Multifamily

Stoneweg US Acquires Two Multifamily Communities in Louisville for $230M

by Julia Sanders January 5, 2022

LOUISVILLE, KY. — Stoneweg US has acquired Middletown Landing and Mallard Crossing at St. Matthews, two multifamily properties in metro Louisville, for $230 million. The deal added 1,246 units to the company’s portfolio. Jay Weiner of Rosewood Realty Group represented the buyer and the seller, Columbus, Ohio-based Lifestyles Communities. Middletown Landing comprises 646 units in mostly townhome-style floorplans with an average unit size of nearly 1,100 square feet. Unit features include granite countertops, nine-foot ceilings, subway tile backsplashes and wood-style plank flooring. Community amenities include a two-story fitness center, pool, volleyball courts, and The Goat, an onsite restaurant. Built in 2014 and 2016, Middletown Landing is located near employers including UPS, Amazon and Ford Motor Co., as well as retailers such as Target and Kroger. Mallard Crossing at St. Matthews contains 600 units. Built in 1988, Lifestyles Communities previously completed renovations on 20 percent of the units, including installing quartz countertops, walk-in showers, upgraded cabinetry and new lighting fixtures. Community amenities include a pool, gym and storage. Located at 400 Mallard Creek Road, the property is situated 10.9 miles from downtown Louisville and 8.7 miles from Louisville Muhammad Ali International Airport. As a new owner, Stoneweg US will make capital …

January 5, 2022

Acquisitions Development Florida Multifamily Southeast

Mast Capital, Rockpoint Buy Site in Miami’s Brickell District for $103M, Plan for Residential Development

by Julia Sanders January 5, 2022

MIAMI — Miami-based Mast Capital and Boston-based Rockpoint have bought a 2.8-acre site in Miami for $103 million. The site is located on the southern side of the Brickell Central Business District submarket. Construction on the project is slated for 2022. Mast Capital plans to build an 80-story condominium tower with 400 residences and two multifamily towers spanning 50 stories and 60 stories with a combined 850 apartments. The three residential towers will span 2.6 million square feet. Community amenities will include food and beverage services, 1,650 parking spaces and ground-floor retail on South Miami Avenue. Located at 1420 S Miami Ave., the development will be situated one mile from downtown Miami, 6.8 miles from University of Miami and 9.6 miles from Miami International Airport. The property is also near retailers and restaurants including Branca Café, PM Fish & Steak House and Publix.

January 5, 2022

Acquisitions Alabama Multifamily Southeast

SVN Multifamily Arranges $25.3M Sale of Apartment Property in Huntsville

by Julia Sanders January 5, 2022

HUNTSVILLE, ALA. — Huntsville-based SVN Multifamily LLC has arranged the $25.3 million sale of Country Club Apartments, a 200-unit multifamily property located at 1000 Airport Road in southeast Huntsville. The buyer, Houston-based Truepoint Capital, plans to invest more than $2 million into the property, including renovating the units with vinyl plank flooring, upgraded appliances, cabinetry and repainting exteriors. Averbuch Enterprises was the seller. Built along Airport Road on about 22 acres in 1965, Country Club Apartments offers one- and two-bedroom floorplans. Community amenities include a fitness center, onsite property management, picnic area and grills, emergency maintenance, pool, arts and crafts room, three laundry rooms, clubroom and a tennis court. The property was fully occupied at the time of sale.

January 5, 2022

Loans Multifamily Texas

Dwight Capital Provides $37.2M Acquisition Loan for Houston Multifamily Property

by Taylor Williams January 5, 2022

HOUSTON — New York City-based Dwight Capital has provided a $37.2 million bridge loan for the acquisition of Valencia Grove, a 460-unit multifamily property in southeast Houston. The garden-style property consists of 32 buildings on a 17.3-acre site. Amenities include a pool, courtyard, leasing office/clubhouse and two dog parks. Kevin Lifshitz and Keith Hoffman of Dwight Capital originated the financing. The borrower was Bodka Creek Capital.

January 5, 2022

Acquisitions Loans Multifamily Texas

Newmark Brokers Sale of 324-Unit Citizen House Decker Apartments in East Austin

by Taylor Williams January 5, 2022

AUSTIN, TEXAS — Newmark has brokered the sale of Citizen House Decker, a 324-unit apartment community in East Austin. According to Apartments.com, the property was built in 2021 and features one- and two-bedroom units that range in size from 650 to 1,250 square feet. Amenities include a pool, resident clubhouse with a kitchen, coworking spaces, an arcade, fitness center, business center and outdoor grilling areas. Locally based developer Endeavor Real Estate Group sold the asset to Toronto-based Prism Multifamily Group for an undisclosed price. Patton Jones and Andrew Dickson of Newmark brokered the deal. The new ownership will rebrand the property as Spectra Parks. Asia Capital Real Estate provided a $57.8 million bridge loan for the acquisition of the property. Mark Grace and Alison Williams of Walker & Dunlop arranged the debt.

January 5, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 234-Unit Switchyard Apartments in Carrollton, Texas

by Taylor Williams January 5, 2022

CARROLLTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Switchyard Apartments, a 234-unit multifamily community located in the northern Dallas suburb of Carrollton. Stoneleigh Cos. and Realty Capital Management developed the property in 2019. Amenities include a pool, fitness center and outdoor gathering areas. Drew Kile, Michael Ware, Joey Tumminello, Taylor Hill, Will Balthrope and Grant Raymond of IPA represented the seller, an entity doing business as SC Switchyard LLC, in the transaction. The team also procured the buyer, Tampa-based American Landmark. Switchyard Apartments was 96 percent occupied at the time of sale.

January 5, 2022

Loans Midwest Multifamily Northmarq Wisconsin

Northmarq Arranges $40.2M for Recapitalization of Two Apartment Communities in Wisconsin

by Kristin Harlow January 5, 2022

BROOKFIELD, WIS. — Northmarq has arranged $40.2 million to recapitalize Artisan at Georgetown Square and Foxhaven Apartments in Brookfield near Milwaukee. The borrower completed development of Artisan at Georgetown Square in January 2021. The property includes 99 units that were fully leased at the time of loan closing. Foxhaven was developed in three phases between 1987 and 1994. The borrower acquired the asset in 2000. Brett Hood of Northmarq arranged the financing through Freddie Mac. Loan proceeds for Artisan at Georgetown Square retired a $15.6 million construction loan and returned equity to the borrower. For Foxhaven, the borrower received a $20.4 million loan, which retired maturing agency debt.

January 5, 2022

Acquisitions Indiana Midwest Multifamily

Triad Real Estate Partners Arranges $9.3M Sale of Apartment Building in Frankfort, Indiana

by Kristin Harlow January 5, 2022

FRANKFORT, IND. — Triad Real Estate Partners has arranged the $9.3 million sale of Nickel Plate Flats and Lofts in Frankfort, about 50 miles northwest of Indianapolis. Developed in 2018 and located at 55 N. Jackson St., the apartment building includes 79 units. The property was fully leased at the time of sale. An Indiana-based developer sold the asset to a Chicago-based private investor.

January 5, 2022

Acquisitions Arizona Multifamily Student Housing Western

INREIT Acquires 833-Bed Student Housing Community Near Arizona State University

by Amy Works January 5, 2022

TEMPE, ARIZ. — Invesco Real Estate Income Trust Inc. (INREIT) has acquired an 833-bed student housing community located near Arizona State University in Tempe. Developed in 2017, the 13-story property offers 384 units. The community was fully leased at the time of sale. Further details on the property and the seller were undisclosed. “We are excited to acquire a high-quality, 100 percent-occupied student housing property at one of the nation’s largest universities and in a high-growth market like Tempe,” says R. Scott Dennis, president and CEO of INREIT. “There continues to be strong demand for the student housing sector and we are seeing an increase in undergraduate enrollment at top universities, resulting in student housing occupancy reaching pre-COVID levels.”

January 5, 2022

Acquisitions Colorado Multifamily Western

Hudson Capital Sells Highland Point Apartments in Aurora to Thayer Manca

by Amy Works January 5, 2022

AURORA, COLO. — Hudson Capital has completed the disposition of Highland Point Apartments, a multifamily community in Aurora, to Seattle-based Thayer Manca for an undisclosed price. Justin Hunt, Andy Hellman, Kevin McKenna, Saul Levy, Katie Fergen and Jessica Graham of CBRE represented the seller in the deal. Situated on 13.6 acres at 16894 E. Arkansas Ave., Highland Point features 319 apartments, an outdoor swimming pool and fitness center.

January 5, 2022

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