Multifamily

Passco Acquires 384-Unit Apartment Community in Metro Houston

by Taylor Williams August 21, 2019

BAYTOWN, TEXAS — California-based apartment investment firm Passco Cos. has acquired Boterra Bay Apartments, a 384-unit multifamily community located in the eastern Houston suburb of Baytown. The Class A property will be rebranded Sapphire Bay Apartments. Floor plans consist of one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances and walk-in closets. Amenities include a pool with a tanning deck, a fitness center with yoga and spin studios, outdoor kitchen with grilling stations, dog park, business center and a resident clubhouse. Thomas Alleman and Brandon Miller of Newmark Knight Frank represented the seller, a joint venture between Houston-based The Boterra Group and Dallas-based Edison Capital Holdings, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing on behalf of Passco.

August 21, 2019

Loans Multifamily Texas

NXT Capital Provides $28.5M Loan for Refinancing of San Antonio Apartments

by Taylor Williams August 21, 2019

SAN ANTONIO — Chicago-based NXT Capital has provided a $28.5 million loan for the refinancing of a 278-unit apartment community in San Antonio. The property is located within a master-planned community featuring over 10 million square feet of retail space and 5 million square feet of office space within a five-mile radius. Communal amenities of the multifamily property include a resort-style pool with a tanning ledge, cabanas with grilling stations, an outdoor fire pit, dog park, clubroom, cybercafé, 24-hour fitness center and an indoor/outdoor lounge. Jason Bond and Dan Kearns of JLL placed the loan with NXT Capital on behalf of the undisclosed borrower.

August 21, 2019

Development Multifamily New Mexico Seniors Housing Western

MorningStar, Confluent Senior Living Deliver 70,863 SF Seniors Housing Community in New Mexico

by Amy Works August 21, 2019

RIO RANCHO, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living, a subsidiary of Confluent Development, have delivered MorningStar of Rio Rancho, a seniors housing community located at 2301 Golf Course Road SE in Rio Rancho. Situated on 5.5 acres, Morningstar of Rio Rancho features a total of 77 units, with 51 suites for assisted living and 26 suites for residents with memory impairment, in a mix of studio, one- and two-bedroom layouts. The one- and two-bedroom assisted living suites feature stacked washer/dryers, and all units include advanced technological features including an emergency call system and community-wide wireless internet. Additionally, the community offers restaurant-style and private dining options, a 24-hour bistro/bar, a workshop and art studio, community activities space with demonstration kitchen, a spa and massage therapy room, fitness center, theater/chapel, library and salon. Outdoor amenities include courtyards with trellises, walking paths, resident gardening areas and a barbecue area with grill and fire pit. MorningStar of Rio Rancho is the 12th joint venture between MorningStar and Confluent Senior Living. Confluent is the project owner and MorningStar serves as the operator of the property. The project team included Rosemann & Associates as architect, New Mexico-based Bradbury Stamm Construction as general …

August 21, 2019

Development Multifamily Texas

Oden Hughes Breaks Ground on 279-Unit Multifamily Project in East Austin

by Taylor Williams August 20, 2019

AUSTIN, TEXAS — Oden Hughes LLC has broken ground on Lenox 7th, a 279-unit multifamily project that will be located within one of East Austin’s opportunity zones. Designed by Davies Collaborative, the project will include 28 affordable housing units. Floor plans will consist of one- and two-bedroom units ranging in size from 528 to 1,157 square feet. Amenities will include two pools, a skyline terrace and coworking office space. Rents are expected to start at $1,560 per month. The opening is slated for early 2021.

August 20, 2019

Acquisitions Affordable Housing Illinois Midwest Multifamily

Avanath Acquires Two Affordable Housing Properties in Chicago for $43.7M

by Kristin Harlow August 20, 2019

CHICAGO — Avanath Capital Management LLC has acquired two affordable housing properties in Chicago for $43.7 million. Avanath purchased Scotland Yard Apartments in the Buena Park neighborhood for $28.3 million. Built in two phases in 1915 and 1917, the 156-unit property was renovated in 1982. Avanath plans to make a number of improvements to the property. The second community is Renaissance North, a 59-unit property that Avanath purchased for $15.4 million. Constructed in 2003, the community features one-, two- and three-bedroom units in addition to first-floor retail space. Renaissance North, built in conjunction with the Chicago Housing Authority, offers both market-rate and affordable units. Avanath will also make a series of upgrades to this property.

August 20, 2019

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners to Break Ground on First Phase of Affordable Housing Project in South Minneapolis

by Kristin Harlow August 20, 2019

MINNEAPOLIS — Lupe Development Partners is set to break ground on the first phase of its affordable housing project in the Lyn-Lake area of Minneapolis. Located at 410 W. Lake St. south of Minneapolis, the first of three buildings will feature 111 units, nine of which will be intended for homeless veterans. The range of annual household income to be eligible for housing is $30,000 to $42,000. The development will include a mix of studio, one- and two-bedroom units. Construction on an identical Phase II is scheduled to begin in 2020. Plans are also underway for a third building. The project received a $1.2 million grant from the Metropolitan Council’s Livable Communities Demonstration Account and a $2.3 million loan from the Minneapolis City Council’s Affordable Housing Trust Fund. Other funding partners for Phase I include Hennepin County and the AFL-CIO Housing Investment Trust. The nearby Ballentine VFW Post 246 also served as a development partner. Completion of Phase I is slated for June 2020.

August 20, 2019

Acquisitions Multifamily New Jersey Northeast

CBRE Arranges $7.3M Sale of Multifamily Property in Orange, New Jersey

by Alex Patton August 20, 2019

ORANGE, N.J. — CBRE has arranged the $7.3 million sale of a multifamily property in northern Orange, a western suburb of New York City. The property, 12-20 Canfield Street, consists of 47 apartment units and one retail unit. Nat Gambuzza, John Veniero, Trevor Fiebel and Manny Sanghera of CBRE represented the undisclosed seller in the transaction. The CBRE team also procured the buyer, a local investor.

August 20, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Negotiates Sales of Two Apartment Communities South of Atlanta for $73.9M

by Alex Tostado August 20, 2019

MCDONOUGH AND STOCKBRIDGE, GA. — Cushman & Wakefield has negotiated the sales of Stonegate at Eagles Landing in Stockbridge and Mandalay Villas in McDonough. Mike Kemether, Travis Presnell and Alex Brown of Cushman & Wakefield represented the seller, Bluedog Capital Partners, in the transactions. The RADCO Cos. acquired Stonegate at Eagles Landing, a 167-unit community that was built in 2006, for $25.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, clubhouse, house-sitter services, playground and a car wash area. Rockworth Acquisitions bought Mandalay Villas, a 300-unit property, for $48.8 million. Mandalay Villas offers one- through three-bedroom floor plans. Community amenities include a fitness center, playground, swimming pool, game room, clubhouse and a business center.

August 20, 2019

Acquisitions Florida Multifamily Southeast

Sunstone Properties Trust Acquires Multifamily Community in Tampa for $42.2M

by Alex Tostado August 20, 2019

TAMPA, FLA. — Sunstone Properties Trust has acquired Carlyle at Waters, a 392-unit multifamily community in Tampa, for $42.2 million. The community was built in 1985 across 12.7 acres, comprising 16 garden-style buildings and covered parking. Communal amenities include two swimming pools and two ponds. The new owner plans to build an outdoor kitchen and a fitness center. Further renovation plans include upgrading unit interiors, swimming pools and the leasing office. Berkadia provided a Freddie Mac mod-rehab loan to the buyer for renovations. The seller was not disclosed.

August 20, 2019

Development Loans Multifamily Southeast Student Housing Virginia

NorthMarq Arranges $16M Construction Loan for Student Housing Complex Near Virginia Tech

by Alex Tostado August 20, 2019

BLACKSBURG, VA. — NorthMarq has arranged $16 million in construction financing for Park 37 Apartments, a 215-bed student housing community located near the Virginia Tech campus in Blacksburg. Mike Lowry of NorthMarq secured the loan through a regional bank on behalf of an undisclosed, Virginia-based developer. The financing features a three-year term and interest-only payments. The developer broke ground on Park 37 Apartments in April, with completion scheduled for July 2020. Shared amenities at the property will include a clubhouse, lounge, fitness center, swimming pool, fire pit, covered bike storage and onsite access to one of Blacksburg’s walking/biking trails.

August 20, 2019

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