Multifamily

LIV Development, McShane Construction to Build 242-Unit Multifamily Project in Phoenix

by Amy Works February 1, 2021

PHOENIX — Birmingham, Ala.-based LIV Development and McShane Construction Co. are developing an apartment community on 10.8 acres in Phoenix. The three-story, multi-building community will feature 242 apartments in a mix of studio, one- and two-bedroom layouts. Units will offer vinyl plank and carpet flooring, granite countertops, full-height kitchen backsplash tile, stainless steel appliances and lots of natural light. Additionally, the property will feature 1.5 acres of shared amenity space, including a 4,000-square-foot clubhouse, swimming pool, dog park and courtyards offering outdoor seating, barbeque areas and cabanas. Humphreys & Partners Architects is the architect of record for the project, which is slated for completion in August 2022.

February 1, 2021

Acquisitions California Multifamily Western

Colliers Brokers $3.4M Sale of Apartment Building in Escondido, California

by Amy Works February 1, 2021

ESCONDIDO, CALIF. — Colliers International has arranged the sale of an apartment building located at 1015 E. Ohio Ave. in Escondido. Hama Investments acquired the property from Cunningham Family Trust for $3.4 million. The recently renovated, 9,472-square-foot property features 15 one-bedroom/one-bath units. Recent renovations included new windows, fencing, paint, landscaping and light fixtures. Unit interiors feature upgraded plank flooring, recessed lighting, upgraded kitchens, luxury gas ranges, new bathrooms, mirrored closet doors and designer two-tone interior paint. Peter Scepanovic and Corey McHenry of Colliers International San Diego Region’s Multifamily Advisory team represented the buyer, while Ray Adams of Cushman & Wakefield represented the seller in the deal.

February 1, 2021

Development Multifamily Texas

Presidium Breaks Ground on 340-Unit Apartment Community in Fort Worth

by Taylor Williams February 1, 2021

FORT WORTH, TEXAS — Texas-based developer Presidium has broken ground on Presidium Berkshire, a 340-unit apartment community located near Alliance Town Center in Fort Worth. Designed by Dallas-based O’Brien Architects, the 352,000-square-foot property will feature units with stainless steel appliances, individual washers and dryers and high-end finishes. Amenities will include a clubhouse with gaming tables and a speakeasy-style bar, a business center with private offices and conference rooms, demonstration kitchen, two-story fitness center, dog park, pool and outdoor grilling stations. Kimley-Horn is the civil engineer for the project, and Provident General Contractors is handling construction, which is slated for a mid-late 2022 completion.

February 1, 2021

Loans Multifamily Texas

Berkadia Provides $69.5M HUD Loan for North Austin Multifamily Property

by Taylor Williams February 1, 2021

AUSTIN, TEXAS — Berkadia has provided $69.5 million in HUD construction and permanent financing for 27 Eleven Apartments, a 320-unit multifamily property located at 2711 W. Anderson Lane in North Austin. The community features studio, one- and two-bedroom units and amenities such as a pool, clubhouse, courtyard and a fitness center. Chad Bedwell of Berkadia originated the 40-year loan through HUD’s 221(d)(4) program on behalf of the borrower, California-based Paydar Properties.

February 1, 2021

Development Loans Multifamily Northeast Student Housing

ACRES Capital Provides $32.5M Construction Loan for Buffalo Student Housing Project

by Taylor Williams February 1, 2021

BUFFALO, N.Y. — ACRES Capital Corp. has provided a $32.5 million construction loan for Auden Buffalo, a 481-bed student housing project that will be located a mile from State University of New York (SUNY) at Buffalo’s campus. The 154-unit property will offer a fitness center, clubroom, study lounges and a pool. Richard Horowitz, Nicholas Barbato and Justin Horowitz of Cooper Horowitz LLC arranged the debt on behalf of the sponsor and developer, New York City-based DMG Investments. An expected completion date was not released.

February 1, 2021

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $14.8M Acquisition Loan for Multifamily Property Near Boston

by Taylor Williams February 1, 2021

RANDOLPH, MASS. — Cornerstone Realty Capital has arranged a $14.8 million acquisition loan for Reed Street Apartments, an 88-unit multifamily property in Randolph, a southern suburb of Boston. The property’s unit mix consists of 15 studios, 49 one-bedroom apartments and 24 two-bedroom residences. The borrower, True North Capital Partners, plans to upgrade unit interiors, common areas and amenity spaces. The financing was structured with a fixed interest rate, a 30-year amortization schedule and 36 months of interest-only payments.

February 1, 2021

Acquisitions Midwest Minnesota Multifamily Seniors Housing

JLL Brokers $18.7M Sale of Active Adult Community in Andover, Minnesota

by Kristin Harlow February 1, 2021

ANDOVER, MINN. — JLL Capital Markets has brokered the $18.7 million sale of The Estates at Arbor Oaks in Andover, which is about a 30-minute drive from downtown Minneapolis. The 66-unit active adult community sits on 12.5 acres. It is currently 95 percent occupied. Resident amenities include a bistro, salon, fitness center, pickleball court, outdoor patio, underground parking, continental breakfast and recreational programs. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Estates of Arbor Oaks LLC. Matt Steffen, Ken Dayton and Russ Kappenman of JLL arranged acquisition financing on behalf of the buyer, PC Arbor Oaks LLC.

February 1, 2021

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $10.4M Sale of Multifamily Property Near Minneapolis

by Kristin Harlow February 1, 2021

NEW HOPE, MINN. — Marcus & Millichap has arranged the $10.4 million sale of Wincrest Apartments in New Hope, just north of Minneapolis. The 108-unit multifamily property, located on Winnetka Avenue, is comprised of three buildings. Units range in size from 750 to 1,050 square feet. Monthly rents average $912. The community was built in the late 1960s and recently received upgrades. Abe Roberts of Marcus & Millichap marketed the property on behalf of the undisclosed seller and procured the buyer, a local investor.

February 1, 2021

Multifamily Video Webinar Western

Webinar: What is the Outlook for the Affordable Housing Sector in the Western States?

by Sarah Daniels February 1, 2021

On January 27, Western Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in the Western States?” Register to hear how the leaders in the industry are coping with challenges from both a broker/lender perspective and a developer/owner perspective. How are experts in Western states addressing the affordable housing crisis? See below for a brief list of topics covered by each panel. Panel One: Broker/Lender Insight Investor appetite when it comes to affordable housing Current availability of capital for projects Critical factors in success 4% fixed floor impact FHA influence: loan rates and rules Panel Two: Developer Insight Biggest players in Western states Pandemic impact on existing affordable housing properties & plans for new development How can nonprofits pivot & adapt to changes with public funds? Foreclosures & rent forgiveness Register to listen to these two panels discuss the future of affordable and workforce housing. Webinar sponsors: KeyBank Real Estate Capital: Deep industry expertise allows KeyBank to bring valuable content and actionable ideas to their clients. They’re ready to help guide the clients’ business toward strategic goals through customized financial solutions. Colliers International: Colliers International is a leading diversified professional services and investment management company. With operations in 68 countries, their more than 15,000 …

February 1, 2021

Acquisitions Multifamily South Carolina Southeast Student Housing Tennessee Top Stories

Arcapita Acquires Two Student Housing Communities in Southeast for $120M

by Taylor Williams February 1, 2021

CLEMSON, S.C. AND KNOXVILLE, TENN. — Arcapita, a global investment manager with offices in Atlanta, London and Singapore, has acquired two student housing communities in the Southeast for a combined $120 million. Clemson Lofts is a 640-bed community located approximately one mile from Clemson University in South Carolina that was fully occupied at the time of sale. Quarry Trail is an 840-unit property serving the University of Tennessee in Knoxville. The properties were acquired in separate transactions, with the sellers in each deal opting to remain anonymous. Clemson Lofts features one-, two-, three- and four-bedroom units. The property’s amenity package was recently expanded and upgraded and now includes a pool, fitness center, dog park, group and private study rooms, outdoor yoga space, indoor gaming lounge and a resident clubroom with TVs. Quarry Trail also offers one-, two-, three- and four-bedroom floor plans that feature full-size washers and dryers and private patios in select units. Communal amenities include a new dog park, fitness center, pool and study areas, as well as a resident clubhouse and shuttle service to campus. Arcapita says it is bullish on the student housing sector and intends to aggressively pursue deal opportunities in 2021. In particular, Arcapita …

February 1, 2021

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