Multifamily

ClearWorth Capital Acquires 260-Unit Steeplecrest Apartments in Houston

by Taylor Williams October 31, 2019

HOUSTON — ClearWorth Capital has acquired Steeplecrest, a 260-unit apartment community located at 11220 West Road in northwest Houston. Built in 1993, the property features one- and two-bedroom units and amenities such as a pool, outdoor picnic area, business center, storage space and a conference room. ClearWorth will implement a value-add program to the property’s unit interiors, clubhouse, building exteriors and landscaping. Chris Curry, Todd Marix and Estee Ibanez of JLL represented the seller, a joint venture between WillMax Multifamily Investors LP and Thackeray Partners, in the transaction.

October 31, 2019

Development Multifamily New York Northeast

RXR Realty Underway on 352-Unit Multifamily, Retail Development in New Rochelle, New York

by Alex Patton October 31, 2019

NEW ROCHELLE, N.Y. — RXR Realty is underway on 26 South Division Street, a 352-unit multifamily development in New Rochelle, a northern suburb of New York City. The property will include approximately 12,000 square feet of ground-floor retail space. The multifamily component will offer one-, two- and three-bedroom apartments with a valet parking garage, lounge, co-working space and a speakeasy. The property is slated to open in late 2021.

October 31, 2019

Acquisitions Multifamily New Jersey Northeast

CBRE Brokers Sale of 75-Unit Multifamily Property in Garfield, New Jersey

by Alex Patton October 31, 2019

GARFIELD, N.J. — CBRE has brokered the sale of Transit Crossing, a 75-unit multifamily community in Garfield, a western suburb of New York City. Built in 2018, Transit Crossing comprises 21 one-bedroom and 54 two-bedroom apartments. Amenities include two lounges and a fitness center. Nat Gambuzza, John Veniero and Spencer Beriont of CBRE represented the seller. The property was sold to an out-of-state investor for an undisclosed price.

October 31, 2019

Development Multifamily South Carolina Southeast Student Housing

DMG Investments to Break Ground on 480-Bed Student Housing Community Near USC Upstate

by Alex Tostado October 30, 2019

SPARTANBURG, S.C. — DMG Investments is set to break ground on Auden Upstate, a 480-bed student housing community located near the University of South Carolina Upstate campus in Spartanburg. The $28 million development will consist of seven, four-story buildings offering two-, three- and five-bedroom units. Shared amenities will include a fitness center, study room, resident lounge, gaming room and a swimming pool. Construction is scheduled for completion in August 2020.

October 30, 2019

Development Florida Multifamily Southeast

Dania Beach City Commission Approves 381-Unit Multifamily Project in South Florida

by Alex Tostado October 30, 2019

DANIA BEACH CITY, FLA. — Dania Beach City Commission has approved plans for Sea View at Dania, a planned 13-story, 381-unit multifamily project in South Florida’s Broward County. J Milton & Associates is the developer of the property, which will be located at 601 E. Dania Beach Blvd. where a current 35,348-square-foot retail center currently sits. The property is situated two miles from Dania Beach and six miles south of downtown Fort Lauderdale. Javier Vazquez of Berger Singerman served as legal counsel to the developer.

October 30, 2019

Development Florida Multifamily Seniors Housing Southeast

Carrfour, Pride Center Break Ground on 48-Unit Community in Metro Miami Targeting LGBTQ Seniors

by Alex Tostado October 30, 2019

WILTON MANORS, FLA. — Carrfour Supportive Housing and The Pride Center at Equality Park have broken ground on a 48-unit affordable community in Wilton Manors that will offer supportive services specifically targeting LGBTQ seniors. Located approximately 30 miles north of Miami, The Residences at Equality Park is scheduled for completion in 2020. Of the 48 units, 34 will be set aside as permanent supportive housing for low-income seniors ages 55 and older with a disabling condition who need onsite supportive services in order to maintain their housing. Forty-three units will be available to residents earning 60 percent or less of Broward County’s area median income (AMI) — about $35,400 per year for a one-person household, and about $40,400 per year for a two-person household. The remaining five units will be available to those earning 33 percent or less of the AMI, or about $17,700 per year for a one-person household and $20,200 per year for a two-person household. Monthly rents will be based on income, ranging from approximately $350 to $1,029. Carrfour will serve as the project’s developer, operator and service coordinator, while The Pride Center will provide residents with onsite supportive services, including service linkage, senior support groups, wellness …

October 30, 2019

Development Mixed-Use Multifamily Retail Utah Western

Crandall Capital Breaks Ground on The Commons Mixed-Use Project in Park City, Utah

by Amy Works October 30, 2019

PARK CITY, UTAH — Crandall Capital has started construction of The Commons, a mixed-use development in Park City. The project is scheduled for completion in October 2020. Located in the Newpark Towncenter at Kimball Junction, The Commons is the final component of the larger development’s master plan. Totaling, 37,659 square feet, The Commons will feature 38 affordable apartments in a mix of studio, one-, two- and three-bedroom floor plans and 12,500 square feet of ground-floor retail space, as well as outdoor patio and dining areas overlooking Newpark Amphitheater and the 1,200-acre Swaner Nature Preserve. Zwick Construction is serving as general contractor and Stearns Bank provided financing for the project.

October 30, 2019

Belmont-Shores-Mobile-Estates-Laguna-Beach-CA

California Loans Multifamily Seniors Housing Western

Greystone Funds $33.7M Freddie Mac Loan for 347-Unit Age-Restricted Community in Long Beach, California

by Amy Works October 30, 2019

LONG BEACH, CALIF. — Greystone has provided a $33.7 million Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit, age-restricted, manufactured housing and mobile home community in Long Beach. The borrower was Alamitos Bay Partnership LLC. The loan carries a 15-year term and 30-year amortization, and will fund capital improvements to the property’s common-area buildings. Dale Holzer of Greystone originated the transaction, with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

October 30, 2019

Arizona Loans Multifamily Western

Hunt Real Estate Capital Provides $35M in Refinancing for Manufactured Housing Asset in Arizona

by Amy Works October 30, 2019

TEMPE, ARIZ. — Hunt Real Estate Capital has funded a $35 million Freddie Mac conventional multifamily loan for the refinancing of Contempo Tempe, a manufactured housing community located in Tempe. The name of the borrower was not released. The new loan will refinance existing debt and includes a cash out that will be used to acquire additional manufactured housing properties. The loan has a 10-year term amortizing over 30 years, and three years of interest-only payments. Age-restricted to residents age 55 or older, the 454-pad community features three single-story buildings containing the clubhouse/leasing office, fitness center and maintenance building. Built in 1974, the property underwent recent capital improvements including signage updates, a pool remodel, exterior painting, clubhouse A/C replacement, spa heater replacement, security cameras and upgraded power pedestals. The borrower plans to renovate the existing shuffleboards into a two-court pickleball arena with shaded bleachers. Tom Houlihan of Phoenix-based Sterling Mortgage and Investment arranged the financing for the borrower.

October 30, 2019

Acquisitions Multifamily Texas

American Landmark Buys Two Multifamily Assets Totaling 484 Units in Houston

by Taylor Williams October 30, 2019

HOUSTON — Tampa, Fla.-based multifamily investment firm American Landmark has purchased two assets totaling 484 units in Houston. The company acquired the 234-unit Newport on the Lake in West Houston and the 250-unit Harbor View Apartments in the northeastern suburb of Kingwood. The properties were built in 2008 and 2010, respectively, and will undergo a combined $5.9 million capital improvement program and be respectively rebranded as Lakefront Villas and The JaXon. Both assets feature granite countertops and walk-in closets but have different amenity packages. With this transaction, American Landmark now owns 38 properties in Texas, including 14 in Houston.

October 30, 2019

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