Multifamily

HENDERSON GLOBAL INVESTORS SELLS 204-UNIT LUXURY COMPLEX

by admin December 19, 2013

READING, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of Reading Commons, a 204-unit luxury apartment community located 10 miles north of Boston in Reading. Institutional investors advised by J.P. Morgan Asset Management purchased the property from an affiliate of Henderson Global Investors. Built in 2006, Reading Commons is near the intersection of Route 128 and Interstate 93. Amenities include a heated pool with grilling area, fitness center, movie theater, underground parking for 62 vehicles and 30 detached garages. Michael Coyne, Travis D’Amato and Jonathan Schneider, senior vice presidents, led the JLL team in the transaction, along with associates Kevin Gleason and Brendan Shields.

December 19, 2013

BERKADIA ARRANGES $11.7M LOAN FOR SAN ANTONIO APARTMENT PURCHASE

by admin December 19, 2013

SAN ANTONIO — Berkadia Commercial Mortgage LLC has arranged an $11.7 million loan for the acquisition of the Retreat at Hart Ranch, a 280-unit apartment property in San Antonio. Previously known as De Zavala Park, the single-building community is located on 12 acres at 6061 De Zavala Road. The property offers one- and two-bedroom units, as well as a fitness center, pool and courtyard, and was 95 percent occupied at the time of the sale. Andy Hill of Berkadia secured the seven-year, floating-rate loan on behalf of borrower Allen Harrison Co. LLC through Freddie Mac.

December 19, 2013

Multifamily Texas

JOHNSON CAPITAL ARRANGES $5.4M DALLAS APARTMENT ACQUISITION LOAN

by admin December 19, 2013

DALLAS — Johnson Capital has arranged a $5.4 million loan for the acquisition of Eban Village I & II, a 330-unit multifamily community in Dallas. Located on 15 acres along Grand Avenue near Malcolm X Boulevard, the complex offers affordable housing to low- to middle-income families and individuals in the Fair Park neighborhood. The property includes 19 garden-style buildings as well as separate laundry facilities, a leasing office and a community center used for day care. Jason Pumpelly of Johnson secured the loan for non-profit borrower Hope Housing Foundation through a regional bank.

December 19, 2013

Multifamily Western

LOS ANGELES APARTMENT BUILDING SELLS FOR $3M

by admin December 19, 2013

LOS ANGELES – A nine-unit apartment building in West Los Angeles has sold to Tai On Investments, LLC for $3 million. The community is located at 11235 Richland Ave. It was built in 1987. Michel Hibbert of Charles Dunn Company represented both the buyer and the seller, KWP Investments, in this transaction.

December 19, 2013

Multifamily Southeast

PROGRESS STUDENT LIVING BREAKS GROUND ON WILMINGTON COMMUNITY

by admin December 18, 2013

WILMINGTON, N.C. — Progress Student Living has begun developing Progress910, a luxury student housing community near the University of North Carolina Wilmington (UNCW). The project is situated on 16 acres at 316 Marlboro St., approximately one mile west of the main entrance to the UNCW campus. The 168-unit Progress910 will contain 528 beds. The project will also include a resort-style pool with cabanas, 24-hour fitness center, outdoor patio with barbecue grills, sand volleyball court and cyber cafe, along with an activity room that will feature billiards and ping-pong tables. Rental rates range from $565 per month for a one-bedroom/one-bath suite in a four-bedroom/four-bath unit to $745 per month for a one-bedroom/one-bath suite in a two-bedroom/two-bath suite. The development is slated for a summer 2014 completion, with leasing already underway for the fall 2014 semester. American Campus Communities will serve as the property manager. Progress910 is the third project built by the partners of Progress Student Living, a San Francisco-based real estate development company, and Myrtle Beach, S.C.-based Progress Builders, a general contractor and developer that specializes in multifamily properties.

December 18, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $12.9M IN LOANS FOR OMAHA PROPERTIES

by admin December 18, 2013

OMAHA — NorthMarq Capital has arranged $12.9 million in Freddie Mac loans for the refinancing of Briarwood Apartments, Willow Park South Apartments and Loveland Apartments in Omaha. All of the loans include a 10-year term with a 30-year amortization schedule. T & H Realty Investors LP, the owners of the 312-unit Briarwood Apartments, received a $6.6 million loan. GC Apartments LLC received a $2.9 million loan for Willow Park South Apartments, a 68-unit multifamily property located at 6123 South 96th Court. Howard Street Apartments LLC, the owners of the 72-unit Loveland Apartments, received a $3.4 million loan. John Bendon, senior vice president and managing director, and Jason Kinnison, vice president of NorthMarq’s Omaha regional office, arranged the loans.

December 18, 2013

Multifamily Texas

MORGAN DEVELOPING 376-UNIT APARTMENT PROPERTY IN HOUSTON

by admin December 18, 2013

HOUSTON — The Morgan Group Inc. will break ground in the first quarter of 2014 on Pearl Woodlake, a 376-unit multifamily community in Houston's Westchase District. The complex will offer studio and one- to three-bedroom floor plans ranging from approximately 600 to 1700 square feet, as well as amenities including a swimming pool, outdoor kitchen, dog park, club room and fitness center. To be located at 2033 S. Gessner Road, the property is scheduled to open in the summer of 2015. Regions Bank is providing construction financing for the project.

December 18, 2013

Multifamily Texas

PARKSIDE TOWNS MULTIFAMILY PROPERTY OPENS IN RICHARDSON

by admin December 18, 2013

RICHARDSON, TEXAS — Developer The Henry S. Miller Equity Partners, along with Humphrey & Partners Architects, has opened the new Parkside Towns multifamily property in the Dallas/Fort Worth suburb of Richardson. The townhome community offers two- and three-bedroom units with garages, patios, plank flooring and granite countertops, as well as amenities including a lounge, fitness center and swimming pool. Located at the northeast corner of the intersection of Campbell and Colt roads, the property offers proximity to the Richardson Telecom Corridor. Leasing and move-in is underway.

December 18, 2013

Multifamily Southeast

JOINT VENTURE TO ACQUIRE $46.5M INTEREST IN D.C. APARTMENT BUILDING

by admin December 17, 2013

WASHINGTON, D.C. — A joint venture between Mack-Cali Realty Corp. and Fisher Brothers has entered into agreements to acquire a 50 percent interest in a luxury multifamily project under construction in the H Street submarket of Washington, D.C. The joint venture will purchase the interest for approximately $46.5 million. The project, located at 701 2nd St. N.E., features 377 apartment units, 25,000 square feet of retail space and a 309-space parking garage. The project’s amenities will include three rooftop decks with a 100-foot pool and hot tub, grilling stations and cabanas, a rooftop garden with an eco-pond and gardening plots for residents, a dog run, two landscaped gardens in courtyards and an outdoor projection screening area. The project is slated to finish construction in mid-2015. Mack-Cali’s Roseland subsidiary will manage the new asset. The project team includes Hickok Cole Architects, Rockwell Group, COOKFOX and Handel Architects.

December 17, 2013

Midwest Multifamily

82-UNIT LUXURY APARTMENT BUILDING IS UNDERWAY IN ST. LOUIS

by admin December 17, 2013

ST. LOUIS — Village Green has broken ground on an 82-unit luxury apartment building in Central West End of St. Louis. West End Apartments is an addition to the existing 318 apartments in three historic high-rises, and the community will now be known as Central West End City Apartments. During construction of the new apartment building, renovations will be made to the historic apartment amenities and common areas, including the expansion of the pool and a new community entrance. Floor plans range from 400-square-foot studios to 4,000-square-foot penthouses. Apartments will feature wood floors, custom closets and 9-foot to 20-foot ceilings. The project is slated for completion in the fourth quarter of 2014. Village Green is a developer based in Farmington Hills, Mich.

December 17, 2013

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