Multifamily

Berkadia Arranges Sale of 342-Unit Apartment Community in Metro Houston

by Taylor Williams May 20, 2020

SPRING, TEXAS — Berkadia has arranged the sale of Belvedere Springwoods Village, a 342-unit apartment community located within the Springwoods Village mixed-use development on the northern outskirts of Houston. Developed in 2014 by Fein Communities, the property features one-, two- and three-bedroom units with stainless steel appliances, walk-in showers and private balconies and patios in select units. Amenities include a pool with a sundeck and heated spa, outdoor kitchens and fire pits, a fitness center with a yoga studio, conference room, coffee bar and a dog park. Ryan Epstein and Jennifer Ray of Berkadia represented the seller in the transaction. John Koeijmans and Austin Blankenship of Berkadia arranged financing on behalf of the buyer, MLG Capital.

May 20, 2020

Acquisitions Multifamily Texas

Rastegar Acquires 58-Unit Mueller Square Apartments in Austin

by Taylor Williams May 20, 2020

AUSTIN, TEXAS — Locally based development and investment firm Rastegar Property Co. has acquired Mueller Square Apartments, a 58-unit multifamily community located near the 700-acre Mueller mixed-use development in Austin. Rastegar acquired the property, which was originally built in 1967, in a joint venture with an unnamed insurance company based in Texas. The new ownership will renovate Mueller Square’s unit interiors, including kitchens, bathrooms, floors, counters and utility systems. The seller was not disclosed.

May 20, 2020

Acquisitions Multifamily New Jersey Northeast

JLL Brokers $66M Sale of Multifamily Community in Tinton Falls, New Jersey

by Alex Patton May 20, 2020

TINTON FALLS, N.J. — JLL has brokered the $66 million sale of Avalon Tinton Falls, a 216-unit multifamily property in Tinton Falls, approximately 45 miles east of Trenton. Located at 100 Autumn Drive, the garden-style community features one-, two- and three-bedroom floor plans averaging 1,101 square feet. Amenities include a fitness center, swimming pool and outdoor lounge. The community was constructed in 2008. Jose Cruz and Michael Oliver led a JLL team that represented the seller, AvalonBay Communities Inc., in the transaction. A private investor purchased the property.

May 20, 2020

Development Multifamily New Jersey Northeast

Larken Associates Breaks Ground on 191-Unit Luxury Apartment, Retail Project in Hillsborough, New Jersey

by Alex Patton May 20, 2020

HILLSBOROUGH, N.J. — New Jersey-based developer Larken Associates has broken ground on Hillsborough Village Center, a 191-unit luxury apartment building in Hillsborough, approximately 25 miles north of Trenton. Located at 650 U.S. Highway 206, the nine-building community will feature one-, two- and three-bedroom floor plans and approximately 28,000 square feet of ground-level retail space. Amenities will include a fitness center and a standalone clubhouse with a business center, game room, theater and pool. Larken Associates expects te first units to be available for occupancy in mid-2021.

May 20, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $5.1M Refinancing for Multifamily Building in Chicago

by Kristin Harlow May 20, 2020

CHICAGO — American Street Capital (ASC) has arranged a $5.1 million loan for the refinancing of an 18-unit multifamily building in Chicago’s Andersonville neighborhood. The borrower acquired the property in 2010 and fully remodeled it in 2012. Igor Zhizhin of ASC arranged the 20-year, nonrecourse loan with a correspondent agency lender. The loan features a 10-year fixed rate and a 10-year floating rate on a 30-year amortization schedule. The property was fully occupied at the time of loan closing.

May 20, 2020

Affordable Housing Indiana Loans Midwest Multifamily

Arbor Provides $4.1M Loan for Refinancing of Affordable Housing Property in Indianapolis

by Kristin Harlow May 20, 2020

INDIANAPOLIS — Arbor Realty Trust Inc. has provided a $4.1 million Fannie Mae loan for the refinancing of Fountains West Cooperative in Indianapolis. Built in 1972, the 350-unit affordable housing property features a mix of one-, two- and three-bedroom floor plans. Michael Jehle of Arbor originated the 15-year, fixed-rate loan. The borrower was undisclosed.

May 20, 2020

Arizona Content Partner Development Features Multifamily Walker & Dunlop

Focus on Phoenix: Multifamily Sector Shows Promise Despite Turbulence

by Sarah Daniels May 20, 2020

Just over a decade ago, a booming Phoenix market experienced a confluence of trends — rampant overbuilding, followed by a national economic crisis that meant a spike in unemployment and a near halt in population growth. One of the biggest commercial real estate downturns in the region’s history soon followed. Ten years later, however, the picture was quite different. Prior to the COVID-19 outbreak, Phoenix multifamily metrics were solid through the first quarter of 2020 and supported by some of the strongest employment and household growth in the nation. In 2019, Phoenix added more than 82,000 new jobs — a 3.3 percent increase, the second highest job growth in the country.1 The economy today is much more diverse than it was 10 years ago during the last downturn. Workers can now choose among a variety of corporate, financial, education-based and tech employers while enjoying a lower cost of living than their peers in other metropolitan areas. Ultimately, Phoenix is better positioned than it was a decade ago; the Phoenix of today is grounded in a broader and more sustainable mix of favorable long-term market conditions. These characteristics, coupled with the region’s year-round sunshine, have made Phoenix an attractive place to …

May 20, 2020

Florida Georgia Loans Multifamily Southeast

Berkadia Arranges $22M in Equity for Six-Property Multifamily Portfolio in Georgia, Florida

by Alex Tostado May 19, 2020

NEW YORK CITY — Berkadia has arranged $22 million in equity for a six-property multifamily portfolio in Georgia and Florida. An undisclosed REIT partnered with the owner of the portfolio, Strategic Holdings. The four properties in Georgia are Belmont Crossing, a 192-unit complex in Smyrna; Sierra Terrace, a 135-unit community in Atlanta; Sierra Village, a 154-unit property in Atlanta; and Georgetown Crossing, a 168-unit asset in Savannah. The two properties in Florida are the 240-unit Park on the Square in Pensacola and the 328-unit The Commons in Jacksonville. Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of New York City-based Berkadia arranged the equity partner on behalf of the owner. Strategic Holdings acquired the properties from 2016 to 2019 and plans to use the funds to target more acquisitions throughout the Southeast.

May 19, 2020

Development Florida Multifamily Southeast

Altman Cos. to Open 350-Unit Apartment Community in Metro Tampa in Early June

by Alex Tostado May 19, 2020

ODESSA, FLA. — The Altman Cos. is on schedule to open Altis Grand at The Preserve, a 350-unit apartment community in Odessa, in early June. The property will feature one-, two- and three-bedroom floor plans ranging from 722 to 1,479 square feet. Preleasing has begun and the company is offering virtual tours to prospective residents. Each unit will feature spa-inspired bathrooms equipped with dual sink vanities, a soaking tub and clear glass shower enclosures. The kitchens will offer quartz countertops and energy-efficient appliances. Communal amenities include a game room with pinball, billiards and shuffleboard; a movie theater with a 120-inch high-definition screen; wellness room with access to a virtual doctor, blood pressure machine and thermometers; fitness center; and a heated saltwater pool with cabanas. The property is located at the intersection of Suncoast Parkway and State Road 54, 23 miles north of downtown Tampa.

May 19, 2020

Civic Development Healthcare Multifamily Student Housing Texas

Medistar, Texas A&M Release Name, Updated Plans for $401M Houston Campus

by Taylor Williams May 19, 2020

HOUSTON — A public-private partnership between Houston-based developer Medistar Corp. and Texas A&M University has branded its new, $401 million medical and engineering campus in Houston and released updated plans for the ensuing phases of construction. The new campus, which is situated on five acres at the intersection of Holcombe Boulevard and Main Street near the Texas Medical Center, will be known as the Texas A&M Innovation Plaza at the Texas Medical Center. New construction plans include the development of Life Tower, a 714-bed student housing building, and Horizon Tower, a 485,000-square-foot medical and academic building. The 17-story Horizon Tower will be constructed atop a 2,700-space parking structure, will include most of the campus’s 15,000 square feet of retail space and is expected to be delivered by or before the first quarter of 2024. Life Tower, along with the parking garage, grade-level retail space and the central “open-air” plaza, is scheduled to be delivered in June 2022. The groundbreaking of this phase of the project is scheduled for late 2020. Development of the campus began earlier this year with the acquisition and renovation of Discovery Tower, an 18-story office building that now houses the university’s EnMed program, which provides students …

May 19, 2020

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