Multifamily

Resia Begins Work on 576-Unit Apartment Community in Houston’s Energy Corridor

by Taylor Williams July 1, 2022

HOUSTON — Resia, a Miami-based developer formerly known as AHS Residential, has begun construction on Resia Ten Oaks, a 576-unit apartment community that will be located within the 83-acre Ten Oaks master-planned development in Houston’s Energy Corridor. The community will comprise three 12-story buildings that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center and a resident clubhouse. Gensler is the project architect. Completion is slated for the first quarter of 2024.

July 1, 2022

Affordable Housing Development Midwest Missouri Multifamily

Drever Partners Opens 324-Unit Workforce Housing Property in Branson, Missouri

by Kristin Harlow July 1, 2022

BRANSON, MO. — Drever Partners has opened The Penleigh – Branson Row, a 324-unit workforce housing property in Branson. The project consisted of the conversion of the former Angel Inn – by the Strip hotel, which Drever Partners acquired. The property offers micro apartment units along with a resident lounge, fitness center, onsite laundry facilities, playground and pool. Monthly rents start at $700. Residents can receive a $25 discount each month for early payment.

July 1, 2022

Acquisitions Multifamily Texas

Walker & Dunlop Brokers Sale of 200-Unit Multifamily Property in Richwood, Texas

by Taylor Williams July 1, 2022

RICHWOOD, TEXAS — Walker & Dunlop has brokered the sale of East Bank at Richwood Village, a 200-unit multifamily property located south of Houston in Brazoria County. According to Apartments.com, the property offers one-, two- and three-bedroom units and a pool, fitness center, business center and a resident clubhouse. Ryan Epstein and Jennifer Ray of Walker & Dunlop represented the seller, Pensam Capital, in the transaction.

July 1, 2022

Cliffside-Apartments-Sunderland-Massachusetts

Loans Massachusetts Multifamily Northeast

Eastern Union Arranges $39M Agency Loan for Refinancing of Multifamily Property in Sunderland, Massachusetts

by Taylor Williams July 1, 2022

SUNDERLAND, MASS. — New York-based Eastern Union has arranged a $39 million Fannie Mae loan for the refinancing of The Cliffside Apartments, a 280-unit multifamily property in Sunuderland, located in the central part of Massachusetts. The property was built in 1976 and offers one-, two-, three- and four-bedroom units, as well as townhouses, with an average size of 532 square feet. Michael Muller of Eastern Union arranged the floating-rate loan on behalf of the undisclosed borrower as part of a portfolio transaction that included a $44.8 million loan for a 256-unit property in nearby Amherst. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.

July 1, 2022

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 234-Unit Multifamily Portfolio in New Haven Area

by Taylor Williams July 1, 2022

NEW HAVEN AND HAMDEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a portfolio of three multifamily properties totaling 234 units in the New Haven area. The 123-unit Liberty Building was converted into an apartment complex in 1999 and is located in the city’s downtown area. Hamden Centre and Dogwood Hill Apartments, located in nearby Hamden, were both built in the 1970s and respectively total 65 and 46 units. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction and procured the buyer, Cue Residential.

July 1, 2022

Development Georgia Multifamily Southeast

Joint Venture Breaks Ground on 28-Story Luxury Apartment Tower in Midtown Atlanta

by John Nelson June 30, 2022

ATLANTA — A joint venture between Atlantic Residential, FIDES Development, Capital City Real Estate and Mitsui Fudosan America has broken ground on a 28-story apartment tower in Midtown Atlanta. Located at 1441 Peachtree St., the unnamed tower will comprise 350 luxury apartments and provide walkability to the Atlanta Arts MARTA station, Museum of Design Atlanta, Savannah College of Art and Design and the Breman Jewish Heritage Museum, as well as Pershing Point Park, Ansley Park and Piedmont Park. Designed by Niles Bolton Associates, the apartment tower’s amenities will include coworking spaces, a fitness center, wine bar and lounge, private dining area, pool with a sundeck and a rooftop bar and lounge, as well as two restaurants in the lobby. Apartments will come in studio, one-, two- and three-bedroom floor plans, many featuring balconies or terraces. The project team includes landscape architect and civil engineer Kimley-Horn and general contractor Brasfield & Gorrie. Gregg Shapiro and Matt Casey of JLL worked on behalf of the borrower to arrange the joint venture equity through Mitsui Fudosan America. The ownership plans to deliver the first units in June 2024.

June 30, 2022

Development Florida Multifamily Southeast

Alliance Residential Opens 264-Unit Prose Stevens Pointe Apartments in St. Cloud, Florida

by John Nelson June 30, 2022

ST. CLOUD, FLA. — Alliance Residential has opened Prose Stevens Pointe, a 264-unit apartment community located at 3010 Camber Drive in St. Cloud. The Central Florida property features one- and two-bedroom apartments that range in size from 835 to 1,180 square feet, and monthly lease rates range from $1,500 to $1,845 per month. Units feature kitchens with white shaker-style cabinets, satin nickel hardware, granite countertops, entertainment islands, pantries and Whirlpool stainless steel appliances. All bedrooms have walk-in closets, and all bathrooms feature linen pantries. All units also include entry/coat closets, washer and dryer closets with appliances and wood-style plank flooring throughout. Amenities include a pool with sunshelves, chaise lounges, grilling stations, a dog park with a pet washing station, catering kitchen, entertainment lounge, business center with coworking spaces, fitness center and concierge services provided by Parcel Pending.

June 30, 2022

Acquisitions Multifamily Texas

Sentinel Real Estate Acquires 268-Unit Retreat at Cinco Ranch Apartments in Katy, Texas

by Taylor Williams June 30, 2022

KATY, TEXAS — New York City-based investment firm Sentinel Real Estate Corp. has acquired The Retreat at Cinco Ranch, a 268-unit apartment community in the western Houston suburb of Katy. Built in 2008, the property offers one-, two- and three-bedroom units with an average size of 943 square feet. Interiors feature granite countertops, walk-in closets and full-size washers and dryers. Amenities include a pool, fitness center, outdoor grilling stations, a playground, resident lounge with a kitchen and coffee bar and a business center. The seller was not disclosed.

June 30, 2022

Loans Multifamily Texas

Greysteel Arranges Acquisition Financing for 184-Unit Multifamily Portfolio in Austin

by Taylor Williams June 30, 2022

AUSTIN, TEXAS — Greysteel has arranged an undisclosed amount of acquisition financing for a portfolio of four multifamily properties totaling 184 units in Austin. The properties — Calgary Square, Reinli Arms, Capital Villa and First Oak Place — also include 14 retail spaces. Harrison Cole of Greysteel arranged the financing on behalf of the undisclosed borrower, which plans to implement a value-add program across the portfolio.

June 30, 2022

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $74.3M in Construction Financing for Affordable Housing Property in Columbus

by Kristin Harlow June 30, 2022

COLUMBUS, OHIO — KeyBank Community Development Lending and Investment has provided $74.3 million in construction financing for Darby Crossing, an affordable housing property in Columbus. Indianapolis-based Kittle Property Group is the developer. The 11-building property will include 60 one-bedroom units, 92 two-bedroom units, 84 three-bedroom residences, 24 four-bedroom apartments and two cottages. All units will be restricted to residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, pool house and 48 garage parking spaces. Construction has begun and is slated for completion by August 2025. David Lacki and Greg Deeks of KeyBank structured the financing, which includes a $43.3 million construction loan to be followed by a $31 million private placement loan. Additionally, the Columbus-Franklin County Finance Authority issued $42.2 million in tax-exempt bonds and the Ohio Housing Finance Agency provided $21.3 million in low-income housing tax credits. The development also benefits from a tax abatement based on its location in a Community Reinvestment Area.

June 30, 2022

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