Multifamily

Greystone Provides $48M Acquisition Loan for Apartment Community in Okemos, Michigan

by Kristin Harlow July 14, 2022

LANSING, MICH. — Greystone has provided a $48 million Fannie Mae green loan for the acquisition of Club Meridian in Okemos, an eastern suburb of Lansing. Constructed in 1989, the 406-unit apartment community consists of 17 garden-style buildings. Richard Kourbage of Greystone originated the loan on behalf of the borrower, a joint venture between Gray Capital and LRE Management. The nonrecourse loan features a 10-year term. The financing enables the borrower to make renovations to the property as well as complete the acquisition.

July 14, 2022

Acquisitions Illinois Midwest Multifamily

EQT Exeter Acquires 380-Unit Multifamily Property in Suburban Chicago

by Kristin Harlow July 14, 2022

WEST DUNDEE, ILL. — EQT Exeter’s U.S. multifamily team has acquired Reserve Randall Road in West Dundee, a far northwest suburb of Chicago. The purchase price was undisclosed. The 380-unit multifamily property, located at 400 Randall Road, comprises 19 buildings. Amenities include a clubhouse, fitness center, pool, grilling station, dog park and entertainment lounges. The seller, Milwaukee-based Fiduciary Real Estate Development, developed the community in two phases. Phase I was completed in 2021 and consists of 300 units, while Phase II was completed earlier this year. EQT Exeter plans to make certain enhancements to the property, including upgrading the outdoor grill area and dog park, the addition of a cabana to the pool area and the implementation of a KeyTrak management system as well as various upgrades to the parking lot, sidewalks and landscaping. EQT Exeter’s property management company, Redwood Residential, will manage the property.

July 14, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $16.5M HUD-Insured Loan for Refinancing of Minnesota Apartment Complex

by Kristin Harlow July 14, 2022

OTSEGO, MINN. — Colliers Mortgage has provided a $16.5 million HUD 223(f) loan for the refinancing of Rivers Edge Apartments in Otsego, a northwest suburb of Minneapolis. The 97-unit apartment complex was built in 2020. Amenities include a community room, fitness studio, picnic areas and onsite maintenance. The loan features a 35-year term and a 35-year amortization.

July 14, 2022

Acquisitions Multifamily Texas

S2 Capital Acquires 4,455-Unit Multifamily Portfolio in Dallas-Fort Worth, Houston

by Taylor Williams July 14, 2022

DALLAS — Locally based investment firm S2 Capital has acquired a portfolio of 14 multifamily properties totaling 4,455 units that are located in various cities throughout the Dallas-Fort Worth (DFW) metroplex as well as in Houston. The DFW component of the portfolio totals 3,399 units, and the Houston portion comprises 1,056 units. All properties were built between 1979 and 1987. Mark Brandenburg, Lauren Dow and Michael Cosby of JLL, along with Lauren Bresky and Loren Heikenfeld of Northmarq, arranged debt financing for the transaction. Roberto Casas, Rob Key, Matthew Lawton and Dustin Selzer with JLL, as well as Taylor Snoddy with Northmarq, brokered the sale. The seller was not disclosed. S2 Capital plans to extensively renovate and enhance the unit interiors, building exteriors and amenity spaces at all of the properties.

July 14, 2022

Development Multifamily Student Housing Texas

Parallel Breaks Ground on 750-Bed Student Housing Project Near Texas A&M University

by Taylor Williams July 14, 2022

COLLEGE STATION, TEXAS — Student housing developer Parallel has broken ground on a 750-bed project located at 401 First St. near the Texas A&M University campus in College Station. The community will offer a mix of studio, one- and two-bedroom units, as well as walk-up townhomes. Shared amenities will include a full-service smart market, influencer room, gaming lounge, dog park, pool, spa, yoga room, fitness center, indoor study areas and outdoor gaming stations. The project is scheduled for completion in fall 2024. The development team includes BOKA Partners, Rogers O‘Brien Construction, Alison Royal Interiors, RLG Engineers, Mitchell & Morgan Civil Engineering, V3 Engineers, Infinisys and SMR Landscape.

July 14, 2022

Development Multifamily Texas

Sueba USA Opens 303-Unit San Tierra Apartments in Metro Houston

by Taylor Williams July 14, 2022

KATY, TEXAS — Locally based developer Sueba USA has opened San Tierra, a 303-unit apartment community located in the western Houston suburb of Katy. San Tierra offers one-, two- and three-bedroom units that range in size from 480 to 2,087 square feet. Residences are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. The amenity package consists of multiple pools, a spa, outdoor cabanas with grilling areas, a 24-hour fitness center and a coffee bar. Rents start at $1,150 per month.

July 14, 2022

Loans Multifamily Texas

Berkadia Arranges $52M Loan for Refinancing of Austin Multifamily Property

by Taylor Williams July 14, 2022

AUSTIN, TEXAS — Berkadia has arranged a $52 million bridge loan for the refinancing of Iron Rock Ranch, a 300-unit multifamily property in Austin. Iron Rock Ranch consists of 84 townhomes and 216 apartments in one-, two- and three-bedroom formats. Amenities include two pools with outdoor lounging areas, a fitness center, pet park and a basketball court. Andy Hill and Tyler Nowlin of Berkadia arranged the four-year, nonrecourse loan through J.P. Morgan Asset Management on behalf of the borrower, Houston-based Domain Communities, which purchased the asset in late 2019.

July 14, 2022

Development Multifamily Texas

Presidium Begins Leasing 340-Unit Multifamily Project in Fort Worth

by Taylor Williams July 13, 2022

FORT WORTH, TEXAS — Texas-based developer Presidium has begun leasing Presidium Berkshire, a 340-unit multifamily development located on the north side of Fort Worth. The 352,000-square-foot community is expected to be fully complete early next year. Units will feature stainless steel appliances, quartz-style countertops, private balconies/terraces, individual washers and dryers and built-in desks. Amenities will include a pool with splash pads, outdoor dining and grilling areas, a two-story fitness center with a yoga studio, a speakeasy-style bar, demonstration kitchen, coworking lounge and a dog park. Dallas-based O’Brien Architects designed Presidium Berkshire. Rents start at $1,480 per month for a studio apartment.

July 13, 2022

Affordable Housing Development Midwest Multifamily Wisconsin

McShane Completes Construction of 126-Unit Apartment Complex in Middleton, Wisconsin

by Kristin Harlow July 13, 2022

MIDDLETON, WIS. — McShane Construction Co. has completed The Trotta Apartments in Middleton, a northwest suburb of Madison. The 126-unit apartment complex is situated on a site that previously housed a motel owned by the Trotta family. The four-story development offers a mix of market-rate units and workforce housing units. Income restrictions were not disclosed. Amenities include a clubroom, fitness room, dog wash, common room and three rooftop decks. Ramaker provided architectural services. The developer was Impact Seven, a Wisconsin-based affordable housing developer.

July 13, 2022

Acquisitions Development Hospitality Midwest Multifamily Wisconsin

Repvblik Purchases Madison Plaza Hotel in Wisconsin, Plans Conversion to Workforce Housing

by Kristin Harlow July 13, 2022

MADISON, WIS. — Repvblik LLC has purchased the Madison Plaza Hotel in Madison for an undisclosed price and plans to convert the hotel into workforce housing. Repvblik intends to fully renovate and repurpose the property into roughly 155 to 190 affordable studio and one-bedroom units. Completion is slated for 2023. Repvblik builds workforce housing for renters who earn 60 to 120 percent of the area median income (AMI). At the Madison property, rents will be affordable for those who earn 60 percent of AMI. In cooperation with HotelBrokerOne, Jameson & Co. brokered the sale of the 197-room hotel. Construction is expected to last 10 to 12 months.

July 13, 2022

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