Multifamily

Capital Square Acquires 312-Unit Apartment Community in Arden, North Carolina

by John Nelson July 6, 2022

ARDEN, N.C. — Capital Square has acquired Retreat at Arden Farms, a 312-unit apartment community located at 539 Long Shoals Road in the Asheville suburb of Arden. The Richmond-based firm purchased the property for an undisclosed price through CS1031 Retreat at Arden Farms Apartments DST, a Delaware statutory trust investment offering that seeks to raise $68 million in equity. The seller was not disclosed. Situated on 28 acres in the Blue Ridge Mountains off I-26, Retreat at Arden Farms offers one-, two- and three-bedroom units averaging 957 square feet with tile backsplashes, stainless steel appliances, nine-foot ceilings, walk-in closets and balconies or patios. Amenities include a clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 fitness center, wellness studio, poolside grilling area, dog park, electric car charging stations and private garages and storage units.

July 6, 2022

Loans Multifamily Texas

Thorofare Capital Provides $48M Acquisition Loan for Houston Multifamily Property

by Taylor Williams July 6, 2022

HOUSTON — Los Angeles-based Thorofare Capital has provided a $48 million acquisition loan for an undisclosed, 246-unit multifamily property in Houston. Built in 2017 in the city’s Tanglewood neighborhood, the property features an average unit size of 1,427 square feet and was 92 percent occupied at the time of sale. The loan was structured with a fixed interest rate, a seven-year initial term and four years of interest-only payments. The borrower was also not disclosed.

July 6, 2022

Development Multifamily Northeast Pennsylvania

GMH Communities Completes 462-Unit Anova uCity Square Apartments in Philadelphia

by Taylor Williams July 6, 2022

PHILADELPHIA — GMH Communities has completed Anova uCity Square, a 462-unit apartment community in Philadelphia’s University City area. The six-story, 330,000-square-foot building will be the first of four Anova-branded multifamily developments that will open in the life sciences district by 2025. Anova uCity Square includes 10,000 square feet of retail space and a 157-space parking garage. Units come in studio, one-, two- and three-bedroom formats and feature stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include a pool, coworking space, pet care facilities and a package locker system. Construction began in March 2020. Rents start at $1,645 per month for a studio apartment.

July 6, 2022

Acquisitions Illinois Midwest Multifamily Northmarq

Northmarq Negotiates $29M Sale of Multifamily Portfolio in Springfield, Illinois

by Kristin Harlow July 6, 2022

SPRINGFIELD, ILL. — Northmarq has negotiated the sale of the Koke Mill Portfolio in Springfield for $29 million. The 308-unit multifamily portfolio consists of the following properties: West Koke Mill Village, Boysenberry Village and Smythberry Village. Parker Stewart of Northmarq represented both the undisclosed buyer and seller. David Garfinkel of Northmarq originated a $19.5 million Fannie Mae acquisition loan on behalf of the borrower.

July 6, 2022

Acquisitions Multifamily Washington Western

Jacobson Co. Sells Alley24 Multifamily Property in Seattle’s South Lake Union for $90M

by Amy Works July 6, 2022

SEATTLE — The Jacobson Co. has completed the sale of Alley24, an apartment community located at 241 Yale Ave. in Seattle’s South Lake Union neighborhood. An undisclosed buyer acquired the property for $90 million. Built in 2006 and remodeled in 2014, Alley24 features 172 apartments in a mix of studio, one- and two-bedroom layouts with an average unit size of 722 square feet. Community amenities include a 24-hour gym, resident lounge with catering kitchen, media room, rooftop deck with city skyline views and ground-floor retail space. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE represented the seller in the deal.

July 6, 2022

Acquisitions Arizona Multifamily Western

NextGen Divests of Craft @ Gilbert & Baseline Apartments in Mesa, Arizona for $45M

by Amy Works July 6, 2022

MESA, ARIZ. — NextGen Apartments has completed the disposition of Craft @ Gilbert & Baseline, a multifamily community in Mesa. An undisclosed buyer acquired the asset for $45 million, or $432,692 per unit. Completed in 2019, Craft @ Gilbert & Baseline features 104 apartments in a mix of one- and two-bedroom open-concept layouts that average 1,018 square feet. Units feature full-size washers/dryers, smart home features and garage access. Community amenities include a resort-style swimming pool, outdoor yoga space, grilling stations and a firepit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 6, 2022

Colorado Loans Mixed-Use Multifamily Western

NewPoint Provides $69M HUD Refinancing for Ascent Mixed-Use Property Near Denver

by Amy Works July 6, 2022

WESTMINSTER, COLO. — NewPoint Real Estate Capital has provided a $69 million HUD 223(f) loan on behalf of Ascent Westminster LLC to refinance Ascent, a mixed-use community in Westminster. Built in 2019, Ascent features 25,625 square feet of retail space and 255 apartments, with 10 percent of the units designated affordable at 80 percent of area median income. The five-story, elevator-served building features studio, one- and two-bedroom units, a swimming pool, fitness center, sports simulator, fire pits, barbecue grills and a club room. Additionally, the property features 12 townhome-style units with attached two-car garages. John Motzel of NewPoint originated the loan. The borrower used the loan to pay off a two-year, lease-up bridge loan provided by Barings, a subsidiary of MassMutual. Kyle Morgue of The Carlton Group served as broker on the transaction.

July 6, 2022

Acquisitions Florida Multifamily Southeast Top Stories

Avanti Residential Acquires Soleste Grand Central Apartment Complex in Miami for $181M

by Kristin Harlow July 6, 2022

MIAMI — Avanti Residential has acquired Soleste Grand Central, a 360-unit luxury apartment complex in downtown Miami, for $181 million. The seller was The Estate Cos., which developed the property in 2021. Located at 218 NW 8th St., Soleste Grand Central is walkable to various retail and dining options and features immediate access to I-95. Floor plans range from studios to three-bedroom units. Amenities include a fourth-floor pool, fitness center, yoga and spin studios, salon, dog park, clubroom, café, gaming lounge and a business center with individual coworking spaces and a conference room. The acquisition marks Avanti’s fourth South Florida investment in the past year, following purchases in Boynton Beach, Doral and St. Petersburg. Avanti has now invested nearly $500 million in Florida and continues to actively seek Class A apartments in the state and other key markets nationwide. “We continue to see strong fundamentals in several South Florida multifamily markets, where employment growth and migratory trends remain impactful demand generators in an already supply-constrained apartment sector,” says Christian Garner, president and CEO of Avanti. Walker & Dunlop’s South Florida investment sales team, led by Still Hunter, brokered the sale. Headquartered in Denver, Avanti is an investor and owner-operator of …

July 6, 2022

Affordable Housing Market Reports Multifamily Texas Texas Market Reports

Affordable Housing Gap Widens Throughout Dallas-Fort Worth

by Taylor Williams July 6, 2022

After seeing its population grow by 97,000 between July 2020 and 2021, the Dallas-Fort Worth (DFW) metroplex is now home to nearly 8 million people, according to data from the U.S. Census Bureau. And it’s getting increasingly harder to adequately and affordably house the growing population. The problem isn’t new, just exacerbated, and it’s hardly unique to DFW. But when a market experiences the rate of population growth that the metroplex has over the last decade, the question of how much housing inventory exists that’s financially feasible for the average resident to rent or own gets thrust under the microscope. Of course, there’s a major difference between housing that’s affordable and affordable housing. The former is something of an arbitrary concept, whereas the latter carries a precise legal and regulatory definition. But the socioeconomic issue embodied within the two is largely the same. General Barriers A recent report from the National Low Income Housing Coalition ranked Texas — once heralded as the land of infinite land — as the sixth-worst state in terms of availability of rental housing for low-income households. This finding runs counter to Texas’ longstanding reputation as a state with an affordable cost of living, but …

July 6, 2022

Acquisitions Florida Multifamily Southeast

Walker & Dunlop Negotiates $92M Sale of First Apartments in Miami

by John Nelson July 5, 2022

MIAMI — Walker & Dunlop has negotiated the $92 million sale of First Apartments, a luxury mid-rise multifamily community located in Miami’s East Little Havana neighborhood. Still Hunter and Kaya Suarez of Walker & Dunlop represented the buyer, Lloyd Jones, in the transaction. The seller, Premium Development, delivered First Apartments in September 2021. The community was Premium’s first project in the United States. Amenities include fitness facilities, a resort-style lap pool, business center, bike storage, an outdoor courtyard and a large dog park. Units range from studios to four-bedroom apartments and span from 578 to 1,790 square feet, according to Apartments.com.

July 5, 2022

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