Multifamily

Joint Venture Acquires 504-Unit Morgan Apartments in North Austin

by Taylor Williams September 3, 2021

AUSTIN, TEXAS — A joint venture between California-based investment firm Archway Equities, CAF Capital Partners and Cleveland-based Citymark Capital has acquired The Morgan, a 504-unit apartment community in Austin. The value-add property was built in the mid-1980s on the city’s north side and was 95 percent occupied at the time of sale. The Morgan offers one- and two-bedroom units and an amenity package that includes multiple pools, a business center, walking trails, a dog park and an outdoor kitchen area. The seller was not disclosed.

September 3, 2021

Acquisitions Multifamily Texas

IPA Brokers Sale of 288-Unit Vantage at Bulverde Apartments Near San Antonio

by Taylor Williams September 3, 2021

BULVERDE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Vantage at Bulverde, a 288-unit apartment community located in the northern San Antonio suburb of Bulverde. Units feature one-, two- and three-bedroom floor plans with individual washers and dryers, mosaic glass backsplashes and oversized closets. Select units also offer fenced yards. Amenities include a pool with grilling areas, media lounge, clubhouse and a fitness center. Will Balthrope and Drew Garza of IPA represented the seller, Vantage Communities, in the transaction. The duo also procured the buyer, Houston-based Ilan Investments.

September 3, 2021

Acquisitions Hospitality Multifamily Texas

Profectus Multifamily Capital Buys Vacant Hotel in Metro Dallas, Plans Apartment Conversion

by Taylor Williams September 3, 2021

ATHENS, TEXAS — Dallas-based Profectus Multifamily Capital has purchased a vacant Quality Inn & Suites hotel in Athens, located southeast of Dallas, with plans to convert the property into a 122-unit apartment community. The complex will offer a fitness center, business center, dog park, outdoor recreational areas and a restaurant or coffee shop. Greg Miller of locally based brokerage firm The Multifamily Group represented Profectus in its acquisition of the property, which was originally built in 1981 on a 14-acre site that can support additional future development.

September 3, 2021

285-Hancock-St.-North-Quincy-Massachusetts

Development Massachusetts Multifamily Northeast

Bozzuto, Atlantic Development Complete Phase I of Metro Boston Multifamily Project

by Taylor Williams September 3, 2021

NORTH QUINCY, MASS. — A partnership between Maryland-based developer Bozzuto and Atlantic Development has completed Phase I of The Abby, a 218-unit multifamily project at 285 Hancock St. in North Quincy, located south of Boston. The transit-served community will ultimately consist of 610 apartments across three buildings and 50,000 square feet of retail space, the bulk of which is preleased to Target. Construction of the second phase, which will consist of 137 units and amenities such as a wellness center, rooftop pool and a lounge area, is nearing completion. Phase III will include 255 units, more amenities and retail space and is slated for a fall 2022 completion.

September 3, 2021

Features Industrial Multifamily Office Retail

CBRE Survey: Cap Rates to Return to Pre-Pandemic Levels for Industrial, Office and Suburban Multifamily Properties

by Julia Sanders September 2, 2021

DALLAS — Industry professionals believe the commercial real estate values for industrial, office and suburban multifamily properties across the United States are expected to return to pre-pandemic levels or remain stable, hinting at a potential full recovery for the rest of 2021, according to a CBRE Group Inc. survey released on Aug. 31. CBRE’s survey looked at capitalization rates for stabilized assets and investment sentiment on market conditions. Capitalization rates measure a property’s value by dividing its net operating income by its sale price and a lower cap rate generally shows a higher value. In the survey, investors predicted cap rate movement will vary across different property types for the second half of 2021. For example, cap rates for industrial and multifamily properties are expected to compress in most markets, while the cap rates for office, retail and hotel properties are expected to stay steady. The survey also found that investors were willing to purchase industrial and multifamily properties at a premium or higher price than other property types. Additionally, investors looked mainly for small to moderate pricing discounts for office properties, and moderate to large discounts for retail properties and hotels. More than 75 percent of real estate investors …

September 2, 2021

Development Florida Multifamily Southeast Student Housing

TREO Group Completes $36M Student Housing Development Near University of Miami

by Julia Sanders September 2, 2021

MIAMI — Miami, Fla.-based The TREO Group has completed Vox Miami, a 326-bed student housing community located at 7202 S.W. 72nd St. in south Miami. The development cost for the 193,250-square-foot project was $36 million. Vox Miami offers a mix of one-, two-, three- and four-bedroom units with a TV in every living room, floor-to-ceiling windows, stainless steel appliances, washers and dryers, walk-in closets in most units, exposed industrial ceilings, furniture and cable and internet included. Community amenities include study lounges, a rooftop terrace and swimming pool, fitness center and parking. The property is fully leased for the 2021 school year. The student housing property is about 1.6 miles from the University of Miami campus. The development is also near retailers and restaurants including Deli Lane Café & Sunset Tavern, Petco, Publix and Shake Shack. Construction for the development started in 2019. The project’s development team included Moss Construction and Perkins & Will.

September 2, 2021

Acquisitions Loans Multifamily Oregon Western

PCCP Provides $51M Loan to ColRich Multifamily for Acquisition of Apartment Property in Portland

by Amy Works September 2, 2021

PORTLAND, ORE. — PCCP has provided a $51 million senior loan to ColRich Multifamily for the purchase of Twenty Twenty, a seven-story apartment community located at 2020 N.E. Multnomah St. in Portland. Built in 2019, the property features 162 apartments in a mix of 18 studio units, 90 one-bedroom units and 53 two-bedroom units with a variety of den, penthouse and garden floorplans. Unit finishes include quartz countertops, hardwood flooring, stainless steel appliances, gas cooktops, custom cabinetry, in-unit washers/dryers and fireplaces and balconies in select units. Community amenities include two decks with grills, firepits and a Zen garden; a fitness center; bike lounge with repair station; pet lounge; and individual lockers. Additionally, the property sits above a two-level, subterranean parking garage. At the time of sale, the property was 67 percent leased. The asset was originally built as for-sale condominiums but was repositioned as a multifamily property.

September 2, 2021

Acquisitions Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $10M Financing for Emerald City Senior Living in Seattle

by Amy Works September 2, 2021

SEATTLE — CBRE Senior Housing has arranged $10 million in financing for Emerald City Senior Living, a 119-unit assisted living and memory care community in Seattle. The community sits six miles north of downtown Seattle within the Maple Leaf neighborhood, a burgeoning and affluent residential area of Seattle. Built in 2006 by a seniors housing architect, the community features high-end amenities. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing, arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living is the operator. The two-year, $10 million, floating-rate bridge loan features full-term interest-only payments and extension options through CBRE’s multifamily bridge lending program, MF1 Capital LLC.

September 2, 2021

Arizona Loans Multifamily Western

Tower Capital Completes Four Multifamily Financings in Arizona Totaling $21.3M

by Amy Works September 2, 2021

PHOENIX, SCOTTSDALE AND NOGALES, ARIZ. — Tower Capital has arranged acquisition financing for four multifamily properties in Arizona. The company facilitated a $7 million bridge loan for the purchase and rehabilitation of the Portofino, a 66-unit urban multifamily property in Phoenix. Originally a Best Western Inn & Suites, the hotel was converted into a multifamily property offering 65 one-bedroom/one-bath units and one two-bedroom/one-bath unit. Community amenities include on-site tenant storage and a community pool. The undisclosed borrower, which acquired the property in an off-market transaction, plans to implement a capital improvements program. Tower Capital secured $5.4 million in acquisition financing to an undisclosed borrower for the acquisition of Hayden Apartments, a two-story, 25-unit, garden-style property in Scottsdale. The five-year, interest-only loan carries a 3.2 percent fixed interest rate and 65 percent loan-to-value ratio. The apartment community was built in 1977 and renovated in 2020. Tower Capital facilitated $5.1 million in acquisition financing for the Filmore Apartments, a 41-unit property in Phoenix. The undisclosed borrower intends to capitalize the property by bringing the below-market rents up to market. The company also arranged $3.8 million in acquisition financing for Santa Carolina Apartments in Nogales. Built in 2005 on 6.2 acres, the two-story …

September 2, 2021

Development Florida Multifamily Southeast

ZOM Living Breaks Ground on 289-Unit Apartment Project in Tampa

by Julia Sanders September 2, 2021

TAMPA, FLA. — ZOM Living has broken ground on Azalea, a 289-unit apartment community located on a 13-acre site in Tampa. Renasant Bank provided a $36.3 million loan to ZOM and investment partner JPMorgan Chase provided an additional undisclosed amount of funding for the project’s construction. Azalea will include three- and four-story buildings in a seven-building community. The development will offer one-, two- and three-bedroom units ranging from 700 square feet to 1,400 square feet in size. Unit features include energy efficient and stainless steel appliances, quartz countertops and kitchen islands in select units. Located at 8240 Causeway Blvd., the property is about 7.6 miles from downtown Tampa and about 17.1 miles from East Tampa Beach. Community amenities will include a pool, pool deck and pavilion, cabanas, gaming area with a pool table and corn hole, dog park, pet salon, fitness center, work-from-home lounge with personal work stations and meeting rooms and a relaxation area with hammocks and fire pit. Verdex Construction is the project’s general contractor, and LRK is the architect. ZOM Living is a multifamily developer based in Orlando. Construction on the project is expected to be complete in the third quarter of 2023.

September 2, 2021

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