Multifamily

Oden Hughes Begins Work on 380-Unit Multifamily Project in Greater Houston

by Taylor Williams June 6, 2019

CLEAR LAKE, TEXAS — Austin-based Oden Hughes LLC has begun construction on a multifamily project in Clear Lake that will deliver 360 apartments and 20 townhomes. Located southeast of Houston, the community will be situated on 21 acres near an array of employment hubs, including the NASA-Johnson Space Center, Boeing Space Exploration Headquarters, the University of Houston at Clear Lake and the Port Houston Bayport Terminal. Floor plans for the apartments will consist of one-, two- and three-bedroom units, with rents ranging between $1,100 and $2,300 per month. Amenities will include a pool with cold spas, jogging trails, playground, dog walking area and coworking space. The community is scheduled to open in mid-2020.

June 6, 2019

Development Multifamily ORIX Texas

Bright Realty Breaks Ground on 312-Unit Apartment Project in Lewisville

by Taylor Williams June 6, 2019

LEWISVILLE, TEXAS — Locally based developer Bright Realty has broken ground on Phase II of Discovery at The Realm, a project that will expand the residential component within the company’s The Realm at Castle Hills mixed-use development by 312 apartments. Located in the northern Dallas suburb of Lewisville, Discovery at The Realm currently spans 423 units. With this phase, Bright Realty will also deliver new amenities, such as a dog park, a second fitness center and outdoor seating areas, as well as additional restaurant and retail space. The developer expects to deliver the first units in late 2020. 505Design is the architect for Phase II, and Andres Construction is the general contractor. First United Bank & Trust Co. and ORIX Public Finance LLC provided financing for the project.

June 6, 2019

Loans Multifamily New York Northeast

Merchants Capital Secures $51M Agency Construction Loan for New York City Homeless Shelter

by Taylor Williams June 6, 2019

NEW YORK — Mortgage banking firm Merchants Capital has secured $51 million in agency funding on behalf of Heights Advisors and Samaritan Daytop Village (SDV) for the permanent financing of 267 Rogers, a 165-unit property in New York City. The property offers transitional housing for homeless families. The Department of Homeless Services (DHS) has partnered with human services organization SDV on the project, which is located in the Crown Heights neighborhood. In addition to providing housing for these transitional families, 267 Rogers offers supportive services to all tenants, including employment and job readiness services, daily living workshops and personal financial management, plus education and child care assistance programs. The project was completed in 2018 and is fully occupied.

June 6, 2019

Acquisitions Multifamily Washington Western

Joint Venture Acquires 344-Unit Waterford at the Lakes Apartments in Metro Seattle for $83.2M

by Amy Works June 6, 2019

KENT, WASH. — A joint venture between RISE Properties Trust and Tokyu Land US Corp. has acquired Waterford at the Lakes Apartments, a multifamily property located in Kent. An undisclosed seller sold the community for $83.2 million. CBRE brokered the transaction. Situated on 16.8 acres at 23605 62nd Ave. South, Waterford at the Lakes Apartments features 344 units, an on-site daycare, racquetball court, two pools, a sport court and residential lounge. Seattle-based Thrive Communities will manage the property. The apartment community is located within the Lakes at Kent, a neighborhood of 19 rental and for-sale communities with man-made lakes and landscaping.

June 6, 2019

Development Idaho Multifamily Seniors Housing Washington Western

Wolff Opens New Revel Seniors Housing Communities in Washington, Idaho

by Amy Works June 6, 2019

SPOKANE VALLEY, WASH., AND EAGLE, IDAHO — The Wolff Company, an Arizona-based private equity firm and multifamily developer, has completed construction or Revel Spokane in Spokane Valley and Revel Eagle in Eagle. Both communities offer independent living apartments and are part of Wolff’s $300 million to $400 million annual seniors housing development plans. Located alongside the Spokane River, Revel Spokane features 132 units in one- and two-bedroom layouts. The community welcomed its first residents in March 2019. Located alongside the Boise River, Revel Eagle features 146 units in studio, one- and two-bedroom layouts. The community welcomed its first residents in April 2019.

June 6, 2019

Development Maryland Multifamily Southeast

Washington Property Delivers 20-Story Multifamily Community in Metro D.C.

by Alex Tostado June 5, 2019

SILVER SPRING, MD. — Washington Property Co. (WPC) has delivered Solaire 8250 Georgia Avenue, a 20-story, 338-unit multifamily community in Silver Spring. The building offers studio, one- and two-bedroom floor plans, as well as 5,000 square feet of amenity space, including a rooftop swimming pool and pool deck; café with free Wi-Fi; private courtyard with grilling areas; fitness center; and an expansive residents’ club room with catering kitchen, library, flat-screen TV, indoor-outdoor fireplace and a game room. The property is situated two blocks from the Silver Spring Metro station and six miles north of downtown Washington, D.C. The building totals 470,000 square feet and includes three stories of below-grade parking. Collective of Baltimore served as the architect for the project, and Lendlease was the general contractor.

June 5, 2019

Acquisitions Multifamily Texas

Blue Stone Buys Seven Houston-Area Apartment Properties Totaling 2,239 Units

by Taylor Williams June 5, 2019

HOUSTON AND STAFFORD, TEXAS — Blue Stone Premier Properties LLC, which has offices in Houston and Charlotte, has purchased six apartment communities in Houston and one in the southwestern suburb of Stafford. The properties total 2,239 units and were between 84.5 and 94 percent occupied at the time of sale. All seven communities will receive value-add upgrades and will be rebranded. Prime Finance provided debt for the acquisition that was placed by Meridian Capital Group. The seller and sales price were not disclosed.

June 5, 2019

Acquisitions Multifamily Texas

Olympus Property Acquires 248-Unit Apartment Community Near Fort Worth

by Taylor Williams June 5, 2019

BENBROOK, TEXAS — Olympus Property, a locally based multifamily investment firm, has acquired Victorian Quarters at Team Ranch, a 248-unit community located in the Fort Worth suburb of Benbrook. The property, which was built in 2005, will be rebranded as Olympus Team Ranch. Communal amenities at the property include a pool, sundeck, outdoor grilling area with a TV and a dog park. Olympus plans to invest approximately $2 million in upgrades to unit interiors, including countertops, lighting and flooring. The seller was not disclosed.

June 5, 2019

Development Multifamily Seniors Housing Texas

Brian Schiff & Associates to Develop 114-Unit Seniors Housing Community in College Station

by Taylor Williams June 5, 2019

COLLEGE STATION, TEXAS — Frisco, Texas-based Brian Schiff & Associates will develop The Langford Retirement Community, a seniors housing property in College Station. Methodist Retirement Communities will operate the property, which will comprise 72 independent living units, 24 assisted living residences and 18 memory support units. Spellman Brady & Co. handled the interior design of the property. A construction timeline for The Langford was not released.

June 5, 2019

Acquisitions California Multifamily Western

Raintree Partners Buys Seven-Asset Multifamily Portfolio in California for $79M

by Amy Works June 5, 2019

GLENDALE, CALIF. — Orange County, Calif.-based Raintree Partners has purchased a seven-property multifamily portfolio in Glendale for $79 million. Totaling 231 units, the portfolio includes: Stanley Oaks Apartments, an 80-unit community located at 1435 Stanley Ave. Everett Apartments, an eight-unit community at 138 N. Everett St. Wilson Apartments, a 14-unit property located at 1458-1462 E. Wilson Ave. Justin Oaks Apartments, a 54-unit asset located at 1133 Justin Ave. Chestnut Apartments, a 33-unit property located at 120 W. Chestnut St. Galleria Pointe Apartments, a 22-unit community located at 1140 N. Columbus Ave. Burchett Apartments, a 20-unit asset at 314-320 W. Burchett St. Raintree Partners plans to implement a value-add renovation plan across the portfolio. The improvements will include addressing deferred maintenance; upgrading exteriors, amenity areas and unit interiors; and installing new washers and dryers in select properties. Additionally, the Raintree Partners will rebrand and operate the seven properties as The Indie Collection. Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in the deal. Wells Fargo provided acquisition financing.

June 5, 2019

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