Multifamily

MHA Brokers Two Apartment Community Sales Totaling $27.7M

by John Nelson October 9, 2014

SUNSET BEACH, N.C. AND NORTH MYRTLE BEACH, S.C. — Multi Housing Advisors (MHA) has brokered the sales of the 168-unit Tides at Calabash in Sunset Beach and the 172-unit Cherry Grove Commons in North Myrtle Beach. Hamilton Point Investments LLC acquired Tides at Calabash from Berkadia for $12.6 million and Cherry Grove Commons from Aspen Square Management for $15.1 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions. The buyer didn’t use a broker in either transaction. The two properties are approximately 15 miles apart.

October 9, 2014

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Shades of 2007? Kansas City Apartment Vital Signs are Remarkably Strong

by Danielle Everson October 8, 2014

Today’s Kansas City apartment fundamentals resemble the height of the 2007 market as jobs, deliveries, building permits, occupancy and rents are up. The availability of financing for developers and investors, along with the temperate economic recovery, portends further operational strength and investment activity in the near term. Job growth in the metro area this year has been positive. The end of the first quarter saw a full rebound of the job losses that occurred in late 2013. Through the first half of 2014, total payroll employment expanded by 5,200 jobs, an increase of 0.5 percent compared with the end of 2013. The local unemployment rate at the end of the second quarter of 2014 was 6.3 percent. Some 4,200 additional new jobs are projected for the second half of 2014, which would bring the area nonfarm job count to only 1,800 under its 2007 high of 1,018,300. Supply and Demand Apartment developers are expected to deliver new product in time to meet the demand created by the new jobs. By year’s end, construction is scheduled to be completed on 3,750 new apartments for multifamily properties of 100 or more units. New construction has been ramping up since the first quarter …

October 8, 2014

Multifamily Texas

Dougherty Arranges $5.2M Loan for Apartment Complex in Central Texas

by Haisten Willis October 8, 2014

TEMPLE, TEXAS — Dougherty Mortgage LLC has arranged a $5.2 million Fannie Mae loan for the refinancing of The Bluffs, a 200-unit multifamily housing property located in Temple, midway between Austin and Waco. The loan has a 10-year term and 30-year amortization with one year of interest-only payments. Temple Bluff Apartments Ltd. was the borrower. The complex is located near shopping centers and restaurants, and includes amenities such as a swimming pool and gym.

October 8, 2014

Multifamily Texas

Henry S. Miller Plans New Multifamily Development in Dallas

by Haisten Willis October 8, 2014

DALLAS — Henry S. Miller Multifamily Development has purchased land in Dallas for a new multifamily development called CliffView. Tom Grunnah and Kyle Ward of Henry S. Miller represented the company in the transaction. Dr. B. A. Badie was the seller. Henry S. Miller plans to build apartments and townhomes on the 4.4-acre property. The property offers views of downtown Dallas and is located northwest of the Belmont Hotel near the intersection of Sylvan and Fort Worth avenues. CliffView will be completed in 2016.

October 8, 2014

Multifamily Texas

UC Funds Provides $5.3M Acquisition, Rehab Loan in San Antonio

by Haisten Willis October 8, 2014

SAN ANTONIO — UC Funds has provided a $5.3 million acquisition and rehab loan for a 156-unit apartment complex in San Antonio. Renovations will include roof repairs, replacing all in-unit HVAC systems and central boilers and new exterior painting. The property is located eight miles northwest of downtown San Antonio on 7.7 acres. It is located off the I-410 and I-10 exchange near two malls and the South Texas Medical Center.

October 8, 2014

Illinois Midwest Multifamily Seniors Housing

Ryan Cos., Providence Life Services to Develop $20.6M Senior Living Facility

by Danielle Everson October 8, 2014

LISLE, ILL. — Ryan Cos. and Providence Life Services will develop an 80-unit, senior apartment community in Lisle, a western suburb of Chicago. Arbor Place of Lisle, an affordable, age-restricted community will be situated on an approximately 3.3-acre site at the northeast corner of Karns Road and Ogden Avenue. The development will comprise 60 one-bedroom, one-bathroom and 20 two-bedroom, one-bathroom units. The $20.6 million development was designed and is being constructed according to Enterprise Green Communities specifications. Construction is set for completion in summer 2015. Arbor Place of Lisle is the second project for the Ryan-Providence partnership. Arbor Place of Lisle is being financed under the Section 42 affordable housing program administered by the Illinois Housing Development Authority.

October 8, 2014

Illinois Midwest Multifamily

REVA Development Partners Breaks Ground on Luxury Apartments in Wheeling

by Danielle Everson October 8, 2014

WHEELING, ILL. — Chicago-based REVA Development Partners has broken ground on a 288-unit luxury rental community in Wheeling, a northern suburban of Chicago. Northgate Crossing is located at 250 Northgate Parkway. The 20-acre Northgate Crossing development will feature nine three-story apartment buildings. The apartments will include one- and two-bedroom plans ranging from approximately 700 to 1,200 square feet. The development is part of the village’s Town Center district, which is anchored by the municipal campus, fitness and aquatic centers, large-scale Heritage Park redevelopment and an existing Metra Station. The village also recently signed an agreement for the additional development of future residential and retail on an existing 17-acre parcel owned by the village. REVA is partnering with Chicago-based Blue Vista Capital Management on the development. Kinzie Builders, a division of Kinzie Real Estate Group, is serving as the general contractor and construction project manager. Kinzie Real Estate Group will also oversee the leasing and management of the property. Fifth Third Bank provided financing for the development.

October 8, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Mortgage Arranges $2.1M Fannie Mae Loan for Margaret Place

by Danielle Everson October 8, 2014

COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $2.1 million Fannie Mae loan for the refinancing of a 72-unit seniors housing property in Coon Rapids. Margaret Place is an assisted living facility located within a wooded residential setting and offers an urgent response system, 24-hour security system and twice daily wellness checks, as well as daily home-cooked meals and numerous scheduled activities. The 18-year loan includes a 25-year amortization schedule. Dougherty’s Minneapolis office secured the loan for the borrower, Margaret Place LP.

October 8, 2014

Multifamily New York Northeast

Cushman & Wakefield Brokers Sale of 234-Unit New York Apartment Community

by Amy Works October 8, 2014

MALTA, N.Y. — Cushman & Wakefield has brokered the sale of Steeplechase at Malta, a garden-style apartment community in Malta. A privately held real estate firm purchased the 234-unit residential property for an undisclosed price. Constructed in 2006, the property offers a mix of one-, two- and three-bedroom units in 24 buildings. At the time of sale, the community was 98 percent occupied. On-site amenities include a fitness center, pool, clubhouse and jogging and walking trails. The buyer plans to upgrade unit interiors and add amenities. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd, Michael Byrne, Karen Iman of Cushman & Wakefield, along with Michael DelVecchio and Julie Todd of Cushman & Wakefield’s affiliate Pyramid Brokerage, represented both the seller and the buyer in the transaction.

October 8, 2014

Massachusetts Multifamily Northeast Seniors Housing

Congress Building Corp., LCB Senior Living Break Ground on Assisted Living Facility in Easton

by Amy Works October 8, 2014

EASTON, MASS. — Peabody, Mass.-based Congress Building Corp., serving as construction manager, has broken ground for the construction of The Residence at Five Corners, a senior housing community being developed in Easton. The 84-unit assisted care facility will be owned and operated by Norwood, Mass.-based LCB Senior Living. Located at 678 Depot St., the facility will offer a mix of assisted living, independent living and memory care residences for seniors. The property is slated to open in late 2015.

October 8, 2014

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