NASHVILLE, TENN. — Dwight Capital has provided a $31 million HUD 221(d)(4) loan for the rehabilitation of Haynes Garden Apartments, a 208-unit affordable housing community in Nashville. The 40-year loan was funded in conjunction with 4 percent Low Income Housing Tax Credits (LIHTC) from the local housing authority, as well as a Housing Assistance Payment (HAP) contract renewal. The financing was arranged on behalf of the sponsor, David Izkowitz, through HUD’s Atlanta office. Haynes Garden Apartments features on-site laundry facilities and a community room.
BRANDON, FLA. — Phoenix Realty Group (PRG) has acquired Tuscany Villas, a 248-unit apartment community in Brandon, for $28.2 million. PRG will invest in a capital improvement program and will rename the community Alvista Sterling Palms. Planned upgrades include new signage, an enhanced amenity package, installation of faux wood flooring in all common areas, new countertops, new kitchen cabinet doors, new hardware and stainless steel appliances. The community was originally constructed in 1997. Of the units, 20 percent are reserved for residents earning less than 50 percent of the area median income (AMI). The acquisition marks PRG’s third apartment community in Florida.
DORAVILLE, GA. — Berkadia has arranged the $19.1 million sale of Azalea Ridge, a 281-unit apartment community located at 3214 Valley Bluff Drive in Doraville, roughly 25 miles northeast of downtown Atlanta. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia arranged the sale on behalf of the seller, Alexander Property Group. Berkadia’s Richard Levine originated a $14.3 million Freddie Mac loan on behalf of the buyer, Zavala Capital. The seven-year loan features a floating interest rate, 30-year amortization schedule and a 75 percent loan-to-value ratio. Azalea Ridge offers one- and two-bedroom units and features a pool, community picnic area and a fitness center.
The Triangle continues to attract national attention due to job growth, relatively low cost of living, economic diversity, a central East Coast location and its access to three world-class universities. Additionally, the Triangle’s unemployment rates are below the state and national averages. These are some of the driving forces that bring nearly 80 residents a day to the metro area, as recently published by U.S. News & World Report. Triangle retailers, developers and investors are taking advantage of this momentum, and the local retail market is thriving as a result. At the conclusion of third-quarter 2017, the Triangle retail vacancy was 6.7 percent. This represents a 60-basis point increase year-over-year. However, there was over 340,000 square feet of positive net absorption during the same quarter. This stat marks the highest quarter of positive absorption for the market since the second quarter of 2014. There were several notable retail deliveries in 2017, such as Carolina Square, containing nearly 50,000 square feet of ground floor retail space. The mixed-use project is located along Franklin Street in Chapel Hill and is a joint venture between Cousins Properties and Northwood Ravin. The retail portion of Carolina Square delivered 84 percent preleased and is anchored …
PHOENIX — Western Wealth Capital (WWC) has acquired Carlyle @ South Mountain, a 552-unit multifamily community in Phoenix, for $90 million. Carlyle @ South Mountain consists of 360 apartment units and 192 townhomes that were built in 1996 and 1997, respectively. Western Wealth Capital will invest in capital improvements to the units, most of which have not been upgraded since their initial construction. Physical amenities at the pet-friendly property include a resort-style pool, business lounge, basketball court and outdoor barbecue area. Service-based amenities include trash valet and package receiving. The property is located along the Interstate 10 corridor near the campuses of several national employers, including Intel, Wells Fargo and Bank of America. The property also offers proximity to Arizona Mills Mall, the Arizona Aquarium and Tempe Diablo Stadium, the training ground of the Los Angeles Angels baseball team. The acquisition, which raises the size of Western Wealth Capital’s multifamily portfolio to more than 7,500 units, is the company’s largest individual purchase by units and dollar value to date. Cushman & Wakefield brokered the sale of Carlyle @ South Mountain. The seller was not disclosed. — Taylor Williams
FRISCO, TEXAS — A partnership between two Atlanta-based firms, Novare Group and Batson-Cook Development Co. (BCDC), has begun work on SkyHouse Frisco Station, a 332-unit multifamily tower that will be located within the Frisco Station mixed-use development north of Dallas. The 25-story building will offer studio, one-, two- and three-bedroom units and amenities such as a rooftop deck, resort-style pool, 24-hour fitness center, business center with a coffee bar, conference room, and an outdoor kitchen with lounge seating. The development is the second multifamily project under construction at Frisco Station behind Station House, a 301-unit community whose first residences will become available for occupancy this summer. SkyHouse Frisco Station is slated for a 2019 completion.
SAN ANTONIO — Bluerock Value Exchange, an affiliate of New York-based Bluerock Real Estate LLC, has sold Grand at the Dominion, a 320-unit multifamily community in San Antonio. The Class A property, which was acquired via a 1031 exchange program, is located within The Dominion Country Club on the city’s northwestern outskirts. Grand at the Dominion consists of one-, two- and three-bedroom units averaging 1,018 square feet per unit. Amenities include a resort-style pool with cabanas, a theater, indoor golf simulator, business center and a fitness center. Bluerock acquired the property in the fall of 2017 from Embry, a San Antonio-based development and management firm.
DALLAS — Greystar will develop Elan Inwood and Forestwood Active Adult, two multifamily properties totaling 377 units in Dallas. The properties will be built adjacent to one another on a 22.7-acre site at the corner of Inwood Road and Forest Lane. Elan Inwood will comprise 168 rental townhome units and 12 single-family homes, while Forestwood will be a seniors housing community with 197 units. Amenities at Forestwood will include a fitness center, game room, media room, demonstration kitchen for cooking classes and a 12,000-square-foot amenity center. Both properties are slated for a late 2019 completion. Andy Scott, Michael Cosby and Sarah Anderson of HFF arranged an undisclosed amount of financing for both developments through CIT Group Inc.
DALLAS — Dougherty Funding LLC has closed a $6.6 million loan for the acquisition of Rosemont at Timber Creek, a 100-unit affordable multifamily community in Dallas. The property, which is located about 11 miles south of the CBD, features amenities such as a pool, fitness center, on-site laundry facilities and children’s play area. Dougherty served as lead lender and servicer for the loan, which was secured on behalf of Texas Timbercreek Housing LP.
DALLAS — Marcus & Millichap has brokered the sale of Quail Hollow, a 120-unit multifamily property in east Dallas. Al Silva and Mark McCoy of Marcus & Millichap represented the seller and procured the buyer, a California-based investor. The new buyer plans to upgrade the unit interiors and lease the 45 on-site self-storage units that were included in the sale.