Multifamily

CBRE Arranges $14.9M Sale of Eastland Apartment Community in Nashville

by Julia Sanders April 12, 2022

NASHVILLE, TENN. — CBRE has arranged the $14.9 million sale of The Eastland, a 49-unit apartment community in Nashville. A Virginia-based investor, Cherner Development Group, purchased the property. Brett Carr of CBRE represented the seller, Dallas-based investor Lion Real Estate Group, in the transaction. The Eastland is a five-story multifamily building that offers one- and two-bedroom floorplans. The average unit size is 571 square feet. Completed in 2017, The Eastland features ground floor retail space. Community amenities include a fitness center, lounge and onsite maintenance. The building was 96 percent occupied at the time of sale. Located at 1035 W. Eastland Ave., the community is situated 10.1 miles from Nashville International Airport and 2.8 miles from downtown Nashville.

April 12, 2022

Acquisitions Multifamily Texas

Exact Capital Acquires Affordable Housing Community in Oklahoma City for $59M

by Taylor Williams April 12, 2022

OKLAHOMA CITY — New York-based development and investment firm Exact Capital has acquired Isola Bella Apartments, a 77-building affordable housing community located at 6303 NW 63rd St. in Oklahoma City, for $59 million. Isola Bella’s unit mix comprises 451 one-bedroom units, 280 two-bedroom apartments, 16 three-bedroom residences, 23 four-bedroom dwellings and a superintendent’s unit. According to Apartments.com, amenities include a pool, fitness center, business center, clubhouse and onsite laundry facilities. The new ownership will renovate and rebrand the property as Alora Apartments. Following the renovation and recapitalization of the property with Low-Income Housing Tax Credits, units will be reserved for renters earning up to 60 percent of the area median income.

April 12, 2022

Loans Multifamily Texas

Gantry Arranges $19M Acquisition Loan for Multifamily Property in Saginaw, Texas

by Taylor Williams April 12, 2022

SAGINAW, TEXAS — San Francisco-based mortgage banking firm Gantry has arranged a $19 million bridge loan for the acquisition of Ashton Apartment Homes, a 152-unit multifamily property located in the northern Fort Worth suburb of Saginaw. Built in 1984, the property consists of 14 two-story buildings on a 7.6-acre site. The undisclosed borrower plans to implement a value-add program focused on unit interiors that is a continuation of the previous owner’s renovations to common areas and amenity spaces.

April 12, 2022

Development Multifamily New York Northeast

Breslin Realty to Develop 201-Unit Multifamily Project in Lynbrook, New York

by Taylor Williams April 12, 2022

LYNBROOK, N.Y. — Breslin Realty Development Corp. will build The Langdon, a 201-unit multifamily project that will be located in the Long Island community of Lynbrook. Located at 47 Broadway, the new development will replace the former Mangrove Feather factory, which has been vacant for 15 years. The Langdon will consist of 55 studios, 111 one-bedroom units and 35 two-bedroom apartments, as well as 2,000 square feet of ground-floor retail space and onsite parking for 205 vehicles. Construction is expected to begin within 60 days and to be complete in summer 2023. Lee Spiegelman, Mark DeLillo, Marc Schulder and Felipe Marin of BlueGate Partners arranged construction financing for the project, which carries a total price tag of $109 million, according to the debt placement team.

April 12, 2022

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 354-Unit Dawson Apartments in West Houston

by Taylor Williams April 11, 2022

HOUSTON — Berkadia has arranged the sale of The Dawson, a 354-unit apartment community located in the Energy Corridor area of West Houston. Built in 2014, The Dawson offers one- and two-bedroom units that range in size from 649 to 1,552 square feet. Residences are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, outdoor kitchen and a dog park. Chris Curry, Todd Marix, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Austin-based RPM Living, in the transaction. Clay Akiwenzie, also with Berkadia, originated an undisclosed amount of Freddie Mac financing on behalf of the buyer, California-based Bridge Partners. The loan carried a seven-year term and a floating interest rate.

April 11, 2022

Acquisitions Multifamily Texas

Magma Equities, Franklin Templeton Buy 281-Unit Palencia Apartment Homes in Plano

by Taylor Williams April 11, 2022

PLANO, TEXAS — A joint venture between two California-based investment firms, Magma Equities and Franklin Templeton, has purchased Palencia Apartment Homes, a 281-unit multifamily property in the northern Dallas suburb of Plano. Built in 1996, the property consists of nine buildings housing studio, one- and two-bedroom units on a 9.6-acre site. Amenities include multiple pools, a clubhouse, fitness center, business center and picnic and grilling areas. The new ownership plans to implement a value-add program that will be primarily focused on unit interiors.

April 11, 2022

Affordable Housing Loans Multifamily Texas

Dwight Capital Provides $22.7M HUD-Insured Refinancing for San Antonio Affordable Housing Community

by Taylor Williams April 11, 2022

SAN ANTONIO — New York City-based Dwight Capital has provided a $22.7 million HUD-insured loan for the refinancing of Stablewood Farms, a 252-unit affordable housing community in San Antonio. Built in 2002, the property comprises 16 two- and three-story buildings, five garages, a leasing office and a community center on a 22-acre site. The majority (75 percent) of the units are restricted to households earning 80 percent or less of the area median income (AMI), while 20 percent are reserved for renters earning up to 50 percent of AMI. Josh Sasouness of Dwight Capital originated the loan through HUD’s 223(f) program on behalf of the borrower, locally based nonprofit organization Merced Housing Texas.

April 11, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $44.2M Sale of Apartment Complex in Winfield, Illinois

by Kristin Harlow April 11, 2022

WINFIELD, ILL. — Interra Realty has arranged the $44.2 million sale of Winfield Station in Winfield, about 35 miles west of Chicago. The newly built, transit-oriented apartment complex features 162 units and is situated near the Winfield Metra station. The property was 82 percent occupied at the time of sale. Amenities include a resident lounge, business center, fitness center and outdoor pool. Jon Morgan, David Goss and Joe Smazal of Interra represented the seller, an affiliate of Chicago-based Synergy Construction Group, which completed construction of the property in August 2021. Patrick Kennelly and Paul Waterloo of Interra procured and represented the buyer, Mango Shadow LLC.

April 11, 2022

Acquisitions Multifamily New York Northeast

JLL Negotiates $146M Sale of Long Island Apartment Community

by Taylor Williams April 11, 2022

LINDENHURST, N.Y. — JLL has negotiated the $146 million sale of The Wel, a 260-unit apartment community located in the Long Island community of Lindenhurst. Built in 2021, The Wel offers studio, one-, two- and three-bedroom units with an average size of 916 square feet. Residences are furnished with stainless steel appliances, stone countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking space, game room, rooftop lounge, fire pits, a dog wash station and landscaped courtyards. Jose Cruz, Steve Simonelli, Andrew Scandalios, Michael Oliver, Kevin O’Hearn and Jason Lundy of JLL represented the seller, a joint venture between Tritec Real Estate Co. and an affiliate of Rockwood Capital, in the transaction. The buyer was Fairfield Properties.

April 11, 2022

Acquisitions Connecticut Multifamily Northeast

Cushman & Wakefield Brokers Sale of 240-Unit Multifamily Property in Norwalk, Connecticut

by Taylor Williams April 11, 2022

NORWALK, CONN. — Cushman & Wakefield has brokered the sale of Avalon East Norwalk, a 240-unit multifamily property located in the southern coastal part of Connecticut. Avalon East Norwalk features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations and a resident lounge. Brian Whitmer, Adam Spies, Al Mirin, Matt Torrance, Michael Collins, Ryan Dowd and Peter Welch of Cushman & Wakefield represented the seller, Virginia-based multifamily REIT AvalonBay Communities, in the transaction. The team also procured the buyer, Boston-based DSF Group, which will rebrand the property as Halstead Norwalk.

April 11, 2022

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