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AcquisitionsMultifamilyNortheastPennsylvaniaTop Stories

Morgan Properties Acquires 3,434-Unit Multifamily Portfolio in Pennsylvania

by Taylor Williams

CONSHOHOCKEN, PA. — Morgan Properties, a development and investment firm based in metro Philadelphia, has acquired a portfolio of 11 multifamily properties totaling 3,434 units in Pennsylvania. Morgan purchased the properties from their original developer, DePaul Management Co. The price was not disclosed. Matt Stefanski and Zachary Pierce of Berkadia brokered the transaction. The portfolio consists of: The new ownership plans to invest more than $80 million in capital improvements to the portfolio. Renovations will feature upgrades to units’ kitchens and bathrooms, as well as the installation of in-unit washers and dryers. Morgan will update lighting, landscaping, roofing and parking areas at all properties and install high-efficiency heating systems. Amenity and common area enhancements will also be undertaken throughout the portfolio. These initiatives will include fitness center upgrades and expansions; construction of exterior dog parks and pet wash stations; and additions of new amenities like Amazon package hubs, playgrounds, pickleball courts and outdoor grilling and dining stations. “The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry where our market concentration will enable us to achieve operational efficiencies and capitalize on economies of scale,” says Jonathan Morgan, president of Morgan Properties. — …

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LoansMultifamilyStudent HousingTexas

BWE Arranges Acquisition Financing for 488-Bed Student Housing Property in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — BWE has arranged an undisclosed amount of acquisition financing for The Junction, a 488-bed student housing property located near Texas State University in San Marcos. The community offers a mix of two-, three- and four-bedroom units. Amenities include a pool and a fitness center. The borrower, Campus Realty Advisors, will use a portion of the proceeds to fund capital improvements, including the addition of a new clubhouse, leasing center, study areas and community gathering space. Renovations will also include refreshed exterior paint, upgraded HVAC systems and water heater replacement, new property fencing and updates to the community’s security system, signage and landscaping. Chris Carroll and Max Miller of BWE arranged the financing through Byline Bank.

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LoansMultifamilySoutheastTennessee

Woodfield Development Obtains $53.7M Loan for Margaux Midtown Apartments in Nashville

by John Nelson

NASHVILLE, TENN. — Woodfield Development has obtained a $53.7 million loan for the refinancing of Margaux Midtown, a 292-unit apartment community located in Nashville’s Midtown neighborhood. Adam Bieber and Alec Jenkins of BWE’s Washington, D.C., office arranged the senior loan through the company’s bridge program on behalf of Woodfield Development. Delivered in 2023, Margaux Midtown features a fitness center, clubroom with mini duck bowling, private yoga room, dedicated work pods, complimentary coffee, sky lounge and rooftop terrace, speakeasy with a performance stage, resort-style swimming pool and a podcast room.

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AcquisitionsFloridaMultifamilySoutheast

Milestone Group Purchases 488-Unit Axis Delray Beach Apartments in South Florida

by John Nelson

DELRAY BEACH, FLA. — The Milestone Group has purchased Axis Delray Beach, a 488-unit, garden-style apartment community located at 1495 Spring Harbor Drive in Delray Beach, a city in South Florida’s Palm Beach County. The seller and sales price were not disclosed. Milestone plans to implement a multimillion-dollar renovation to the property’s common area amenities, landscaping and exteriors. The previous owner recently made capital improvements to Axis Delray Beach’s unit interiors.

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Affordable HousingDevelopmentLoansMidwestMinnesotaMultifamily

Wells Fargo Provides $65.5M in Construction Financing for Affordable Housing Project in South Minneapolis

by Kristin Harlow

MINNEAPOLIS — Wells Fargo has provided $65.5 million in construction financing for Opportunity Crossing. The 110-unit affordable housing project marks the first mixed-use affordable housing development to be built in South Minneapolis since the 2020 social uprisings, according to a news release. In addition to the units, the six-story property will feature first-floor commercial space for small businesses and a new Wells Fargo branch. Wells Fargo’s Community Lending and Investment Group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment and a $24.5 million Low-Income Housing Tax Credits equity investment. The redevelopment at 3030 Nicollet Ave. is the result of a community outreach process that included eight community listening sessions hosted by the developer, Project for Pride in Living, as well as the Cultural Wellness Center and Wells Fargo.

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AcquisitionsMultifamilyTexas

Bell Partners Acquires 831-Unit Gateway Crossing Apartments in Plano

by Taylor Williams

PLANO, TEXAS — North Carolina-based investment firm Bell Partners has acquired Gateway Crossing Apartments, a 831-unit multifamily community in Plano. Built in phases between 2013 and 2017, the property features one-, two- and three-bedroom units with an average size of 950 square feet. According to Apartments.com, amenities include multiple pools, a fitness center, clubhouse, game room, lounge, media center, pet play area, business center and outdoor grilling and dining stations. Daniel Baker of CBRE brokered the sale. The seller and sales price were not disclosed. Bell Partners plans to rebrand the property as Bell Gateway Village.

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LoansMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $9.4M Agency Loan for Refinancing of East Harlem Apartment Complex

by Taylor Williams

NEW YORK CITY — Locally based financial intermediary Ariel Property Advisors has arranged a $9.4 million Fannie Mae loan for the refinancing of Olga Mendez Apartments, a 77-unit multifamily complex in East Harlem. The two-building property is located at 1652 Park Ave. and 91 E. 116th St. Matt Swerdlow and Matt Dzbanek of Ariel Property Advisors placed the nonrecourse loan, which was structured with three years of interest-only payments and seven years of payments at a fixed interest rate of 5.56 percent, through PGIM. The borrower was not disclosed.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $5.2M Partial Sale of Housing Cooperative in Elizabeth, New Jersey

by Taylor Williams

ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the partial sale of Tudor Court, an 85-unit housing cooperative located at 800-822 N. Broad St. in the Northern New Jersey community of Elizabeth. The sale included 46 of the units and fetched an all-cash price of $5.2 million. The units were fully occupied at the time of sale. Janet Bortz and Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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DevelopmentHospitalityMixed-UseMultifamilySoutheastVirginia

Capital Square Plans Multifamily, Hospitality Development in Scott’s Addition Neighborhood of Richmond

by John Nelson

RICHMOND, VA. — Capital Square has launched a new opportunity zone fund, with plans to develop a multifamily and hospitality property at 1600 Roseneath Road in Richmond. Plans for the 2.2-acre development include 220 apartment units and 100 apartment-hotel rooms. Dubbed CSRA Opportunity Zone Fund IX LLC, the fund aims to raise $77 million in equity from accredited investors to fund the project. This marks the ninth opportunity zone fund for Capital Square and its sixth development in the Scott’s Addition neighborhood of Richmond. The unnamed property will be situated within walking distance of several restaurants, breweries and attractions, including the Virginia Museum of Fine Arts, Science Museum of Virginia and Virginia Museum of History and Culture.

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AcquisitionsFloridaMultifamilySoutheast

Wingspan Development, ABC Capital Sell 192-Unit Jade at North Hyde Park Apartments in Tampa

by John Nelson

TAMPA, FLA. — Wingspan Development and ABC Capital Corp. have sold Jade at North Hyde Park, a 192-unit apartment community located at 608 N. Willow Road in Tampa’s North Hyde Park neighborhood. San Francisco-based Hamilton Zanze acquired the property, which is located approximately a half-mile from downtown near the University of Tampa, for an undisclosed price. The acquisition represents Hamilton Zanze’s entry into the Florida market. Matt Mitchell of Berkadia brokered the transaction. Built in 2022, Jade at North Hyde Park was 97 percent occupied at the time of sale. The property features studios, one-, two-, three- and four-bedroom units ranging in size from 463 to 1,421 square feet. Select units have built-in wine storage, dual-sink vanities in the primary bathroom and/or covered balconies. In addition to amenities like a pool, coworking spaces and a pet spa, Jade also features 3,200 square feet of ground-level retail space. Tango Brew, a pet-friendly coffee and wine bar, will soon open a 1,600-square-foot eatery at Jade, with plans to offer both indoor and outdoor seating for up to 66 people, including an outdoor bar and patio as well as a water and treat station for patron’s dogs.

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