Multifamily

Continental Realty Advisors Sells Courtney Village Apartments in Phoenix for $62.2M

by Amy Works May 7, 2019

PHOENIX — Denver-based Continental Realty Advisors (CRA) has completed the sale of Courtney Village Apartments, a multifamily property in Phoenix, for $62.2 million. Constructed in 2002, CRA originally acquired the 368-unit property in partnership with HQ Capital in June 2016. Greystar Property Management managed the asset for 2.5 years. CRA upgraded property’s clubhouse/leasing center, fitness center and pool area, as well as renovated unit interiors, including flooring, appliances, countertops, lighting fixtures and plumbing fixtures. The property was sold in March 2019; additional terms of the transaction were not released.

May 7, 2019

Affordable Housing California Development Multifamily Western

CPP Completes $35.6M Rehabilitation of Affordable Housing Community Near Sacramento

by Amy Works May 7, 2019

ANTELOPE, CALIF. — Community Preservation Partners (CPP) has completed the rehabilitation of Danbury Park Apartments, a 140-unit affordable housing community in Antelope, approximately 15 miles north of Sacramento. Located at 7840 Walerga Road, the community consists of 84 two-bedroom and 56 three-bedroom apartments. The $35.6 million rehabilitation includes an $18.5 million purchase and nearly $5 million in construction. Upgrades to the community include Energy Star appliances in each unit, an enhanced security system and new roofing. Built in 1996, without any units conforming to the Americans with Disabilities Act, CPP remodeled 14 units (10 percent of the community) to bring the units into compliance, widen the path of travel and make the amenities accessible. CPP acquired the property from Danbury Park LLC in 2018, with an equity investment from CPP’s parent company, WNC & Associates and Foundation for Affordable Housing.

May 7, 2019

California Development Multifamily Western

Levin Johnston Arranges $15.5M Sale of Land Site for Multifamily Project in Fremont, California

by Amy Works May 7, 2019

FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a 2.7-acre land parcel located at 3515 Walnut Ave. in Fremont. A private high-net worth investor sold the property to a local multifamily developer for $15.5 million. The buyer plans to develop a multifamily property on the site that will include 275 market-rate apartments, 2,245 square feet of ground-floor retail space and a six-story parking garage. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the seller and the buyer in the transaction.

May 7, 2019

Loans Massachusetts Multifamily New Hampshire Northeast

PGIM Provides $164M Loan for Refinancing of New England Multifamily Portfolio

by Taylor Williams May 7, 2019

BOSTON — PGIM Real Estate Finance has provided a $164 million loan for the refinancing of a portfolio of 14 multifamily properties located throughout metro Boston and the nearby suburbs of New Hampshire. Eleven of the properties are located in the Middlesex, Essex and Worcester counties of Massachusetts, and the others are located in Keene, New Hampshire. The portfolio totals 1,620 units. The borrower was Princeton Properties, an investment firm that has owned all 14 properties for more than 15 years. Specific loan terms were not disclosed.

May 7, 2019

Loans Lument Multifamily New Jersey Northeast ORIX RED Capital Group

RED Arranges Acquisition Financing for $60M Apartment Portfolio in Union City, New Jersey

by Taylor Williams May 7, 2019

UNION CITY, N.J. — RED Mortgage Capital, the lending arm of ORIX Real Estate Capital, has arranged acquisition financing for a $60 million portfolio of apartment properties in Jersey City, located across the Hudson River from lower Manhattan. The portfolio comprises 18 properties and includes 481 units of affordable housing product. John Darrow, Jim Martin and Harris O’Connell of RED, along with Brad Domenico of Progress Capital, arranged the financing through Freddie Mac’s small balance loan program. The loan, the borrower of which was not disclosed, featured a fixed interest rate and a 20-year term.

May 7, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $27M Refinancing for Multifamily Portfolio in Lincoln, Nebraska

by Kristin Harlow May 7, 2019

LINCOLN, NEB. — NorthMarq Capital has arranged a $27 million loan for the refinancing of the Chateau Apartments Portfolio, which totals 647 units in Lincoln. Bob Chalupa of NorthMarq arranged the fixed-rate loan, which features a 15-year term and a 20-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

May 7, 2019

Loans Multifamily New York Northeast Student Housing

SunTrust Originates $13.3M Freddie Mac Acquisition Loan for Student Housing Asset in Ithaca, New York

by Taylor Williams May 7, 2019

ITHACA, N.Y. — SunTrust Banks Inc. has originated a $13.3 million acquisition loan for Gun Hill Residences, a 273-bed student housing property located adjacent to Cornell University in Ithaca, a city in upstate New York. The 94-unit property was close to full occupancy at the time of the loan closing. Yuchen Yang and Artin Anvar of SunTrust originated the loan, which featured a fixed interest rate, 10-year term and a 30-year amortization schedule. The borrower was New York-based DMG Investments LLC, a subsidiary of a Chinese development firm. The seller was not disclosed.

May 7, 2019

Acquisitions Georgia Multifamily Southeast Top Stories

RADCO Sells Multifamily Portfolio in Newnan, Georgia for $104.9M

by John Nelson May 7, 2019

NEWNAN, GA. — The RADCO Cos. has sold a three-property apartment portfolio in the southwest Atlanta suburb of Newnan for $104.9 million. Totaling 789 units, the three properties posted an average occupancy rate of 94 percent at the time of sale. Dallas-based McDowell Properties purchased the largest community in the portfolio, the 561-unit Creekside at White Oak. Colorado-based Vukota Capital Management acquired the other two assets — Woodlands at White Oak and Ashford at Brown Ridge, both of which hold 114 units. Shea Campbell, Colleen Hendrix, Ashish Cholia and Kevin Geiger of CBRE represented RADCO in the transaction. “Newnan remains one of Atlanta’s most desired submarkets with nearly 3,000 jobs added in the specialized healthcare field since 2010 and a surging industrial corridor,” says Campbell, senior vice president at CBRE. “This is a great investment in an area with limited supply of new apartments on the horizon.” The buyers have the potential to significantly renovate the portfolio’s unit interiors. RADCO, a multifamily investment firm based in Atlanta, left about two-thirds of the portfolio’s units in “classic condition,” according to CBRE. RADCO purchased Creekside at White Oak in late 2015 from ECI Group for $53 million. A couple months later, the …

May 7, 2019

Acquisitions Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Negotiates $80M Sale of Apartment Complex in Sarasota, Florida

by Alex Tostado May 6, 2019

SARASOTA, FLA. — Walker & Dunlop has arranged the $80 million sale of The DeSota, a 180-unit apartment complex in Sarasota. The property includes 15,000 square feet of retail space, as well as amenities such as a swimming pool, outdoor kitchen, clubroom, bike storage, amenity deck, health center and a fitness center. The seller was Atlanta-based Carter, which also developed the property. Brian Moulder of Walker & Dunlop arranged the transaction on behalf of the buyer, Bluerock Residential, and seller.

May 6, 2019

Development Louisiana Multifamily Southeast

Audubon Completes $20M Restoration of Vacant Multifamily Property in Baton Rouge

by Alex Tostado May 6, 2019

BATON ROUGE, LA. — Audubon Communities has completed the restoration of St. Jean Apartments, a vacant 624-unit multifamily property in Baton Rouge. In 2016, Louisiana experienced flooding that left 312 ground-level units at St. Jean with serious water damage and the property was abandoned. In 2017, Atlanta-based Audubon purchased the community for $33.3 million and launched a $20 million restoration and renovation effort. Audubon has since rebranded the 50-acre property as The Reserve at White Oak and is now leasing the community, which is 30 percent occupied.

May 6, 2019

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