Multifamily

Walton Street Capital Acquires 180-Unit Multifamily Community in Dallas

by Taylor Williams September 14, 2021

DALLAS — An affiliate of Chicago-based Walton Street Capital LLC has purchased The Gentry on M Streets, a 180-unit apartment community located in the Lower Greenville neighborhood of Dallas. The seller and sales price were not disclosed. Built in 2015, Gentry features a mix of studio, one- and two-bedroom units that were 97 percent occupied at the time of sale. Interiors include granite countertops, stainless steel appliances, in-unit washers and dryers and balconies or private yards for select units. Community amenities include an outdoor kitchen and lounge, resort-style pool, 24-hour fitness center and a conference room. Located at 3736 Glencoe St., Gentry is located adjacent to Southern Methodist University and features direct access to Glencoe Park and the Katy Trail.

September 14, 2021

Acquisitions Multifamily New York Northeast

TerraCRG Negotiates $2.9M Sale of Residential Development Site in Brooklyn

by Taylor Williams September 14, 2021

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $2.9 million sale of an 11,000-square-foot residential development site in the Cypress Hills neighborhood of Brooklyn. The site is located within a Qualified Opportunity Zone and can support development of 43,700 buildable square feet. Peter Matheos, Mike Rafter, Andrew Manasia and Jourdon Delerme-Brown of TerraCRG represented the seller, an entity doing business as 2771 Atlantic Realty LLC, in the transaction. The buyer was not disclosed.

September 14, 2021

Acquisitions Georgia Multifamily Southeast

Songy Highroads, Alex. Brown Realty Acquire Two-Property Apartment Portfolio in Atlanta

by Julia Sanders September 14, 2021

ATLANTA — Atlanta-based Songy Highroads, in a joint venture with Baltimore-based Alex. Brown Realty Inc., has acquired a two-property apartment portfolio with a total of 108 units in the Atlanta’s Upper Westside neighborhood. The sellers and sales price were not disclosed. Chris Cain, John McCalla and Mason Taylor of Marcus & Millichap represented the sellers of both properties. The adjacent communities are located at 2100 and 2113 Defoors Ferry Ave., and the new owners plan to combine the properties into one apartment community. Songy Highroads and Alex. Brown Realty also plan to make capital investment improvements such as upgrading unit interiors, adding shared amenities and improving the curb appeal of the assets. The planned added amenities will include a shared gym / fitness center, a playground, grilling stations and improving the pool at both properties. The two Defoors apartments are located in the heart of the Upper Westside, close to Collier Village, West Midtown, The Works, Westside Village and Peachtree Road. The properties also feature access to Interstates 75 and 285. The 2100 Defoors apartments, a 60-unit community, offer one- and two-bedroom units with rents ranging from $1,200 to $1,525. Current unit features include quartz countertops, walk-in closets, in-unit washers …

September 14, 2021

Acquisitions Illinois Midwest Multifamily

Pensam Acquires 620-Unit Multifamily Portfolio in Metro Chicago

by Kristin Harlow September 14, 2021

AURORA AND WHEATON, ILL. — Pensam has acquired Aspen Place Apartments in Aurora and Lakeside Apartments in Wheaton for an undisclosed price. The two-property multifamily portfolio totals 620 units. Of the 416 units at Aspen Place, 168 are townhomes with attached garages. Amenities include a clubroom, fitness center, conference room, grilling station and pool. The 204-unit Lakeside features amenities such as a clubhouse, fitness center, conference room, pool and grilling stations. Seller information was not provided. Pensam is a multifamily real estate investment firm managing over $3 billion in assets across its equity and lending platforms.

September 14, 2021

California Loans Multifamily Northmarq Washington Western

NorthMarq Arranges $132M Refinancing for Six Multifamily Properties in California, Washington

by Amy Works September 14, 2021

SAN FRANCISCO — NorthMarq’s San Francisco office has arranged the $132 million in refinancing for six multifamily properties in California and Washington comprising 965 units. Dennis Williams and Tom Wright of NorthMarq arranged the financing for the borrower, JB Matteson, through its long-time correspondent relationship with Allianz. The six permanent loans featured fixed interest rates with interest-only payments for the full 10-year terms. The financing includes: A $19.2 million loan for Avanti Apartments, a 216-unit property located at 4450 El Centro Road in Sacramento. A $31.4 million loan for Millworks Apartments, a 124-unit community located at 900 Reichert Ave. in Novato, Calif. An $18.5 million loan for Reflections at the Park, a 244-unit complex located at 11510 NE 112th Drive in Vancouver, Wash. A $19.4 million loan for Tustin Cottages, a 93-apartment community at 1361 El Camino Real in Tustin, Calif. A $25.5 million loan for Urban Village, a 129-unit property at 1081 Long Beach Blvd. in Long Beach, Calif. An $18 million loan for Waterfront Apartments, a 96-unit community with 4,000 square feet of commercial space in Petaluma, Calif.

September 14, 2021

Acquisitions California Multifamily Western

Gemdale USA Sells Madison at Town Center Apartment Complex in Valencia, California for $62M

by Amy Works September 14, 2021

VALENCIA, CALIF. — Gemdale USA has completed the disposition of The Madison at Town Center, a multifamily property in Valencia. Fairfield Residential acquired the asset for $62 million, or $476,923 per unit. Built in 2003, The Madison at Town Center features 130 apartments, a heated swimming pool, fitness center, internet café and 24-hour maintenance concierge. The property offers 16 different floor plans, ranging from one- to three-bedrooms, with in-unit washers and dryers, walk-in closets, upgraded appliances, gallery-style track lighting with spotlight, soaking tubs and single vanities. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 14, 2021

Acquisitions Arizona Multifamily Western

Sares Regis Divests of 250-Unit Sedona Ridge Multifamily Community in Phoenix

by Amy Works September 14, 2021

PHOENIX — Sares Regis Multifamily Funds has completed the sale of Sedona Ridge, a garden-style apartment property located at 5010 E. Cheyenne Drive in Phoenix. Terms of the transaction were not released. Sedona Ridge features 250 apartments in a mix of one-, two- and three-bedroom units, averaging 941 square feet, with full-size washers/dryers and private patios or balconies. The community offers two swimming pools and spas, a renovated fitness center, sand volleyball court, detached garages, dog park, package locker system, outdoor picnic area and clubhouse. Mike Higgins, John Cunningham and Charles Steele of JLL Capital Markets represented the seller in the transaction.

September 14, 2021

Features Student Housing

Contractors Face Uncertain Materials Costs, Lull in Student Housing Activity Due to COVID-19

by Katie Sloan September 14, 2021

Rising construction materials costs have been one of the biggest stories of the pandemic era. When COVID hit, many factories ramped down production. In addition, some raw materials industries had challenges like tariffs, natural disasters and COVID-related slowdowns. When construction continued during the pandemic, supply suffered and pricing rose dramatically. This has been especially true for lumber and steel, but natural disasters in areas like Texas have even hampered the manufacturing of other goods, like appliances. Student Housing Business, sister publication to REBusinessOnline, spoke to six general contractors to get their take on the student housing sector at present, and to get their advice on what they are telling clients who are pricing projects for 2022 groundbreakings and beyond. SHB spoke with Arne Goldman, director of business development at Marous Brothers Construction; Marty Hoffey, business development manager at MW Builders; Emily Kessinger, business development manager, and Chris Harrison, executive vice president at The Weitz Company; Sean Studzinski, president of strategic initiatives at Modular Design+; and Sky Sanborn, executive vice president and chief operating officer of Broeren Russo Builders. SHB: How busy is your student housing pipeline? What projects have you recently built/completed? Goldman: We have some projects that are lined …

September 14, 2021

Sky-Landing-Apartments-White-Settlement-Texas

Market Reports Multifamily Texas Texas Market Reports

Dallas Multifamily Market Sets Pace for National Recovery

by Taylor Williams September 14, 2021

By Jon Krebbs, managing director, The Multifamily Group The COVID-19 crisis has certainly had a heavy impact on many sectors of the economy; however, the multifamily sector still has had a triumphant year. The Dallas apartment sector has maintained healthy occupancy in 2021, and the investment side of the market is picking up due to buyers having constrained capital during the height of the public health crisis in 2020. Dallas-Fort Worth (DFW) has benefited from major corporate relocations since the 1980s. Over the last decade, corporate interest has expanded and that brought multiple Fortune 500 companies’ headquarters to the region due to its pro-business conditions. It is no wonder why the market is on the radar of C-suite leaders and governing boards — its favorable workforce, affordable cost of housing, lack of state income tax and steady supply of new apartment buildings are all factors. Simply put, apartment investors regard DFW as an opportunity for growth. Between 2019 to 2020, approximately 120,000 people from outside the metroplex have been added to the local population. This number has substantially increased over the last two years due to COVID-19. Market Overview The Dallas multifamily market has been hot for the last seven …

September 14, 2021

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Breaks Ground on $14.3M Affordable Housing Project in Traverse City, Michigan

by Kristin Harlow September 13, 2021

TRAVERSE CITY, MICH. — Woda Cooper Cos. Inc. has broken ground on Ruth Park, a $14.3 million affordable housing project in downtown Traverse City. The property will provide 58 units for singles, families and seniors who earn 30 to 80 percent of the area median income. Amenities include two community rooms, a fourth-floor outdoor terrace, fitness room, playground and laundry. There are six units with features for those with disabilities. The Michigan State Housing Development Authority provided affordable housing tax credits to support financing for the new development. Affordable housing investor Marble Cliff Capital is providing equity financing and Bellwether Enterprise is providing the first mortgage. Traverse City-based Independent Bank contributed a construction loan. The project team includes architect PCI Design Group, civil engineer Mansfield Land Use Consultants and sustainability consultant Sol Consulting + Design. Woda Cooper’s construction division is the general contractor and the company’s management division will oversee leasing and day-to-day operations. A timeline for completion was not disclosed.

September 13, 2021

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