CHARLOTTE, N.C. — Starlight U.S. Multifamily (No.5) Core Fund has sold Belle Haven, a 176-unit, Class A apartment complex located at 9005 Post Canyon Lane in the University of North Carolina-Charlotte submarket, for $28.3 million. Belle Haven Acquisition LLC, an indirect, wholly owned subsidiary of the fund, sold the property to an undisclosed buyer. Proceeds from the sale will be used to pay the outstanding mortgage balance of approximately $17.8 million, with the remainder expected to be utilized on a tax-deferred basis to acquire a multifamily property with a greater number of units. Property amenities at Belle Haven include a fitness center, yoga room, pool, clubhouse and a neighborhood pet park.
STONE MOUNTAIN, GA. — Pennsylvania-based 5 Cap Realty LLC and its affiliate RREIC Advisors have acquired Grove Mountain Park, a garden-style apartment community located in Stone Mountain, roughly 20 miles east of Atlanta. The partnership acquired the property for $21.6 million with plans to invest an additional $3.2 million in renovations. 5 Cap Realty utilized a Fannie Mae loan to purchase the community. Grove Mountain Park comprises 13 garden-style buildings and includes a mix of studio, one-, two- and three-bedroom units. Forty Two LLC, a 5 Cap affiliate, will manage the property.
NEW YORK CITY — Yuco Real Estate has completed Brook Avenue Apartments, a two-building multifamily development located at 463 and 469 E. 147th St. in the Mott Haven neighborhood of the Bronx. The $24.4 million, 78.806-square-foot property features 66 apartment units. The five-story building at 463 E. 147th St. features seven studio units, 35 one-bedroom units, 12 two-bedroom apartments and one three-bedroom unit. The other building features 10 two-bedroom units and a one-bedroom apartment. Bong Yu provided engineering and architectural services for the project, while Yuco Builders served as the general contractor. The Bank of New York Mellon, First Sterling Financial and the Community Preservation Corp. provided financing for the development.
TEMPLE HILLS, MD. — The Donaldson Group and its equity partner, DRA Advisors LLC, have acquired Brinkley Manor Apartments, a 126-unit, garden-style apartment community located in Temple Hills, roughly 15 miles southeast of Washington, D.C. The partnership purchased the property for $15.1 million with plans to invest additional capital in renovations. CBRE’s Robert LaChapelle and Matthew Forgione arranged financing through Fannie Mae’s Green Loan Program. CBRE’s Michael Muldowney and Brian Margerum represented the undisclosed seller in the transaction. Constructed in 1972, Brinkley Manor includes one-, two- and three-bedroom units ranging from 813 to 1,448 square feet. Renovation plans include replacement of the utility system and upgraded buildings, common areas and property grounds.
DENTON, TEXAS — Dallas-based BMC Capital has arranged $13.5 million in refinancing for a 148-unit multifamily property located off Nottingham Drive in the North Texas city of Denton. Brian Gramlich of BMC Capital arranged the loan, which features a 10-year term and a 25-year amortization schedule. The names of the property, lender and borrower were not disclosed.
WHEELING, ILL. — Berkadia has arranged $70.2 million in construction financing for the residential portion of Wheeling Town Center, a mixed-use development in Wheeling. The development will feature 300 luxury rental units. Amenities will include a courtyard with a pool, fire pit, grill stations, dining tables, covered bar with TVs, a putting green and an open lawn area for games and activities. Within the property, there will be a fitness room, yoga and spin class studio, lounge area, private party room with a demonstration kitchen, café, business center, conference room, dog washing station and game room. Paul Matusiak of Berkadia arranged the 40-year loan on behalf of the borrower, Illinois-based WTC Residential Development LLC. Wheeling Town Center is a $100 million development that also features 100,000 square feet of retail space anchored by CMX Theaters. The project is slated for completion in 2019.
FOND DU LAC, WIS. — Associated Bank has provided a combined $17 million in debt and equity for the conversion of two former Catholic schools into 47 apartments in Fond du Lac. Located at 63 East Merrill Ave. and 95 E. Second St., Parish School Apartments will feature 17 three-bedroom units, 28 two-bedroom units and two one-bedroom units. Amenities will include a community room, exercise room and business center. Eleven apartments will be reserved for veterans and/or individuals at risk of long-term homelessness. Completion is slated for March 2018. Commonwealth Development Corp. is the developer of the project, targeted for low-income residents. Associated Bank will purchase the federal low-income housing tax credits and the federal and Wisconsin historic tax credits totaling $9 million through the National Equity Fund. Associated Bank will also provide the $7.4 million construction loan and Associated Community Development will pass through a $600,000 affordable housing program grant via the Federal Home Loan Bank of Chicago.
Urban submarkets have largely carried the Birmingham multifamily market’s recovery. However, going forward investors will look to capitalize on greater yields in suburban submarkets. Despite rising rents, absorption continues to climb and concessions are falling off. Greater absorption metrics will be a recurring theme this year as rising construction costs and tightening access to capital constrain new development. Supportive Economy Birmingham’s economy added 8,000 net jobs year-over-year as of December 2016, growing at an accelerated rate of 1.6 percent. Further, unemployment remains low at 5.4 percent. Industries such as transportation, education, healthcare, government, and finance are at the forefront of job growth in the market, accounting for 75 percent of the net jobs added. Moody’s projects that the metro will add more than 24,000 net jobs through 2020, expanding by approximately 4.7 percent. Recent expansion announcements in the market reaffirm this trend, including the Project Sunrise deal that will create 746 manufacturing jobs via a $120 million investment in the former Meadowcraft facility. Another needle-moving deal is Mercedes-Benz U.S. International’s $1.3 billion plant expansion in Vance, which has resulted in automotive suppliers growing their footprint in the market. For instance, Eissmann Group Automotive recently added 200 jobs in nearby Pell …
PHOENIX — Greystar Real Estate Partners has purchased the 424-unit Green Leaf Promontory Pointe in Phoenix for an undisclosed sum. The community is located at 888 E. Clinton St. within the 1,200-acre Pointe Tapatio master-planned community. It was built in two phases in 1984 and 1996. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, Green Leaf Partners, in this transaction.
ENGLEWOOD, COLO. — Phoenix Realty Group has acquired the 312-unit Silver Cliff Apartment Homes in Englewood for an undisclosed sum. The Class B complex is located at 5275 S. Delaware St. It was completed in 1991. The property will undergo improvements in operations, enhancements to the on-site amenities and upgrades to the apartment interiors through a value-added program.