NACOGDOCHES, TEXAS — PRIME Multifamily Investors LLC has partnered with Presidium Group LLC to acquire a 132-bed student housing complex serving Stephen F. Austin University in Nacogdoches. The community, which will be rebranded as Social House, features amenities including a swimming pool, clubhouse, volleyball court and picnic area. Texas-based PRIME Multifamily Investors plans $700,000 in capital improvements to the property, including upgrades to flooring, plumbing, lighting and appliances, as well as building exteriors and common areas. Presidium Group sourced the equity for the acquisition.
Multifamily
AUSTIN, TEXAS — Hendricks-Berkadia has arranged the sale of Hillside Place, an 81-unit multifamily property in Austin. Constructed in 1973, the garden-style community offers studio, one- and two-bedroom apartments, as well as a swimming pool and picnic area with charcoal barbecue pits. Located at 4821 and 4823 E. Riverside Drive, the complex is in proximity to the central business district, the University of Texas and Lady Bird Lake. Forrest Bass and George Deuillet III of Hendricks-Berkadia marketed the asset on behalf of the seller, locally based 4823 E Riverside Drive LLC. San Francisco-based 4821 East Riverside Drive LLC bought the property.
TEMPE, ARIZ. — MIG Real Estate has acquired Quadrangles Village, a 510-unit apartment community next to Arizona State University (ASU) in Tempe, for a reported $41.8 million. The community is located at 1255 E. University Drive. Other nearby attractions include the Wells Fargo Arena, Sun Devil Stadium and Tempe Town Lake. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, FSC Quadrangles Associates LLC, in this transaction. The complex will be managed by Greystar Student Living. This is MIG’s second Arizona investment. The firm acquired Acacia Creek in Scottsdale last year.
EVERETT, WASH. – Lowe Enterprises Investors has acquired the 352-unit Covington Farms in Everett for an undisclosed sum. The community is located at 10115 Holly Drive in the Paine Field submarket, which is also home to Boeing, Aviation Technologies and Naval Station Everett. The community was built in 1989. It was 95 percent occupied at the time of sale. The unnamed seller was represented by Gail Neuburg of ARA
LOS ANGELES – An eight-unit apartment building in West Los Angeles has sold to Chateau Pelham LLC for $2.7 million. The community is located at 1937 Pelham Ave. Ramin Gheitanchi of Charles Dunn Company represented both the buyer and the seller, 1937 Pelham LLC, in this transaction.
ATLANTA — Terwilliger Pappas Multifamily Partners has broken ground on Solis Downwood, a $50 million, 280-unit apartment building in Atlanta’s Buckhead neighborhood. The property is located on Downwood Circle between Northside Parkway and Howell Mill Road. The development will feature a rooftop terrace, central courtyard, saltwater pool, parking deck, cyber café, game room and pet park. Solis Downwood is Terwilliger Pappas’ first community in the Atlanta area. The project team includes architect Cooper Cary and general contractor Brasfield & Gorrie.
ST. PAUL, MINN. — Dougherty Mortgage LLC has originated a $14 million HUD 223(f) loan for the refinancing of Creek Point Apartments. The 234-unit market-rate apartment property is located at 1920 Burns Ave. in St. Paul. Dougherty Mortgage arranged the fully amortizing 35-year loan for Foxcroft Apartments LLP. As part of the refinancing, the borrower intends to renovate and reposition the property.
NEW YORK CITY — Besen & Associates has arranged the $9.4 million sale of 820-830 Riverside Drive, a five-story 46-unit apartment property in Manhattan. Built in 1921, the property spans 50,910 square feet. Amit Doshi and Shallini Mehra of Besen & Associates arranged the off-market transaction for the buyer, a local private investor, and the seller, a private equity real estate fund. The average rent per apartment is $1,282 a month. The sale price equates to a 13.3 gross rent multiplier, 4 percent cap rate and $184 per square foot. Bryan McCrossen of Donovan LLP represented the seller, and Eric Berliner of Berliner & Pilson Esq. represented the buyer.
LOS ANGELES – An 18-unit apartment building in Los Angeles has sold to Abady Holding Corp. for $2.6 million. The building is located at 1522 Hi Point Street. Abady was represented by Collin Brashears, Rob Zaharia and Tim Steuernol of NAI Capital’s West Los Angeles office.
SAN ANTONIO — CBRE has arranged a $40 million loan for the construction of Franklin Park at Alamo Heights, a 221-unit seniors housing property in San Antonio. The five-year, floating-rate loan includes an all-in rate of 2.35 percent and 48 months of interest-only payments. The Class A project, a joint venture of Franklin Development Co. and Harrison Street Real Estate Capital LLC, will be located at the corner of West Terra Alta Road and Everest Street. Franklin Apartment Management will operate the facility. Aron Will of CBRE arranged the financing on behalf of the joint venture through a regional bank.