Multifamily

Colliers Negotiates $36.5M Sale of Village at Desert Lakes Multifamily Property in Las Vegas

by Amy Works October 8, 2019

LAS VEGAS — Colliers International – Las Vegas has arranged the sale of Village at Desert Lakes, an apartment community in Las Vegas. MG Properties acquired the asset from Hamilton Zanze for $36.5 million. Located at 9155 W. Desert Inn Road, Village at Desert Lakes features 184 apartments in a mix of one-, two- and three-bedroom layouts with private patios or balconies. Community amenities include two swimming pools and a fitness center. Christopher Bentley, Jeff Swinger and Shalonda Hughes of Colliers represented the seller in the transaction.

October 8, 2019

Colorado Development Multifamily Western

Rooney Properties Opens 176-Unit Timnath Trail at Riverbend Apartments in Colorado

by Amy Works October 8, 2019

TIMNATH, COLO. — Rooney Properties has opened Timnath Trail at Riverbend Apartment Homes, a multifamily property located in Timnath, located between Denver and Fort Collins. The property is the first multifamily development ever built in the city, according to the developer. Timnath Trail at Riverbend features 176 apartments in a mix of garden-style and townhome layouts with a variety of one-, two- and three-bedroom floorplans ranging between 700 square feet and 1,200 square feet. Unit finishes include solid-wood doors, granite countertops, nine-foot ceilings and integrated technologies. Community amenities include a heated swimming pool, whirlpool, bike and ski maintenance facility, outdoor kitchen, bike rentals, car charging stations and fitness center. Denver-based Mission Rock Residential manages the property.

October 8, 2019

Acquisitions Multifamily Student Housing Texas

Landmark Acquires Two Student Housing Properties Totaling 692 Beds in Austin

by Taylor Williams October 7, 2019

AUSTIN, TEXAS — Landmark Properties has acquired The Nine at Rio and The Nine at West Campus, two student housing properties totaling 692 beds near the University of Texas at Austin. The Nine at West Campus totals 345 beds and features amenities such as a pool with a tanning shelf, courtyard grilling stations, fitness center, game room, media lounge and coffee bar. The Nine at Rio totals 347 beds and offers a similar amenity package. The seller was not disclosed.

October 7, 2019

Acquisitions Multifamily Texas

IPA Negotiates Sale of 360-Unit Apartment Community in Fort Worth

by Taylor Williams October 7, 2019

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Coventry at Cityview, a 360-unit apartment community located near the intersection of Interstate 20 and Chisholm Trail Parkway in Fort Worth. Built in 1996, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center and playground. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA represented the seller Harbor Group International LLC, in the transaction. The team also procured the buyer, WAK Management Co.

October 7, 2019

Acquisitions Multifamily Texas

JLL Arranges Sale of 144-Unit Multifamily Property in Houston

by Taylor Williams October 7, 2019

HOUSTON — JLL has arranged the sale of Mark VI, a 144-unit multifamily property in the Bellaire submarket of Houston. The property was built in 1970 and features a pool with a lounge area, six landscaped courtyards with seating, onsite laundry facilities and covered parking. Joey Rippel, Chris Young and Bailey Crowell of JLL represented the seller, AK Interests, in the transaction. The buyer, Indus Management Group, will rebrand the community as The Atrium at 5606 and implement a value-add program.

October 7, 2019

Loans Multifamily Texas

Hunt Provides $7M Refinancing for Multifamily Asset in El Paso

by Taylor Williams October 7, 2019

EL PASO, TEXAS — Hunt Real Estate Capital has provided a $7 million Fannie Mae loan to refinance an undisclosed multifamily asset in El Paso. The nonrecourse loan carries a 12-year term, fixed interest rate and a 30-year amortization schedule. The undisclosed borrower refinanced the property under Fannie Mae’s Green Rewards program.

October 7, 2019

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Breaks Ground on 110-Unit Affordable Housing Community Near Tampa

by Alex Tostado October 7, 2019

DADE CITY, FLA. — Housing Trust Group (HTG) has broken ground on Osprey Pointe, a 110-unit affordable housing community in Dade City, 40 miles north of downtown Tampa. Located at 13021 U.S. Highway, the property will offer 99 units for those making 60 percent or below the area median income (AMI), while 11 units will be reserved for those making at or below 40 percent AMI. The property will offer one-, two- and three-bedroom floor plans with rents ranging from $544 to $1,044 per month. Communal amenities will include a fitness center, dog park, green space, gathering rooms and swimming pool. HTG expects the first units to be ready in April 2020. Financing for the $32.8 million development comes from a combination of 4 percent low income housing tax credits (LIHTCs), a construction loan by Fifth Third Bank and a permanent loan from Key Bank. Pasco County also contributed a $50,000 SHIP loan, and Florida Housing Finance Corp. provided $6 million in SAIL funds and $556,900 in ELI funds.

October 7, 2019

Georgia Loans Multifamily Seniors Housing Southeast

Greystone Provides $48M Refinancing for Seniors Housing Community in Metro Atlanta

by Alex Tostado October 7, 2019

PEACHTREE CORNERS, GA. — Greystone has provided a $48 million Freddie Mac loan to refinance Village Park at Peachtree Corners, a 132-unit senior housing community. Cary Temper of Greystone originated the 10-year loan on behalf of the borrower, Harbert Seniors Housing Fund I. Village Park at Peachtree Corners offers independent living, assisted living and memory care services. The property includes communal amenities such as garden paths, a health spa, pet park, juice bar, fitness centers, stretch classes, restaurant-style dining, private transportation and a beauty and barber salon. The property is located at 5701 Spalding Drive, 22 miles northeast of downtown Atlanta.

October 7, 2019

Development Multifamily New Jersey Northeast Seniors Housing

Erickson Completes 168-Unit Seniors Housing Expansion in New Providence, New Jersey

by Alex Patton October 7, 2019

NEW PROVIDENCE, N.J. — Erickson Living has completed construction of Bell Pavilion, a residential building on the campus of its Lantern Hill continuing care retirement community in New Providence, approximately 25 miles west of New York City. Bell Pavilion adds 168 units of independent living to the 26-acre nonprofit community. In addition to the new units, the expansion project also added an underground parking garage, a new dining venue and a variety of outdoor amenities. The building is connected via enclosed walkway to the community’s main clubhouse. Erickson manages the community, which it also developed.

October 7, 2019

Alabama Loans Multifamily Southeast

Berkadia Originates $17M Loan for Magnolia Preserve Apartments in Southern Alabama

by Alex Tostado October 7, 2019

DOTHAN, ALA. — Berkadia has originated a $17 million Fannie Mae refinancing loan for Magnolia Preserve, a 173-unit multifamily community in Dothan. The 10-year loan features a 3.7 percent fixed interest rate, 30-year amortization schedule, 75 percent loan-to-value ratio and four years of interest-only payments. Josh Finley of Berkadia originated the loan on behalf of Georgia-based Henssler Capital. Magnolia Preserve offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, 24-hour fitness center, cybercafé, car care area, cabana with an outdoor fireplace and a dog park.

October 7, 2019

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