Multifamily

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

Development Massachusetts Multifamily Northeast

Procopio Cos. Tops Off 49-Unit Multifamily Project in Wilmington, Massachusetts

by Taylor Williams April 11, 2022

WILMINGTON, MASS. — Locally based developer The Procopio Cos. has topped off Lume, a 49-unit multifamily project in Wilmington, a northern suburb of Boston. The 74,000-square-foot, transit-served development carries a price tag of $20 million. Upon completion this fall, Lume will consist of 39 garden-style apartments and 10 townhomes. Amenities will include a fitness center, clubroom, coworking space and a pet spa. DMS Design is the project architect, with interiors by Conant Design Group. Boston-based Charlesgate is the leasing and management agency.

April 11, 2022

Arizona Development Multifamily Western

Triumph Properties Buys Land Parcel for 287-Unit Aileron Multifamily Development in North Phoenix

by Amy Works April 11, 2022

PHOENIX — Triumph Properties has closed an $82.5 million total capitalization for Aileron, a multifamily project located in North Phoenix. The company acquired the 9.8-acre land parcel from Moderne Capital Partners, which will partner with Triumph on the project. Aileron will feature 286 apartments in a mix of studios, one- and two-bedroom units averaging 842 square feet. Units will feature vinyl plank and carpet flooring, quartz countertops, tile backsplashes, wood cabinets, stainless steel appliances, in-unit laundry and air conditioning. Community amenities will include a pool, spa, clubhouse, fitness center, barbecue area, secured access and a package center.

April 11, 2022

Colorado Development Multifamily Western

Legacy Partners, Pacific Life Acquire Site for 236-Unit Residential Tower in Denver

by Amy Works April 11, 2022

DENVER — Legacy Partners and Pacific Life have purchased Araceli DTC, a to-be-developed residential tower in Denver. Situated on 1.3 acres at 4552 S. Ulster, the property will feature 236 apartments spread across 10 levels and a three-level garage podium. The property will feature panoramic views and an average unit size of 896 square feet. Community amenities will include a pool amenity deck, a protected Uber/Lyft pickup/drop-off area and electric car charging stations. Completion is slated for 2024. Mark Erland, Matthew Benson and Kevin Barron of JLL Capital Markets arranged $106 million in joint-venture equity and construction financing for Legacy Partners. The financing is a four-year, floating-rate senior construction loan, which an investment manager provided.

April 11, 2022

Acquisitions Arizona Multifamily Western

Taurus Investment Buys Rise Metro Multifamily Community in Phoenix for $42M

by Amy Works April 11, 2022

PHOENIX — Taurus Investment Holdings has purchased an apartment property located in Phoenix’s northwest region for $42 million. The buyer will rebrand the Class B property, which was previously known as Rise Metro, as Raystone. Built in 1981, Raystone features 160 units. Through its energy-focused subsidiary, RENU Communities, Taurus plans to transition Raystone to a low-carbon, energy-efficient multifamily complex by replacing all HVAC units with highly efficient air-source heat pumps, replacing existing electric water heaters with heat pump water heaters, implementing an energy monitoring system in each unit, upgrading lighting and installing solar panels.

April 11, 2022

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