COLUMBUS, IND. — Herman & Kittle Properties Inc. has opened Ashford Park Apartments, a 209-unit multifamily complex in Columbus, about 45 miles south of Indianapolis. The one-bedroom units measure 705 square feet, while two-bedroom residences span 1,020 square feet and three-bedroom apartments are 1,334 square feet. Amenities include two fitness centers, a library, business center, theater, game room, pet spa and car wash station.
TUCSON, ARIZ. — Nelson Partners Student Housing has acquired Sol y Luna, a 977-bed student housing community serving the University of Arizona in Tucson, for $200 million. The 14-story property was developed in 2013, and features 341 units alongside 9,140 square feet of retail space. The community offers one-, two-, three-, four- and five-bedroom, fully furnished apartments. Shared amenities include an outdoor television lounge, rooftop pool, hot tub, steam room, fitness center, yoga and dance studio, outdoor study area, computer lounge and private study spaces. TSB Realty brokered the acquisition of the community. The seller in the transaction was undisclosed.
DENVER — CBRE has arranged the sale of Torrey Pines, a multifamily property located at 7575 E. Arkansas Ave. in Denver. Greenwood Village, Colo.-based Vukota Capital sold the asset to Los Angeles-based Marble Partners for $46.2 million. Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller in the deal. Built in 1980, the 15-building community features 203,640 square feet of rentable space across 235 apartments. Community amenities include 58 covered parking spaces, 353 open parking spaces, a clubhouse, fitness center, swimming pool and fenced dog park.
RANCHO CORDOVA, CALIF. — Marcus & Millichap Capital Corp. has arranged the $27 million refinancing of a 137-bed seniors housing asset in Rancho Cordova, a suburb of Sacramento. The 80,000-square-foot property, one of Summerset Senior Living’s two locations, offers assisted living and memory care. It was built in 2016. The new loan replaces $17 million in bridge financing that Marcus & Millichap also arranged. The refinancing features a 10-year term and a fixed rate. The lender was not disclosed.
Commercial real estate experts at Berkadia are bullish on the multifamily industry moving into 2020, according to findings from the 2020 Outlook Powerhouse Poll, which surveyed 150 of the firm’s investment sales brokers and mortgage bankers in December 2019 on their outlook for the year ahead. Both investment sales brokers and mortgage bankers pointed to interest rates and the presidential election as having the greatest potential impact on multifamily investment and financing in 2020. Meanwhile, 91 percent of mortgage bankers expect Government-Sponsored Enterprises (GSEs) such as Fannie Mae, Freddie Mac and HUD to be the most active financing providers in 2020. In a related question, 89 percent of all respondents agreed that ongoing discussions around GSE reform will have a major impact on the way the entities conduct business. “With the presidential election in sight, we are closely monitoring new developments in Washington,” says Ernie Katai, executive vice president and head of production at Berkadia. “The continued uncertainty around GSE reform has paved a wide, prosperous road for institutional investors and other nontraditional lenders to enter our industry, creating overall strong deal volume and available capital throughout the market.” The top two subjects to watch this year are affordable housing …
Gregg Gerken, head of U.S. Commercial Real Estate at TD Bank, appreciates what millennials have done for the nation’s multifamily market. Factors contributing to multifamily’s success in recent years include millennials’ desire to live close to where they work and play, their tendency to delay marriage and kids and their social preferences that often involve roommates or the sharing economy. However, millennials are growing up — and many are aging out of the rental market. For many, those delayed life milestones are upon them. Other generations are waiting in the wings, but will they be enough to sustain the current level of multifamily supply and demand? Gerken tackles all of this and more in the Q&A below. Finance Insight (FI): Multifamily has been a strong performer for a while now. Do you expect this to continue in 2020 and beyond, particularly as millennials start to enter their traditional marrying and childbearing years? Gerken: For 2020, multifamily will continue to be a strong performer. When you look at the long-term demographic trends, however, this activity will trail off a bit as the millennial generation starts to age out of the key renter cohort, which is between the ages of 25 and …
ATLANTA — Nicol Investment Co. has sold Evergreen Lenox Park, a 206-unit multifamily community in Atlanta’s Buckhead district, for $46 million. The Nashville-based company acquired the property in 2013 and invested $2.5 million to renovate unit interiors, exteriors, clubhouse and communal amenities. The property, which was originally built in 1995, is located at 100 Lenox Park Circle, 10 miles north of downtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as a clubhouse, business center, car wash area, pet washing station, fitness center, pool and a tennis court. An undisclosed pension fund based in New York City acquired the asset in an off-market transaction.
GREENVILLE, S.C. — Bellwether Enterprise Real Estate Capital LLC has arranged a $31 million construction loan for Judson Mill, a multifamily redevelopment project in Greenville. Judson Mill originally opened in 1912 as a textile mill and was placed on National Register of Historic Places in February 2018. The developer and borrower, Judson Mill Ventures I LLC, will use the financing to construct 204 units, as well as communal amenities including a pool, fitness center and a courtyard. Retail and commercial spaces are planned for future phases. Located at 69 Westerfelt, Judson Mill is situated three miles southwest of downtown Greenville and spans 800,000 square feet. The developer will also use South Carolina Textiles Communities Revitalization Act tax credits and state and federal historic tax credits to help fund the project. Matt Good and Marshall Waller of Bellwether Enterprise arranged the construction loan on behalf of the borrower through CresCom Bank.
CHICAGO AND OAK PARK, ILL. — Arbor Realty Trust Inc. has provided three bridge loans totaling $24.6 million for a three-property multifamily portfolio in metro Chicago. Eric Regenbogen of Arbor originated the loans, which provided the borrower with the capital required to purchase and improve the properties that collectively total 135 units. Two of the communities, built in the 1960s, are located in Oak Park. The third property is located in Chicago and was built in 1932.
BOERNE, TEXAS — Berkadia has brokered the sale of Vantage at Boerne, a 288-unit apartment community located on the northwestern outskirts of San Antonio in Boerne. The property features one-, two- and three-bedroom units with individual washers and dryers and digital thermostats. Amenities include a fitness center, pool, business center, clubhouse, a pet park and outdoor grilling stations. Michael Miller, Will Caruth and Cody Courtney of Berkadia represented the seller, Texas-based American Opportunity for Housing. The buyer was not disclosed.
