COLLEGE STATION, TEXAS — Austin-based developer Parallel will build an 802-bed student housing community within the Northgate Campus area near Texas A&M University in College Station. Parallel has entered into a ground lease with the University Lutheran Church of College Station to develop the 18-story community. The property’s 298 units will be furnished with quartz countertops, stainless steel appliances, tile backsplashes and smart technology features. Amenities will include a rooftop pool and hot tubs, an outdoor theater, fitness center, sand volleyball court, outdoor kitchen areas, fire pits and other outdoor formal and informal gathering areas. Completion is slated for summer 2023.
GLENDALE, ARIZ. — CBRE has secured a $29.4 million loan for InTrust Property Group to acquire Sunflower and Veranda Apartments in Glendale. Terms of the acquisition were not released. Located at 6015 and 5959 W. Olive Ave., the gated multifamily properties offer a total of 208 units ranging from 450 square feet to 1,150 square feet. Community amenities include three swimming pools, grill and picnic areas and on-site property management. The Newport Beach, Calif.-based buyer plans to upgrade all units to include stainless steel appliances, new cabinetry and quartz countertops. The loan, which was structured with a three-year term and two one-year extensions, will provide funding for the future capital improvements and renovation of the asset. Shaun Moothart, Bob Ybarra, Bruce Francis and Doug Birrell of CBRE arranged the loan for the borrower.
Nirvana at Zanjero Buys Medical Office Condo Project for Multifamily Conversion in Glendale, Arizona
GLENDALE, ARIZ. — Nirvana at Zanjero LLC has acquired Zanjero Falls, a three-story, grey-shell building at 7410 N. Zanjero Blvd. in Glendale, for $10 million. Situated on 7.5 acres, the 231,272-square-foot asset features three buildings with an underground parking facility, as well as healing gardens, water features and a large pond with bridge to the main entrance. The property was originally built in 2008 as medial and office condominiums. However, due to the Great Recession of 2008, the property’s interior was never built out and it sat idle for more than 10 years through a series of owners. The buyer is developing design, architectural plans and city approvals to build an approximately 300-unit multifamily property, offering one-, two- and three-bedroom units, on the site. The first phase of construction, which is to build out the existing shell building, is slated for completion in the fourth quarter of 2022, and the second phase that includes building new detached buildings is scheduled for completion by spring/summer 2022. Sharat (Shaun) Kanaka of Paradise Valley, Ariz., represented the buyer, while Tim Dulany and Alexandra Loye of Colliers in Arizona represented the seller, SZ Real Co LCC, an Arizona limited liability company headed by a …
FORT WORTH, TEXAS — Texas-based developer Presidium has completed Presidium Revelstoke, a 408-unit apartment community located near Alliance Town Center on the north side of Fort Worth. Units feature one-, two- and three-bedroom floor plans and stainless steel appliances, upscale finishes and smart technology devices. Amenities include a pool, clubhouse with a demonstration kitchen, business center with coworking spaces, billiards room and a fitness center. Project partners included O’Brien Architects, civil engineer Kimley-Horn and Provident General Contractors. Presidium Revelstoke represents Phase I of a larger development; construction of Presidium Berkshire, a 340-unit community that marks the second phase, began earlier this year. Rents start at $1,350 per month for a one-bedroom unit.
MINNEAPOLIS — CA Ventures and Harlem Irving Cos. have started pre-leasing 270 Hennepin, a 22-story apartment tower located at 270 Hennepin Ave. in downtown Minneapolis. First move-ins are scheduled for this fall. The project features 346 apartment units and 20,000 square feet of retail space on the first floor. In addition to floor plans ranging from studios to three-bedroom units, there are two- and three-bedroom penthouse units. Amenities include an indoor pool, outdoor sky terrace, movie theater, fitness and yoga rooms, bike storage and two levels of underground parking. Monthly rents start at $1,425. Residents can currently receive up to two months of free rent.
INDIANAPOLIS — Greystone has provided a $22 million Fannie Mae loan for the acquisition of Wildwood Village Apartments in Indianapolis. The garden-style apartment community includes 324 units across 33 buildings. Amenities include a clubhouse, business center, fitness center, pool, sports court and dog park. Dan Sacks of Greystone originated the 12-year loan, which features a 30-year amortization schedule, a fixed interest rate and five years of interest-only payments. An entity doing business as Cyclone Wildwood 324 LLC was the borrower.
PRINCETON, N.J. — JLL has negotiated the $92.1 million sale of Parc at Princeton Junction, a 232-unit luxury apartment community located about two miles from Princeton University’s campus. Built in 2018, the property features one-, two- and three-bedroom units that range in size from 750 to 1,349 square feet and that have private balconies and patios in select apartments. The building also houses 19,913 square feet of retail space. Amenities include a pool, fitness center, bocce ball court, dog spa and wash, two-story clubhouse, outdoor grills and fire pit, a courtyard and a sundeck. Jose Cruz, Michael Oliver, Kevin O’Hearn and Steve Simonelli of JLL represented the seller, a joint venture between Toll Brothers Apartment Living and The Davis Cos., in the transaction. An undisclosed private investor purchased the asset.
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Walker & Dunlop Bolsters Affordable Housing Business with $696M Acquisition of Alliant Capital, Affiliates
BETHESDA, MD. AND WOODLAND HILLS, CALIF. — Walker & Dunlop (NYSE: WD) has entered into a definitive agreement to acquire Alliant Capital Ltd., a privately held affordable housing asset management firm based in Woodland Hills. Under the terms of the purchase agreement, Walker & Dunlop will acquire Alliant and its affiliates, Alliant Strategic Investments and ADC Communities, at a total value of $696 million. Alliant is the sixth-largest syndicator of low-income housing tax credits (LIHTC) in the United States and has participated in the development of over 100,000 affordable units serving over 400,000 families. ADC Communities is the affordable housing development arm of Alliant, which has financed 29 developments and over 5,400 units in eight states since 2014. Alliant Strategic Investments focuses on non-LIHTC affordable housing preservation, workforce housing and opportunity zone investments. The acquisition will bring Walker & Dunlop’s total affordable housing assets under management to $16 billion, with $14 billion of those assets under management belonging to Alliant. The move is expected to be accretive to Walker & Dunlop’s existing $112 billion servicing portfolio. “Alliant is one of the largest and most respected tax credit syndicators and affordable housing developers in the country. The addition of their people, …
By Jordan Cooper, director of verticals, Xero It’s difficult to guess anything about the housing and rental property markets of tomorrow given the conditions of today. Month after month of fluctuating prices, demand and availability have made renting a delicate dance for landlords and tenants alike. A recent IBISWorld report also pointed to an expected decrease in revenue for the larger apartment rental industry through 2021, but it’s not time to hit the panic button just yet. There are, in fact, a multitude of ways by which landlords and property managers can make their businesses steadier, more profitable and more beneficial to tenants — as well as to themselves. The first option — hiring outside help — creates the least work for owners, though it may not be the right addition to every landlord’s toolkit. In an industry with occasionally fickle financial situations, landlords can lean on the assistance of accountant or bookkeepers or seek counsel from financial advisors. Unless an owner already has the bookkeeping know-how, he or she is probably missing out on tax savings and seeing suboptimal returns on real estate investments. A qualified accountant can step in to keep the owner abreast of any and all …
ARLINGTON, TEXAS — Canadian investment firm Western Wealth Capital has purchased Brookside Apartment Homes, a 288-unit multifamily property in Arlington that was originally built in 1983. According to Apartments.com, Brookside Apartment Homes features one- and two-bedroom units ranging in size from 650 to 990 square feet. Communal amenities include a pool, fitness center, resident clubhouse, business center, pet play area and outdoor picnic and grilling areas. The seller was not disclosed. Following this acquisition, Western Wealth Capital now owns 12 multifamily properties in the Dallas-Fort Worth area and 26 in Texas.