Multifamily

RanchHarbor Acquires 112-Unit Glenbrook Apartments in Boise, Idaho

by Amy Works November 17, 2021

BOISE, IDAHO — Newport Beach, Calif.-based RanchHarbor has purchased Glenbrook Apartments, a multifamily community at 563 S. Curtis Road in Boise. A private seller sold the asset for an undisclosed price in an off-market transaction. Built in 1973 and lightly renovated in 2017, Glenbrook features 112 apartments in a mix of one- and two-bedroom units. At the time of sale, the property was 92 percent occupied. RanchHarbor plans to perform deferred maintenance and an extensive exterior renovation program on the property. The renovation plan includes paint, new laundry rooms, installation of a dog park and wash station, package locker system, bike racks, barbecue areas and a new playground, as well as updating the pool area and clubhouse. The company also plans to replace windows in all units, add carports and update the unit interiors. Jake Miles of Marcus & Millichap represented the buyer and seller in the deal.

November 17, 2021

Development Multifamily Texas

Midway Breaks Ground on 360-Unit Multifamily Project at East River Development in Houston

by Taylor Williams November 17, 2021

HOUSTON — Houston-based developer Midway has broken ground on The Laura, a 360-unit multifamily project that is part of the firm’s initial phase of the 150-acre East River development in Houston’s Historic Fifth Ward. Designed by Munoz + Albin with EDI International as the architect of record, The Laura will feature a fitness center, dog park, pool, grilling stations, outdoor yoga space and a lawn for games and passive recreation. OHT Partners is the general contractor for the project. The first units are expected to be available for occupancy in late 2023. Phase I of East River also includes 250,000 square feet of office space and 110,000 square feet of retail and restaurant space.

November 17, 2021

Ready-Capital-100-Apt-Portfolio-Seattle-WA

Loans Multifamily Washington Western

Ready Capital Closes $14.9M Acquisition Loan for Two-Property Multifamily Portfolio in Seattle

by Amy Works November 17, 2021

SEATTLE — Ready Capital has closed $14.9 million in acquisition, renovation and lease-up financing for a two-property, 100-unit multifamily portfolio in Seattle. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, cure deferred maintenance and upgrade common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

November 17, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 334-Unit West Lake Vistas Apartment Community in Austin

by Taylor Williams November 17, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of West Lake Vistas, a 334-unit apartment community located in northwest Austin. Built in 2009, the property features one-, two-, and three-bedroom units with an average size of 1,032 square feet. Amenities include three pools with lounge seating, two clubhouses with culinary presentation kitchens, a business center, dog park, 24-hour fitness center and media rooms. Patton Jones and Andrew Dickson of Newmark represented the seller, The Connor Group, in the transaction. Henry Stimler, Bill Weber and Ari Schwartzbard of Newmark arranged acquisition financing on behalf of the buyer, Houston-based Hines. The property was 96 percent occupied at the time of sale.

November 17, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates Sale of 250-Unit Tannery Apartments in Glastonbury, Connecticut

by Taylor Williams November 17, 2021

GLASTONBURY, CONN. — CBRE has negotiated the sale of The Tannery, a 250-unit apartment community in Glastonbury, a southern suburb of Hartford. Built in 2017, The Tannery offers a pool, sundeck with grilling areas, fitness center with a yoga studio, dog park, gaming area and a resident lounge. Units feature stainless steel appliances, granite countertops and wood-style vinyl plank flooring. Jeffrey Dunne, Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a partnership between Lexington Partners LLC and a fund advised by UBS Realty Investors LLC, in the transaction. The team also procured the buyer, Jones Street Investment Partners.

November 17, 2021

Loans Multifamily New Hampshire Northeast

Dwight Capital Provides $27M Loan for Refinancing of New Hampshire Apartments

by Taylor Williams November 17, 2021

BEDFORD, N.H. — New York City-based Dwight Capital has provided a $27 million loan for the refinancing of Bedford Hills Apartments, a 144-unit community located near Manchester in the southern part of the Granite State. Built in 2016, the property comprises four residential buildings and a clubhouse/leasing office on a 13-acre site. Other amenities include a pool and a courtyard with a grilling area. Josh Sasouness of Dwight Capital originated the loan. The borrower was not disclosed.

November 17, 2021

Indiana Loans Midwest Multifamily

Greystone Provides $44M Loan for Acquisition of Indiana Apartment Complex

by Kristin Harlow November 16, 2021

CROWN POINT, IND. — Greystone has provided a $44 million bridge loan for the acquisition of Hidden Creek Apartments in Northwest Indiana’s Crown Point. The 432-unit apartment complex was built in 1976 and renovated in 2006. The garden-style community is comprised of 12 three-story buildings along with a clubhouse. Amenities include a pool, fitness center, playground, banquet room, lounge and tennis courts. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse loan, which features a 24-month term and two six-month extension options. Greystone intends to transition the bridge loan secured by the property to permanent HUD-insured financing. Bayshore Properties was the borrower.

November 16, 2021

Illinois Loans Midwest Multifamily

Ready Capital Closes $10.7M Acquisition Loan for Multifamily Property in Suburban Chicago

by Kristin Harlow November 16, 2021

DES PLAINES, ILL. — Ready Capital has closed a $10.7 million loan for the acquisition, renovation and stabilization of a 120-unit multifamily property in Des Plaines. The undisclosed borrower plans to implement a capital improvement program to address deferred maintenance and renovate unit interiors, building exteriors and common areas. The nonrecourse loan features a floating rate and a three-year term.

November 16, 2021

Loans Multifamily Texas

Madera Residential Acquires 165-Unit Apartment Community in Dallas

by Taylor Williams November 16, 2021

DALLAS — Lubbock-based multifamily investment and development firm Madera Residential has acquired Armstrong at Knox, a 165-unit apartment community located in the Knox-Henderson area of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge and a business center. Jon Wooton, Mike Bryant and Victoria Langston of CBRE arranged $47.9 million in acquisition financing through a fund sponsored by CBRE Investment Management on behalf of Madera Residential.

November 16, 2021

Acquisitions Multifamily Texas

Colliers Negotiates Sale of 144-Unit Woodstone Manor Apartment Homes in Houston

by Taylor Williams November 16, 2021

HOUSTON — Colliers has negotiated the sale of Woodstone Manor Apartment Homes, a 144-unit complex in Houston. The property, which was 98 percent occupied at the time of sale, is located at 10250 Lands End Drive on the city’s southwest side. Bob Heard, Chip Nash and Todd Stewart of Colliers represented the undisclosed seller in the deal. The buyer was Gibby’s Capital Investments.

November 16, 2021

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