Multifamily

ShainRealty Capital Buys LBJ Station Apartments in Dallas for $51M

by Taylor Williams March 17, 2022

DALLAS — Los Angeles-based investment firm ShainRealty Capital has purchased LBJ Station, a 249-unit apartment community in the Northwood Heights area of Dallas, for $51 million. The property was built in 2017. Units average 767 square feet and feature one- and two-bedroom floor plans. Amenities include a pool with a sundeck, fitness center with yoga and Pilates studios, coffee bar, clubhouse, two dog parks and a package handling system. Chris Deuillet of CBRE brokered the sale. Alpha Barnes Real Estate sold the property, and Rialto Capital provided $42 million in acquisition financing. ShainRealty Capital plans to invest $1.8 million in renovations and rebrand the property as Infinity on the Point.

March 17, 2022

Loans Lument Multifamily Texas

Lument Provides Two Acquisition Loans Totaling $32M for San Antonio Multifamily Assets

by Taylor Williams March 17, 2022

SAN ANTONIO — Lument has provided two acquisition loans totaling $32 million for a pair of multifamily assets in San Antonio. In the first transaction, Lument originated a $17.5 million loan for Auburn Creek, a 224-unit community that was originally built in 1976 and was 91 percent occupied at the time of the loan closing. In the second deal, Lument funded a $14.5 million loan for Fairways, a 205-unit complex that was initially constructed in 1973 and had an occupancy rate of 95 percent when the loan closed. Marc Suarez led the transactions for Lument. The borrower was locally based multifamily investment firm Lynd Group.

March 17, 2022

Acquisitions Multifamily Texas

Thompson Thrift Residential Sells 336-Unit Magnolia Apartment Community Near Houston

by Taylor Williams March 17, 2022

SPRING, TEXAS — Thompson Thrift Residential, a subsidiary of Indianapolis-based investment firm Thompson Thrift, has sold Magnolia, a 336-unit apartment community located in the northern Houston suburb of Spring. The property was built on 15.5 acres in 2018 and features one-, two- and three-bedroom units with glass countertops, stainless steel appliances, and full-size washers and dryers. Amenities include a pool, fitness center, bark park, game room, coffee bar and an outdoor kitchen. A private investment firm purchased the asset for an undisclosed price.

March 17, 2022

Loans Multifamily New York Northeast

Avison Young Places $210M Loan for Refinancing of Queens Apartment Building

by Taylor Williams March 17, 2022

NEW YORK CITY — Avison Young has placed a $210 million loan for the refinancing of a 396-unit apartment building located in the Long Island City area of Queens. The borrower, locally based multifamily developer Rockrose, built the 31-story property in 2007. Amenities include an indoor pool, sauna, fitness center and a game room. Andy Singer and Kathleen McSharry of Avison Young placed the debt through Metlife Investment Management.

March 17, 2022

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $5.2M Sale of East Harlem Multifamily Building

by Taylor Williams March 17, 2022

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.2 million sale of a 28-unit multifamily building located at 88 E. 111th St. in East Harlem. The property includes two commercial spaces. Victor Sozio, Mark Anderson and Michael Tortorici of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

March 17, 2022

Acquisitions District of Columbia Multifamily Southeast

Avanath Capital Management Acquires 2M Street Apartments in D.C. for $103.5M

by Julia Sanders March 17, 2022

WASHINGTON, D.C. — Avanath Capital Management LLC has acquired 2M Street Apartments, a 315-unit multifamily community in Washington, D.C., for $103.5 million. The seller was not disclosed. Built in 2014, 2M Street is an apartment community that offers studio, one- and two-bedroom floorplans. Unit features include fully equipped kitchens, balconies, breakfast nooks, granite countertops and washers and dryers in-unit. Community amenities include a basketball court, onsite maintenance, media center, movie theater, pool and a fitness center. The apartment community was designed to meet LEED Gold standards. Located at 2 M St. NE, the property is situated close to the Capitol Building and is 1.6 miles from downtown.

March 17, 2022

Loans Midwest Minnesota Multifamily

JLL Provides $67M Loan for Refinancing of Luxury Apartment Community in Edina, Minnesota

by Kristin Harlow March 17, 2022

EDINA, MINN. — JLL Real Estate Capital LLC has provided a $67 million Fannie Mae loan for the refinancing of Nolan Mains, a 100-unit luxury apartment community in the Minneapolis suburb of Edina. A partnership between Buhl Investors and Saturday Properties was the borrower. The developers built the property in 2019 as a public-private partnership with the City of Edina. The development is also home to 16 retailers and two levels of underground parking. Amenities include a rooftop bar, spa, fitness center, sunroom, dog run, clubroom, and golf simulator. Scott Loving and Will Hintz of JLL represented the borrower in securing the long-term, nonrecourse debt.

March 17, 2022

Acquisitions Midwest Missouri Multifamily

Curry Real Estate Services Acquires Four Apartment Complexes in Missouri

by Kristin Harlow March 17, 2022

BLUE SPRINGS AND INDEPENDENCE, MO. — Curry Real Estate Services has acquired four apartment complexes in Missouri for an undisclosed price. The acquisition includes the 69-unit Blue Springs Apartments and the 28-unit Millwood Apartments in Blue Springs, as well as Chrysler Garden and Chrysler Garden II Apartments in Independence that total 120 units. Hawley Realty was the seller. Some of the properties had been managed by Curry since 2006.

March 17, 2022

Acquisitions Michigan Midwest Multifamily

GREA Brokers Sale of 101-Unit Multifamily Property in Marquette, Michigan

by Kristin Harlow March 17, 2022

MARQUETTE, MICH. — Global Real Estate Advisors (GREA) has brokered the sale of Olympia Apartments in Marquette, a city in Michigan’s Upper Peninsula. Included in the sale of the 101-unit multifamily property was a custom-built home that sits along Lake Superior. The buyer, Cape Sierra Capital, intends to convert the residence into a vacation rental property. Cary Belovicz of GREA brokered the sale. The seller and sales price were not provided.

March 17, 2022

Affordable Housing Development Maryland Multifamily Southeast

Amazon to Invest $81.7M for Two Transit-Oriented Affordable Housing Projects in Metro D.C.

by Julia Sanders March 16, 2022

SEATTLE — Amazon has committed to invest $81.7 million to build 742 new affordable homes near public transit sites in the metro Washington, D.C. region. The new housing commitments included in Amazon’s recent investment include The Margaux at the New Carrollton Metro Station and Atworth at the College Park Metro Station. Amazon will work in collaboration with the Washington Metropolitan Area Transit Authority (Metro) to complete the housing developments. The deals are related to Amazon’s $300 million transit commitment from 2021 to create 3,000 new affordable homes in collaboration with the transit agencies in Amazon’s hometown communities. In partnership with Metro and developer Urban Atlantic, Amazon is developing The Margaux at the New Carrollton Metro Station, a 291-unit property with one-, two- and three-bedroom floorplans. Amazon is providing $25.4 million to Urban Atlantic to begin construction on the project. Atworth at the College Park Metro Station will be a 451-unit apartment property close to the University of Maryland and the Discovery District, as well as the MARC Train, University of Maryland Shuttle Service and Metro’s under-construction Purple Line. Amazon is funding a $56.3 million loan to the Gilbane Development Co. to begin construction. Since launching the Amazon Housing Equity Fund …

March 16, 2022

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