SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.7 million loan for the refinancing of a 78-unit apartment community in Sartell, about 70 miles northwest of Minneapolis. Tony Carlson of Grandbridge arranged the nonrecourse loan, which features a 15-year term, a 20-year amortization schedule and a fixed interest rate. An insurance company provided the loan on behalf of the undisclosed borrower.
By Ken Uranowitz, president, Gebroe-Hammer Associates When it comes to investment in multifamily properties, as in life, change is constant. Between evolving tenant demographics and political climates to recessionary economies and a once-in-a-century pandemic, multifamily assets are continuing to prove their centuries-old knack for pivoting in times of change. Unlike any other commercial asset class, multifamily possesses an unrivaled level of agility rooted in its most-important attribute: People always need a safe place to call home. In good times and turbulent periods, apartment living offers a tremendous level of flexibility based on point-in-time needs. While past recessionary times may have had red-flag indicators of things to come, nothing prepared us for the rippling effects of COVID-19. This virus tested us in ways never seen before. Collectively, we found ourselves in uncharted waters due to the sudden and abrupt measures imposed to slow the spread of COVID-19. While these challenges are being addressed, with the passage of time, health and wellbeing remain paramount. In this regard, multifamily properties have played an integral role in providing tenants and communities with the most basic needs of shelter, a place to live and a place from which to telecommute for work or education. A …
MIAMI — Transcendent Electra, a joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM) and multifamily owner/operator Electra America, has purchased 1,889 new single-family homes. The company has $496 million in contract process and closing and another $1 billion in the pipeline. This acquisition marks Transcendent Electra’s first significant acquisition since launching in February. The properties are new single-family homes and townhomes that are purchased directly from homebuilders throughout the following markets: Birmingham and Huntsville, Ala.; Florida; Savannah and Atlanta, Ga.; North Carolina; South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin in Texas. Transcendent Electra aims to acquire or develop approximately $3 billion in SFR housing over the next three years, with a focus on new-build homes in the $175,000 to $300,000 price range, where average rent will be $1,500 to $2,800 per month.
ILLINOIS, INDIANA AND MICHIGAN — RHP Properties has acquired a portfolio of 29 manufactured home communities across Illinois, Indiana and Michigan for $184 million. The communities contain more than 4,200 sites. RHP plans to add new or enhanced amenities, playgrounds and roads. The company also plans to add new homes at affordable prices, where residents can enjoy the privacy of a single-family home with the energy-efficient features and design of a manufactured home. The seller was undisclosed. With these acquisitions, RHP now owns and operates 297 manufactured home communities totaling 71,184 sites.
OCONOMOWOC, WIS. — Developer Mandel Group has selected McShane Construction Co. to build Hackney House Apartments at Pabst Farms in Oconomowoc, about 35 miles west of Milwaukee. The apartment community will include 302 units across 20 garden-style and townhome buildings. Amenities will include a 4,000-square-foot clubhouse, fitness center, outdoor pool, grill area, dog wash and bike storage. HUD 221(d)(4) financing will be used to finance the project. Completion is slated for April 2023. BSB Design is the architect.
THE WOODLANDS, TEXAS — Tampa-based investment firm American Landmark has purchased Pine Creek Ranch, a 240-unit apartment community located about 30 miles north of Houston in The Woodlands. Built in 2005, the property features one- and two-bedroom units with granite countertops, walk-in closets and individual washers and dryers. Amenities include a pool, resident clubhouse, tennis court and an outdoor picnic area. The seller was not disclosed. American Landmark, which now owns 41 properties in Texas and 17 in the Houston area, will invest $2.7 million in capital improvements and rebrand the community as Stone Creek at The Woodlands.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.5 million loan for the refinancing of a 65-unit multifamily property in Houston. The loan was structured with a fixed 3.45 percent interest rate, a 10-year term and three years of interest-only payments. Jamie Safier of MMCC arranged the financing on behalf of the undisclosed borrower. The property name and direct lender were also not disclosed.
MONROE, N.Y. — New York City-based finance firm Eastern Union has arranged a $28 million construction loan for a 159-unit multifamily project in Monroe, located about 60 miles north of Manhattan. The loan was structured with a 24-month term and a 75 percent loan-to-cost ratio. Abraham Bergman and Yossi Orzel of Eastern Union originated the financing. The direct lender was a New Jersey-based bank, and the borrower was a local family office.
CHELSEA, MASS. — Bellingham Square LLC, a partnership between Vantage Real Estate, Harbor Run Development and Wallace Capital, has acquired a portfolio of six multifamily buildings totaling 90 units in Chelsea, a northeastern suburb of Boston. The sales price was $19 million. The portfolio features studio, one- and two-bedroom units and has a historical occupancy rate above 97 percent. John Kelly and Collin Brennan of CBRE arranged $15 million in acquisition financing for the deal. A portion of those proceeds will be used to fund renovations.
AURORA, COLO. — Watermark Residential, a wholly owned affiliate of Indianapolis-based Thompson Thrift, has completed the disposition of The Townhomes at Dayton Station, a leased townhome community in Aurora. RedPeak acquired the asset for $33.5 million. Located at 3899 S. Dallas St., the property features 12 three-story buildings offering a total of 63 townhomes for renters. Each private-entry townhome features a three- or four-bedroom layout, two-car garage, ample storage, gourmet bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs and full-size washers/dryers.