Multifamily

Kraus-Anderson Completes $38.6M Multifamily Project in St. Paul

by Kristin Harlow August 2, 2022

ST. PAUL, MINN. — Kraus-Anderson Development Co. has completed construction of MODA on Raymond, a $38.6 million multifamily project located at the corner of Raymond and University avenues in St. Paul. Designed by UrbanWorks Architecture, the development houses 220 market-rate apartment units and 2,314 square feet of commercial space. The six-story property is located one block from the Green Line station in the St. Anthony Park neighborhood. Units at MODA on Raymond range from 361 to 1,180 square feet. Amenities include a fitness center, outdoor courtyard, pool, clubroom, rooftop patio, convenience market, pet wash and dog run. Monthly rents start at $1,077 for studios.

August 2, 2022

Acquisitions Multifamily Texas

Koontz Corp. Sells 340-Unit Apartment Community in College Station

by Taylor Williams August 2, 2022

COLLEGE STATION, TEXAS — San Antonio-based Koontz Corp. has sold Encino Trace Apartments, a 340-unit community in College Station. Koontz completed Encino Trace, which offers one- and two-bedroom floor plans, in January 2022. Units feature stainless steel appliances, quartz countertops, brushed nickel hardware, simulated wood and ceramic tile flooring, full-size washers and dryers, walk-in closets, private patios and balconies and detached garages. Communal amenities include a pool with a tanning ledge and outdoor kitchen, poolside lounge and ﬁre pit, a dog park, ﬁtness center and a clubhouse. Will Balthrope, Drew Garza and Jennifer Campbell of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal on behalf of Koontz Corp. The buyer was California-based SB Pacific Group LLC.

August 2, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 309-Unit Multifamily Property in Northeast Dallas

by Taylor Williams August 2, 2022

DALLAS — Marcus & Millichap has brokered the sale of Hampton Greens, a 309-unit multifamily property in northeast Dallas. Built in 1985 on nine acres, the 16-building community offers one- and two-bedroom floor plans featuring patios or balconies, walk-in closets and exterior storage space. Amenities include a pool, business center, fitness center, clubhouse, children’s play area and onsite laundry facilities. David Fersing, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, Los Angeles-based Oro Capital Advisors LLC, in the transaction. The team also procured the buyer, a partnership between two locally based firms, Capital Boutiq and Trinity Investors.

August 2, 2022

Development Loans Multifamily Washington Western

Cushman & Wakefield Arranges $91.9M Construction Loan for Bellevue Station Apartment Project in Washington

by Amy Works August 2, 2022

BELLEVUE, WASH. — Cushman & Wakefield has arranged $91.9 million in construction financing for Legacy Partners and New York Life Real Estate Investors for the development of Bellevue Station, a transit-oriented multifamily property in Bellevue. Located at 1525 132nd Ave. NE in Bellevue’s Bel-Red submarket, Bellevue Station will feature 288 apartments, including 230 market-rate units and 58 below-market Multifamily Tax Exemption units. Community amenities will include a gym with a separate yoga zone, coffee bar, rooftop club room with terrace and an indoor/outdoor/games room. Additionally, the lobby will offer co-working space with open booths for residents. Upon completion in first-quarter 2025, Bellevue Station will sit along the newly expanded East Link light rail station. Dave Karson, Chris Moyer and Keith Padien of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in the financing, which JPMorgan Chase provided. The team also arranged the joint-venture equity for the development of the project earlier this year on behalf of Legacy Partners.

August 2, 2022

Acquisitions Arizona Multifamily Western

Goodegg Investments, Break of Day Capital Acquire 248-Unit Mission Antigua Apartments in Tucson, Arizona

by Amy Works August 2, 2022

TUCSON, ARIZ. — San Francisco-based Goodegg Investments and Manhattan Beach, Calif.-based Break of Day Capital have jointly acquired Mission Antigua, a 248-unit apartment community located in the Midvale Park area of Tucson, for an undisclosed price. Julie Lam and Annie Dickerson of Goodegg Investments and Gary Lipsky at Break of Day Capital led the acquisition teams. This is the eighth asset in Arizona for Break of Day Capital and the first for Goodegg Investments. Completed in 1989, Mission Antigua comprises 248 one-, two- and three- bedroom units and includes amenities such as a swimming pool, picnic area, fitness center and clubhouse. Individual unit amenities include fireplaces, ceiling fans, walk-in closets and balconies and patios. Select units include vaulted ceilings and in-unit washers and dryers. Approximately 70 percent of the units have been renovated, and Goodegg Investments and Break of Day Capital plan to renovate the remaining units.

August 2, 2022

Acquisitions Multifamily Northeast Pennsylvania

JLL Brokers Sale of Two Philadelphia Apartment Complexes Totaling 213 Units

by Taylor Williams August 2, 2022

PHIILADELPHIA — JLL has brokered the sale of two apartment complexes totaling 213 units in Philadelphia. The Broderick is a 69-unit property in the Society Hill area that houses one- and two-bedroom units with an average size of 854 square feet and 5,240 square feet of ground-floor retail space. The Republic is a 144-unit complex in the Rittenhouse neighborhood with studio, one- and two-bedroom residences averaging 695 square feet. The Republic also houses 5,267 square feet of retail space. Mark Thomson, Carl Fiebig, Francis Coyne and Tyler Margraf of JLL represented the seller, a partnership between Barings Real Estate and MRP Realty, in the two separate transactions. Sentinel Real Estate Corp. acquired the assets for undisclosed prices.

August 2, 2022

Features Multifamily

The Cost of Creature Comforts: What Multifamily Amenities Are Renters Most Willing to Pay For?

by Taylor Williams August 2, 2022

By Sarah Yaussi, vice president of business strategy, National Multifamily Housing Council What do renters want now? You might think that the latest and greatest tech upgrades would be at the top of their wish lists, or that fancy fixtures and finishes would be a powerful differentiator when choosing among their rental options. In reality, however, the most valued apartment features and community amenities for the 250,000 or so renters surveyed in the 2022 NMHC/Grace Hill Renter Preferences Survey Report were, in large part, far simpler. Those amenities and services that allowed them to simplify their to-do lists and take care of their families and their own health clocked in at the top of our list. About the Survey NMHC/Grace Hill survey respondents were asked about their levels of interest in a battery of apartment features and community amenities. Features are those design aspects contained within the unit or home itself. Amenities, on the other hand, are shared by residents of the community and most often refer to a rental community’s common areas. If respondents expressed interest, they were then asked how much more they would be willing to pay per month for an identical rental home that had that …

August 2, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 216-Unit Apartment Complex in Rockport, Texas

by Taylor Williams August 1, 2022

ROCKPORT, TEXAS — Marcus & Millichap has arranged the sale of Pearl Point, a 216-unit apartment complex in the southern coastal city of Rockport. Units at Pearl Point feature an average size of 906 square feet and are equipped with patios/balconies, walk-in closets and full-size washers and dryers. Amenities include a pool, open green space and a dog park. Kent Myers and Nico Bianchi of Marcus & Millichap represented the seller, a partnership between Rockport-based Uhr Real Estate Inc. and Iowa-based Frew Development Group, in the transaction. The duo also procured the buyer, Dallas-based RREAF Holdings.

August 1, 2022

Acquisitions Affordable Housing Multifamily Texas

Fairstead Acquires 105-Unit Historic Aurora Apartments in San Antonio

by Taylor Williams August 1, 2022

SAN ANTONIO — Fairstead, an investment firm with three offices along the East Coast, has acquired Aurora Apartments, a 105-unit historic multifamily complex in San Antonio’s Tobin Hill neighborhood. The 11-story, 92-year-old building currently provides housing for low-income senior citizens. Fairstead plans to invest $15 million to rehabilitate Aurora Apartments and preserve the property’s affordability status. Renovations will include upgrades of pieces of building infrastructure such as the emergency generator, electrical panels and main switchgear, as well as the installation of a new sprinkler system, elevators and roofing. The units’ kitchens, bathrooms, HVAC units and appliances will also be upgraded. Construction is expected to begin this summer.

August 1, 2022

Acquisitions Arizona Multifamily Western

Thompson Thrift Residential Sells The Wyatt Multifamily Community in Gilbert, Arizona for $91M

by Amy Works August 1, 2022

GILBERT, ARIZ. — Thompson Thrift Residential has completed the disposition of The Wyatt, an apartment property in Gilbert. Decron Properties acquired the asset for $91 million, or $421,296 per unit. Completed in 2022, The Wyatt features 216 apartments with nine-foot ceilings, full-size washers/dryers and a 980-square-foot average unit size. Community amenities include a swimming pool and spa; pavilion with social seating and recessed fireplace; resident clubhouse; community courtyard; playground; covered parking; and detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 1, 2022

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