment Building for $13M

by Amy Works January 7, 2015

NEW YORK CITY — Gaia Real Estate has completed the sale of an apartment building located at 11 Spencer Court in Brooklyn’s Bedford-Stuyvesant neighborhood. Persam White LLC purchased the 13-story residential property for $13 million. The 23-unit property features a mix of studio, two-bedroom and duplexes, private elevators, floor-to-ceiling windows, terraces, a gym and a lounge-style roof top deck with views of the Manhattan skyline.

January 7, 2015

Multifamily Southeast Virginia

Capstone Brokers $17.5M Sale of Apartment Community in Richmond

by John Nelson January 7, 2015

RICHMOND, VA. — Capstone Apartment Partners has brokered the $17.5 million sale of Ashton Square Apartments, a 372-unit apartment community located in Richmond. The property, originally built in 1964, was 95.4 percent occupied at the time of sale. Kohn Family Trust purchased Ashton Square from Weinstein Properties for roughly $47,151 per unit. Todd Conner, Jared Alcorn and Beau McIntosh of Capstone represented Weinstein Properties in the transaction.

January 7, 2015

Arizona Multifamily Western

HSL Breaks Ground on Encantada at Tucson National Apartments

by Nellie Day January 7, 2015

TUCSON, ARIZ. — HSL Properties has broken ground on the 368-unit Encantada at Tucson National apartment community. The $46-million luxury community is located at 8323 N. Shannon Road. Encantada at Tucson National is scheduled for completion in fall 2016. It will begin leasing this summer. The newest community will join HSL’s existing apartment properties in northwest Tucson, including Encantada at Riverside Crossing, Dove Mountain and Steam Pump. Common amenities at Tucson National include a clubhouse, fitness center, movie theater, indoor/outdoor living space with a professional kitchen, two resort-style pools with a large spa and private cabanas, a complimentary coffee bar and a dog area.

January 7, 2015

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