Multifamily

Between 2014 and 2016, the Houston multifamily market struggled with an issue of oversupply as a result of accelerated apartment construction. When Hurricane Harvey hit in 2017, Houston residents displaced by the storm produced a surge in apartment demand that helped fill thousands of empty units over the ensuing 12 months. Fast forward to 2019, and two key factors are keeping a strong apartment pipeline flowing and forcing developers to play catch-up: new residents and more jobs. Over the past two years, demand has outpaced deliveries, a welcome sign for investors following the 2014-2016 era. More than 20,000 units came on line in 2016 alone and caused absorption to lag. According to the U.S. Census Bureau, steady increases in population have Houston competing with Chicago for the title of third-most populous city in the country. This demographic trend, coupled with the city’s strong labor market, has created a setting wherein capital keeps trying to find its way into the Bayou City. Underpinning the need for more housing product was the 94,000-plus new residents added during the last year, which ranked Houston’s net migration in the top three of U.S. metros. Given the rise in demand stemming from jobs and in-migration, …

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RICHMOND, VA. — Thalhimer Realty Partners, the investment and development arm of Cushman & Wakefield | Thalhimer, plans to build the next phase of City View Landing, a residential development situated in Richmond’s Manchester neighborhood. Dubbed City View Marketplace, the $30 million project will include five buildings housing 161 apartments and 13,270 square feet of ground-level retail space. The project will join The Overlook at City View and City View Row within the master development. Thalhimer expects to deliver City View Marketplace in phases, with a full completion set for April 2020. The City View Landing development features a two-acre pad site on Hull Street that could house a 36,000-square-foot grocer or a future mixed-use building, according to Thalhimer.

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MESA, ARIZ. — Construction is underway on a 374-bed mixed-use community on the Arizona State University Polytechnic campus in Mesa. A public-private partnership between the university, Capstone Development Partners and equity partner Harrison Street is developing the $34.2 million community. The development will offer private- and shared-bedroom suites. Shared amenities include a main floor lounge and common kitchen; study space and lounges on each floor; and 8,500 square feet of academic space including classrooms, offices, conference areas and meeting areas. The project is scheduled for completion in fall 2020. Shepley Bulfinch is the designer, while CORE Construction is the general contractor for the development.

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GYPSUM, COLO. — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has closed a $20.6 Fannie Mae loan. The funds will be used for Phase I of Spring Creek Apartments, an affordable multifamily development in Gypsum, 25 miles west of Vail, Colo. Located at 750 Sunny Ave., the first phase of Spring Creek Apartments will include 150 garden-style apartments in a mix of one-, two- and three-bedroom layouts available to residents making between 30 percent and 60 percent of the area median income. Construction is currently underway with completed slated for summer 2020. Once fully developed, Spring Creek Apartments will offer 461 apartments, townhomes, duplexes and single-family homes, as well as a clubhouse and park facility including a leasing office, community room, business center and fitness center. Additionally, the complex will feature community gardens and walking trails to connect residents to the Eagle County, Colo., multi-use trail system. Anthea Martin of Bellwether Enterprise’s Denver office arranged the 24-month forward period followed by a 15-year Fannie Mae M.TEB loan on behalf of co-developers Gerry Flynn and Jeff Spanel. A fixed rate of 3.3 percent was secured for the transaction. Additional funding for Spring …

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PROVO, UTAH — Hunt Real Estate Capital has provided a Fannie Mae DUS conventional loan in the amount of $5.2 million to refinance Lakeview Court Apartments, a multifamily property in Provo. The borrower is Geneva Road 44 LLC. The loan features a 12-year term, 30-year amortization and 24 months of interest-only payments. Situated on a two-acre site, Lakeview Court Apartments is a 44-unit, garden-style apartment complex comprising three three-story apartment buildings. Developed in 2015, the asset has 42,988 square feet of rentable space and 88 parking spots. At the time of sale, the property was 97 percent occupied.

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HALLOWELL, MAINE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Granite Hill Estates, a continuing care retirement community in Hallowell, a southern suburb of Augusta. Granite Hill Estates features 46 independent living cottages, 60 independent living apartments and 24 assisted living/memory care units. The independent living portion was built in 2000 and assisted living was added in 2006. MaineGeneral Health sold the property to a regional owner-operator for an undisclosed price. Toby Siefert and Bradley Clousing of SLIB handled the transaction.

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LONG ISLAND, N.Y. — Cushman & Wakefield has brokered the $8 million sale of 212-230 Middle Neck Road, a 53,097-square-foot residential development site in the Great Neck neighborhood of Long Island. The buyer, McKinley Homes, plans to develop a 40-unit multifamily building on the site with one-, two- and three-bedroom units, storage, community laundry room, gym, rooftop lounge and a deck area. Daniel Abbondandolo, Robert Kuppersmith and Dimitri Mastrogiannis of Cushman & Wakefield represented the seller, GN Properties LLC, in this transaction. Kelly Koukou and Bradley Diamond of Lee & Associates represented McKinley Homes.

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FRISCO, TEXAS — Hillwood has broken ground on The Cadence at Frisco Station, a 322-unit apartment community located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. Designed by JHP Architecture, the property will offer studio, one- and two-bedroom units as well as townhomes. Units will feature granite countertops, custom cabinetry and walk-in closets, as well as smart locks and thermostats. Amenities will include a pool with cabanas, coworking space, a fitness center, coffee and wine bars, resident lounge, sauna and a pet washing facility. Preleasing is scheduled to begin in summer 2020 with the first units slated to come on line in early 2021.

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DALLAS — Buckner Senior Living has opened Ventana by Buckner, a 301-unit seniors housing community in North Dallas. Development costs were estimated at $140 million. The project, designed by D2 Architecture, features two 12-story towers that house 189 independent living residences, 38 assisted living residences, 48 nursing apartments and 26 memory care residences. Buckner is collaborating with Baylor Scott & White Health for medical and spiritual care services, Stephan Pyles for culinary services, Cooper Aerobics for health and wellness and Southern Methodist University for continuing education. Apartments range from 950 to 2,000 square feet.

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ARLINGTON, TEXAS — JLL has arranged the sale of The Palace, a 280-unit apartment community in Arlington. The garden-style property was built in 1971 and was recently renovated to upgrade signage, building exteriors and common areas. The community was 96.4 percent occupied at the time of sale. Art Barnes, David Godvin and Jorg Mast of JLL represented the seller, MBP Capital Inc., in the transaction and procured the buyer, Raven Multifamily. Deverick Jordan, Andrew Speer, Clint Hoelscher and Donovan Collins of JLL placed an undisclosed amount of Fannie Mae acquisition financing for the deal.

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