Multifamily

Bohler Land Survey

Due diligence — particularly land surveying — can be a slow, cumbersome process if a project lacks strong guidelines based on the owner or developer’s particular needs. It can be easy to overprepare for the wrong site or underprepare for the succession of steps needed for the right site. REBusiness spoke to two land surveying experts, Billy Logsdon, divisional director of surveying, and Tom Teabo, associate and regional survey manager. Both work for Bohler, a land development consulting and site design firm, and both have strong insights on how to incorporate each step in the due diligence process elegantly within a well-planned approach. Due diligence such as American Land Title Association (ALTA) surveys and gathering topographic information can be time-consuming and expensive steps — making it beneficial to fit their timing into the larger project in a way that reflects the client’s needs — from the purchase of land to development completion. Logsdon and Teabo highlight the importance of streamlining the survey process and getting owners and developers better results based on their desired outcomes, often starting with the information already available about the site early in the process. REBusiness: What is slowing down survey due diligence, in your experience, and do …

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Depot-on-Main-Burleson

BURLESON, TEXAS — Locally based developer Realty Capital Residential has begun leasing Depot on Main, a 275-unit multifamily project in Burleson, located south of Fort Worth. The five-story building is situated adjacent to the Old Town district. Depot on Main offers one- and two-bedroom units ranging in size from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, coworking lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas. Rents start at $1,365 per month for a one-bedroom apartment.

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The-Dunhill-Dallas

DALLAS — Dallas-based investment firm Bridgeview has acquired The Dunhill, a 214-unit apartment complex in the Dallas Design District. Built in 2010, The Dunhill features studio, one- and two-bedroom units that range in size from 665 to 1,671 square feet. Amenities include a pool, resident clubhouse, fitness center, business center, outdoor picnic areas, amphitheater and a dog park. Bridgeview, which acquired the property via a Delaware Statutory Trust, plans to implement a value-add program and rebrand the property as The Adelphi. The seller was not disclosed.

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KILLEEN, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Hillcrest Apartments, a 60-unit multifamily property located in the Central Texas city of Killeen. The market-rate property was built in 1974 and houses one- and two-bedroom units. Fritz Waldvogel of Colliers Mortgage originated the seven-year, interest-only loan through a partnership with Old Capital Lending. The borrower was not disclosed.

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PORT ST. LUCIE, FLA. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult residential community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. Madison Realty Capital provided the senior loan, and the lender for the mezzanine loan was not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that has collectively built more than 20,000 multifamily units. The borrower is using the funds to recapitalize the existing construction debt and complete the project. Encore at Tradition is roughly 40 percent complete and has a target delivery date of second-quarter 2024. The gated community is reserved for households age 55 and up and will feature one- and two-bedroom units ranging in size from 750 to 1,250 square feet, as well as two-bedroom villas spanning 2,030 square feet. Onsite amenities will include a salon, movie theater room, golf simulator, resort-style clubhouse, pickleball courts and medical/physical therapy services.

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ACWORTH, GA. — A joint venture between Novare Group, Batson-Cook Development Co. (BCDC) and PointOne Holdings plans to develop a 330-unit apartment community in Acworth. The unnamed, 20-acre project will be located at 5950 Highway 92, about 29 miles northwest of Atlanta. In addition to traditional apartments, the community will feature 20 carriage homes with private garages. City National Bank is providing construction financing to the joint venture. The design-build team includes architect Dynamik Design and general contractor Stratus Construction. The developers expect first units to be delivered in October 2024.

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POOLER, GA. — CBRE has negotiated the sale of Latitude at Godley Station, a 256-unit apartment community located at 1502 Benton Blvd. in Pooler, a suburb of Savannah. The property was built in 2015 and features one-, two- and three-bedroom apartments ranging in size from 734 to 1,494 square feet, according to Apartments.com. Amenities include a clubhouse, coffee bar, business center, pool, fitness center, lounge, game room, picnic area, car wash area, laundry facilities and a pet play area. Jim Sewell and Dave Lansbury of CBRE’s Charleston office, along with Erika Maston of the firm’s Savannah office, brokered the transaction. Atlas Real Estate Partners purchased Latitude at Godley Station and plans to invest in capital improvements. The seller and sales price were not disclosed.

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MINNEAPOLIS — Lupe Development and Wall Cos. have opened The Flats at Malcolm Yards, a 143-unit affordable housing community in Minneapolis. A grand opening celebration will take place Thursday, Aug. 17. The project is the latest addition to the new Malcolm Yards neighborhood, following The Market, an urban food hall, and The Station, a 210-unit market-rate apartment project. The Flats features a mix of studios, one- and two-bedroom units, all of which are reserved for residents who earn 60 percent or less of the area median income. Amenities include underground parking, a fitness center, business center, coffee bar and sky lounge with views of the Minneapolis skyline. The development is situated near the Green Line LRT station and the University of Minnesota transitway. The project received funding support from the City of Minneapolis Affordable Housing Trust Fund and the Minnesota Department of Employment and Economic Development as well as Hennepin County’s Affordable Housing Incentive Fund, Transit Oriented Development Program and Environmental Response Fund. Other investors include Allianz Life and R4 Capital, which was the tax-exempt lender.

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ALLENDALE, N.J. — Marquis Health Consulting Services has begun renovations at Allendale Senior Living, an assisted living and healthcare facility in Northern New Jersey. The unit count was not disclosed, but the property spans 146,000 square feet and sits on a 12-acre site. Renovations include a refresh of corridors, expansion of some apartments and the introduction of new amenities, including lounges, a private dining room and a salon. Marquis will also upgrade the movie theater and landscaping, and has already completed the redesign of the lobby and main dining room.

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LA MESA, CALIF. — Walker & Dunlop has brokered the sale of Jefferson La Mesa, an apartment community located at 4949 Baltimore Drive in La Mesa. Terms of the transaction were not released. Walker & Dunlop’s California investment sales team, led by Hunter Combs, acted as advisor to the seller, JPI, and the buyer, R&V Management Co.

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