LOS ANGELES — Parkview Financial has provided a $21.5 million construction loan to Oakwood CA LLC for the development of multifamily property located at 4065 Oakwood Ave. in Los Angeles’ East Hollywood submarket. Slated for completion in 2022, the five-story building will feature 68 apartments in a mix of two studios, 25 one-bedroom units and 41 two-bedroom units with an average size of 1,059 square feet. Fourteen of the units will be designated for low-income residents. Additionally, the community will feature a 4,000-square-foot courtyard and 100 parking spaces.
Property Type
By Carlos Suarez, Popp Hutcheson After a pandemic year that decimated rental incomes, owners of affordable housing properties should prepare to protest property tax assessments that overstate their liability. As stay-at-home orders in 2020 forced businesses across the county to change their operations, a large portion of the labor force began to work from home. But many renters, including a large contingent of affordable housing residents, found themselves without jobs and struggling to pay rent. Job losses and other issues related to COVID-19 adversely affected tenants and property owners alike, straining rental income while adding the cost of new safety procedures and equipment to landlords’ operating costs. To reduce property tax liabilities and limit financial losses from the pandemic, it is now crucial for owners of affordable housing to correctly navigate procedures across jurisdictions and weigh all relevant valuation considerations for their properties. Here are key areas for affordable housing owners to consider in arguing for a lower assessment. Procedures have changed The global pandemic transformed interactions between appraisal districts and property owners throughout the 2020 tax year. Many appraisal districts across Texas closed their doors to the public and shifted formal and informal meetings to a virtual setting to …
GEORGETOWN, TEXAS — Temple, Texas-based GTB Development will soon begin construction on Phase II of Highland Village, a 120-acre mixed-use project that will be located in the northern Austin suburb of Georgetown. Phase II of the development includes 299 single-family homes and a 14.8-acre (approximately 300 to 325 units) multifamily community, as well as unspecified amounts of retail, office and medical office space. The development team, which includes development manager American Southwest Co., expects to complete infrastructure hookups by the end of the second quarter of 2022. Phase I of the project began in July 2019 and ended in April 2020 with the delivery of 49 single-family residences known as The Oaks at Highland Village.
LUBBOCK, TEXAS — Miami-based private equity firm Centurion Property Group has acquired The Ranch at Lubbock, a 737-bed student housing community serving Texas Tech University. The property features 243 units in one-, two- three- and four-bedroom floor plans. Amenities include two pools, a volleyball court, basketball court, fitness center, study lounge and pet park. The new ownership plans to renovate the property and rebrand it as The ONE at Lubbock. Ryan Lang, Jack Brett and Ben Harkrider of Newmark brokered the deal, the seller and sales price in which were not disclosed.
CEDAR PARK, TEXAS — Dallas-based self-storage investment firm Montfort Capital Partners has purchased A3 Storage Centers, a 494-unit facility in Cedar Park, a northern suburb of Austin. The property was built on 5.6 acres in 1994 and spans 48,235 net rentable square feet. Jon Danklefs of Marcus & Millichap represented Montfort Capital, which plans to rebuild the leasing office and add a new climate-controlled building later this year, in the transaction. The seller was not disclosed.
BURLESON, TEXAS — Self-storage brokerage firm Bellomy & Co. has arranged the sale of I-35 Storage in Burleson, a southern suburb of Fort Worth. The property spans 55,531 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a locally based limited liability company, in the transaction. Aaron Palmer of Modern Mountain Real Estate represented the buyer, Raleigh, N.C.-based 10 Federal.
PORTER, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Porterwood Apartments in Porter, located north of Houston. According to Apartments.com, the property was built in 1984, totals 136 units in one- and two-bedroom floor plans and offers amenities such as a pool, playground, picnic areas and onsite laundry facilities. Bryce Smith of TMG represented the buyer and seller, both of which requested anonymity, in the deal.
MINNEAPOLIS — Monarch Alternative Capital LP and Crestlight Capital have acquired a portfolio of three office buildings in the North Loop submarket of Minneapolis for an undisclosed price. The properties are located at 241 N. 5th Ave., 411 Washington Ave. and 500 N. 3rd St. Swervo Development Corp. was the seller and developer for all three buildings. The new owners plan to invest in branding and amenities for the properties. Monarch is an investment firm with approximately $9 billion of assets under management, and Crestlight is a Detroit-based private equity real estate investment firm with roughly $500 million in assets under management.
DOWNERS GROVE, ILL. — Bridge Development Partners LLC has acquired a 9.2-acre site at 5300 Belmont Road in Downers Grove, a southwest suburb of Chicago. Bridge will develop Phase III of Bridge Point Downers Grove at the site. Construction is scheduled to begin this summer following the demolition of an existing building. Plans call for a 126,445-square-foot industrial building with a clear height of 32 feet, 13 exterior dock doors, two drive-in doors, a 130-foot truck court and parking for 137 cars. Completion is slated for the fourth quarter. Sean Henrick and David Friedland of Cushman & Wakefield represented Bridge in the transaction. CBRE represented the undisclosed seller.
CINCINNATI — NorthMarq has arranged a $4.6 million loan for the refinancing of a rental housing portfolio comprising 50 units throughout Southwest Ohio. The portfolio included 26 single-family rental homes as well as one apartment property. Noah Juran and Chase Dawson of NorthMarq’s Cincinnati office arranged the 10-year loan, which features a 20-year amortization schedule and a 75 percent loan-to-value ratio. A regional bank provided the fixed-rate loan.