Multifamily

CBRE Investment Management Fund Provides $37.2M Loan for Multifamily Community in Roswell, Georgia

by Julia Sanders November 8, 2021

ROSWELL, GA. — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has provided a $37.2 million loan to TerraCap Management for the acquisition of Enclave at Roswell, a 236-unit multifamily community in Roswell. Matt Williams and Kyle Schlitt of Newmark arranged the floating-rate loan. The loan has an initial term of four years, can extend up to one additional year and features future funding for TerraCap’s planned renovations. Enclave at Roswell offers a mix of one- and two-bedroom apartments with units that range in size from 706 to 1,237 square feet. Units feature in-unit washers and dryers, walk-in closets and private balconies in select homes. Community amenities include a swimming pool, fitness center, business center, tennis court, children’s playground area and a dog park. Located at 11251 Alpharetta Highway, Enclave at Roswell is located along Ga. Highways 9 and 400, as well as about 24.8 miles from downtown Atlanta. The community is also situated less than two miles from North Point Mall, North Point Marketcenter and Mansell Crossing.

November 8, 2021

Acquisitions Multifamily North Carolina Southeast

Drucker + Falk Purchases Sommerset Place Apartments in Raleigh for $26.7M

by Julia Sanders November 8, 2021

RALEIGH, N.C. — Drucker + Falk has purchased Sommerset Place Apartments, a 144-unit apartment community in Raleigh, for $26.7 million (or $185,000 per unit). Will Mathews of Colliers International represented the seller, Investors Management Group Inc. (IMG), in the transaction. Built in 1983, Sommerset Place offers one- and two-bedroom floor plans. Community amenities include a resort-style swimming pool with sundeck, grilling centers and a dog park. The property was built with a density of 16 units per acre. Located at 6717 Six Forks Road, the apartment community is situated close to Interstates 440 and 540, as well as about 16.9 miles from the Research Triangle in Durham and 13.1 miles from the Raleigh-Durham International Airport. IMG purchased Sommerset Place in December 2017 for $14.3 million and completed a $1 million renovation program. The new owner plans to continue capital improvements on the property.

November 8, 2021

California Development Loans Multifamily Western

Toll Brothers, EJF Capital to Develop 218-Unit Rafferty Apartments in Santa Ana, California

by Amy Works November 8, 2021

SANTA ANA, CALIF. — Toll Brothers, through its Toll Brothers Apartment Living rental subsidiary, has partnered with EJF Capital to develop Rafferty, a multifamily property in Santa Ana. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital identified the joint venture partner and helped structure the deal. The project is being financed through $31.7 million in joint venture equity from EJF Capital, along with a $66 million loan facility from Santander Bank. Toll Brothers’ in-house finance department arranged the financing. Rafferty will feature 218 apartments in two five-story and seven-story buildings with 328 parking spaces. The community will offer a fitness center, resident lounge, maker’s room, jam room, speakeasy, co-working space and sky lounge with an outdoor terrace. Additional amenities will include a swimming pool, seating with grills and fire pit and outdoor fitness equipment. The property will also feature 12,350 square feet of ground-floor commercial space along Main and Fourth streets. Completion is slated for 2024.

November 8, 2021

Market Reports Multifamily Southeast Southeast Market Reports Virginia

Richmond’s Multifamily Sector is the Best-Kept Secret in the Southeast

by John Nelson November 8, 2021

Mention “rising secondary multifamily markets in the Southeast” and what might come to mind are markets such as Charlotte, Raleigh, Nashville or Orlando. A less discussed candidate is Richmond, which has a case to be considered the multifamily sector’s best-kept secret. It’s a secondary market that’s moving forward full steam ahead for two primary reasons: supply and demand. More people = demand According to the 2020 Census, the population of the city of Richmond stood at 232,226, a 12.7 percent increase from the 204,375 reported in 2010. Richmond is the county seat of Henrico County, which had a population of 333,766 as of 2020. This is an 8.6 percent increase over the 2010 population count of 307,201. More residents are moving to Richmond, mainly for one reason: jobs. But the metro has other appealing factors as well, incuding its geographic location and low costs of living and doing business. In addition to being the site of growing employment centers, Richmond is proximate to major East Coast cities. New York City, Philadelphia and Washington, D.C., are easily accessible via train or airplane. But Richmond is relatively affordable, especially compared to other Mid-Atlantic markets and gateway cities on the East Coast. With …

November 8, 2021

Acquisitions Affordable Housing Florida Georgia Multifamily North Carolina South Carolina Southeast

Morgan Properties Acquires Two Southeast Multifamily Portfolios for $780.5M

by John Nelson November 5, 2021

KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million. The MSP portfolio comprises 4,102 units spread across 15 Class B and workforce housing communities in the following markets: Columbia, S.C.; Fayetteville, N.C.; Jacksonville, Fla.; Augusta, Ga.; Greenville, S.C.; and Charlotte. The Northland portfolio comprises Windward at the Villages, The Royal St. George and Village Place, all located in West Palm Beach, Fla. Berkadia Institutional Investors brokered the $132.5 million portfolio sale. Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops and stainless steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture and fireplaces. The firm also plans to hire more than 90 new employees from the portfolio of acquired properties, which will drive Morgan’s total employee count to over 2,600 nationwide.

November 5, 2021

Development Maryland Multifamily Southeast

Urban Atlantic Opens 282-Unit Apartment Community in Metro D.C.

by Julia Sanders November 5, 2021

HYATTSVILLE, MD. — Urban Atlantic has opened Stella, a 282-unit apartment community located at 3950 Garden City Drive in Hyattsville, about 11.2 miles from Washington, D.C. The property’s monthly rent ranges from $1,865 to $4,004, according to Apartments.com. Stella offers studios, one-, two- and three-bedroom and penthouse units ranging in size from about 500 square feet to more than 1,200 square feet. Unit features include oversized windows, wood-style plank flooring, stainless steel appliances, keyless entry and contemporary cabinetry. Select units also feature large balconies and terraces. Community amenities include a 2,000-square-foot fitness center, dedicated exercise studio for yoga and other classes, front desk concierge and an onsite pet grooming station. Located in Prince George’s County, Stella was developed near New Carrollton, a transit-focused community where the Washington Metropolitan Area Transit Authority (WMATA) and Kaiser Permanente have committed to new office space. In 2019, Urban Atlantic delivered the first phase of the New Carrollton office complex, which was a 176,000-square-foot administrative building for anchor tenant Kaiser Permanente. Stella is located right on the Metro line at New Carrollton Station.

November 5, 2021

District of Columbia Loans Multifamily Southeast

MBA: Third-Quarter Commercial, Multifamily Originations Increase by 119 Percent

by Julia Sanders November 5, 2021

WASHINGTON, D.C. — The total amount for commercial and multifamily mortgages originated in the third quarter is up 119 percent compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on Thursday. The third-quarter volume is also up by 19 percent from second-quarter 2021. All property types showed an increase in year-over-year originations. The highest dollar volume hike was for hotel loans, with an 866 percent increase. Following that figure was a 317 percent increase for retail loans, 156 percent increase for industrial properties, 105 percent increase for multifamily properties, 102 percent increase for office properties and a 45 percent increase for healthcare property loan originations. “Borrowing hit an all-time quarterly high during the third quarter, driven by strong or improving market fundamentals, higher property values, low interest rates and solid mortgage performance,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “Borrowing and lending backed by industrial and multifamily properties are each running at a record annual pace. And while year-to-date office and retail lending are each up significantly from last year, both remain below 2019 levels.” The dollar volume of loans originated for investor-driven lenders (such …

November 5, 2021

Development Multifamily Texas

Sueba USA Completes 319-Unit Boardwalk Lofts Apartments in Metro Houston

by Taylor Williams November 5, 2021

KATY, TEXAS — Locally based developer Sueba USA has completed Boardwalk Lofts, a 319-unit apartment community located in the western Houston suburb of Katy. Units come in one-, two- and three-bedroom floor plans, range in size from 480 to 2,087 square feet and feature tile backsplashes, stainless steel appliances and custom granite countertops. Amenities include a pool, spa, fitness center, business center, catering kitchen, coffee bar and lounge areas. Rents start at approximately $1,200 per month for a one-bedroom unit.

November 5, 2021

Acquisitions Multifamily Oklahoma Texas

GreenLight Equity Group Acquires Two Multifamily Properties Totaling 192 Units in Oklahoma City

by Taylor Williams November 5, 2021

OKLAHOMA CITY — Salt Lake City-based investment firm GreenLight Equity Group has acquired Chula Vista and Villa Verde, two multifamily properties totaling 192 units in Oklahoma City. The properties are located on the city’s south side. According to Apartments.com, Chula Vista was built in 1970, totals 60 units and offers amenities such as a playground, picnic area and onsite laundry facilities, while Villa Verde was built in 1968 and features studio and one-bedroom units ranging in size from 470 to 690 square feet. New York-based North Point Capital and Assured Realty Capital Inc. both contributed preferred equity investments of undisclosed amounts to the deal, which traded off market. The seller was also not disclosed. The new ownership plans to implement a value-add plan. The deal marks the first collaboration between the partnership of North Point Capital and Assured Realty Capital.

November 5, 2021

Loans Multifamily Texas

Dwight Capital Provides $27.6M Acquisition Loan for San Antonio Apartments

by Taylor Williams November 5, 2021

SAN ANTONIO — New York City-based Dwight Capital has provided a $27.6 million bridge loan for the acquisition of Parc 410, a 344-unit apartment community in San Antonio. The property encompasses 21 buildings on a 10-acre site and offers amenities such as two pools, a basketball court, fitness center, business center and a dog park. Adam Sasouness of Dwight Capital originated the loan on behalf of the undisclosed borrower.

November 5, 2021

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