Multifamily

Cushman & Wakefield Negotiates $45.3M Sale of Multifamily Property in Birmingham

by Alex Tostado February 5, 2020

BIRMINGHAM, ALA. — Cushman & Wakefield has negotiated the $45.3 million sale of The Trails at Cahaba River, a 400-unit multifamily property in Birmingham. The property, which sold for the equivalent of $113,250 per unit, offers one-, two- and three-bedroom floor plans. Communal amenities include two swimming pools, picnic areas, a fitness center, private trail on the Little Cahaba River and an outdoor playground. The seller, Merion Realty Partners, upgraded the clubhouse and unit interiors prior to the sale. The buyer, Timberland Properties, plans to continue upgrading the property throughout, according to Andrew Brown of Cushman & Wakefield. The Trails at Cahaba River is situated at 801 Cahaba Forest Cove, along U.S. Highway 280 and 10 miles southeast of downtown Birmingham. Brown, Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller in the transaction.

February 5, 2020

Loans Midwest Missouri Multifamily

Maverick Commercial Arranges $10.2M First Mortgage Loan for Manufactured Housing Community in Missouri

by Kristin Harlow February 5, 2020

HOUSE SPRINGS, MO. — Maverick Commercial Mortgage has arranged a $10.2 million first mortgage loan for Byrnes Mill Farms manufactured housing community in House Springs, located about 30 miles southwest of St. Louis. Built in 1986, the 372-site community features a pool and clubhouse. A national lender provided the bridge loan, which features a 16-month term and a 30-year amortization schedule. Proceeds from the loan refinanced the existing first mortgage, funded a reserve to be used for new house purchases, paid for closing costs and returned equity to the borrower, MHPI.

February 5, 2020

Acquisitions Kansas Midwest Missouri Multifamily

Pacific Sands Purchases Two Kansas City-Area Multifamily Assets

by Kristin Harlow February 5, 2020

KANSAS CITY, MO. AND LENEXA, KAN. — Pacific Sands Funds has purchased two multifamily properties in metro Kansas City for an undisclosed price. The first property is Chouteau Heights, a 76-unit apartment complex in the Sherwood Estates neighborhood of Kansas City. The second is Villas of Loiret, a 46-unit rental townhouse community in Lenexa. Chouteau Heights was built in 1964, while Villas of Loiret was constructed between 1999 and 2003. Pacific Sands plans to update both properties. Irvine, Calif.-based Pacific Sands maintains a portfolio of more than 500 units in southern California, Las Vegas, St. Louis and Kansas City. Seller information was undisclosed.

February 5, 2020

Acquisitions Development Multifamily New York Northeast

Marcus & Millichap Brokers $33M Sale of Residential Development Site in Brooklyn

by Alex Patton February 5, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $33 million sale of a residential development site in the Williamsburg neighborhood of Brooklyn. The site comprises three former industrial and residential buildings on the same block, located at 118 Hope St., 428 Rodney St. and 426 Rodney St. The buyer, local developer CW Realty, plans to redevelop the property with 100 multifamily units. Said Boukhalfa and Jonathan Codorniu of Marcus & Millichap represented CW Realty in the transaction. The team also represented the sellers, which were private owner-users.

February 5, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $28.3M Sale of Multifamily Portfolio in Los Angeles County

by Amy Works February 5, 2020

LOS ANGELES, SANTA CLARITA, SYLMAR AND LANCASTER, CALIF. — Marcus & Millichap has negotiated the sale of a four-property multifamily portfolio located in Los Angeles County. The portfolio sold to four separate buyers for a total of $28.3 million. Steve Bogoyevac, Alexander Garcia Jr., Greg Harris, Kevin Green and Paul Darrow of Marcus & Millichap represented the undisclosed seller and undisclosed buyers in the transactions. The properties are a 54-unit building at 2736 Pomeroy Ave. in Los Angeles; a 65-unit community for residents age 55 or older located at 22816 Market St. in Santa Clarita; a 20-unit building at 13002 Dronfield Ave.; and an 80-unit seniors housing community located at 44942 Cedar Ave. in Lancaster.

February 5, 2020

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop Looks to Modernize the Multifamily Valuation Business with Apprise

by Sarah Daniels February 5, 2020

Technology and data are here to make things easier, faster and more accurate than ever before. However, some industries have lagged behind. This inspired Walker & Dunlop and its data science partner, GeoPhy, to fulfill a need in the market related to multifamily valuation. “We built Apprise because we saw a significant opportunity to improve a critical part of the underwriting and valuation process that has largely gone unchanged for decades,” says Brad Savage, Chief Product Officer for Apprise by Walker & Dunlop. “It is the natural and needed progression of any industry to harness the power of technology to make its practitioners more efficient and more informed. This is something we’re seeing in nearly all industries, except commercial real estate valuation…until now.” Apprise by Walker & Dunlop integrates data feeds and business processes that cover 80 percent of the steps in the traditional appraisal process. This can often result in appraisals in five days or less, compared to up to three weeks for traditional reports. The process is powered by GeoPhy’s Automated Valuation Model (AVM), which automates data feeds and can pre-populate relevant fields, preventing errors or duplicate entries that can happen with manual submissions. Selection bias is also reduced with the …

February 5, 2020

Affordable Housing Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Berkadia’s David Leopold on Tackling the Affordable Housing Crisis

by Sarah Daniels February 5, 2020

It’s no secret America is in a housing crisis, but the problem is easier to identify than it is to tackle. David Leopold, senior vice president and head of affordable housing for Berkadia, believes it can be tackled, however, if the industry’s best and brightest can collaborate on a nationwide strategy. Finance Insight (FI): What is your view on the affordable housing market? Leopold: It’s an exciting time in the affordable housing market. There’s massive demand for affordable housing nationwide, which means new opportunities for innovation and new needs to be fulfilled. There’s also a real sense of urgency and commitment galvanizing players across the industry to pursue innovative solutions that will result in decent, affordable and safe housing in every single community across the country. This extends to developers, lawmakers, real estate professionals and beyond. It’s a tall order, but this work is essential to the well-being of our communities. FI: Speaking of tall orders, what are some of the challenges facing the affordable housing industry? Leopold: Rent control is certainly a hot topic and will remain one in the year ahead. Last year was a significant chapter in the rent control debate, with comprehensive statewide reform enacted in …

February 5, 2020

Acquisitions Multifamily Texas

Draper & Kramer Buys 374-Unit Crest at Las Colinas Apartments in Irving

by Alex Tostado February 4, 2020

IRVING, TEXAS — Draper & Kramer Inc. has purchased Crest at Las Colinas, a 374-unit apartment community in Irving. The property was built in 2017 and was 95 percent occupied at the time of sale. Units range in size from 600 to 1,500 square feet and feature hardwood-style plank flooring, espresso-stained kitchen cabinetry, granite countertops and stainless steel appliances. Amenities include a resident lounge, flexible workspaces, fitness center, pool and a coffee bar. Draper & Kramer acquired the asset from an undisclosed seller via a 1031 exchange.

February 4, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 268-Unit Magnolia Grove Apartments in Houston

by Alex Tostado February 4, 2020

HOUSTON — Berkadia has arranged the sale of Magnolia Grove, a 268-unit apartment community in Houston’s Southbelt/Ellington neighborhood. Built in 1984, the property features one- and two-bedroom units and amenities such as a pool, fitness center, resident clubhouse and outdoor grilling area. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Dallas-based Lantower Residential, in the transaction. John Koeijmans and Austin Blankenship of Berkadia arranged a 10-year, floating-rate acquisition loan through Freddie Mac on behalf of the Dallas-based buyer.

February 4, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

Preiss, Investcorp Acquire 525-Bed Student Housing Community Near Georgia Tech in Midtown Atlanta

by Alex Tostado February 4, 2020

ATLANTA — A joint venture between The Preiss Co. and Investcorp has acquired Signature West Midtown, a 525-bed student housing community located near the Georgia Tech campus in Atlanta. The property offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, sundeck, rooftop lounge, 24-hour fitness center, cyber cafe, ride-share lounge and bicycle storage alongside 10,500 square feet of retail. The seller and terms of the transaction were not disclosed.

February 4, 2020

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