Multifamily

CEG Multifamily Buys 216-Unit Apartment Community in Bryan, Texas

by Taylor Williams October 5, 2020

BRYAN, TEXAS — San Diego-based investment firm CEG Multifamily has purchased Springs at University Drive, an apartment community located in the Central Texas city of Bryan. According to apartments.com, the property totals 216 units and offers amenities such as a pool and a fitness center. Springs at University Drive was built in 2017 on 13 acres and is located less than five miles from Texas A&M University. Will Balthrope, Jennifer Campbell, Tommy Lovell III, Richard Robson and Will Griffin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Continental Properties, and the buyer in the transaction.

October 5, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Negotiates $46.6M Sale of Apartment Community in Huntsville

by Alex Tostado October 5, 2020

HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $46.6 million sale of Ascent at Jones Valley, a 431-unit apartment community in Huntsville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, fitness center, pool, a playground and tennis courts. The asset was originally developed in 1978 and was renovated in 2018. The seller, Stonecutter Capital Management, implemented $2.2 million in upgrades, including a renovated swimming pool area, upgraded tennis courts and a new fitness center. The buyer, Wicker Park Capital Management, plans to expound on the renovations. Jimmy Adams and Andrew Brown of Cushman & Wakefield represented the seller in the transaction.

October 5, 2020

Loans Multifamily Texas

Associated Bank Provides $23.6M Loan for Refinancing of New Dallas Multifamily Community

by Taylor Williams October 5, 2020

DALLAS — Associated Bank has provided a $23.6 million loan for the refinancing of The Collection, a 90-unit multifamily community located in the Lower Greenville area of Dallas. The property consists of six buildings housing 90 townhomes with an average unit size of 1,642 square feet. Ted Notz of Associated Bank originated the financing on behalf of the borrower, AHC Funds. Construction of The Collection began in 2017 and was completed earlier this year.

October 5, 2020

Acquisitions Alabama Multifamily Southeast

Franklin Street Arranges $18.5M Sale of Multifamily Portfolio in Montgomery

by Alex Tostado October 5, 2020

MONTGOMERY, ALA. — Franklin Street has arranged the $18.5 million sale of a two-property multifamily portfolio in southeast Montgomery. The portfolio comprises the 240-unit Fields One Center and the 242-unit Fields Carriage Hills. Fields One Center is located at 4220 Strathmore Drive, which is situated two miles from Fields at Carriage Hills at 3364 Fountain Lane. The properties each offer one-, two- and three-bedroom floor pans averaging 970 square feet. The properties were 72 percent occupied at the time of sale. Communal amenities at the assets include three swimming pools, two clubhouses, a fitness center, business center, playground, tennis courts, storage space and laundry facilities. Dan Phelan, Jake Reid, Chad Defoor and Alex Croy of Franklin Street represented the seller, Houston-based Elite Street Capital, in the transaction. Atlanta-based Two Waters Capital Management acquired the portfolio.

October 5, 2020

Acquisitions Kansas Midwest Multifamily

Berkadia Brokers Sale of Five-Property Multifamily Portfolio in Metro Wichita, Kansas

by Kristin Harlow October 5, 2020

WICHITA, KAN. — Berkadia has brokered the sale of a five-property multifamily portfolio in metro Wichita. The garden-style assets include Eastgate, High Point East, Morgan’s Landing, Springcreek and Northridge Crossing Apartments. The portfolio totals 696 units. Alex Blagojevich, Michael Sullivan, Brett Meinzer and Dominic Martinez of Berkadia brokered the sale. Peter Benedetto of Berkadia originated acquisition financing through Fannie Mae on behalf of the buyer, Colorado-based Monarch Investment and Management Group. The seller and sales price were undisclosed.

October 5, 2020

California Content Partner Features Lument Multifamily RED Capital Group Western Western Feature Archive

Rents Weaken, Investors Stay Active in San Diego Multifamily Market

by Sarah Daniels October 5, 2020

By Daniel J. Hogan The economic impact of the COVID-19 pandemic has been felt more severely in Southern California than in most areas of the country. The Southland’s high concentration of employment in the tourism and entertainment sectors made it especially vulnerable to the effects of social distancing protocols and the reluctance of many to board commercial aircraft. Not only were job losses particularly acute in the initial months of the pandemic — the subsequent recovery has been lethargic. The rate of unemployment for July in each of the four large Southern California metropolitan markets remained materially above the national average, and in the case of Los Angeles County (18.2 percent) was the highest of any metropolitan area west of the Hudson River save for Yuma and El Centro. As it always has, Southern California will recover and is likely to do so in even more spectacular fashion than before. In the interim, how can multifamily investors position themselves to prosper? San Diego is the ideal market to scrutinize possible changes in renter behavior during the pandemic and consider their potential investment implications. Indeed, a deep dive into this market may provide clues to some of the great mysteries of …

October 5, 2020

Development Florida Multifamily Southeast Student Housing

CTG, Florida A&M University Complete 720-Bed Student Housing Development in Tallahassee

by Alex Tostado October 2, 2020

TALLAHASSEE, FLA. — A public-private partnership between CTG Development Co. (CTG) and Florida A&M University (FAMU) has completed the development of a 720-bed residence hall on the university’s campus in Tallahassee. The new residence hall is Phase I of development on a larger project called Main Street Corridor, which will include a mixed-use building with multifamily units and retail, a new stadium and a field house upon completion. Finfrock is serving as the architect of record and the design-build contractor for the project. The university held a ribbon-cutting ceremony Wednesday, Sept. 30. FAMU is holding classes in a hybrid format for the fall 2020 semester.

October 2, 2020

Development Loans Multifamily North Carolina Seniors Housing Southeast

Ziegler Arranges $47.8M Financing for Seniors Housing Expansion in High Point, North Carolina

by Alex Tostado October 2, 2020

HIGH POINT, N.C. — Ziegler has arranged $47.8 million in bond financing for a planned expansion project at Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point, just southwest of Greensboro. Located on 72 acres, Pennybyrn currently offers 180 independent living units, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. The planned expansion will add 42 new independent living apartments, with 74 percent of them pre-sold, as well as a 24-bed transitional rehabilitation therapy building. The project will also include improvements to the buildings and exteriors throughout the existing campus. The project team includes borrower and developer ActionPact Development LLC, architect ActionPact Design Group LLC, general contractor Thomas Construction Group LLC, construction manager NewBanks Inc. and Dixon Hughes Goodman as feasibility consultant.

October 2, 2020

Loans Multifamily Texas Walker & Dunlop

Walker & Dunlop Funds $17.8M Loan for Refinancing of Fort Worth Apartment Community

by Taylor Williams October 2, 2020

FORT WORTH, TEXAS — Walker & Dunlop has funded a $17.8 million loan for the refinancing of Constellation Ranch, a 324-unit apartment community in Fort Worth. Built in 2015, Constellation Ranch features one-, two- and three-bedroom floor plans and amenities such as a pool, spa, clubhouse, business center, outdoor grilling areas and a pet park. Stuart Wernick and Matt Newton of Walker & Dunlop originated the financing, which was structured with a 10-year term and a floating interest rate, on behalf of the borrower, Maryland-based RailField Partners.

October 2, 2020

Loans Multifamily Texas

Colliers Provides Agency Loan for Refinancing of 128-Unit Multifamily Asset in Fredericksburg, Texas

by Taylor Williams October 2, 2020

FREDERICKSBURG, TEXAS — Colliers International has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Ten19@Friendship Lane, a 128-unit multifamily asset in Fredericksburg, about 80 miles west of Austin. The property was built in 1998 and offers amenities such as a fitness center, playground and onsite laundry services. Colliers originated the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, an entity doing business as DCP 1019 Friendship Lane LLC.

October 2, 2020

Newer Posts

Older Posts