Multifamily

Northland Investment Buys Inspire SouthPark Multifamily Complex in Charlotte for $145M

by Alex Tostado November 18, 2019

CHARLOTTE, N.C. — Northland Investment Corp. has acquired Inspire SouthPark, a 369-unit multifamily complex in Charlotte, for $145 million from seller and developer Morgan Bond Co. Six miles south of downtown Charlotte, Inspire SouthPark is now the fourth of Northland Investment’s North Carolina apartment properties. Inspire SouthPark offers studio to three-bedroom apartments, a pool, fitness and wellness centers, courtyard, social hall, dog care facility and underground parking. The complex is close to retail, 6 million square feet of office space and more than 60 food and beverage outlets.

November 18, 2019

Acquisitions Maryland Multifamily Southeast

Hines REIT Acquires Apartment Community Near University of Maryland for $98M

by Alex Tostado November 18, 2019

COLLEGE PARK, MD. — Hines, an international real estate developer based in Houston, has acquired The Alloy by Alta, a new seven-story, 275‐unit multifamily asset located at 4700 Berwyn House Road near the University of Maryland in College Park. Hines purchased the asset via Hines Global Income Trust, the company’s nontraded REIT. The purchase price was not disclosed, but multiple media outlets reports Hines purchased the property for $98 million. The predominantly student-occupied apartment was 97.5 percent occupied at the time of sale. The property offers one-, two- and three-bedroom apartments units averaging 838 square feet.

November 18, 2019

Acquisitions Multifamily Texas

FourPoint Brokers Sale of 28-Unit Apartment Property in North Austin

by Taylor Williams November 18, 2019

AUSTIN, TEXAS — FourPoint Investment Sales Partners has brokered the sale of Dryfield Apartments, a 28-unit multifamily property located near State Highway 183 in North Austin. Built in 1969, the property offer amenities such as a pool and onsite laundry facilities. Kevin Dufour and Kyle Peco of FourPoint represented the California-based seller in the transaction. The undisclosed buyer will implement a value-add program to the property’s exteriors and unit interiors.

November 18, 2019

Acquisitions Multifamily Southeast Tennessee

Bluestone Properties Purchases 1400 Chestnut Apartments in Downtown Chattanooga

by Alex Tostado November 18, 2019

CHATTANOOGA, TENN. — Bluestone Properties has purchased 1400 Chestnut Apartments, a 200-unit multifamily property in downtown Chattanooga. According to the Chattanooga Times Free Press, Birmingham, Ala.-based Kore LLC delivered the community in 2017. Close to Interstates 24 and 75, the four-story residential community contains one- and two-bedroom apartments, a pool and lounge area, resident center with a complimentary wine and coffee bar, grilling and fire pit areas, fitness center, yoga room and a dog spa. Unit interiors include quartz countertops, tiles accents and backsplashes, wood flooring, white cabinetry and stainless steel appliances.

November 18, 2019

Acquisitions Multifamily Washington Western

Rise Properties Trust, Aegon Real Assets Buy 186-Unit Linden Square Apartments in Seattle for $52.7M

by Amy Works November 18, 2019

SEATTLE — Canada-based Rise Properties Trust and Netherlands-based Aegon Real Assets US have acquired Linden Square Apartments in North Seattle for $52.7 million. Brokered by CBRE, this transaction represents the third joint venture between the companies this year. Built in 1993, the multifamily community features 186 residences in a mix of one-, two- and three-bedroom units. Community amenities include a fitness center, pool, garage parking, storage and additional amenity space. Seattle-based Thrive Communities will manage the property. Including Linden Square Apartments, Rise owns approximately 3,200 units across 20 multifamily properties in the Pacific Northwest.

November 18, 2019

Acquisitions Multifamily Washington Western

Hamilton Urban Partners Sells Roxborough Apartments in Seattle for $17.4M

by Amy Works November 18, 2019

SEATTLE — Hamilton Urban Partners has completed the sale of Roxborough Apartments, a multifamily property located in Seattle’s Capitol Hill neighborhood. An undisclosed buyer acquired the asset for $17.4 million, or just under $681 per net rentable square foot. Located at 1720 E. Denny Way, Roxborough Apartments comprises 27 units built in 1920 and 26 modern units built in 2019. The building provides residents the amenities and luxuries of a new-construction building with the charm and character of Seattle’s historic buildings. Dylan Simon and Jerrid Anderson of Kidder Mathews represented the seller in the deal.

November 18, 2019

Hawaii Loans Multifamily Seniors Housing Western

Sims Mortgage Funding Arranges $14.1M Financing for Liliha Healthcare Center in Honolulu

by Amy Works November 18, 2019

HONOLULU — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged $14.1 million in financing for Liliha Healthcare Center, a 92-bed skilled nursing facility in Honolulu. Liliha, and its sister facility, Nuuanu Hale, were collateralized with a single, high-interest-rate bridge loan that featured a short maturity and expensive extension provisions. SMF arranged a HUD-insured loan with a fixed interest rate and long term to refinance the existing debt. To complete the refinancing capital stack, the holding company of the Liliha and Nuuanu borrowers obtained additional financing through Sims. SMF underwrote a refinancing loan insured under the Section 232/223(f) program that represents 80 percent of the community’s estimated market value. The loan featured a 35-year term and was underwritten with a 2.05 debt service coverage ratio.

November 18, 2019

Loans Multifamily New Jersey Northeast Top Stories

Roseland Residential Receives $300M Construction Loan for 57-Story Apartment Building in Jersey City

by Taylor Williams November 18, 2019

JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of locally based REIT Mack-Cali Realty Corp. (NYSE: CLI), has received a $300 million loan for the construction of The Charlotte, a 57-story apartment tower on the fringe of New York City. The Charlotte will be located at 25 Christopher Columbus Drive in Jersey City and feature 750 Class A apartments, 37 of which will be earmarked for affordable housing. In addition, Roseland Residential will construct a 36,000-square-foot elementary school on the site that will be deeded over to Jersey City upon completion. The Charlotte will also feature approximately 16,500 square feet of retail space and a public plaza. Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office arranged the financing through an undisclosed lender on behalf of Roseland Residential Trust. The nonrecourse loan was structured with a five-year term and a one-year extension option. “The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” says Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.” Construction of the …

November 18, 2019

California Market Reports Multifamily Western Western Market Reports

Orange County Braces for Rent Control, Continued Affordability Issues

by Taylor Williams November 16, 2019

Orange County’s multifamily market fundamentals remain some of the strongest in the country as local real estate investors brace for new state-wide rent control policies beginning Jan. 1, 2020. There will undoubtedly be an education process for landlords regarding this new law and how it may impact the valuation of multifamily in the future, but the long-term stability of the overall apartment market looks bright. Orange County boasts historically low unemployment and low apartment vacancy, but the region continues to have a shortfall in the development of workforce housing. Orange County is expected to deliver about 2,900 new Class A units to the market in 2019, about 500 units more than last year. With an extended economic expansion throughout Southern California, Orange County has benefitted greatly with large segments of its population fully employed and seeking places to live. The county has one of the nation’s highest median home prices at more than $833,000, making homeownership unattainable for many of its residents. This workforce housing shortfall will continue to put further pressure on the demand in Orange County as its apartment average vacancy rate is anticipated to drop 40 basis points to a very low 3.4 percent in 2019. This …

November 16, 2019

Development Florida Multifamily Southeast

Related Group Breaks Ground on Phase II of $650M River Parc Project in Miami’s Little Havana

by Alex Tostado November 15, 2019

MIAMI — The Related Group, along with the Department of Public Housing and Community Development and SunTrust Bank, has broken ground on Phase II of River Parc in Miami’s Little Havana neighborhood. Phase II consists of the 150-unit Gallery at River Parc, an affordable and workforce housing community. Of the property’s 40 studios, 70 one-bedroom units and 40 two-bedroom apartments, 80 percent will be reserved for workforce housing and 20 percent will be set aside for affordable housing. Communal amenities will include a swimming pool, fitness center, multi-purpose room and a business center. Justin Ginsberg, Donna Kelce and Rebecca Cox of SunTrust arranged financing on behalf of Related Group for the 22-acre River Parc, which is situated across from Marlins Park. The site currently has 800 units across three properties: Robert King High, Haley Sofge and Martin Fine Villas. River Parc is slated to also include an additional 1,800 units of affordable and workforce housing units will be added, bringing the total housing count to 2,600.

November 15, 2019

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