Multifamily

PGIM Provides Two Fannie Mae Loans Totaling $111M Loan for Refinancing of Austin Apartments

by Taylor Williams June 14, 2019

AUSTIN, TEXAS — PGIM Real Estate Finance has provided two Fannie Mae loans totaling $111 million for the refinancing of Gables Park Plaza and Gables Park Tower, two adjacent apartment complexes totaling 513 units in Austin. The borrower was Clarion Gables Multifamily Trust. Tom Goodsite of PGIM led the debt placement effort, which included the origination of a 10-year loan for Gables Park Plaza and a 12-year loan for Gables Park Tower. Both properties offer amenities such as pools, outdoor courtyards with grilling stations, sky lounges, theaters, game rooms, conference centers and bocce ball courts. Additional loan terms were not disclosed.

June 14, 2019

Acquisitions Arizona Multifamily Western

29th Street Capital Buys 168-Unit Las Casitas Apartments in Arizona

by Amy Works June 14, 2019

AVONDALE, ARIZ. — 29th Street Capital (29SC) has purchased Las Casitas Apartments, a multifamily community located in Avondale, for an undisclosed price. The name of the seller was not released. 29SC plans to invest more than $2.1 million in capital improvements at the 168-unit property. Planned interior upgrades include black appliances, improved lighting, USB ports, refaced cabinets, fresh paint and kitchen backsplashes, while exterior renovations include enhancing the dog park, clubhouse, pool area and other amenities. The buyer also plans to address deferred maintenance at the community. The acquisition is 29SC’s 13th in the Phoenix market, for a total of more than 2,500 units.

June 14, 2019

Acquisitions Arizona Multifamily Western

IPA Arranges $24M Sale of 164-Unit Apartment Complex in Tempe, Arizona

by Amy Works June 14, 2019

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of MarQ at 1st, an apartment community located in Tempe. Knightvest Capital acquired the property from Western Wealth Capital for $24 million, or $146,341 per unit. Constructed in 1985, MarQ at 1st features 164 apartments and is situated less than a mile from Arizona State University’s main campus and Tempe’s Mill Avenue District, which offers a mix of more than 125 local eateries and boutique retailers. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

June 14, 2019

Acquisitions Massachusetts Multifamily Northeast

JAG, LaSalle Acquire 289-Unit Apartment High-Rise in Boston for $180M

by Taylor Williams June 14, 2019

BOSTON — A joint venture between Jefferson Apartment Group (JAG) and LaSalle Investment Management has acquired CityView at Longwood, a 289-unit multifamily high-rise in Boston, for roughly $180 million. The property is located within a block of the MBTA Green Line and within a mile of the Fenway area. The new ownership plans to implement a value-add program. Planned updates to the property include a reimagined common area on the penthouse level that will feature more than 8,000 square feet of lounge space, a community kitchen, fitness center and an indoor/outdoor roof deck. Additional new amenities will include a pet spa and resident storage space. Unit renovations will include the additions of granite countertops, updated appliances, new cabinets, sophisticated light fixtures, new flooring and tile backsplashes. The seller was Equity Residential.

June 14, 2019

Fountainhead-Apartments-Westborough-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $130M Sale of 562-Unit Apartment Community Near Worcester, Massachusetts

by Taylor Williams June 14, 2019

WESTBOROUGH, MASS. — CBRE has brokered the $130 million sale of Fountainhead Apartments, a 562-unit community in Westborough, located east of Worcester. The market-rate community is situated on 20 acres near Interstates 90, 290 and 495 and comprises three eight-story buildings. Originally built in phases between 1971 and 1973, Fountainhead offers one-, two- and three-bedroom units averaging 1,157 square feet. Amenities include a pool, fitness center, basketball court and a tennis court. Simon Butler and Biria St. John of CBRE represented the seller, Northland Fountainhead LLC, an affiliate of Massachusetts-based Northland Investment Corp., in the transaction. The buyer was an affiliate of FPA Multifamily LLC.

June 14, 2019

Loans Multifamily New York Northeast

JLL Arranges $70M in Financing for Apartment Project in Brooklyn

by Taylor Williams June 14, 2019

NEW YORK CITY — JLL has arranged $70 million in acquisition and construction financing for a new multifamily project that will be located at 308 Livingston St. in Brooklyn. In addition to the construction financing, the developer, Lonicera Partners, sourced preferred equity from Twining Properties and a major institutional investor to develop the 23-story project, which is in the pre-construction phase. Lonicera will demolish the existing five buildings on the site make way for a development containing 160 apartments, including 48 affordable housing units, as well as 9,460 square feet of retail space. Amenities will include a sky lounge, common dining room, entertainment lounge, fitness center and coworking office space. Jonathan Schwartz, Aaron Appel, Keith Kurlan, Adam Schwartz and Mark Fisher of JLL arranged the financing through Santander Bank and City National Bank on behalf of Lonicera.

June 14, 2019

Acquisitions Multifamily South Carolina Southeast

Audubon Communities, Legacy Capital Acquire Multifamily Community in Greenville for $47M

by Alex Tostado June 13, 2019

GREENVILLE, S.C. — A joint venture between Audubon Communities and Legacy Capital Partners has acquired Waterside Greene, a 378-unit multifamily community in Greenville, for $47 million. The joint venture plans to renovate the interiors and exteriors of the property. Improvements at the property, which the new owners will rebrand as Retreat at Waterside, will cost $4.3 million and will include applying fresh paint on the building exteriors, installing new signage, renovating the leasing office and upgrading finishes inside the units. Joe Hercenberg of Walker & Dunlop represented the new ownership in arranging both acquisition and construction loans totaling $42.4 million through Resource Real Estate Funding. Renovations are expected to be completed over the next 24 months. Communal amenities include a bark park, bike racks, fitness center, clubhouse, swimming pool, sundeck, grilling areas, tennis court, playground and an outdoor fire pit. Tai Cohen, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, Chapel Street Advisors, in the sale.

June 13, 2019

Development Florida Multifamily Southeast Student Housing

Haven Campus Communities to Break Ground on 702-Bed Student Housing Community Near Florida State University

by Alex Tostado June 13, 2019

TALLAHASSEE, FLA. — Haven Campus Communities is set to break ground on Haven17, a 702-bed student housing community located near Florida State University in Tallahassee. The development, set to open in fall 2021, will be located within walking distance of the university’s main campus and athletic facilities. The property will offer fully furnished two- and four-bedroom units with bed-to-bath parity. Community amenities will include smart thermostats, smart ceiling fans and an Amazon Echo in each unit; a cyber lounge with charging stations; a coffee bar; fitness center; yoga studio; tanning room; sauna; gaming area; private study areas; a computer center; package lockers; a smart market; a swimming pool with a sundeck featuring built-in grilling stations, a putting green, hammock garden, cornhole and ping pong; and fire pits.

June 13, 2019

Acquisitions Florida Multifamily Southeast

Coastline Management Purchases Apartment Complex in Gainesville for $13.2M

by Alex Tostado June 13, 2019

GAINESVILLE, FLA. — Coastline Management Group Inc. has purchased Point West Apartments, a 146-unit multifamily community in Gainesville, for $13.2 million. Coastline plans to renovate the 45-year-old property, the details of which were not disclosed. The complex offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, picnic area and a laundromat with 24/7 gated access. Coastline acquired the asset from an undisclosed seller in an off-market transaction.

June 13, 2019

Acquisitions Multifamily Nevada Western

TruAmerica Multifamily Acquires 896-Unit Allanza at the Lakes in Las Vegas for $152M

by Amy Works June 13, 2019

LAS VEGAS — Los Angeles-based TruAmerica Multifamily, in a joint venture with an institutional partner, has purchased Allanza at the Lakes, a multifamily property located at 8600 Starboard Drive in Las Vegas, for $152 million. Allanza is the fourth largest apartment community in Nevada and the largest acquisition by unit size in the six-year history of TruAmerica. Built in 1986, Allanza features 896 units in a mix of one-, two- and three-bedroom layouts spread across 56 two-story buildings on a 40-acre site. Community amenities include five swimming pools, two fitness centers, a pet spa, picnic areas and a playground. Phillip Weigand and Thomas Olivetti of Northmarq’s Las Vegas office represented the undisclosed seller in the deal.

June 13, 2019

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