Multifamily

Lindemann Multifamily Management Acquires Nashville Apartment Community for $83.2M

by Alex Tostado January 17, 2020

NASHVILLE, TENN. — Miami-based Lindemann Multifamily Management LLC has acquired One Metrocenter, a 320-unit apartment community in Nashville, for $83.2 million (approximately $260,000 per unit). Tarek El Gammal of JLL’s Nashville office represented the sellers, MetroCenter Apartments X LLC and other partners, in the transaction. As part of the transaction, Lindemann obtained two fixed-rate loan tranches with New York Life Insurance Co. for $41.2 million and $4.6 million. David Zimmerman and K.O. Kennedy of CBRE’s Nashville office arranged the debt financing. Located at 45 Vantage Way, One Metrocenter’s apartments feature one- and two-bedroom layouts. The property opened in 2016, according to Apartments.com. Amenities include a Zen garden, saltwater pool, covered parking, outdoor fire pit and a dog park. The One Metrocenter acquisition is the fifth in the Nashville area for Lindemann, bringing its total units owned in the market to more than 2,300.

January 17, 2020

Affordable Housing Development Florida Loans Multifamily Southeast

TD Bank Provides $28.6M in Construction Financing for Affordable Housing Complex in Fort Lauderdale

by Alex Tostado January 17, 2020

FORT LAUDERDALE, FLA. — TD Bank has provided $28.6 million in funding for the Housing Authority of the City of Fort Lauderdale (HACFL) to redevelop Suncrest Court, a 66-unit public housing community, by replacing it with 116 modern and affordable apartment units. TD Bank has provided a $16 million construction loan and its subsidiary Community Capital Group has provided $12.6 million in low income housing tax credits (LIHTCs). HACFL also received a State Apartment Incentive Loan (SAIL) from the Florida Housing Finance Corp. for the project, which involves the demolition of the existing buildings that were built in 1962. The new Suncrest Court will include seven buildings with 12 units reserved for residents who earn less than 30 percent of the area’s median income (AMI). The remaining 104 units will be reserved for residents making up to 60 percent of AMI. During construction, current Suncrest Court residents were offered vouchers to nearby affordable housing communities. Upon completion in 2021, existing residents will have the right to return to the community.

January 17, 2020

Acquisitions Multifamily Texas

Hilltop Residential Acquires Apartment Community in Mansfield, Texas

by Taylor Williams January 17, 2020

MANSFIELD, TEXAS — Houston-based Hilltop Residential has acquired an undisclosed apartment community in the Dallas-Fort Worth metro of Mansfield. The number of units was also undisclosed, but the property was built in two phases between 2015 and 2017 and features a pool, fitness center, outdoor lounge and a dog park. Cortney Cole and Steve Heldenfels of JLL arranged a four-year, fixed-rate acquisition loan through a life insurance company on behalf of Hilltop Residential.

January 17, 2020

Loans Multifamily Seniors Housing Texas

CBRE Arranges $28.2M Refinancing for Seniors Housing Property in Metro Houston

by Taylor Williams January 17, 2020

SUGAR LAND, TEXAS — CBRE has arranged a $28.2 million bridge loan for the refinancing of Overture Sugar Land, a 200-unit active adult community in the Houston suburb of Sugar Land. The community opened in 2017 and features a coffee bar and bistro, pool, yoga studio and access to nature trails. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the nonrecourse, floating-rate loan with 18 months of interest-only payments on behalf of the borrower, Greystar. The lender was MF1 Capital, an alliance between Limekiln Real Estate, Berkshire Group and CBRE Capital Markets.

January 17, 2020

Acquisitions Multifamily Southeast Texas Top Stories Virginia

Harbor Group Acquires 36-Property Multifamily Portfolio for $1.85B

by Alex Patton January 17, 2020

NORFOLK, VA. — Harbor Group International LLC (HGI), a privately owned real estate investment and management firm based in Norfolk, has acquired a 36-property multifamily portfolio for $1.85 billion. The portfolio comprises 13,243 units, most highly concentrated in the Dallas/Fort Worth and Denver markets. The remaining properties are located in Houston, San Antonio, Atlanta, Orlando, Phoenix, Salt Lake City, Albuquerque, St. Louis and Kansas City. The properties average 350 units each, primarily in two- and three-story buildings. The transaction was the largest multifamily sale since 2016 and the fifth largest ever recorded in the U.S., according to the seller, Los Angeles-based Aragon Holdings LLC. The deal is part of Aragon’s broader $2 billion sale of its entire apartment portfolio, which consists of 15,000 units located in 12 cities and eight states across the nation. “We decided to sell our portfolio because we recognized that, in the present market conditions, the properties would have the greatest value in the hands of a ‘value-add’ operator,” says Larison Clark, founder, chairman and CEO of Aragon Holdings. “Harbor Group targets value-add opportunities, making this an ideal transaction for both firms.” Dan Guy, Aragon’s president and chief operating officer, adds that Aragon initially focused on …

January 17, 2020

Acquisitions Colorado Multifamily Western

Gelt Acquires Kallisto at Bear Creek Multifamily Community Near Denver for $145.5M

by Amy Works January 17, 2020

LAKEWOOD, COLO. — Los Angeles-based Gelt has purchased Kallisto at Bear Creek, an apartment property located at 2605 S. Miller Drive in the Bear Creek area of Lakewood. Holland Partner Group sold the asset for $145.5 million. Built in two phases in 1987 and 1996, Kallisto at Bear Creek is situated on 38 acres and comprises 51 two- and three-story buildings. The 472-unit property features mostly one- and two-bedroom layouts with a mix of traditional flats and townhome floor plans. Units feature private balconies or porches, wood and gas fireplaces, washers/dryers, walk-in closets and extra storage. On-site amenities include a community garden, tennis court, two swimming pools, a hot tub, 31 acres of landscaped open spaces, barbecue areas, a clubhouse, business center, dog park and fitness center. Gelt plans to invest $3.5 million in capital improvements over the next four years at the property. Projects will include the interior renovation of the remaining 75 percent of units by installing vinyl flooring, stainless steel appliances, quartz countertops, new cabinet faces and hardware, tile backsplashes and ceiling fans. Jordan Robbins, David Martin and Pamela Koster of JLL represented the seller and buyer in the deal. With this latest acquisition, Gelt now owns …

January 17, 2020

Loans Midwest Multifamily South Dakota

NorthMarq Arranges $35.4M in Acquisition Financing for Multifamily Portfolio in Sioux Falls, South Dakota

by Kristin Harlow January 17, 2020

SIOUX FALLS, S.D. — NorthMarq has arranged $35.4 million in acquisition financing for seven multifamily properties in Sioux Falls. The affordable communities comprise 525 units. The seven Freddie Mac loans range from $1.9 million to $9.3 million. Brett Hood of NorthMarq arranged each of the 15-year loans, which feature 30-year amortization schedules.

January 17, 2020

Acquisitions Multifamily Nevada Western

Waterton Purchases 456-Unit Vegas Towers Apartment Asset in Las Vegas

by Amy Works January 17, 2020

LAS VEGAS — Waterton has acquired Vegas Towers, a multifamily property located at 1061 E. Flamingo Road in Las Vegas. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 1974, Vegas Towers consists of two 10-story towers featuring a total of 264 one-bedroom/one-bath units and 192 two-bedroom/two-bath apartments, as well as a two-story clubhouse. Community amenities include an outdoor courtyard space with cabanas, grilling areas, pool and hot tub. Additionally, the property features laundry rooms on every floor, gathering spaces with a variety of seating options for group entertaining, workspaces for business needs and a fitness center. The buyer plans to implement a combination of renovation strategies that will include interior renovations to upgrade living rooms and bathrooms throughout the property. Select residences will receive quartz countertops, upgraded lighting and plumbing fixtures, new hardware, two-inch blinds and ceiling fans. CBRE represented the undisclosed seller in the deal.

January 17, 2020

Acquisitions Colorado Multifamily Seniors Housing Western

MidCap Financial, Ashley Creek Village II Sell Two Multifamily Assets in Vernal, Utah

by Amy Works January 17, 2020

VERNAL, UTAH — MidCap Financial and Ashley Creek Village II have completed the disposition of a two-property multifamily portfolio in Vernal, in the eastern part of the state near the Colorado border. DLP Real Estate Capital acquired the assets, which offer a total of 296 units, for an undisclosed price. Completed in 2013 and 2015, the portfolio comprises 13 buildings with garden-style construction. At the time of sale, the portfolio was 95 percent occupied. The portfolio includes the 96-unit Ashley Creek Village, located at 210 E. 500 South, and the 128-unit Willow Park, located at 110 N. 2500 West. Ashley Creek Village features private garages, a clubhouse, 24-hour fitness center, outdoor basketball court, playground and firepit. Willow Park features outdoor space with private garages, walking and biking trails, a playground area and a clubhouse. Patrick Bodnar and Eli Mills of CBRE’s Salt Lake City office represented the sellers in the deal.

January 17, 2020

Affordable Housing Market Reports Multifamily Texas Texas Market Reports

Investor Demand for Texas Affordable Housing Intensifies

by Taylor Williams January 17, 2020

The declining affordability of housing has become a worsening problem in many areas throughout the country, and Texas is no exception. Despite talk of a cooling housing market, home prices in both North and Central Texas are hitting high-water marks, making the dream of homeownership less likely to become a reality for many people. According to the Austin Board of Realtors, median home prices in Austin hit an all-time high in May, topping $400,000. As for North Texas, a report from ATTOM Data reveals that as of the third quarter, the median home price in Dallas-Fort Worth (DFW) was 73 percent above the market’s pre-recession peak. As home prices skyrocket in the these markets, apartment rental rates are also experiencing upward pressure. The Austin Affordable Housing Corp., a nonprofit subsidiary of the Housing Authority of the City of Austin, reports that Austin is now the most expensive rental market in Texas. In addition, The Dallas Morning News reported in August that while Dallas-area apartment rents are growing at a slower rate than the national average, these figures rose 3 percent from a year earlier. Rising apartment rental rates in these markets are resulting in a greater percentage of cost-burdened renters …

January 17, 2020

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