Multifamily

EBCDC Acquires Boston Multifamily Portfolio for $47M

by Taylor Williams October 12, 2022

BOSTON — The East Boston Community Development Corp. (EBCDC) has acquired a portfolio of multifamily properties totaling 114 units in East Boston for $47 million. The units are spread across 36 buildings in the Jeffries Point, Eagle Hill and Orient Heights neighborhoods and primarily feature one- and two-bedroom floor plans. Kellie Coveney, Jacqueline Meagher, Madeline Joyce and James Burr of JLL represented the seller, a joint venture between The Grossman Cos. and Hodara Real Estate Group, in the transaction. The new ownership plans to convert the assets to affordable housing. Of the 114 units, 28 units will be restricted to households earning 50 percent or less of the area median income (AMI); 40 apartments will be reserved for renters earning 60 percent or less of AMI; 26 residences will be earmarked for families earning 80 percent or less of AMI; and the remaining 20 units will be restricted to renters making 100 percent or less of AMI.

October 12, 2022

Acquisitions Massachusetts Multifamily Northeast

Heritage Cos. Sells Metro Boston Apartment Complex for $27.1M

by Taylor Williams October 12, 2022

REVERE, MASS. — Massachusetts-based investment firm The Heritage Cos. has sold Point of Pines, a 72-unit apartment complex in Revere, a northeastern suburb of Boston. According to Apartments.com, the five-story property was built in 1999 and offers two-bedroom units with an average size of 1,225 square feet. Amenities include a lounge and package handling services. Adam Dunn, Chris Phaneuf and Matt Olson of Berkadia represented The Heritage Cos. in the transaction. The buyer was Massachusetts-based Helge Capital.

October 12, 2022

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Arranges $13.2M Sale of Northern New Jersey Apartment Complex

by Taylor Williams October 12, 2022

CLIFTON, N.J. — Locally based brokerage firm Redwood Realty Advisors has arranged the $13.2 million sale of Oak Ridge Gardens, a 78-unit apartment complex in the Northern New Jersey community of Clifton. Kevin McCrann of Redwood Realty Advisors represented the seller and the buyer, both of which requested anonymity, in the transaction. The new ownership plans to make capital improvements to the property.

October 12, 2022

Loans Midwest Multifamily Ohio

Northmarq Arranges Two Loans Totaling $6.7M for Refinancing of Multifamily Properties in Cincinnati

by Kristin Harlow October 12, 2022

CINCINNATI — Northmarq has arranged two loans totaling $6.7 million for the refinancing of three multifamily properties in Cincinnati. Madison & Riddle Apartments is a two-property portfolio totaling 72 units. The loan is fully amortized over 25 years. Sutton Place Apartments consists of 59 units and is fully occupied. The seven-year loan features two years of interest-only payments and a 30-year amortization schedule. Noah Juran of Northmarq arranged the loans through a life insurance company.

October 12, 2022

Acquisitions Arizona Multifamily Western

OpenPath Investments Divests of 222-Unit Dana Park Multifamily Property in Mesa, Arizona

by Amy Works October 12, 2022

MESA, ARIZ. — OpenPath Investments has completed the sale of Dana Park, an apartment community located on 11 acres in Mesa. Baron Properties acquired the property for $64.6 million, or $291,216 per unit. Completed in 1986, Dana Park features 222 apartments spread across 19 buildings, plus two swimming pools and spas and a community vegetable garden. Apartments feature stackable washers and dryers, built-in bookshelves and walk-in closets. The unit mix is 67 percent two-bedroom/two-bath layouts, with the remainder of the units one-bedroom/one-bath floorplans. The average unit size is 928 square feet. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

October 12, 2022

Colorado Loans Multifamily Seniors Housing Western

Ziegler, M&T Partner for $19.5M Refinancing of Carmel Oaks Active Adult Community in Lakewood, Colorado

by Amy Works October 12, 2022

LAKEWOOD, COLO. — Ziegler and M&T Realty Capital Corp. have acted as financial advisor in a $19.5 million Fannie Mae financing on behalf of Essex Communities. The transaction will refinance the existing debt on Carmel Oaks, an age-restricted independent living community in Lakewood. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with five years of interest-only payments followed by a 30-year amortization. The loan also carries a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital improvement expenditures and initial equity.

October 12, 2022

Market Reports Multifamily Texas Texas Market Reports

Lenders Continue to Fuel Multifamily Development Boom in Northern Dallas Suburbs

by Taylor Williams October 12, 2022

By Kevin Leamy, senior vice president, debt & equity, Northmarq Dallas-Fort Worth (DFW) has been one of the hottest multifamily markets in the country over the past five years. And as the area’s growth pushes further north, developers and investors are finding plenty of liquidity to support transactions. The northern DFW suburbs experienced a huge inflow of people over the past several years. The growth to suburbs such as Addison, Richardson, Plano, Frisco and McKinney gained even more traction during the pandemic. An increasingly diverse employer base and corresponding job growth are attracting people and driving demand for both for-sale homes and multifamily units. Instead of making a long commute into downtown Dallas or Fort Worth, there are now several big employers in North Dallas that offer high-quality jobs. One key catalyst for expansion was the opening of Toyota’s North American headquarters in Plano five years ago. The 100-acre campus is home to more than 4,000 employees. Other major corporations have followed, including the newly opened regional headquarters for J.P. Morgan Chase. Another factor drawing new residents to the area is strong schools, including a reputation for some of the best elementary and high schools in the country. Multifamily developers …

October 12, 2022

Development Multifamily Texas

Aspen Heights to Redevelop Former Hospital Site in Downtown Austin into 921-Unit Multifamily Complex

by Taylor Williams October 11, 2022

AUSTIN, TEXAS — Locally based developer Aspen Heights Partners will redevelop the site of the former HealthSouth hospital in downtown Austin into a multifamily complex that will total 921 units across two towers. The site spans roughly a full city block. About 25 percent (232) of the units will be reserved as affordable housing. The development will also feature 18,000 square feet of retail and restaurant space, a 30,000-square-foot public plaza and an onsite music venue. Aspen Heights will partner with Capital A Housing and The NHP Foundation to develop and operate the affordable housing component of the project. The Austin City Council has approved the master development agreement, and the development team expects to fully complete the project by 2027.

October 11, 2022

Development Multifamily Texas

Hoar Construction Breaks Ground on 33-Story Multifamily High-Rise in Houston

by Taylor Williams October 11, 2022

HOUSTON — General contractor Hoar Construction has broken ground on X Houston, a 475-unit multifamily project in the city’s Museum District. Developed by X Co. and designed by Lamar Johnson Collaborative, X Houston will be a 33-story high-rise that will span 756,000 square feet and will house ground-floor retail space. Amenities will include a pool, fitness center, bar area and coworking spaces. Completion is slated for the third quarter of 2024.

October 11, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 208-Unit Borough Apartments in Fort Worth

by Taylor Williams October 11, 2022

FORT WORTH, TEXAS — Northmarq has brokered the sale of The Borough Apartments, a 208-unit multifamily property in Fort Worth that was built in 1981. According to Apartments.com, the property offers one- and two-bedroom units ranging in size from 500 to 1,280 square feet. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq brokered the deal on behalf of the seller. Kevin Leamy, Lauren Bresky, Daniel Stickane and Patrick Elliott, also with Northmarq, arranged a nonrecourse, floating-rate acquisition loan that carried three years of interest-only payments on behalf of the buyer. Both parties requested anonymity.

October 11, 2022

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