Multifamily

NorthMarq Arranges Acquisition Financing for 342-Unit Multifamily Asset in Houston

by Taylor Williams May 6, 2019

HOUSTON — Minneapolis-based NorthMarq Capital has arranged an undisclosed amount of acquisition financing for The Park at Clear Lake, a 342-unit apartment community in Houston. Units at the property, which was built in 1973, feature walk-in closets, dishwashers and laundry facilities. Amenities include a pool, fitness center and outdoor grilling areas. Warren Hitchcock of NorthMarq arranged the funds through an undisclosed balance sheet lender. The borrower was also undisclosed, but the property’s website redirects to Madera Residential’s homepage.

May 6, 2019

Development Multifamily Office Texas

AQUILA Commercial to Redevelop 86,099 SF Office Building in Austin

by Taylor Williams May 6, 2019

AUSTIN, TEXAS — AQUILA Commercial will redevelop Airport Center, an 86,099-square-foot office building located at 6505 Airport Blvd. in Austin. Located adjacent to the Austin Community College Highland Campus redevelopment project, the site will later house a mixed-use development that will include 326 apartments. Runa Workshop is the architect for the project, construction of which is scheduled to begin in July and wrap up by year’s end. The property will be rebranded Highland Tech Center.

May 6, 2019

Loans Midwest Multifamily Seniors Housing Wisconsin

Hunt Capital Partners Arranges LIHTC Financing for $34.4M Seniors Housing Development in Wisconsin

by Kristin Harlow May 6, 2019

FITCHBURG, WIS. — Hunt Capital Partners, in collaboration with Plesko Properties LLC, has arranged federal and state low-income housing tax credit (LIHTC) equity financing for the construction of Fitchburg Senior Apartments. Located in the Madison suburb of Fitchburg, the community will feature 160 affordable housing units for seniors who are age 55 and older. Units will be restricted to households who earn up to 80 percent of the area median income. The development team broke ground on Fitchburg Senior Apartments in March. The four-story community will provide 80 one-bedroom units and 80 two-bedroom units upon completion, which is slated for July 2020. The total development cost for Fitchburg Senior Apartments is $34.4 million. The development team was awarded $15 million in federal and state LIHTCs. Hunt Capital Partners facilitated the federal tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. Advantage Capital purchased the state LIHTC credits through Fund 27 as well. The Wisconsin Housing and Economic Development Authority (WHEDA) provided $23 million in taxable and tax-exempt construction and permanent financing and $1.5 million in soft financing. Plesko Properties, the project developer, selected Baker Tilly Virchow Krause LLP as the project consultant. Stevens Construction Corp. is …

May 6, 2019

Conference Coverage Features Multifamily Nevada Western Western Feature Archive

Vegas Multifamily Renters Want Higher End Properties, Need More Affordable Options, Say InterFace Panelists

by John Nelson May 6, 2019

The Las Vegas Valley’s multifamily market is at an interesting crossroads, according to panelists at InterFace Las Vegas Multifamily. Hosted by InterFace Conference Group and Western Real Estate Business, the half-day conference was held April 24 at the Four Seasons Hotel in Las Vegas. The metro area’s population is growing at a rapid pace, with a net migration of 45,000 new residents in 2018, according to research from Marcus & Millichap. This is the largest annual total for Las Vegas since 2007, right before everything went south for the Southwest. “We started to recover later,” said Stephen Miller, professor and director of the Center for Business and Economic Research at the University of Nevada, Las Vegas (UNLV), who gave the conference’s special lunch presentation. “The recession here was deeper than the national average. It has been a slow slog, but in the last couple of years we’ve been growing more rapidly than any other state in the union in terms of employment.” He’s not wrong. Companies have already added 33,000 new positions to the Las Vegas Valley in 2019. This is a 3.2 percent gain that exceeds the previous five-year average, noted Marcus & Millichap. Most of these jobs were …

May 6, 2019

Acquisitions Maryland Multifamily Southeast

Sage Management Acquires Apartment Community in Suburban Maryland for $119M

by Alex Tostado May 3, 2019

LAUREL, MD. — Sage Management has acquired the 484-unit Modera Westside Apartments in Laurel, according to CBRE, which arranged the sale. Dallas-based developer Mill Creek Residential sold the property for $119 million, or $245,868 per unit. Modera Westside is situated 20 miles northeast of downtown Washington, D.C., and 20 miles southwest of downtown Baltimore. The asset offers one-, two- and three-bedroom floor plans, as well as a clubhouse with a coffee bar, business lounge, swimming pool, game room, fireside lounge, pet spa, jogging trail and barbecue grills.

May 3, 2019

Loans Multifamily Southeast Tennessee

KeyBank Provides $79.9M Refinancing Loan for Apartment Complex in Metro Nashville

by Alex Tostado May 3, 2019

MURFREESBORO, TENN. — KeyBank Real Estate Capital has provided a $79.9 million refinancing loan for LC Murfreesboro, a 580-unit apartment community in Murfreesboro, about 34 miles southwest of Nashville. The Freddie Mac loan features a fixed interest rate with an 11-year term, five years of interest-only payments and a 30-year amortization schedule. Built in phases between 2015 and 2018, LC Murfreesboro comprises19 three-story buildings offering one- and two-bedroom floor plans. Amenities include green spaces, a fitness center and a swimming pool. Jon Reible of KeyBank originated the loan on behalf of the borrower, Columbus, Ohio-based Lifestyle Communities to refinance existing debt.

May 3, 2019

Development Multifamily Seniors Housing Southeast Virginia

Sunrise Senior Living Starts Redevelopment Project Near D.C.

by Alex Tostado May 3, 2019

ALEXANDRIA, VA. — Sunrise Senior Living has completed demolition of the former National Association of Professional Insurance Agents buildings in the Old Town neighborhood of Alexandria, with plans to build a 93-unit assisted living property on the land. Located south of Washington, D.C. along the Potomac River, this will be Sunrise’s second community in Alexandria. Rust | Orling Architecture is designing the project. SunTrust Bank provided a $45.5 million loan to finance the construction.

May 3, 2019

Development Hospitality Multifamily Texas

HALL Group Tops Out 28-Story Hotel, Residential Project in Dallas Arts District

by Taylor Williams May 3, 2019

DALLAS — Locally based developer HALL Group has topped out HALL Arts Hotel & Residences, a 28-story commercial project in the Dallas Arts District. The project’s residential component will consist of 50 units ranging in size from 1,600 square feet to 10,000 square feet for the penthouse. The hospitality component will comprise 183 guestrooms and 20 suites, along with various amenities. The residential and hotel components are slated to open in early 2020 and fall 2019, respectively.

May 3, 2019

Acquisitions Multifamily Texas

NKF Arranges Sale of 326-Unit Apartment Community in Austin’s Rainey Street District

by Taylor Williams May 3, 2019

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of The Millennium Rainey, a 326-unit multifamily community located at 91 Rainey St. in Austin. Units at the eight-story property, which was built in 2016, feature 10- to 12-foot ceilings, open kitchens and energy-efficient appliances. Amenities include a rooftop pool that overlooks downtown Austin, a fitness center and proximity to a variety of walkable retail and restaurant options. Patton Jones of NKF represented the seller, Houston-based The Dinerstein Cos., in the sale. The buyer was Camden Property Trust, a publicly traded REIT also based in Houston.

May 3, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Arbor Realty Trust Provides $7.5M Fannie Mae Loan for Community in Connecticut

by Taylor Williams May 3, 2019

HAMDEN, CONN. — Arbor Realty Trust Inc. has provided $7.5 million in Fannie Mae DUS financing for Meadow Mills Assisted Living & Memory Care in Connecticut. Located on two acres in Hamden, just north of New Haven near Long Island Sound, the property offers 60 units of assisted living and memory care. The loan includes a 10-year, fixed-rate term on a 30-year amortization schedule and will be used to refinance existing debt. Ari Short of Arbor’s New York City office originated the loan.

May 3, 2019

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