HYATTSVILLE, MD. — EJF Capital LLC and The NRP Group have obtained a $61 million construction loan for the development of a multifamily community in Hyattsville, a suburb of Washington, D.C. First National Bank and Flagstar Bank provided the financing. The five-story, 361-unit property will be situated within a 3.2-acre opportunity zone at the corner of Belcrest and Toledo roads. The unnamed property will have a six-level, 441-space parking garage, as well as a fitness center, bike room, pet wash area, courtyard, pool and multiple lounge spaces. EJF Capital and NRP Group expect to deliver the property in the third quarter of 2025.
HOUSTON — Locally based brokerage firm NewQuest Properties and Red Oak Commercial have negotiated the sale of Virtuo Med Center Apartments, a 326-unit multifamily community in Houston. The property was built on 6.4 acres in 2020. Units come in studio, one- and two-bedroom units that range in size from 509 to 1,189 square feet. Amenities include a pool, fitness center, business center, private dining area, coffee bar and a podcast room. Glenn Dickerson and Brad LyBrand of NewQuest represented the undisclosed seller in the off-market transaction. The buyer, a private investor based in the Northeast, was also not disclosed.
TORRRANCE, CALIF. — Intracorp Homes purchased 22501 Hawthorne Blvd., a 3.8-acre site in Torrance, from a locally based private investor for $21 million. John Read, Greg Sullivan and Trent Steeves of CBRE represented the seller. The property was historically a retail center anchored by a bowling alley called Gable House Bowl. Intracorp Homes plans to redevelop the site into a mixed-use project, which will include 17 affordable rental units as well as commercial space. Details on rent restrictions for the affordable units have not yet been disclosed.
SAN CLEMENTE, CALIF. — Harbert South Bay Partners has broken ground on The Seville, an assisted living and memory care community in San Clemente, a coastal city approximately 60 miles southeast of Los Angeles. The property will feature 63 assisted living and 24 memory care units. Completion is scheduled for summer 2024. Project partners include Momentum Senior Living as operator, Banvard & Soderbergh as architect, Rodrigo Vargas Design as interior designer and W.E. O’Neil as general contractor.
HAYWARD, CALIF. — Sherman & Roylance has arranged the bankruptcy sale of Parkview Healthcare Center, a 121-bed skilled nursing facility in the Bay Area city of Hayward. The 56,367-square-foot community was in bankruptcy, and Shep Roylance and John Sherman led a 30-day closing process. The new operator will be Spyglass Healthcare.
NEW BRITAIN, CONN. — Marcus & Millichap has arranged the sale of The Bleu, a 63-unit apartment complex in New Britain, located southwest of Hartford. Built in 1970, the complex offers studio to four-bedroom units with an average size of 905 square feet. Eric Pentore, Wes Klockner and Ross Friedel of Marcus & Millichap represented the seller, a limited liability company, in the deal and procured a New York-based investor as the buyer. Both parties requested anonymity.
By Taylor Williams Multifamily investment sales activity has been muted across major Texas markets during the first half of 2023, underscoring the unfortunate reality that even the most coveted asset classes are not immune to severe macroeconomic headwinds. Much like a year ago, the combined effects of stubborn inflation and corresponding interest rate hikes have wrought visibly negative changes to the world of multifamily investment sales. But in summer 2022, deals were still getting done at a decent clip; price disparities and depreciation were the most significant and obvious impediments to deal velocity. Today, buyers and sellers are more closely aligned on market realities as relates to price points, but many are simply not motivated to transact — at least in the short term. According to data from RealPage, in the first quarter of 2023, there were 337 multifamily transactions within the Dallas-Plano-Irving triangle, down from 510 in the first quarter of 2022. The greater Houston area saw 266 deals executed in the first quarter this year, a decline from 410 during that period in 2022, while the Austin market’s total number of transaction fell from 191 to 123 quarter-over-quarter. Multifamily sales prices responded differently to reduced deal volume from …
HIALEAH, FLA. — Locally based residential development firm MG Developer and partner Baron Property Group have announced plans for a $600 million residential development in the Miami suburb of Hialeah. The transit-oriented campus, dubbed Metro Center, will span 2.3 million square feet and feature more than 1,500 new apartments and 35,000 square feet of retail space. The project will be split between three communities — Metro Parc, Metro Parc North and Metro Parc South — that will be situated within walking distance of the Metrorail and Tri-Rail Transfer Station. MG’s first multifamily building, Metro Parc, is a 559-unit, 10-story building that broke ground in 2022. The 620-unit Metro Parc North will rise next to Metro Parc at 983 E. 26th St. and is expected to be completed in 2026. The new 347-unit Metro Parc South building will be located at 954 and 934 E. 25th St. and is slated for completion in 2027.
MIAMI — Aztec Group has provided a $22.3 million Freddie Mac loan for the refinancing of Oak Plaza, a 156-unit apartment community in Miami’s Health District. The borrower, locally based Melo Group, delivered the property in 2012. Peter Mekras of Aztec Group originated the 10-year, fixed-rate loan on behalf of Melo Group, the third transaction between the two firms in the past 12 months. Units at Oak Plaza range from 800 to 1,213 square feet, according to Apartments.com. Amenities include a clubhouse, pool, fitness center, controlled access and a business center.
DESOTO, TEXAS — Colliers Mortgage has provided a $29 million HUD-insured loan for the refinancing of The Beacon on Westmoreland, a 194-unit multifamily property in DeSoto, a southern suburb of Dallas. The complex was completed in 2021 and consists of seven residential buildings and a leasing office/clubhouse. Amenities include a pool, fitness center, dog park and walking trails. Fritz Waldvogel of Colliers Mortgage originated the 35-year loan through a partnership with Old Capital Lending. The borrower was not disclosed.