Multifamily

Stoneweg US Acquires 312-Unit Ashford Apartments in Houston’s Energy Corridor

by Taylor Williams July 15, 2022

HOUSTON —Florida-based investment firm Stoneweg US has acquired Ashford, a 312-unit apartment community in Houston’s Energy Corridor. According to Apartments.com, the property was built in 2017 and features studio, one- and two-bedroom units that range in size from 553 to 1,326 square feet. Amenities include a pool, fitness center, outdoor grilling and dining stations and a dog park. The seller and sales price were not disclosed. Stoneweg US has tapped RPM Living to manage the property and oversee a value-add program.

July 15, 2022

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 233-Unit Athens Gate Apartments in El Paso

by Taylor Williams July 15, 2022

EL PASO, TEXAS — Greysteel has brokered the sale of Athens Gate, a 233-unit apartment complex in El Paso. The property offers one- and two-bedroom units that range in size from 404 to 746 square feet. According to Apartments.com, amenities include a pool, playground, volleyball court and outdoor grilling stations. Jack Stone of Greysteel represented the seller, a locally based developer, in the transaction. The buyer and sales price were not disclosed.

July 15, 2022

Acquisitions Multifamily Seniors Housing Texas

JLL Negotiates Sale of 100-Bed Transitional Care Facility in DeSoto, Texas

by Taylor Williams July 15, 2022

DESOTO, TEXAS — JLL has negotiated the sale of Methodist Transitional Care Center, along-term care facility in the southern Dallas suburb of DeSoto. The 100-bed property was built in 2020 and encompasses 66 units. Charles Bissell and Evan Kovac of JLL represented the seller and developer, Madison Marquette, in the transaction. Illinois-based LFI Real Estate purchased the asset for an undisclosed price.

July 15, 2022

Acquisitions Multifamily Northeast Pennsylvania Student Housing

Rittenhouse Realty Arranges $87M Sale of Philadelphia Student Housing Community

by Taylor Williams July 15, 2022

PHILADELPHIA — Locally based brokerage firm Rittenhouse Realty Advisors has arranged the $87 million sale of Hamilton Court, a 295-bed student housing community located near the University of Pennsylvania in Philadelphia. Amenities include a pool, fitness center, outdoor grilling and dining areas and onsite laundry facilities. Hamilton Court also houses 21,400 square feet of retail space. Rittenhouse represented the seller, Post Brothers, which acquired the 103-unit property in 2015 and implemented a $21 million capital improvement program.

July 15, 2022

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Arch Communities, WinnCos. Complete $25.7M Residential Adaptive Reuse Project in Southbridge, Massachusetts

by Taylor Williams July 15, 2022

SOUTHBRIDGE, MASS. — Arch Communities and developer WinnCos. have completed a $25.7 million residential adaptive reuse project in Southbridge, located in the southern central part of the state. The project converted the 90,000-square-foot former Mary E. Wells High School building into a 62-unit affordable housing complex for seniors age 55 and older. Of the 62 apartments, 56 are reserved for households earning 60 percent or less of the area median income (AMI), including eight apartments reserved for residents at or below 30 percent of AMI. Six units have been customized for handicapped and sensory-impaired households. The 106-year-old building had been vacant for eight years before construction began in 2020.

July 15, 2022

Acquisitions Georgia Multifamily Southeast

Westside Capital Buys Lofts at Twenty25 Apartments in Atlanta for $136M

by John Nelson July 14, 2022

ATLANTA — Miami-based Westside Capital Group has purchased The Lofts at Twenty25, a 16-story high-rise apartment tower located at 2025 Peachtree Road in Atlanta. The unnamed developer sold the 623-unit property, which was originally built in 1951 and completely redeveloped in 2021, for $136 million. Situated between Atlanta’s Buckhead and Midtown districts, Lofts at Twenty25 features one-bedroom apartments ranging from 430 square feet to 600 square feet. Unit interiors feature eight- to 10-foot ceilings, wood-style plank flooring, quartz countertops and stainless steel appliances, walk-in closets and barn-style doors. Amenities include a 5,000-square-foot fitness center, swimming pool, movie theater, convenience store and coffee shop, dog park and dog wash, swimming pool, billiards and game room, office and conference rooms, bike storage, putting green, laundry facility and dry cleaning service, EV charging stations and 405 parking spaces.

July 14, 2022

Loans Michigan Midwest Multifamily

Greystone Provides $48M Acquisition Loan for Apartment Community in Okemos, Michigan

by Kristin Harlow July 14, 2022

LANSING, MICH. — Greystone has provided a $48 million Fannie Mae green loan for the acquisition of Club Meridian in Okemos, an eastern suburb of Lansing. Constructed in 1989, the 406-unit apartment community consists of 17 garden-style buildings. Richard Kourbage of Greystone originated the loan on behalf of the borrower, a joint venture between Gray Capital and LRE Management. The nonrecourse loan features a 10-year term. The financing enables the borrower to make renovations to the property as well as complete the acquisition.

July 14, 2022

Acquisitions Illinois Midwest Multifamily

EQT Exeter Acquires 380-Unit Multifamily Property in Suburban Chicago

by Kristin Harlow July 14, 2022

WEST DUNDEE, ILL. — EQT Exeter’s U.S. multifamily team has acquired Reserve Randall Road in West Dundee, a far northwest suburb of Chicago. The purchase price was undisclosed. The 380-unit multifamily property, located at 400 Randall Road, comprises 19 buildings. Amenities include a clubhouse, fitness center, pool, grilling station, dog park and entertainment lounges. The seller, Milwaukee-based Fiduciary Real Estate Development, developed the community in two phases. Phase I was completed in 2021 and consists of 300 units, while Phase II was completed earlier this year. EQT Exeter plans to make certain enhancements to the property, including upgrading the outdoor grill area and dog park, the addition of a cabana to the pool area and the implementation of a KeyTrak management system as well as various upgrades to the parking lot, sidewalks and landscaping. EQT Exeter’s property management company, Redwood Residential, will manage the property.

July 14, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $16.5M HUD-Insured Loan for Refinancing of Minnesota Apartment Complex

by Kristin Harlow July 14, 2022

OTSEGO, MINN. — Colliers Mortgage has provided a $16.5 million HUD 223(f) loan for the refinancing of Rivers Edge Apartments in Otsego, a northwest suburb of Minneapolis. The 97-unit apartment complex was built in 2020. Amenities include a community room, fitness studio, picnic areas and onsite maintenance. The loan features a 35-year term and a 35-year amortization.

July 14, 2022

Acquisitions Multifamily Texas

S2 Capital Acquires 4,455-Unit Multifamily Portfolio in Dallas-Fort Worth, Houston

by Taylor Williams July 14, 2022

DALLAS — Locally based investment firm S2 Capital has acquired a portfolio of 14 multifamily properties totaling 4,455 units that are located in various cities throughout the Dallas-Fort Worth (DFW) metroplex as well as in Houston. The DFW component of the portfolio totals 3,399 units, and the Houston portion comprises 1,056 units. All properties were built between 1979 and 1987. Mark Brandenburg, Lauren Dow and Michael Cosby of JLL, along with Lauren Bresky and Loren Heikenfeld of Northmarq, arranged debt financing for the transaction. Roberto Casas, Rob Key, Matthew Lawton and Dustin Selzer with JLL, as well as Taylor Snoddy with Northmarq, brokered the sale. The seller was not disclosed. S2 Capital plans to extensively renovate and enhance the unit interiors, building exteriors and amenity spaces at all of the properties.

July 14, 2022

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