Multifamily

Virtu Investments Sells Foothill Ridge Apartments in Upland, California to Clear Capital for $82M

by Amy Works June 23, 2022

UPLAND, CALIF. — Virtu Investments has completed the disposition of Foothill Ridge, a multifamily property in Upland, to Clear Capital for $82 million, or $353,448 per unit. Built in 1973, Foothill Ridge features 232 apartments spread across 32 one- and two-story buildings on 11 acres. Units offer energy-efficient appliances, large closets and central air conditioning. Community amenities include ample open space, a resort-style pool with furnished sundeck, a spa, fitness center, dog park, playground and barbecue grills. Alexander Gracia Jr., Tyler Martin and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

June 23, 2022

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $53.2M Financing for Tiburon Affordable Housing Development in San Luis Obispo, California

by Amy Works June 23, 2022

SAN LUIS OBISPO, CALIF. — KeyBank Community Development Lending and Investment has provided $53.2 million in financing for the development of Tiburon, an affordable multifamily property in San Luis Obispo. KeyBank provided a $28 million construction loan and a $2.3 million permanent loan, as well as $22.9 million in low-income housing and state housing tax credit equity, to People’s Self Help Housing, a San Luis Obispo-based affordable housing development and management company. Situated on 2.1 acres, Tiburon will feature 68 units in a mix of studio, one- and two-bedroom units spread across two three-story residential buildings with a community center. The units are designated for individuals and families within the 25, 30, 40, 50 and 60 percent area median income levels. The units at 25 percent and 30 percent are part of California’s permanent supportive housing program, helping to serve unhoused individuals and those who may be prone to homelessness. The development will receive support from the California Department of Housing and Community Development, which awarded the project $6.4 million in funding under the California No Place Like Home Program. Additionally, the city and county of San Luis Obispo provided $1.1 million of funding. Transitions Mental Health of San Luis …

June 23, 2022

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Negotiates $19.8M Sale of Avon Apartments in Denver

by Amy Works June 23, 2022

DENVER — NorthPeak Commercial Advisors has arranged the sale of Avon Apartments, a multifamily property located at 2850 and 2880 S. Federal Blvd. in Denver. The asset traded for $19.8 million, or $200,000 per unit. The names of the seller and buyer were not released. Totaling 75,662 square feet, Avon Apartments features 99 units. Scott Fetter and Joe Hornstein of NorthPeak Commercial Advisors represented the undisclosed buyer in the deal.

June 23, 2022

Acquisitions Multifamily North Carolina Southeast

Kirkland Brokers $90.9M Sale of Apartment Community in Charlotte

by John Nelson June 23, 2022

CHARLOTTE, N.C. — The Kirkland Co. has brokered the $90.9 million sale of Amaze @ NoDa, a 298-unit apartment community in Charlotte. Built in 2020, the gated property is situated in Charlotte’s NoDa (north of Davidson Street) district along the Lynx Blue Line rail. Dennis Harris, Austin Haney and Matt Behr of Kirkland represented the seller and developer, Neyland Apartment Associates, in the transaction. Stoneweg U.S. LLC, a multifamily investor and developer based in St. Petersburg, Fla., was the buyer. Amaze @ NoDa features studio, one- and two-bedroom units, as well as a pool, clubhouse, sky lounge with an outdoor bar, business center, bike storage, fitness center, dog park, firepits, courtyard and grills.

June 23, 2022

Acquisitions Georgia Southeast Student Housing

Blue Vista, StepStone Purchase Theory Interlock Student Housing Project in Atlanta

by John Nelson June 23, 2022

ATLANTA — Blue Vista Capital Management and StepStone Real Estate, the real estate arm of investment firm StepStone Group, have purchased Theory Interlock, a 240-unit student housing project underway near Georgia Tech in Atlanta’s West Midtown district. Blue Vista and PeakMade Real Estate are the developers behind the community, which is one of the anchors of the $450 million The Interlock mixed-use destination that SJC Ventures is developing. Theory Interlock, which will feature a unit mix ranging from studios to five-bedroom apartments, is slated to open ahead of the fall 2023 semester. The acquisition of Theory Interlock is the first investment for a $90 million co-investment partnership between Blue Vista and StepStone that is focused on student housing opportunities.

June 23, 2022

Acquisitions Multifamily Southeast Tennessee

Penler Sells 240-Unit Parkstone Apartment Community in Gallatin, Tennessee

by John Nelson June 23, 2022

GALLATIN, TENN. — Penler has sold The Parkstone, a newly developed apartment community located in the Nashville suburb of Gallatin. The Atlanta-based developer sold the 240-unit, townhouse-style property to Weinstein Properties, a Richmond-based investor that has rebranded the property to Bexley Parkstone. The sales price was not disclosed. Penler acquired the 16.5-acre site in summer 2020 and opened The Parkstone in January 2022. The community, which was fully stabilized at the time of sale, features one-, two- and three-bedroom units. Amenities include a 24-hour package room, dog park, detached garages, clubhouse, pool with a sundeck and cabanas, fitness center and a picnic area with grills, according to Apartments.com.

June 23, 2022

Loans Midwest Minnesota Multifamily

Associated Bank, Old National Bank Provide $65M in Construction Financing for Apartment Complex in Minnesota

by Kristin Harlow June 23, 2022

BLOOMINGTON, MINN. — Associated Bank and Old National Bank have provided $65 million in construction financing for Carbon 31, a 403-unit apartment complex in the Minneapolis suburb of Bloomington. The project will also include a 14,500-square-foot retail space to be occupied by Oxendale’s Market. Of the 403 units, 36 will be designated for renters earning up to 60 percent of the area median income. Completion is slated for January 2024. Each bank provided 50 percent of the total financing. Randy Stille of Associated Bank managed the loan and closing. The borrower was McGough Development.

June 23, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $7.4M Loan for Refinancing of Multifamily Building in Minneapolis

by Kristin Harlow June 23, 2022

MINNEAPOLIS — Colliers Mortgage has provided a $7.4 million Fannie Mae loan for the refinancing of Apt on Essex, a 58-unit multifamily building in Minneapolis. The property offers micro-units and is located within walking distance of a Fresh Thyme grocery store. The 10-year loan features a 30-year amortization schedule. An entity doing business as J2 Catapult LLC was the borrower.

June 23, 2022

Affordable Housing Iowa Market Reports Midwest Midwest Market Reports Multifamily

Organizations Align to Address Housing Affordability in Des Moines

by Kristin Harlow June 23, 2022

By Ryan Kelly, TWG Development Despite the affordable housing crisis, Des Moines has managed to endure the adverse factors that have caused a boom in housing prices nationwide — but we still have a ways to go. A sustained demand, an influx of business and new projects by national developers all played a role in Des Moines’ multifamily growth over the past two years. Developing Des Moines Home to some of the largest multinational finance and insurance corporations, Des Moines has pioneered Iowa’s growth. The city has also seen population growth — the most recent census revealed that Des Moines’ suburbs led to Iowa’s development while the city itself grew by 5.4 percent. Des Moines is the 10th-best place for business and careers, according to Forbes, and ranked as the fifth-best city to live in, according to U.S. News and World Report. The capital city has experienced a boom in employment, with a rise in the number of high-tech jobs, at a 6.7 percent rate. The Midwest’s low cost of living (7 percent lower than the national average) and Des Moines’ proximity to large cities have contributed to the growth of key industries, including logistics, ag-bioscience, manufacturing, data and insurance. …

June 23, 2022

Development Multifamily Texas

Kalterra Capital Underway on 249-Unit Multifamily Project in San Marcos, Texas

by Taylor Williams June 22, 2022

SAN MARCOS, TEXAS — Kalterra Capital Partners is underway on construction of The Dylan, a 249-unit apartment community in the Central Texas city of San Marcos. The site is adjacent to McCarty Commons, which the Dallas-based developer sold in 2021. Units will come in one-, two- and three-bedroom floor plans and will be furnished with granite countertops, stainless steel appliances and private patios/balconies. Residences will range in size from 675 to 1,415 square feet. Amenities will include a pool, fitness center, volleyball court and open green space. Kalterra expects to deliver the property in the second quarter of 2023.

June 22, 2022

Newer Posts

Older Posts