Multifamily

Nexus Commercial Arranges $5.3M Acquisition of Multifamily Property in Thornton, Colorado

by Amy Works November 11, 2020

THORNTON, COLO. — Nexus Commercial Realty has brokered the sale of an apartment community located at 8770-8780 Galen Court in Thornton. An undisclosed buyer acquired the asset for $5.3 million. The 38-unit property features 12 one-bedroom units and 26 two-bedroom units. The majority of the units have been updated, and select units feature balconies. The property includes two on-site laundry rooms and 54 off-street parking spaces for tenants. The buyer plans to manage the property, upgrade the remaining units and increase rents to market value.

November 11, 2020

Acquisitions Florida Multifamily Southeast

Passco Acquires Multifamily Community in Metro Tampa for $76.4M

by Alex Tostado November 10, 2020

LAND O’ LAKES, FLA. — Passco Cos. has acquired Tapestry Cypress Creek, a 341-unit multifamily community in Land O’ Lakes, for $76.4 million. The property, which was delivered in 2019, offers one-, two- and three-bedroom floor plans. Unit interiors feature granite countertops, hurricane-impact windows, screened-in patios and balconies, washers and dryers, walk-in closets and stainless steel appliances. Communal amenities include a saltwater pool, clubhouse, 24-hour fitness center, club room and a dog park. The community is located at 2300 Tapestry Park Drive, 20 miles north of downtown Tampa. Patrick Dufour, Ryan Crowley, Andrew Visnick and Pibu Aulakh of Newmark represented the seller, Arlington Properties, in the transaction. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group originated acquisition financing on behalf of Passco.

November 10, 2020

Development Multifamily North Carolina Southeast

Hawthorne Residential, Evolve to Develop 248-Unit Apartment Complex Near Raleigh

by Alex Tostado November 10, 2020

WAKE FOREST, N.C. — A joint venture between Hawthorne Residential and Evolve Cos. has acquired a 23-acre site in Wake Forest to develop Hawthorne at the Forest, a 248-unit apartment community. The developer acquired the land from an undisclosed seller for $4.3 million. The asset is expected to deliver in 2022 and will be situated at 10728 Star Road, 14 miles north of downtown Raleigh. The property will offer one-, two- and three-bedroom floor plans with wood-style floors, energy-efficient GE appliances, washers and dryers, stone countertops and tile backsplashes. Communal amenities will include a saltwater pool, grilling area, 5,000-square-foot clubhouse, cyber café, fitness center, playground and a dog park. Caleb Troop, Ron Corrao and Eric Liebich of Capstone represented the buyers in the land transaction.

November 10, 2020

District of Columbia Multifamily Southeast

NMHC: 80.4 Percent of Renters Have Paid November Rent

by Alex Tostado November 10, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) found that 80.4 percent of apartment households made a full or partial rent payment by Nov. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The most recent figure is a 110-basis point drop from November 2019, or a decrease of 131,712 households. November fared 100 basis points better compared to October 2020 when 79.4 percent of households made partial or full payment at Oct. 6. “November’s opening rent payment figures show that the additional support apartment residents received over the summer, coupled with generous, innovative approaches put into place by property owners and managers, continue to provide renters with some degree of security against the economic distress facing communities throughout the country,” says Doug Bibby, NMHC’s president. NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, Entrata and MRI Software.

November 10, 2020

Development Multifamily Texas

Presidium Begins Leasing 408-Unit Apartment Community at Alliance Town Center in Fort Worth

by Taylor Williams November 10, 2020

FORT WORTH, TEXAS — Texas-based multifamily developer Presidium has begun leasing Presidium Revelstoke, a 408-unit apartment community located within Alliance Town Center in Fort Worth. O’Brien Architects designed the property, which is situated on 17.2 acres. Amenities include a pool with cabanas, fitness center with spin and yoga studios, outdoor grilling and game area, a 10,000-square-foot clubhouse with a demonstration kitchen and business center, a community playground and a dog park. Kimley-Horn served as the civil engineer for the project, and Provident General Contractors handled construction. Full completion is scheduled for next year.

November 10, 2020

Indiana Loans Midwest Multifamily

NorthMarq Arranges $11.9M Loan for Refinancing of Workforce Housing Community in Indianapolis

by Kristin Harlow November 10, 2020

INDIANAPOLIS — NorthMarq has arranged an $11.9 million loan for the refinancing of La Joya Apartments in Indianapolis. Built in 1974, the 320-unit workforce housing community is located 10 miles from downtown. Lawrence Larisma and Ryan Taylor of NorthMarq arranged the loan with Freddie Mac. It features a 15-year term and a fixed rate. The borrower was undisclosed.

November 10, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $2.2M Sale of Single Room Occupancy Building in Chicago’s Hyde Park

by Kristin Harlow November 10, 2020

CHICAGO — Kiser Group has negotiated the sale of Park Beach Apartments in Chicago’s Hyde Park neighborhood for $2.2 million. The 77-unit single room occupancy (SRO) building is located at 5327 S. Cornell Ave. SRO refers to a form of housing that is geared toward residents with low incomes who rent furnished single rooms. The buyer will continue operating the property as an SRO. Park Beach Apartments includes 27 private bathroom units and 50 semi-private units. Jimal Gilbert and Lee Kiser brokered the transaction. Buyer and seller information was not disclosed.

November 10, 2020

Conference Coverage Features Loans Multifamily Seniors Housing Southeast Feature Archive

InterFace Roundtable: Capital for Active Adult Investment is Available, but ‘Fickle’

by Jeff Shaw November 10, 2020

While the recession caused by the COVID-19 pandemic has certainly made life tougher for active adult investors, there is still capital available. It has just become harder to get. “The equity is pretty rational right now. It’s the TINA phenomenon — there is no alternative,” said Mark Marasciullo, chief investment officer with The United Group of Companies, which develops active adult properties. “There is, institutionally speaking, more and more equity piling up on the sidelines. The market’s pretty liquid, but that doesn’t mean it’s easy. There’s a lot of capital out there, but it’s fickle.” The comments came during a roundtable session titled “Investment Outlook for the Active Adult/55+ Market” at France Media’s InterFace Seniors Housing Southeast conference. The event was held virtually on Nov. 5 and 6. Marasciullo hosted the session, which invited attendees to openly lead the discussion. Marasciullo noted that continued high housing prices could keep move-ins high for active adult operators. Housing website Redfin reports that home-buying demand surpassed pre-pandemic levels by June. “If you’re contemplating selling your house, you’re looking around and saying ‘there’s never going to be a better time.’ Our industry has caught a bit of a tailwind,” said Marasciullo. “I’m actually very …

November 10, 2020

Development Multifamily New York Northeast

ACRES Capital Provides $16M Construction Loan for Multifamily Project in The Bronx

by Taylor Williams November 10, 2020

NEW YORK CITY — ACRES Capital Corp. has provided a $16 million construction loan for a 53-unit multifamily project that will be located at 653-655 Mace Ave. in the Allerton area of The Bronx. The seven-story building will be located near multiple public transit lines and will feature 15,000 square feet of amenity space. Abe Mann of Progress Capital arranged the loan on behalf of the borrower, Supreme Equities LLC.

November 10, 2020

Acquisitions Multifamily Washington Western

EJF Capital, Holland Partner Group Purchase Two Multifamily Buildings in Washington State for $62.5M

by Amy Works November 10, 2020

VANCOUVER, WASH. — EJF Capital and Holland Partner Group have formed a joint venture to acquire and operate two adjacent six-story buildings in downtown Vancouver. The $62.5 million acquisition will be rebranded Coen & Columbia, offering a total of 200 multifamily units and approximately 2,220 square feet of retail space. Scheduled for delivery in the fourth quarter, Coen will feature 118 apartments, with 20 percent set aside for workforce housing, and 2,220 square feet of retail space. Columbia, will feature 82 apartments. Both buildings sit atop a city-owned parking garage with more than 750 parking spaces. The buildings are located on 1.1 acres in an area certified as Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017, which offers investors tax benefits to invest into opportunity zones with the aim of spurring economic growth in lower income areas. KeyBank provided financing for the project.

November 10, 2020

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