CHICAGO — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into a definitive agreement to acquire Chicago-based Home Partners of America (HPA), valuing the company at $6 billion. HPA purchases, owns and operates single-family rental homes and provides a path to homeownership for individuals and families across the United States. HPA’s portfolio includes more than 17,000 homes across the country. BREIT intends to support the HPA management team as it explores opportunities to expand access to high-quality housing for lower-income households, including by formally launching its Choice Lease program. This program aims to provide a direct and tangible opportunity to help address housing affordability challenges for families, according to Blackstone. “The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it,” says Jacob Werner, senior managing director with Blackstone Real Estate. “We intend to build on that goal and expand access to homes across the United States.” The transaction is expected to close in the third quarter. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), which maintains approximately $196 billion in investor capital under management.
GLEN ELLYN, ILL. — Kinzie Builders has completed construction of Avere on Duane, a $15 million luxury apartment building in the Chicago suburb of Glen Ellyn. Located on Duane Street, the property rises four stories with 48 units. Units range from 868 to 1,615 square feet. Amenities include a community room, dog washing station, package room, bike storage and heated parking. REVA Development Partners was the developer. The project team included BSB Design Inc., RTM & Associates Engineering Consultants, LETech Inc., Pierce Engineering, Loren Stanton Design, Haeger Engineering and Lakota Group. Monthly rents start at $1,975.
NEW ALBANY, IND. — Berkadia has arranged an $8.9 million bridge loan for the acquisition of The Annex of New Albany, a 141-unit student housing property in New Albany near Louisville. The property is located at 4100 Prestwick Square and is adjacent to Indiana University Southeast. Jason Brown and Sam Orman of Berkadia Indianapolis arranged the bridge loan on behalf of the borrower, Indiana-based Zidan Management Group Inc. Old National Bank provided the three-year loan, which features a 3 percent floating interest rate. David Gaines, Scott Clifton and Kyle Butler of JLL Capital Markets represented the seller, The Annex Group, in the $11.8 million sale.
LAWNSIDE, N.J. — Developer Sterling Properties has opened Station Place, a 144-unit apartment community in Lawnside, located outside of Philadelphia. The transit-oriented property offers studio, one- and two-bedroom units with European-style cabinetry, stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool, resident lounge, fitness center, bocce courts, outdoor grilling area, package lockers and a private parking garage.
MAITLAND, FLA. — Fundrise has acquired Lake Shadow Apartments, a 300-unit, Class A multifamily property in metro Orlando. Bainbridge Cos. sold the community to Fundrise for $83.1 million. Located on a 16-acre site at 2200 Flagler Promenade Way in Maitland, the property will be renamed Luna at Lake Shadow. The 330,000-square-foot community features one-, two- and three-bedroom apartments. Regions Bank provided an undisclosed amount of acquisition financing to Fundrise, a Washington, D.C.-based real estate investment platform. Bainbridge Cos. LLC is a Wellington, Fla.-based owner, developer and manager of multifamily apartment communities in the Eastern United States and Texas.
PORT ST. LUCIE, FLA. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, will develop Boardwalk at Tradition, a 214-unit build-to-rent multifamily community in Port St. Lucie. Watermark acquired 17.5 acres of land to develop the property, which will be a residential community featuring one- and two-story paired villa-style homes. The project is slated for completion in December 2022. Boardwalk at Tradition will be located at the southeast corner of SW Stockton Place and SW Community Boulevard. The property will offer a mix of one-, two- and three-bedroom layouts that average 1,100 square feet. Community amenities will include gourmet bar-kitchens with quartz countertops, stainless steel appliances, full-size washers and dryers, private backyard patios, resort style pool, professionally design and appointed clubhouses, a pickleball court, fire pits, outdoor kitchens, several dog parks and a 24-hour fitness center. Boardwalk at Tradition is part of the 8,200-acre master planned Tradition community, which has $365 million in new development in the works. The apartment community is situated close to Cleveland Clinic Tradition Hospital and sits one mile west of Interstate 95.
PHENIX CITY, ALA. — Trillium Capital Resources has arranged $14 million in refinancing for The Gardens Apartments and Post Ridge Apartments, which are both multifamily communities located in Phenix City. The Gardens Apartments has 190 units and Post Ridge Apartments has 152 units. Located at 501 16th Ave. N., Post Ridge includes one-, two- and three-bedroom units. HUD’s A7 refinance program allowed Trillium to procure a fixed interest rate of 2.75 percent for The Gardens. The 25-year loan reduces the undisclosed borrower’s mortgage insurance premium (MIP) from 0.60 percent to 0.25 percent.
SAN ANTONIO — A partnership between Chicago-based investment firm Pearlmark and Austin-based Old Three Hundred Capital LLC (OTH) has purchased Park West and Parliament Bend, two adjacent multifamily properties in San Antonio totaling 560 units. According to Apartments.com, Park West features studio, one- and two-bedroom units and amenities such as a pool, fitness center, volleyball court, playground and a dog park. Parliament Bend offers one- and two-bedroom units as well as fitness and business centers, outdoor grilling and picnic areas, a dog park and onsite laundry facilities. The new ownership will implement a value-add program.
FARMERS BRANCH, TEXAS — Locally based firm Darwin German Real Estate Investments has sold Villa Creek, a 161-unit apartment complex in the northern Dallas metro of Farmers Branch. According to Apartments.com, the property was built in 1965 and features one- and two-bedroom units. Darwin German originally purchased the asset in 2016 in an off-market deal. Chris Deuillet and William Hubbard of CBRE represented the buyer, Dallas-based Blue Ocean Capital LLC, in the transaction. William Givens and Robert Siddall, also with CBRE, arranged acquisition financing on behalf of the new ownership.
OKLAHOMA CITY — KeyBank’s Community Development Lending and Investment (CDLI) platform has provided $20.6 million in financing for the purchase and renovation of Hillcrest Green Apartments, a 96-unit affordable housing property in Oklahoma City. The financing consists of a $9.3 million construction loan, $7 million in low-income housing tax credit equity from the Key Community Development Corp. and a $4.3 million permanent loan. Units at the Section 8 property include studio, one-, two- and four-bedroom residences that are reserved for renters earning 60 percent or less of the area median income. The borrower was Indianapolis-based developer TWG. Kelly Frank and Ryan Olman of KeyBank’s CDLI team originated the financing.