MILWAUKEE AND MEQUON, WIS. — Berkadia has brokered the $34.1 million sale of the Dermond Milwaukee Portfolio, a collection of three multifamily properties totaling 138 units in Milwaukee and Mequon. The properties include: the 33-unit Artesa Apartments in Mequon; the 36-unit Avante Apartments in Milwaukee; and the 69-unit Vue Apartments in Milwaukee. Ralph DePasquale, Pete Evans, Jack Maloney and Richard Evans of Berkadia represented the seller, Wisconsin-based Dermond Property Investments. A Nevada-based private family office was the buyer.
MINNEAPOLIS — ACRES Capital Corp. has provided a $19.2 million loan for the construction of Sawyer & Huck in Minneapolis. The apartment development will house 83 luxury units and 47 onsite covered parking spaces. Amenities will include a fitness center, roof deck and bike storage. The project will be situated in the historic St. Anthony West area, which lies on the east bank of the Mississippi River. Drew Miller of ACRES originated the loan on behalf of the borrower, Denver-based Charles Street Development Co.
HOUSTON — California-based investment firm The Bascom Group has acquired Windwater at Windmill Lakes, a 150-unit apartment complex in Houston. The property was built in 1999 on the city’s southeast side. John Carr of Cushman & Wakefield represented the undisclosed seller in the transaction. Jason Pumpelly, also with Cushman & Wakefield, arranged acquisition financing through Huntington National Bank on behalf of Bascom Group. The new ownership will implement a value-add program.
BUFFALO, N.Y. — Concord Summit Capital, a Miami-based financial intermediary, has arranged a $70 million bridge loan for the refinancing of Phase I of Heron Pointe Apartments, a 376-unit multifamily community in Buffalo. The borrower, Buffalo-based Rane Property Management, will use proceeds from the three-year, nonrecourse loan to pay off construction debt from the 232-unit first phase of the development. Construction of the 144-unit second phase is underway and is slated to be complete in the third quarter. Heron Pointe features one-, two- and three-bedroom units and amenities such as a clubhouse with a coffee room and fitness center, a pool, dog park and a playground. Kevin O’Grady, David Larson, Keegan Burger and Daniel Rojo of Concord Summit Capital arranged the loan through TPG, a San Francisco-based private equity firm previously known as Texas Pacific Group.
FREDERICKSBURG, VA. — Bonaventure, in partnership with Cafaro Properties, has broken ground on Attain at Spotsylvania Towne Centre in Fredericksburg, located approximately 55 miles southwest of Washington, D.C. and 50 miles north of Richmond. The 271-unit, Class A apartment development will replace a former Sears anchor store that closed in early 2020, furthering the revitalization of the Spotsylvania Towne Centre mall. The apartment project will include amenities such as a resort-style pool, artificial turf recreation area, outdoor kitchen, clubhouse, business center and fitness center. According to Bonaventure, the development of Attain is projected to create 388 new construction-related jobs and generate more than $1.1 million in real estate and other tax revenues annually. A timeline for completion and construction costs were not provided. “As an experienced local developer that owns its assets for the long term, we are committed to delivering a rental housing experience that combines best-in-class architecture, amenities and service,” says Dwight Dunton, founder and CEO of Bonaventure. “We look forward to contributing both to Fredericksburg’s housing supply and the renaissance of this well-located property.” Owned by Cafaro Co., Spotsylvania Towne Centre is home to numerous retailers and restaurants. Early last year, the Spotsylvania Board of Supervisors approved …
By Jack Stone, senior director of investments, Greysteel It seems like every month there’s a new sales record being broken in the El Paso multifamily market. But with interest rates officially rising, how long will that streak last? El Paso has been on a tear. Greysteel has sold roughly 4,000 units there in the past 36 months. That’s an impressive number, but it’s not a surprising one. Between 2012 and 2014, roughly 20 properties over 25 units traded in El Paso. That number skyrocketed to 69 properties between 2019 and 2021. But why? We’ve followed the El Paso market closely and have brought numerous first-time, out-of-state buyers to the market. The No. 1 reason they’re interested in El Paso is the competitiveness of other markets like Dallas and Austin, where cap rates have just compressed too much. With lower cap rates and cash-on-cash returns, investors started flocking to secondary markets where they can achieve higher yields. But El Paso, while a secondary market, has several factors that help it stand out from the rest: (1) it’s one of the top 20 largest cities in the country, which comes as a surprise to many; (2) it’s well-diversified, having weathered the recession …
COLUMBIA, S.C. — New York City-based Exact Capital has plans to build the Villages at Congaree Pointe, a 240-unit affordable housing community in Columbia. Exact Capital is partnering with Charleston-based Armada Development. The construction timeline was not disclosed. The Villages at Congaree Pointe will be fully affordable and rented to households earning 60 percent or less of the area median income (AMI). The community will offer 10 three-story buildings with a unit mix of 60 one-bedroom, 144 two-bedroom and 36 three-bedroom apartments. Community amenities will include a fitness center, playground, splash pad, cabana with porch, clubhouse with a lounge, clubroom, computer room and a common laundry room. The total capitalization of the development is approximately $51 million with construction financing provided by J.P. Morgan Chase and Low-Income Housing Tax Credits (LIHTC) from Stratford Capital Group and Monarch Private Capital. In addition to the initial capitalization, Berkadia arranged permanent financing in the form of a Fannie Mae Municipal Tax-Exempt Bond offering. Located on a 14.9-acre site at 2701 Atlas Road, the project will be situated 5.9 miles from downtown Columbia and 5.4 miles from the University of South Carolina.
CHARLESTON, S.C. — Armada Hoffler Properties Inc. has sold Summit Place, a 357-bed student housing community located at 530 Meeting St., about one mile from the College of Charleston. The sales price and buyer were not disclosed. Completed by Armada Hoffler in 2020 at the corner of Spring and Lee streets, Summit Place is a five-story building offering private bathrooms, roommate matching, a study lounge, individual leases available and individual locking bedrooms. Community amenities include a clubhouse, pool, fitness center, business center, grill and an elevator. Earlier this month, Armada Hoffler announced the closing of the sale of Hoffler Place, also in Charleston. Hoffler Place and Summit Place were the company’s last remaining student housing properties. The Virginia Beach-based company will use the sale proceeds of Summit Place to fund development and acquisition opportunities in the conventional multifamily, mixed-use and grocery-anchored real estate sectors.
AURORA, DENVER AND GREELEY, COLO. — Capstone Apartment Partners has arranged the $30 million sale of a 184-unit LIHTC apartment portfolio in metro Denver. The names of the seller and buyer were not released. The portfolio comprises three Section 8 seniors housing assets: Aurora Village in Aurora, Kings Point in Denver and University Plaza in Greeley. Sean Holamon, Nik MacCarter and Adam Riddle of Capstone represented the seller in the transaction.
LOGAN, UTAH — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Williamsburg, an 82-unit independent living and assisted living community in Logan. Located in the northern portion of Utah near the Idaho border, the facility was built in 1981 and renovated in 2015. It totals approximately 62,953 square feet and is situated on approximately 1.8 acres of land. The seller was a regional owner-operator based in Utah. The buyer is a California-based private owner looking to expand its portfolio of independent living communities. As such, the new owner plans to convert the facility to all independent living units. Vince Viverito, Jason Punzel and Brad Goodsell of SLIB handled the transaction. The price was not disclosed.