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LoansMultifamilyTexas

Colliers Mortgage Provides Fannie Mae Loan for Refinancing of Multifamily Asset in Van Alstyne, Texas

by Taylor Williams

VAN ALSTYNE, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Flats at Van Alstyne, a 232-unit multifamily property located about 50 miles north of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, clubhouse and a resident lounge. Fritz Waldvogel of Colliers Mortgage originated the five-year loan through a partnership with Old Capital Lending. The borrower was an entity doing business as MPT Texas 9 LLC.

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AcquisitionsMultifamilySouth CarolinaSoutheast

Argyle Real Estate Purchases 264-Unit Apartment Community in Charleston

by John Nelson

CHARLESTON, S.C. — Argyle Real Estate Partners has purchased Newbrook Point Hope, a 264-unit apartment community located in Charleston’s Daniel Island submarket. The seller and sales price were not disclosed. Built in 2021, Newbrook Point Hope is a multifamily component within Point Hope, a master-planned development that contains single-family homes, shops, restaurants, offices, apartments and schools. Newbrook Point Hope features one-, two- and three-bedroom apartments averaging 1,000 square feet in size. Amenities include a clubhouse, saltwater pool, pickleball court, fitness center, dog park and green space with community trails. Locally based Argyle has tapped Greystar to operate Newbrook Point Hope.

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AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

Inland Purchases Three Seniors Housing Communities in Metro Minneapolis

by Kristin Harlow

MINNEAPOLIS, EDINA AND PLYMOUTH, MINN. — The Inland Real Estate Group of Cos. has acquired three seniors housing communities in metro Minneapolis for an undisclosed price. A JLL seniors housing capital markets team arranged acquisition financing on behalf of Inland. The Waters Senior Living will continue to manage the communities for Inland. The portfolio consists of The Waters of Edina, The Waters of Plymouth and The Waters on 50th. The three properties consist of 321 units, including 223 units for independent living/assisted living and 98 units for memory care. The communities were constructed in the past 10 years.

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Affordable HousingLoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $10.8M HUD-Insured Loan for Rehabilitation of Minneapolis Apartment Property

by Kristin Harlow

MINNEAPOLIS — Colliers Mortgage has provided a $10.8 million HUD 221(d)(4) loan for the rehabilitation of Labor Retreat Apartments in Minneapolis. The 77-unit Section 8 property features one- and two-bedroom units. Amenities include a community room, onsite management office, outdoor patio, lounge area and laundry rooms. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low-Income Housing Tax Credits and tax-exempt bonds, which were underwritten by affiliate Colliers Securities LLC. The loan features a 40-year term and 40-year amortization schedule. The borrower was Labor Retreat Housing Partners LLC, an affiliate of Vitus Group LLC.

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DevelopmentMultifamilyNew JerseyNortheast

Walters Delivers 25-Unit Multifamily Project in Montvale, New Jersey

by Taylor Williams

MONTVALE, N.J. — New Jersey-based developer Walters has delivered Cornerstone at Montvale, a 25-unit affordable housing complex in Northern New Jersey. The property consists of 15 buildings that house one-, two- and three-bedroom units on a three-acre site. Residences range in size from 733 to 1,231 square feet and are reserved for residents earning up to 30, 50 or 60 percent of the area median income. Amenities include a fitness center, outdoor grilling and dining areas and a playground.

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AcquisitionsIllinoisMidwestMultifamily

Tishman Speyer Acquires Union West Luxury Apartment Tower in Chicago for $128M

by Kristin Harlow

CHICAGO — Tishman Speyer has acquired Union West, a 15-story luxury apartment tower in Chicago’s West Loop neighborhood. The purchase price was roughly $128 million, according to Crain’s Chicago Business. Completed in 2019, Union West features 357 units ranging in size from studios to three bedrooms. A joint venture led by ZOM Living sold the property, which is located at 939 W. Washington Blvd. The building, which is currently 94 percent leased, features amenities such as a fitness center, lounge, entertainment space, an outdoor pool, private work and meeting rooms, a yoga and spin room, pet spa, dog run and onsite boutique grocer West Loop Market. John Jaeger of CBRE represented the seller.

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AcquisitionsIllinoisMidwestMultifamily

JLL Brokers $76M Sale of Apartment Community in Chicago’s River North

by Kristin Harlow

CHICAGO — JLL has brokered the $76 million sale of 3Eleven, a 245-unit apartment community in Chicago’s River North neighborhood. Built in 2018, the property features one-, two- and three-bedroom units. Amenities include a rooftop terrace, pool, lounge areas, a fitness center, yoga studio, chef’s demonstration kitchen and coworking space. Located at 311 W. Illinois St., 3Eleven is situated at the intersection of West Illinois and North Franklin streets. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the seller, The John Buck Co. and its institutional partner. JLL also procured the buyer, Vista Property. Chris Knight and Mike Brady of JLL originated a $47.7 million Freddie Mac loan on behalf of the buyer.

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DevelopmentLoansMultifamilyTexas

Colliers Mortgage Provides $16.8M in HUD-Insured Financing for San Antonio Affordable Housing Project

by Taylor Williams

SAN ANTONIO — Colliers Mortgage has provided $16.8 million in HUD-insured, construction-to-permanent financing for Culebra Road Apartments, a 199-unit affordable housing project in San Antonio. The property will offer one-, two- and three-bedroom units, all of which will be subject to income restrictions, and amenities such as a pool, fitness center, playground, business center, clubhouse, activities room and outdoor grilling and dining stations. Jeff Rogers of Colliers Mortgage originated the financing, which was structured with a 40-year term. The borrower was an entity doing business as Culebra Road Apartments LP.

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AcquisitionsLee & AssociatesMultifamilyTexas

Lee & Associates Brokers Sale of 27,800 SF Industrial Building in North Houston

by Taylor Williams

HOUSTON — Lee & Associates has brokered the sale of a 27,800-square-foot industrial building located at 15550 Export Plaza Drive in North Houston. The building is located on a 7.6-acre site within World Houston Business Park. According to LoopNet Inc., the building features 15- to 20-foot clear heights and 9,000 square feet of office space. Jason English and Stuart Peterson of Lee & Associates represented the seller, White Hall Real Estate, in the transaction. Trey Erwin III and Josh Carl, also with Lee & Associates, represented the buyer, Equity Resource Partners.

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AcquisitionsCaliforniaMultifamilyWestern

Advanced Real Estate Purchases 714-Unit Multifamily Community in Costa Mesa, California

by Amy Works

COSTA MESA, CALIF. — Advanced Real Estate has acquired a 714-unit apartment community in the Orange County city of Costa Mesa for an undisclosed price. The company is rebranding the property as The Grand Costa Mesa and has budgeted $45 million to renovate the asset. Planned renovations include resort-style pools and spas, a re-imagined clubhouse, expansive dog park, gathering places and barbecue areas. Additionally, washers and dryers will be added to every unit and interiors will be upgraded with new cabinetry, countertops, flooring, fixtures and contemporary paint schemes. R3 Construction Co., Advanced’s in-house renovation firm, will complete the renovations. Advanced Management Co. will manage the property. Blake Rogers, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Carter Jones and Audrey Souders of JLL Investment Sales Advisory team represented the undisclosed seller in the transaction. Kevin Mackenzie, Greg Brown, Charlie Vorscheck and Kyle White of JLL Capital Markets Debt Advisory team secured a 10-year, $150.8 million Freddie Mac loan, which features full-term interest-only payments, for Advanced. JLL Real Estate Capital, Freddie Mac Optigo Lender, will service the loan.

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