LOS ANGELES — Core Spaces has received construction financing for Hub on Campus II, a 577-bed student housing development located near the University of Southern California (USC) in Los Angeles. TSB Capital Advisors secured the loan through Square Mile Capital and PacWest Bank on behalf of the borrower. Details of the financing were undisclosed. The project is scheduled for completion by fall 2023.
PHOENIX — ABI Multifamily has arranged the sale of Verde Vista Apartments, a multifamily property located in Phoenix. A California-based buyer acquired the asset from a New Jersey-based seller for $24.5 million, or $135,359 per unit. Built in 1978, Verde Vista Apartments is a 181-unit, garden-style community comprising eight residential buildings. The property offers a mix of 80 studio units, 94 one-bedroom/one-bath units and seven two-bedroom/two-bath units. Community amenities include two swimming pools, two laundry facilities, a large children’s playground, barbecue grills, an on-site rental office and covered and open parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the transaction.
HOUSTON — Berkadia has arranged the sale of two multifamily properties totaling 646 units in Houston’s Heights neighborhood. The first property is the 337-unit 15th Street Flats, which was built in 2021 and features one- and two-bedroom units ranging in size from 638 to 1,273 square feet. The second community is the 309-unit Heights Waterworks, which was constructed in 2020 and offers one- and two-bedroom floor plans ranging in size from 600 to 1,265 square feet. Chris Curry, Todd Marix, Jeffrey Skipworth, Joey Rippel and Chris Young of Berkadia represented the seller, Alliance Residential, in the transaction. In addition, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged an undisclosed amount of acquisition financing on behalf of the borrower, Florida-based Cardone Capital. Cincinnati-based Eagle Realty Group provided the six-year loan, which was structured with three years of interest-only payments at a fixed rate and a floating rate thereafter.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Axis at The Rim, a 308-unit apartment community located within The Rim master-planned development in San Antonio’s Forest Crest neighborhood. Built on 10.5 acres in 2016, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center and a courtyard. Will Balthrope and Drew Garza of IPA represented the seller, Chicago-based Sherman Residential, in the transaction. The duo also procured the buyer, an affiliate of Treeline Multifamily Partners Ltd.
By Mark Ventre, Senior Vice President, Stepp Commercial As it turns out, COVID has once again delayed hopes of a return to normalized operations for apartment owners. Just when it seemed the shackles that have hindered the ability to raise rents and recoup lost income would be removed, it now appears the light at the end of the tunnel has grown more distant. Fortunately, there have been positive indicators that the economic environment in Los Angeles for the first half of 2021 has improved considerably from the second half of 2020. According to the California Labor Market, the unemployment rate lowered from 17.9 percent to 10.6 percent a year ago. Apart from the third quarter of 2020, which experienced an enormous economic bounce back of 33.4 percent, the second quarter of this year has seen a GDP increase of 6.5 percent, one of the strongest since 2003. This is great news for a city that was particularly hard hit, considering the amount of hospitality and leisure jobs. However, Los Angeles has still lagged the nation with respect to rent growth in 2021. Average asking rents have improved by 3.9 percent since the beginning of the year, far below the national average …
HOLBROOK, MASS. — Port One Cos. and Tiderock Cos. have formed a partnership to develop a 410-unit seniors housing community on a 48-acre parcel in Holbrook, approximately 15 miles south of Boston. The estimated budget for this project is $190 million. The developers are under contract to acquire the site for $19 million. Tiderock will provide operational support and oversight including but not limited to project management, marketing, budgeting, product mix and review of and negotiations for limited partner equity and debt. Further details on the project were not disclosed.
NEW YORK CITY — Charlotte, N.C.-based Grubb Properties will develop a 317-unit mixed-income project that will be located at 25-01 Queens Plaza North in the borough’s Long Island City area. The 17-story building will comprise about 220 market-rate units and 97 units that will be reserved for renters earning less than 130 percent of the area median income (AMI), as well as 9,000 square feet of retail space. Grubb Properties will operate the building under its Link brand, which provides housing geared toward renters earning between 60 and 140 percent of AMI. A construction timeline has not yet been finalized.
PLANTATION, FLA. — South Florida-based development firm, Merrimac Ventures has broken ground on Merrimac Plantation, a multifamily development in Plantation. Located at 1711 N. University Drive, Merrimac Plantation will total 293,945 square feet with 306 apartments across two six-story midrise buildings. Construction is slated for completion in 2023. The apartment units will range from one- to three-bedroom layouts, featuring stainless-steel appliances, quartz countertops and smart locks and thermostats. Community amenities will include a double-height lobby; club room; pool; covered terrace; barbecue grilling stations; two exterior courtyards; fitness center; co-working and business center with private offices and conference rooms; resident lounge; dog park and dog spa; electric vehicle charging stations; and Wi-Fi connectivity throughout the property. Merrimac Plantation will be adjacent to the Plantation Midtown Business District, an 860-acre, master-planned development featuring 2.5 million square feet of retail and restaurants as well as 3 million square feet of office space. The apartment community is also near Plantation Pointe Office Park, Westside Regional Medical Center, the Plantation Walk mixed-use redevelopment, the 1 million-square-foot Fountain Shoppes lifestyle center, the 2.4 million-square-foot Sawgrass Mills and Plantation’s 103-acre Central Park.
CHARLESTON, S.C. — Electra Capital has provided a $16.9 million bridge loan for the acquisition of Avalon at North Charleston III, a 145-unit apartment complex in Charleston. Carolina Multifamily Investments, a privately held real estate investment firm based in Chalfont, Penn., acquired the garden-style apartment community for $22.4 million. The seller was not disclosed. Located at 7604-7749 Warsaw Road, Avalon at North Charleston III is a newly renovated townhome community offering one- and two-bedroom apartments ranging from 688 square feet to 1,196 square feet. The community was formerly known as Willow Ridge. Renovations include updated kitchens with white shaker cabinetry, granite countertops, black appliances and plank flooring throughout the main level. Bathrooms have been updated with white shaker vanities, lighting and rain showers. Avalon is located about 1.3 miles from the Charleston Air Force Base and 4.3 miles from Charleston International Airport.
KENT, WASH. — Marcus & Millichap has arranged the sale of The Blvd, an apartment community in Kent. The property traded hands for $28.2 million. The names of the seller and buyer were not released. Situated on seven acres at 2138 S 272nd St., The Blvd features 136 apartments in a mix of 15 studio units, 69 one-bedroom units and 52 two-bedroom units. The property totals 106,850 square feet of net rentable area. George Miller of Marcus & Millichap represented the seller in the deal.
