Multifamily

Northmarq Arranges $4.2M Loan for Refinancing of Two Student Housing Properties in Michigan

by Kristin Harlow January 7, 2022

ALLENDALE, MICH. — Northmarq has arranged a $4.2 million loan for the refinancing of Conifer Creek and Conifer Creek West Townhomes, two student housing properties serving Grand Valley State University in Allendale near Grand Rapids. The communities, constructed in 2006 and 2016, total 186 beds. Both properties were fully leased at the time of loan closing. Robert Hernandez of Northmarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was undisclosed.

January 7, 2022

Acquisitions Development Missouri Multifamily Top Stories

CRG Sells Portion of $500M, 80-Acre Mixed-Use Community in West Suburban St. Louis

by Julia Sanders January 7, 2022

CHESTERFIELD, MO. — CRG has sold 4.9 acres within Wildhorse Village, an 80-acre, $500 million mixed-use community in Chesterfield, about 22 miles west of St. Louis. CRG sold the land to St. Louis-based developer Pier Property Group to build The Flats at Wildhorse Village, a four-story, 266-unit apartment building. Arcturis and LJC are the architects, while St. Louis-based Holland Construction Services will be the builder for the multifamily project. Construction will begin in the first quarter of 2022 and is slated for completion by the summer of 2023. David Garfinkel of Northmarq secured a $46 million construction loan for The Flats at Wildhorse Village. UMB Bank provided the loan to the borrower, Pier Property Group. The loan terms were not disclosed. Located at 350 Wildhorse Lake Blvd., The Flats at Wildhorse Village will feature studio, one-, two- and three-bedroom floorplans on four floors. The building’s exterior will resemble townhomes, with balconies and open terraces. The units will feature quartz countertops, stainless steel appliances, glass shower doors and custom flooring. Community amenities will include an interior courtyard, resort-style pool, deck with grilling stations, firepits, fitness center, dog park, dog spa, business center, resident lounges, bike storage and a 400-space parking structure. …

January 7, 2022

Acquisitions Multifamily Washington Western

Virtu Investments Purchases Cerasa Apartments in Bellevue for $109M

by Amy Works January 6, 2022

BELLEVUE, WASH. — Evergreen Point Development has completed the disposition of Cerasa, a multifamily property located at 10961 NE 2nd Place in Bellevue. Virtu Investments acquired the asset for $109 million, or $707,792 per unit. Completed in 2019, Cerasa features 154 apartments, including top-floor penthouses with 11-foot to 14-foot ceilings. Community amenities include a clubhouse, resident lounge with fireplace and gated underground parking garage with electric car charging stations. Philip Assouad and Giovanni Napoli of Intuitional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

January 6, 2022

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 1,556-Unit Workforce Housing Portfolio in Houston Area

by Taylor Williams January 6, 2022

HOUSTON AND PASADENA, TEXAS — Berkadia has brokered the sale of a portfolio of four workforce housing properties totaling 1,556 units in the Houston area. The portfolio consists of the 504-unit Mosaic in the eastern suburb of Pasadena; the 364-unit Huntington Glen in Houston; the 438-unit Onyx in Houston; and the 250-unit Avenue in Houston. Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry of Berkadia represented the seller, Austin-based GVA Real Estate Group, in the transaction. The buyer was a joint venture between Houston-based Stonewall Associates and New York-based Nord Group.

January 6, 2022

Development Multifamily Texas

Thompson Realty, Trez Capital to Develop 504-Unit Multifamily Project in North Austin

by Taylor Williams January 6, 2022

AUSTIN, TEXAS — Locally based developer Thompson Realty Capital and its equity partner, Trez Capital, will develop Larkspur Liberty Hill, a 504-unit multifamily project in Austin. The garden-style property will be located on the city’s north side and will feature a pool, leasing office and amenity center. Units will come in one-, two- and three-bedroom floor plans and average 920 square feet. Construction will occur in two phases, with the initial groundbreaking scheduled for early this year and tentative completion slated for 2025.

January 6, 2022

Acquisitions Multifamily Texas

Lloyd Jones Acquires 351-Unit Multifamily Community in Metro Houston

by Taylor Williams January 6, 2022

KATY, TEXAS — Miami-based investment firm Lloyd Jones has acquired Seville at Clay Crossing, a 351-unit apartment community located in the western Houston suburb of Katy that was built in 2020. Units at the property feature granite countertops, private garages and individual washers and dryers. Amenities include a pool, package lockers and a dog park. The seller and sales price were not disclosed.

January 6, 2022

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Franklin Templeton Purchase Apartment Community in Charlotte for $79.3M

by Julia Sanders January 6, 2022

CHARLOTTE, N.C. — Manhattan Beach, Calif.-based Magma Equities, in a joint venture with funds managed by Franklin Templeton, has purchased Cameron SouthPark, a 309-unit apartment community in Charlotte. The sales price was $79.3 million. Arel Capital was the seller. Constructed in 1984 and renovated in 2016, Cameron SouthPark’s one- and two-bedroom apartments are housed in 26 three-story residential buildings on a 35-acre site. Community amenities include two swimming pools, a clubhouse, fitness center, sand volleyball court, basketball courts, tennis courts and a dog park. The property was 95 percent occupied at the time of sale. The two companies plan to upgrade the property with improved management operations and physical improvements that include upgrades to the property’s exterior, common areas and unit interiors. Located at 6316 Cameron Forest Lane, the property is close to the 1.6 million-square-foot SouthPark Mall, 8.2 miles from downtown Charlotte and 2.5 miles from Park Road Park, a recreational park with a basketball court, tennis court and baseball fields.

January 6, 2022

Acquisitions Multifamily Southeast Tennessee

SVN Multifamily Arranges $32.5M Sale of Two Apartment Properties in Tennessee

by Julia Sanders January 6, 2022

ATHENS AND CLEVELAND, TENN. — SVN Multifamily LLC has arranged the $32.5 million sale of Park Oak and Park Crest Apartments, two multifamily properties with a total of 410 units located in Athens and Cleveland. Andrew Agee and Joseph Shaw of SVN Multifamily represented both the seller, Park Properties, and the buyer, New Jersey-based C.J. Lombardo Co. The buyer plans to renovate the units including upgrading interiors with LVT flooring and new appliances, as well as painting the exterior. Built in 1990, Park Crest offers 160 units with features such as washer and dryer hookups, a security system, storage units, dishwasher, walk-in closets and a balcony. Community amenities include laundry facilities, a car wash area, clubhouse, fitness center, pool and a picnic area. Located at 2108 Congress Parkway S. in Athens, the property is situated adjacent from the Tennessee College of Applied Technology and 56.5 miles from Chattanooga. Built in 1989, Park Oak offers 250 units with unit features including washer and dryer hookups, a security system, dishwasher, walk-in closets and balconies. Community amenities include a pool, fitness center, laundry facilities, car wash area, business center, playground and a basketball court. Located at 1159 Harrison Pike in Cleveland, the property …

January 6, 2022

Acquisitions Florida Multifamily Southeast

Walton Street Capital, Stoneweg Acquire New Tampa Bay Multifamily Community

by Julia Sanders January 6, 2022

ST. PETERSBURG, FLA. — An affiliate of Walton Street Capital LLC in partnership with St. Petersburg-based Stoneweg US LLC has acquired Waterview Echelon, a 226-unit, Class A multifamily property located in St. Petersburg. The sales price and seller were not disclosed. Built in 2021, the Waterview Echelon features a mix of one-, two- and three-bedroom apartments that were 99 percent occupied at the time of sale. Unit features include quartz countertops, stainless steel appliances, full-size washers and dryers in-unit and floor to ceiling windows with views of Tampa Bay. Community amenities feature an infinity pool with cabanas, gas grills and fire pits, fitness center, club lounge, single-use workspaces, covered parking and a private conference room. Located at 100 Main St. N., the property is situated adjacent to a Publix-anchored shopping center, 14.3 miles from downtown Tampa and 10.9 miles from downtown St. Petersburg. The property is also located within one mile of Carillon Office Park, which houses over 3 million square feet of office space.

January 6, 2022

Indiana Loans Midwest Multifamily

Marcus & Millichap Arranges $17.4M Loan for Refinancing of Indianapolis Apartment Property

by Kristin Harlow January 6, 2022

INDIANAPOLIS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17.4 million loan for the refinancing of Nine+Eighteen Apartments in Indianapolis. Located at 918 Fort Wayne Ave. and built in 2020, the five-story property consists of 80 apartment units and 2,500 square feet of ground-floor retail space. Robert Bhat of MMCC arranged the nonrecourse loan, which features a 10-year term and a loan-to-value ratio of 70 percent. The lender was not disclosed.

January 6, 2022

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