Multifamily

JLL Arranges $113M Sale of Ravens Crest Apartments in Manassas, Virginia

by Julia Sanders May 12, 2021

MANASSAS, VA. — JLL Capital Markets has arranged the $113 million sale of Ravens Crest, a garden-style multifamily community located in Manassas, which is about 30 miles from Washington D.C. JLL worked on behalf of the seller, a partnership between LCOR and a fund managed by the Real Estate Group of Ares Management Corp., to complete the sale to the buyer, a partnership between a fund managed by Clarion Partners LLC and Blackfin Real Estate Investors. Additionally, Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL arranged acquisition financing on behalf of Clarion and Blackfin. Ravens Crest has a total of 444 one- and two-bedroom units that have been recently updated to feature stainless steel appliances, updated lighting, cabinetry, granite countertops, walk-in closets, balconies or patios and wood-style flooring. Community amenities include a newly renovated clubhouse and fitness center, business center, picnic area with grills, playground, private swimming pool, outdoor kitchen and recreation areas. The property also has a jogging trail located right behind it. Ravens Crest is located at 8098 Ravens Crest Court. In the past, the property has had a 95 percent occupancy rate with an average rent growth of 3.7 percent annually.

May 12, 2021

Affordable Housing Development Florida Multifamily Southeast

Redwood, Winston Capital Nearing Completion of Workforce Housing Community in Miami-Dade County

by Julia Sanders May 12, 2021

OPA LOCKA, FLA. — Redwood National Properties LLC and Winston Capital Partners LLC are co-developing The Mirage at Sailboat Cove, a new workforce housing community in Opa Locka. Upon completion, the property will offer 112 townhome units featuring four-bedroom and 2.5-bathroom floorplans available to low- and middle-income residents. The Mirage at Sailboat Cove runs alongside Mitchell Lake in northern Miami-Dade County, and is located within 1.5 miles of Interstate 95. The property currently stands at 60 percent completed, and all units are projected to be delivered within the third quarter of 2021, which is two months ahead of schedule. Redwood and Winston Capital’s partners on the project include the City of Opa-locka, Coastland Construction, LB Construction and BAS Holdings Investments LLC. Brian Sidman of BAS Holdings is leading Redwood National Properties LLC, and David Burstyn is leading Winston Capital Partners.

May 12, 2021

Loans Multifamily Texas

KeyBank Provides $30M Agency Acquisition Loan for El Paso Multifamily Property

by Taylor Williams May 12, 2021

EL PASO, TEXAS — KeyBank Real Estate Capital has provided $30 million in Freddie Mac acquisition financing for Bungalows at North Hills, a 342-unit multifamily property in El Paso. Built on 18 acres in 2009, the property features studio, one-, two-, three- and four-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling areas. Caleb Marten and Chris Neil of KeyBank originated the financing. The borrower was a real estate private equity firm based in New England. The property has since been rebranded as Forty649 North Hills Apartments.

May 12, 2021

Development Loans Multifamily New York Northeast

Parkview Financial Provides $30M Construction Loan for Manhattan Apartment Project

by Taylor Williams May 12, 2021

NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $30 million construction loan for a 59-unit apartment project at 63 Pitts St. on Manhattan’s Lower East Side. The 12-story building will house 11 studios, 39 one-bedroom units and nine two-bedroom residences, with 18 units to be designated as affordable housing. Amenities will include a rooftop deck, gym, package room and onsite laundry facilities. The borrower expects to complete the project in July 2022.

May 12, 2021

Loans Multifamily Northeast Pennsylvania

Asia Capital Funds $28.8M Loan for Refinancing of Historic Heinz Multifamily Building in Pittsburgh

by Taylor Williams May 12, 2021

PITTSBURGH — Global real estate private equity firm Asia Capital Real Estate has funded a $28.8 million bridge loan for the refinancing of Heinz at 950 North Shore, a 151-unit multifamily building in downtown Pittsburgh. The property was originally built in 1930 as part of the Heinz manufacturing complex and was converted to residential use in 2017. Amenities include bike and kayak storage, a fitness center, game room, business center and outdoor grilling areas. Asia Capital provided the loan, which carried a loan-to-value ratio of 79.8 percent and a two-year initial term with three one-year extension options, to borrower MCM Co. Inc.

May 12, 2021

Acquisitions Arizona Multifamily Western

Decron Properties Enters Arizona Market, Buys Multifamily Property in Tempe for $96.1M

by Amy Works May 12, 2021

TEMPE, ARIZ. — Decron Properties has entered the Arizona market with the purchase of Broadstone Rio Salado, an apartment community in Tempe, for $96.1 million. The name of the seller was not released. Completed in 2020, Broadstone Rio Salado features 278 apartments in a mix of studio, one- and two-bedroom floor plans with gourmet kitchens, quartz countertops, stainless steel appliances, wood-style flooring and in-unit washers/dryers. Community amenities include a resort-style pool and spa; poolside cabanas; clubhouse with demonstration kitchen and coffee bar; two-level fitness center with virtual training; outdoor entertainment lounge; on-site bike storage; package lockers for resident deliveries; and a dog park.

May 12, 2021

Acquisitions Colorado Multifamily Student Housing Western

Brickstone Partners Acquires Two Student Housing Communities Near Colorado State University for $81M

by Amy Works May 12, 2021

FORT COLLINS, COLO. — Brickstone Partners has acquired two student housing communities near the Colorado State University campus in Fort Collins for $81 million. The 288-unit portfolio includes Landmark and Stone Creek apartment properties. The new ownership is set to begin comprehensive upgrades on the properties, which will include modernizing units with the addition of new flooring, kitchen and bathroom cabinets, quartz countertops, stainless steel appliances, upgraded doors, lighting and plumbing fixtures; updated exterior landscaping; common-area improvements; and new finishes within the clubhouse. Both properties offer shared amenities including saltwater swimming pools, fitness centers and dog parks. The seller in the transaction was undisclosed.

May 12, 2021

Loans Multifamily Oregon Western

Dwight Capital Provides $33M HUD Financing for Multifamily Portfolio in Oregon

by Amy Works May 12, 2021

SALEM AND CORVALLIS, ORE. — Dwight Capital has closed $33 million in HUD financing for a portfolio of five market-rate apartment complexes in Oregon. Totaling 557 units across 26 acres, the portfolio includes Brighton Park Apartments, Salem Parkway Apartments and West Salem Apartments in Salem and Crystal Lake Apartments and The Riviera in Corvallis. The five loans qualified as green/energy-efficient housing and benefitted from a reduction in mortgage insurance premium, according to Dwight Capital. Josh Sasouness and Josh Hoffman of Dwight Capital originated the transaction.

May 12, 2021

Affordable Housing California Development Multifamily Western

HCHC, KFA Complete 74-Unit Florence Mills Affordable Apartments in South Central Los Angeles

by Amy Works May 12, 2021

LOS ANGELES — Hollywood Community Housing Corp. (HCHC) and KFA, a full-service architecture and design firm, have completed The Florence Mills Apartments, a mixed-use affordable housing development located at the southwest corner of Central Avenue and Jefferson Boulevard in Los Angeles. Florence Mills features 74 apartments, 5,000 square feet of commercial space along Central Avenue, and an open, landscaped public plaza. The four-story building features 13 one-bedroom units, 37 two-bedroom apartments, 24 three-bedroom units, community and common areas, underground parking, four laundry rooms and secure access to the building. The units are restricted to households at low-, very low- and extremely low-income levels with rents set between $507 and $1,171 per month. The property is set to obtain LEED Platinum certification and features drought-tolerant landscaping, locally sourced materials, high-efficiency lighting, Energy Star appliances and low-flow fixtures. Young Musicians Foundation has leased the commercial space, which is located in the corner plaza with roll-up doors. Through a partnership between HCHC and Young Musicians Foundation, residents of Florence Mills and Paul R. Williams apartments are able to attend free music classes, music technology and recording lab, concerts, workshops and multi-disciplinary arts programming.

May 12, 2021

Acquisitions Arizona Multifamily Western

Western Wealth Capital Purchases Villetta Apartments in Mesa, Arizona

by Amy Works May 12, 2021

MESA, ARIZ. — Western Wealth Capital (WWC), along with its investment partners, has acquired Villetta Apartment Homes in Mesa for an undisclosed price. Originally constructed in 1983, Villetta features 352 apartments less than four miles from the Arizona State University campus. Villetta is WWC’s 96th acquisition since its founding in 2014. The company owns properties in Dallas, Houston, Phoenix, Atlanta, San Antonio and Las Vegas.

May 12, 2021

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