Multifamily

HFF Brokers Sale of 366-Unit Apartment Community Near D.C.

by Alex Tostado May 6, 2019

ROCKVILLE, MD. — HFF has arranged the sale of Hanover Shady Grove, a 366-unit apartment complex in Rockville. The five-story building was completed in 2016 and offers studio, one-, two- and three-bedroom floor plans averaging 970 square feet. Community amenities include a swimming pool, outdoor grilling areas, 24-hour fitness center, private media room, conference room and a catering kitchen. The property was 95 percent occupied at the time of sale. The property is situated at 9305 Corporate Blvd., 24 miles north of downtown Washington, D.C. Walter Coker and Brian Crivella of HFF and Stephen Conley, a private real estate agent based in Maryland, represented both the sellers, Hanover Co. and Berkshire Residential Investments, and the buyer, Equity Residential. The sales price was not disclosed.

May 6, 2019

Loans Multifamily New York Northeast Student Housing

Marcus & Millichap Arranges $16M Loan for Refinancing of Student Housing Property in New Rochelle

by Taylor Williams May 6, 2019

NEW ROCHELLE, N.Y. — Marcus & Millichap Capital Corp. has arranged a $16 million loan for the refinancing of a 282-bed student housing property located at 17 Locust Ave. in New Rochelle, a northern suburb of New York City. The newly built, 94-unit property serves nearby Monroe College. Steven Rock of Marcus & Millichap arranged the loan that was originated at a 65 percent loan-to-value. The loan features a fixed interest rate of 4.98 percent as well as 18 months of interest-only payments. The borrower was not disclosed.

May 6, 2019

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Places $14M Construction Loan for Redevelopment Project in Lowell, Massachusetts

by Taylor Williams May 6, 2019

LOWELL, MASS. — Boston-based mortgage banking firm Fantini & Gorga has placed a $14 million construction loan for a redevelopment project involving a former corduroy mill in Lowell, Massachusetts, about 30 miles north of Boston. The project will convert the 80,000-square-foot facility, known as Waterhead Mill, into a 71-unit residential building that will offer studio and one-bedroom units. The new property will also feature amenities such as a fitness center, a movie theater, coworking office space, resident lounge and a package receiving area. The borrower was not disclosed. Construction is underway and expected to last about 15 months.

May 6, 2019

Acquisitions Colorado Multifamily Western

Marcus & Millichap Negotiates $5.2M Apartment Building Acquisition in Colorado

by Amy Works May 6, 2019

WESTMINSTER, COLO. — Marcus & Millichap has facilitated the purchase of Bradburn Gardens, a 44-unit apartment building located at 7545 Bradburn Blvd. in Westminster. A private investor acquired the property for $5.2 million. Clayton Primm of Marcus & Millichap’s Denver office represented the buyer in the deal. Built in 1973 and situated on 1.5 acres, the building features 12 one-bedroom units, 31 two-bedroom apartments and one three-bedroom unit.

May 6, 2019

Acquisitions Multifamily Texas

AvalonBay Sells 474-Unit Houston Apartment Community for $98M

by Taylor Williams May 6, 2019

HOUSTON — AvalonBay Communities (NYSE: AVB), a Virginia-based multifamily REIT, has sold Archstone Toscano, a 474-unit multifamily community in Houston, for $98 million. The company announced the deal in its first-quarter earnings report. Built in 2013, the community offers one-, two- and three-bedroom units ranging in size from 642 to 1,745 square feet and offering stainless steel appliances, walk-in closets and individual washers and dryers. Amenities include a resort-style pool with a sundeck, fitness center, business center, outdoor grilling areas, access to hiking and jogging trails and a clubroom with a TV and coffee bar. The buyer was not disclosed.

May 6, 2019

Loans Multifamily Texas

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

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