Multifamily

Cottages-at-Mission-Trail-Lake-Elsinore-CA

Civic Partners, Premier Design + Build Complete Multifamily Community in Lake Elsinore, California

by Amy Works May 18, 2021

LAKE ELSINORE, CALIF. — Civic Partners, with the support of the City of Elsinore, and Premier Design + Build Group have completed The Cottages at Mission Trail, a multifamily development in Lake Elsinore. The Cottages at Mission Trail features 143 two- and three-bedroom apartments in six floor plans spread across 78 buildings on a 20-acre site. Community amenities include a recreation center, large park, tot lot with playground equipment, laundry center and leasing center. The community has parking for 330 vehicles and many individual homes offer driveways. The Cottages at Mission Trail is part of Summerly, a 3,000-acre Lake Elsinore development that includes a golf course, single-family residential community and retail center. The project team included KTGY Group, ima, Gouvis Engineering and Wilson-Mikami.

May 18, 2021

Loans Michigan Midwest Multifamily Seniors Housing

Greystone Provides $27.8M HUD-Insured Loan for Refinancing of Seniors Housing Property in Southfield, Michigan

by Kristin Harlow May 18, 2021

SOUTHFIELD, MICH. — Greystone has provided a $27.8 million HUD-insured loan for the refinancing of Solaire Apartments in Southfield. The 383-unit seniors housing property was built in 1970. The asset features two buildings with a variety of floor plans. Amenities include a clubhouse, pool, picnic area, beauty salon, library and fitness center. Dan Sacks of Greystone originated the loan on behalf of the borrower, Loop Investments. The HUD Section 223(a)(7) loan replaces an existing FHA loan and features a lower interest rate, a 35-year term and a 40-year amortization schedule.

May 18, 2021

Acquisitions Multifamily North Carolina Southeast

Magma Equities Purchases Richmond Hills Apartment Community in Raleigh for $6.2M

by Julia Sanders May 18, 2021

RALEIGH, N.C. — Magma Equities has purchased 51 apartments within Richmond Hills, a multifamily community located at 2251 Charles Drive in Raleigh. Sarah Godwin of JLL represented the seller, EYC Cos. LLC, in the $6.2 million sale. Magma Equities plans to update the community’s countertops, kitchen cabinets, pool and property exterior in the next year. Sitting on approximately 5.2 acres, the acquired site is also entitled for up to 330 new apartment units. The infill property is situated across the street from Crabtree Valley Mall and a half-mile from Interstate 440 and Raleigh Beltline, as well as 3.5 miles from Interstate 40. EYC is a privately held real estate firm based in the Carolinas. Manhattan Beach, Calif.-based Magma Equities is a real estate company focused on repositioning Class B apartment communities throughout the country.

May 18, 2021

Acquisitions Alabama Multifamily Southeast

Berkadia Brokers $38.3M Sale of 100 Inverness Apartments in Birmingham

by Julia Sanders May 18, 2021

BIRMINGHAM, ALA. — Berkadia has brokered the $38.3 million sale of 100 Inverness, a 322-unit, Class B multifamily property in Birmingham. David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia, with support from David Oakley of OG Capital, represented the seller, Colorado-based FPA Multifamily, in the transaction. Tucker Knight of Berkadia assisted the unnamed buyer in assuming an existing Berkadia-originated loan on the property as part of the transaction. Three seasoned multifamily investors from Texas syndicated the buyer group for this transaction, the first acquisition in Alabama for the new ownership. Located at 100 Iverness Lane, the property is situated on a 39-acre lakefront site in the Highway 280 submarket of Birmingham. 100 Inverness features 2,450 feet of shoreline on Lake Heather and frontage on the Iverness Country Club golf course. Community amenities include swimming pools, tennis courts, a 24-hour fitness center, two garage buildings and private balcony and patios. The property was built in two phases in 1974 and 1979 and has 62 townhomes spanning over 1,850 square feet. The apartments are 97 percent occupied. FPA Multifamily, a private equity group, acquired the property in 2015 and completed renovations over the past five years, including exterior updates, renovating the …

May 18, 2021

Development Multifamily Texas

RightQuest Breaks Ground on 264-Unit Luckey Ranch Apartments in San Antonio

by Taylor Williams May 18, 2021

SAN ANTONIO — Dallas-based multifamily developer RightQuest Residential has broken ground on Luckey Ranch San Antonio, a 264-unit apartment community on the city’s west side. The property will be located on a 13-acre site adjacent to the Luckey Ranch master-planned community. Units will feature one- and two-bedroom floor plans and will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, business center, media room, outdoor grilling areas, package lockers, a pet park and onsite storage space. Project partners include Allen, Texas-based Cross Architects, San Antonio-based civil engineering firm Macina, Bose, Copeland & Associates Inc. and Houston-based general contractor Nations Construction. The Houston Group provided construction financing for the project. The first units are expected to be available for occupancy in spring 2022. Rents will start at $1,075 per month for a one-bedroom unit.

May 18, 2021

Acquisitions Affordable Housing Multifamily Texas

Comunidad Partners Acquires 206-Unit Affordable Housing Community in Fort Worth

by Taylor Williams May 18, 2021

FORT WORTH, TEXAS — Comunidad Partners, a minority- and women-owned investment firm, has acquired Metro 7000, a 206-unit affordable housing community in Fort Worth. Amenities at the property include a pool, clubhouse, sports court and a dog park. The project is 100 percent affordable, with units being at or below 80 percent of the area median income (AMI) and an income restriction that requires a minimum of 20 percent of the units be reserved for renters earning 60 percent or less of AMI. Richard Furr and Brian O’Boyle Jr. of Newmark represented the undisclosed seller in the transaction. Comunidad Partners, which will implement a value-add program focused on unit interiors and building exteriors, was self-represented.

May 18, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 94-Unit French Colony Apartments in Dallas

by Taylor Williams May 18, 2021

DALLAS — Marcus & Millichap has brokered the sale of French Colony, a 94-unit apartment complex located on a 3.8-acre site in West Dallas. According to Apartments.com, the property was built in 1964 and offers one- and two-bedroom units. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. The duo also procured the undisclosed buyer.

May 18, 2021

Affordable Housing Loans Multifamily New Jersey Northeast

Bellwether Provides $7.9M Agency Perm Loan for Newark Mixed-Income Property

by Taylor Williams May 18, 2021

NEWARK, N.J. — Bellwether Enterprise has provided $7.9 million in Freddie Mac permanent financing for Aston Heights, a newly constructed mixed-income property located at 685 MLK Blvd. in Newark. The property totals 154 units, 51 of which will be set aside for public housing and be subsidized by the Newark Housing Authority. In addition, 49 units will be subsidized by a long-term Section 8 Housing Assistance Program (HAP) contract. The borrower, Pennrose Properties, developed the property in conjunction with the Newark Housing Authority. Victor Agusta of Bellwether Enterprise originated the financing, which retires the original Freddie Mac construction loan.

May 18, 2021

Development Loans Maryland Multifamily Southeast

JLL Arranges $82.6M Construction Financing for Multifamily Project in Columbia, Maryland

by Julia Sanders May 17, 2021

COLUMBIA, MD. — JLL has arranged an $82.6 million construction loan for the development of Marlow, a 472-unit apartment community with 32,340 square feet of ground-floor retail space located in downtown Columbia. Mark Gibson, Jamie Leachman, Drake Greer and Jackson Cabot of JLL secured the floating-rate construction loan on behalf of the borrower, an affiliate of The Howard Hughes Corp. The four-year loan includes a one-year extension option. Located at 6200 Valencia Lane, Marlow will total 510,181 rentable square feet and include studio, one-, two- and three-bedroom floorplans, in addition to eight loft units with two-story layouts. Initial delivery of the apartments is expected in fall 2022. The Marlow will be part of Merriweather District, Howard Hughes Corp.’s 14 million-square-foot master-planned development. Merriweather District will total 2.3 million square feet of office space; 320,000 square feet of retail space; 1,900 multifamily units; a 250-room hotel, community pavilion; and about 60 acres of open space. The Merriweather District features Symphony Woods, a 40-acre parkland area, and Merriweather Post Pavilion, a music and community venue.

May 17, 2021

Loans Multifamily Nevada Western

KeyBank Arranges $58.5M in Financing for Tanager Apartments in Las Vegas

by Amy Works May 17, 2021

LAS VEGAS — KeyBank has arranged a $58.5 million fixed-rate, investor-placed loan for the refinancing for Tanager, an apartment community in Las Vegas. The borrower is Texas-based The Howard Hughes Corp. Built in 2019, Tanager features 267 one- and two-bedroom apartments spread across three three-story residential buildings on nine acres. Amenities include a fitness center, game room, pool, spa, courtyard and outdoor kitchen with television lounge. Trevor Ritter of KeyBank Real Estate Capital’s Commercial Mortgage Group and Dan Silbert of KeyBank’s Institutional Real Estate Group structured the 10-year financing with full-term interest-only payments and a 30-year amortization schedule.

May 17, 2021

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