Multifamily

Oakley Group Acquires Griffin Gate Apartments in Hopkinsville, Kentucky for $10.8M

by John Nelson July 19, 2023

HOPKINSVILLE, KY. — Oakley Group has acquired Griffin Gate, an 80-unit apartment community located at 300 Griffin Gate Drive in Hopkinsville, a suburb of Clarksville, Tenn. The Birmingham, Ala.-based investment firm purchased the asset from a Georgia-based entity doing business as Griffin Gate HKY LLP for $10.8 million. Tyler Mayo of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group brokered the transaction. Chad Hagwood and Brandon Pate of Lument’s Birmingham office originated a 10-year, fixed-rate Fannie Mae on behalf of Oakley Group. Situated on more than 16 acres, Griffin Gate is a two-story property that features a clubhouse, pool, dog park, walking trail and ample green space. Oakley Group plans to make capital improvements to the property and has retained NextGen Management as property manager.

July 19, 2023

Affordable Housing Loans Multifamily Southeast Tennessee

Northmarq Arranges $10.7M Refinancing for Two Affordable Housing Properties in Memphis

by John Nelson July 19, 2023

MEMPHIS, TENN. — Northmarq has arranged a $10.7 million refinancing loan for two affordable housing properties in Memphis. The communities, Bantam-Airways and Bantam-Springbrook, are situated near each other and total 291 units. The properties were both built in 1973 and renovated in 2022. Mike Padilla and Dan Trebil of Northmarq’s Minneapolis office arranged the Freddie Mac loan, which features five years of interest-only payments followed by a 35-year amortization schedule.

July 19, 2023

Acquisitions Multifamily Texas

Newmark Arranges Sale of 612-Unit Signature Ridge Apartments in San Antonio

by Taylor Williams July 19, 2023

SAN ANTONIO — Newmark has arranged the sale of Signature Ridge, a 612-unit apartment community located adjacent to South Texas Medical Center in San Antonio. The property offers one-, two- and three-bedroom units with private patios/balconies and amenities such as two pools, a fitness center, dog park and a clubhouse with a communal kitchen and an arcade. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the undisclosed seller in the transaction. Braden Harmon and Hank Glasgow of Newmark arranged acquisition financing on behalf of the buyer, which The San Antonio Business Journal reports was Kairoi Residential.

July 19, 2023

Development Multifamily Texas

NewQuest Properties to Develop $62M Multifamily Project in Metro Houston

by Taylor Williams July 19, 2023

HOUSTON — An affiliate of locally based developer NewQuest Properties will develop a $62 million, 294-unit multifamily project within The Grand at Aliana, a shopping and dining destination in metro Houston. The development’s 11 residential buildings will house studio, one-, two- and three-bedroom units that will range in size from 594 to 1,482 square feet. Amenities will include a pool, fitness center, business center, outdoor grilling and dining stations and a dog park. Dallas-based Humphreys & Partners designed the property. Construction is set to begin in September, and completion is slated for June 2025.

July 19, 2023

Acquisitions Multifamily Nevada Western

Marcus & Millichap Brokers $76M Sale of Vista Ridge Apartments in Reno, Nevada

by Jeff Shaw July 19, 2023

RENO, NEV. — Arthur Vista Ridge has sold Vista Ridge Apartments, a 324-unit asset in Reno, to Tilden Properties and IDEAL Capital Group for $76 million. Vista Ridge Apartments was built in 1996 on 19 acres. The community offers one-, two- and three-bedroom apartments. Units feature vaulted ceilings, and washers and dryers. Amenities include a fitness center, business center, pool, and tennis and basketball courts. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer.

July 19, 2023

California Development Loans Multifamily Western

JLL Arranges Equity for 200-Unit Axis @ Davis Apartment Project in Davis, California

by Jeff Shaw July 19, 2023

DAVIS, CALIF. — JLL Capital Markets has arranged joint venture equity for the construction of Axis @ Davis, a 200-unit apartment community in the Sacramento suburb of Davis. Axis @ Davis will comprise five residential buildings, as well as 1,500 square feet of ground-floor retail space. Units will come in one-, two- and three-bedroom layouts. Amenities will include a top-floor lounge, pool with a spa, pet park, package room, game room and study rooms with a coffee bar and private offices. Axis @ Davis will be located one mile from the University of California, Davis campus. The project is designed as a 100 percent electric project with rooftop solar panels and electric vehicle charging spaces. Anton Development Co. plans to begin construction in summer 2023, with the community slated for delivery in fall 2025.

July 19, 2023

Acquisitions Arizona Multifamily Western

WhiteHaven Acquires Clarendon Park Apartments in Phoenix for $37M

by Jeff Shaw July 19, 2023

PHOENIX — WhiteHaven has purchased Clarendon Park Apartments, a 138-unit community in Phoenix, for $37 million. The company rebranded the property as Haven at Midtown. Built in 2002, Haven at Midtown offers studio, one- and two-bedroom units. Amenities include a pool with a grilling area, a gym, internet access, a dog park, garages and covered parking. Greystar will be the property manager for this asset.

July 19, 2023

Development Multifamily New York Northeast

NRP Group, RPW Group Complete 303-Unit Multifamily Project in White Plains, New York

by Taylor Williams July 19, 2023

WHITE PLAINS, N.Y. — A partnership between Cleveland-based developer The NRP Group and local owner-operator RPW Group has completed The Halden, a 303-unit multifamily project located north of New York City in White Plains. The site at 1133 Westchester Ave. spans 70 acres and is adjacent to a 620,000-square-foot office complex that formerly served as IBM’s world headquarters. The three-building community houses one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and in-unit washers and dryers. Amenities include a pool, fitness center, children’s play area and outdoor grilling and dining stations. Rents start at $2,800 per month for a one-bedroom apartment.

July 19, 2023

Affordable Housing Development Loans Multifamily Northeast Pennsylvania

KeyBank Provides $21.6M in Financing for Affordable Housing Redevelopment in Pittsburgh

by Taylor Williams July 19, 2023

PITTSBURGH — KeyBank has provided $21.6 million in financing for a project that will convert a former school in Pittsburgh into a 46-unit affordable housing complex. The sponsor, Beacon Communities, is adaptively reusing the former Letsche School and constructing several new buildings from the ground up on adjacent parcels. The unit mix includes 27 one-bedroom apartments, 12 two-bedroom units, and seven three-bedroom residences that will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a community room, courtyard and picnic area, laundry room and a playground, and the property will have a resident services coordinator who will develop onsite educational, recreational and cultural enhancement programs. Eric Steinberg, Seaver Rickert and Anna Belanger of KeyBank originated the financing, which consisted of a $9.8 million construction loan and $11.8 million in Low-Income Housing Tax Credit equity.

July 19, 2023

Development Multifamily New York Northeast

Mid Hudson Construction Management Begins Leasing 20-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams July 19, 2023

POUGHKEEPSIE, N.Y. — Developer and general contractor Mid Hudson Construction Management has begun leasing Birchwood Commons, a 20-unit multifamily project located north of New York City in Poughkeepsie. The property consists of four buildings that each house five two-bedroom apartments. Residences are furnished with stainless steel appliances, quartz countertops and walk-in closets. Rents start at $2,750 per month.

July 19, 2023

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