Multifamily

Berkadia Brokers Sale of 372-Unit Life at Spring Estates Apartments in Houston

by Taylor Williams July 12, 2022

HOUSTON — Berkadia has brokered the sale of The Life at Spring Estates, a 372-unit apartment community in Houston’s North View neighborhood. The Life at Spring Estates features one-, two- and three-bedroom units ranging from 1,017 to 1,332 square feet. Amenities include a pool, fitness center, business center, clubhouse, bark park, picnic areas and parcel lockers. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Todd Marix and Chris Curry of Berkadia represented the seller, New York City-based Olive Tree Holdings, in the transaction. The buyer, Nashville-based Inman Equities, purchased the asset for an undisclosed price.

July 12, 2022

Acquisitions Multifamily Texas

Fogelman Properties Acquires 201-Unit Moorings Apartments in Metro Houston

by Taylor Williams July 12, 2022

LEAGUE CITY, TEXAS — Memphis-based investment firm Fogelman Properties has acquired The Moorings, a 201-unit apartment complex in League City, a southeastern suburb of Houston. The Moorings, which was 95 percent occupied at the time of sale, offers recently upgraded units in one- and two-bedroom floor plans. Amenities include a pool, fitness center, game room, outdoor lounge areas and Amazon package lockers. The seller and sales price were not disclosed.

July 12, 2022

Loans Multifamily Northmarq Oklahoma Texas

Northmarq Arranges $9.2M Acquisition Loan for Multifamily Property in Moore, Oklahoma

by Taylor Williams July 12, 2022

MOORE, OKLA. — Northmarq has arranged a $9.2 million bridge loan for the acquisition of Mansions South Apartments, a 146-unit multifamily property in Moore, a southern suburb of Oklahoma City. Built in 1972, the property comprises 12 two-story buildings that house one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse, volleyball and basketball courts and a playground. Bob Harrington of Northmarq arranged the loan, which features two years of interest-only payments. The borrower and direct lender were not disclosed.

July 12, 2022

Acquisitions Michigan Midwest Multifamily

Syndicated Equities Sells Luxury Apartment Complex Near Grand Rapids for $71.5M

by Kristin Harlow July 12, 2022

ADA, MICH. — Syndicated Equities has sold Stone Falls of Ada, a 210-unit luxury apartment complex in Ada, about 10 miles east of Grand Rapids. The sales price was $71.5 million. Syndicated acquired the property with Highgate Capital Group LLC in 2018 for $45.8 million. Built in 2008, the property at 330 Stone Falls Drive is comprised of 21 two-story buildings. Syndicated and Highgate invested $1.5 million in renovations, including upgrades to the unit interiors and clubhouse amenities. Village Green was the property manager. The seller was undisclosed.

July 12, 2022

Development Midwest Multifamily Ohio

Metropolitan Holdings to Build 298-Unit Luxury Multifamily Project in Green, Ohio

by Kristin Harlow July 12, 2022

GREEN, OHIO — Metropolitan Holdings has received approval from the Green City Council to build a 298-unit luxury multifamily project. The 49-building property will include amenities such as a heated pool, outdoor area and fitness center. The average monthly rent is expected to be $1,700, while the average for premium units will be $2,495. Metropolitan plans to break ground later this year. A timeline for completion was not provided. Green is located about 13 miles south of Akron.

July 12, 2022

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Arranges $40M Loan for Refinancing of Minnesota Apartment Community

by Kristin Harlow July 12, 2022

CHAMPLIN, MINN. — Northmarq has arranged a $40 million loan for the refinancing of The Bowline at Mississippi Crossings in Champlin, a northern suburb of Minneapolis. The 212-unit luxury apartment community is located at 220 E. River Parkway. The property features views of the Mississippi River along with a pool, theater, coworking lounge, coffee bar and fitness studio. The Bowline is part of the larger master-planned development known as Mississippi Crossings. Monthly rents at The Bowline, which opened this year, average $1,905, according to Apartments.com. Patrick Minea of Northmarq arranged the fixed-rate, seven-year loan. A life insurance company provided the loan for the borrower, Minneapolis-based Greco.

July 12, 2022

Acquisitions Loans Multifamily Utah Western

New York Life Provides $55M Acquisition Loan for The Ridge Apartments Near Salt Lake City

by Amy Works July 12, 2022

MIDVALE, UTAH — New York Life Investors has provided a $55 million loan to MAXX Properties for the purchase of The Ridge, a Class A multifamily property in Midvale. The fixed-rate loan features 10 years of interest-only payments. Built in 2017, The Ridge features 261 apartments. The property is located at 7611 S. Union Park Ave. Robert Prouty, Jordi DeHoyos and Katie Thompson of Colliers Mortgage advised the buyer on the financing. Rawley Nielsen, Darren Nielsen and Mark Jensen of Colliers International Salt Lake City brokered the transaction. MAXX Properties is a privately held, 86-year-old real estate firm consisting of multifamily, commercial and cooperatives. The firm’s portfolio includes 39 communities, consisting of 9,351 owned multifamily units in six states.

July 12, 2022

Affordable Housing Loans Multifamily New York Northeast

Lument Provides $117.4M Agency Loan for Refinancing of Brooklyn Affordable Housing Community

by Taylor Williams July 12, 2022

NEW YORK CITY — Lument has provided a $117.4 million Freddie Mac loan for the refinancing of Hope Gardens, a 949-unit affordable housing community in Brooklyn’s Bushwick neighborhood. Built between 1980 and 1987, the garden-style property comprises 60 buildings totaling 1,321 units that are all subsidized by Section 8 contracts and includes a daycare and two senior centers. The loan, which carries a fixed interest rate, 30-year term and 40-year amortization schedule, retires the construction debt attached to 47 of the buildings that house 949 units. Josh Reiss of Lument originated the loan for the sponsor, a joint venture between Pennrose Holdings, Acacia Real Estate Development and an affiliate of The New York City Housing Authority (NYCHA).

July 12, 2022

California Development Multifamily Seniors Housing Western

R.D. Olson Construction Breaks Ground on 70-Unit Seniors Housing Community in Pasadena

by Amy Works July 12, 2022

PASADENA, CALIF. — R.D. Olson Construction, on behalf of owner BRIDGE Housing, has broken ground on Heritage Square South, a seniors housing property located at 710 N. Fair Oaks Ave. in Pasadena. Slated for completion by September 2023, the $28 million, 70,000-square-foot community will feature three three-story buildings offering 69 one-bedroom units and one two-bedroom unit. The three buildings are interconnected with walking bridges. Onsite amenities will include walking trails, flex rooms, a community room and 2,200 square feet of retail space. Additionally, the site has a bus stop on the front of Fair Oaks Avenue. KTGY is serving as architect for the project.

July 12, 2022

Acquisitions Multifamily New York Northeast

Stav Equities Negotiates $5.4M Sale of Brooklyn Multifamily Building

by Taylor Williams July 12, 2022

NEW YORK CITY — Stav Equities, a New York City-based brokerage firm, has negotiated the $5.4 million sale of a multifamily building that comprises 12 market-rate units and one vacant retail space in Brooklyn’s Crown Heights neighborhood. The buyer, Neue Urban, plans to implement a value-add program. The seller was not disclosed. Adam Traub of Curb Capital and Jacob Stavsky of Stav Equities brokered the deal.

July 12, 2022

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