Multifamily

Strategic Property Partners Opens Heron Residential Building at Water Street Tampa

by Julia Sanders April 20, 2021

TAMPA, FLA. — Strategic Property Partners LLC, the Tampa-based developer behind the $3 billion Water Street Tampa development underway, has opened Heron, a 420-unit apartment community located at 815 Water St. Water Street Tampa’s first residential building is now offering in-person tours for potential residents. Construction on the development started in November 2018. The residential property offers one-, two- and three-bedroom apartments ranging in size from 555 to 2,206 square feet. Each unit features a private terrace ranging from 122 to 753 square feet, as well as floor-to-ceiling windows, quartz counters, custom cabinetry and kitchen appliances by Fisher & Paykel. Additionally, each residence includes floating bathroom vanities, soaking tubs and rainfall showerheads. Heron includes a parking garage and 40,000 square feet of ground-level retail space, including a GreenWise Market. Orlando-based ZRS Management Co. manages Heron and will oversee its programming, including virtual and in-person events. These will include cooking demonstrations with chefs, fitness and meditation classes and expert discussions on topics like sleep wellness and urban gardening. Heron’s amenities include a rooftop pool with cabanas, outdoor kitchen and barbecue areas, fitness center, bar and lounge spaces on each of its dual towers. The property will be the first residential development …

April 20, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates $84.3M Sale of The Fairfield Apartments in Connecticut

by Taylor Williams April 20, 2021

STAMFORD, CONN. — CBRE has negotiated the $84.3 million sale of The Fairfield Apartments, a 263-unit multifamily community in the southern coastal Connecticut city of Stamford. Built in 1996, the property offers amenities such as a clubroom, caterer’s kitchen, three private courtyards, a pool, fitness center and outdoor grilling areas. The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the institutional seller in the transaction, while also procuring San Francisco-based FPA Multifamily as the buyer.

April 20, 2021

Affordable Housing Florida Loans Multifamily Southeast

Centennial Bank Provides $12.5M Construction Loan for Workforce Housing Project in Miami

by Julia Sanders April 20, 2021

MIAMI — Centennial Bank has provided a $12.5 million construction loan to Prestige Cos. and Florida Value Partners for Trails, a workforce housing project located on the Ludlam Trail at 1040 SW 70th Ave. in Miami. The project’s first phase will consist of two- to three-story garden-style buildings with 84 residential units ranging from one- to two-bedroom units listed from $1,600 to $1,800 per month. The second phase of the project, which will be initiated within six months, will deliver five three-story buildings and a total of 230 units ranging from one- to two-bedroom units listed from $1,700 to $1,900 per month. The workforce housing property will be developed with no government funding. Community amenities will include an outdoor workout area and a dog park. In addition, the property will have access to the Ludlam Trail, a 6.2-mile linear park. Renovations for the Ludlam Trail will turn the former Florida East Coast railway corridor into a park, as well as a running and cycling trail that will connect to The Underline, a 10-mile linear park under the Metrotrail.

April 20, 2021

Loans Multifamily Northeast Pennsylvania

Black Bear Arranges $11M Acquisition Loan for Multifamily Asset in Willow Street, Pennsylvania

by Taylor Williams April 20, 2021

WILLOW STREET, PA. — Black Bear Capital Partners has arranged an $11 million acquisition loan for The Villas at Willow Run, a 72-unit multifamily asset in Willow Street, located roughly midway between Philadelphia and Harrisburg. The 12-building property was completed in 2019. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the loan, which carried a 3.74 percent fixed interest rate and 10 years of interest-only payments, through Morgan Stanley. The borrower was Laub Realty, an owner-operator with more than 2,000 multifamily units and 1 million square feet of commercial space in its portfolio.

April 20, 2021

Acquisitions Loans Multifamily South Carolina Southeast

Ready Capital Closes $8.4M Acquisition Financing for Multifamily Property in Columbia

by Julia Sanders April 20, 2021

COLUMBIA, S.C. — Ready Capital has closed the financing for the acquisition, renovation and stabilization of a 152-unit, Class C multifamily property in southeast Columbia. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to address deferred maintenance issues that will help facilitate stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The financing also includes a facility to provide future funding for capital expenditures.

April 20, 2021

Development Illinois Midwest Multifamily

Draper and Kramer Tops Off 120-Unit Wrigleyville Lofts in Chicago

by Kristin Harlow April 20, 2021

CHICAGO — Draper and Kramer Inc. has topped off a 120-unit multifamily project located at 949 W. Dakin St. in Chicago’s Wrigleyville neighborhood. The developer has named the project Wrigleyville Lofts, as it is situated 2.5 blocks north of Wrigley Field. Draper and Kramer plans to begin pre-leasing this summer for fall 2021 move-ins. The project includes 108 one-bedroom units and 12 two-bedroom units, as well as 14,000 square feet of ground-floor retail space. Lakeview Ace Hardware, which occupied the single-story structure previously on the site, will return to anchor the corner commercial space. Lakeview Ace is also a minority partner in the development. Amenities will include a rooftop deck, meeting areas, a coffee shop, clubroom, fitness center and private parking garage. Rents will start at roughly $1,900 per month. The Chicago regional office of HUD financed the project, with Gershman Mortgage acting as the HUD lender. Leopardo Construction is the general contractor and Sullivan, Goulette & Wilson Architects is the architect.

April 20, 2021

Acquisitions California Multifamily Seniors Housing Western

Avanath Capital Acquires Seniors Housing Community in Anaheim Hills for $87.5M

by Amy Works April 20, 2021

ANAHEIM HILLS, CALIF. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property located at 145-235 S. Festival Drive in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety of capital improvements to the property, including renovating the clubhouse and community spaces, adding a dog park and implementing sustainability initiatives to reduce the property’s carbon footprint and generate energy savings.

April 20, 2021

California Loans Multifamily Western

Ready Capital Closes $6.9M in Financing for Multifamily Property in Los Angeles

by Amy Works April 20, 2021

LOS ANGELES — Ready Capital has closed $6.9 million in financing for the acquisition, renovation and stabilization of an apartment community located in the Van Nuys submarket of Los Angeles. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to renovate all 23 units. Renovations will include repairing flooring, upgrading cabinets, upgrading electrical and plumbing, and installing new appliances. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

April 20, 2021

Development Multifamily Texas

Partnership Tops Out 326-Unit Canton at Classen Curve Apartments in Oklahoma City

by Taylor Williams April 19, 2021

OKLAHOMA CITY — A partnership between Houston-based Hines and Humphreys Capital has topped out The Canton at Classen Curve, a 326-unit apartment community in Oklahoma City. Designed by Dwell Design Studio and HPA Design Group, the midrise property will offer studio, one- and two-bedroom units. Amenities will include multiple private outdoor courtyards, a heated pool, private fitness center, clubroom, resident library, outdoor dog run, dog spa and modern package facilities. Preleasing is expected to begin in October, with the first units becoming available for occupancy in January 2022.

April 19, 2021

Acquisitions Multifamily Texas

REEP Equity Buys 192-Unit Savoy Manor Apartments in Northwest Houston

by Taylor Williams April 19, 2021

HOUSTON — San Antonio-based investment firm REEP Equity has purchased Savoy Manor, a 192-unit apartment community in northwest Houston. The pet-friendly property features one- and two-bedroom units that all offer private patios and balconies. Amenities include a pool, playground, fitness center, dog park and outdoor grilling areas. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL represented the seller in the transaction. JLL also provided an undisclosed amount of Freddie Mac acquisition financing, which was structured with a 10-year term and a floating interest rate, on behalf of REEP Equity.

April 19, 2021

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