ESCONDIDO, CALIF. — A family trust has acquired the 78-unit Villa Quixote apartments in Escondido for $11.8 million. The community is located at 400-408 E. Mission Ave. It was built in 1969. Community amenities include controlled-access entry, a swimming pool, spa and covered parking. Christopher Zorbas and Joseph Berkson represented both the buyer and the seller, another family trust, in this transaction.
CORDOVA, TENN. AND HIGH POINT, N.C. — Capital One Multifamily Finance has originated $61.6 million in two Fannie Mae loans for the refinancing of two apartment communities in the Southeast. The financing included a $25.6 million loan for Lincoln at Wolfchase, a 408-unit apartment community located in Cordova, about 15 miles east of Memphis. The other deal was a $36 million loan for Laurel Springs Apartments, a 501-unit multifamily community in High Point. Chad Thomas Hagwood and Brandon Pate of Capital One Multifamily Finance’s Birmingham, Ala., office arranged both 12-year, fixed-rate loans on behalf of the borrower, EBSCO Income Properties. Laurel Springs was financed under Fannie Mae’s Green Building Certification program.
KNOXVILLE, TENN. — Cushman & Wakefield has arranged the sale of Walden Legacy, a 236-unit apartment community located in west Knoxville. Mount Auburn Multifamily LLC purchased the asset from Sagebrush Legacy Management for an undisclosed price. Robert Stickel and Nelson Abels of Cushman & Wakefield represented the seller in the transaction. Built in 2005, Walden Legacy was 95 percent occupied at the time of sale. Community amenities include a resort-style swimming pool, fitness center, picnic areas with grills, car care center, laundry facility and a clubhouse.
HUNTSVILLE, TEXAS — Stonemont Financial Group, an Atlanta-based investment firm, is developing The Armory at Sam Houston, a 502-bed student housing community located adjacent to Sam Houston State University in Huntsville. The property, which will feature a rooftop deck, resort-style pool and a seven-story parking garage, is scheduled to open in fall 2018. Temple, Texas-based MW Builders is serving as general contractor on the project. Denver-based Cardinal Management Group will handle leasing and management of the property.
SAN ANTONIO — Marcus & Millichap has arranged the sale of Parc 410, a 344-unit apartment community in San Antonio. Located at 5827 NW Loop 410, the property features two pools, an on-site laundry facility and a business center. Will Balthrope and Jordan Featherston of Marcus & Millichap represented the seller and procured the buyer in the transaction.
OVERLAND PARK, KAN. — KeyBank Real Estate Capital has arranged a $19 million Fannie Mae loan for the refinancing of Plaza at Overland Park in Kansas. The 202-unit multifamily property was built in 1999 and renovated in 2014. Chris Black of KeyBank arranged the 10-year loan, which includes a 30-year amortization schedule. The borrower was not disclosed.
ROCKVILLE CENTRE, N.Y. — KeyBank Real Estate Capital has arranged a $17.4 million Fannie Mae loan for Mill River Residences in Rockville Centre. The affordable multifamily property was built in 1970 and renovated in 2006. Of the 175 units, 95 are age restricted and the remaining 80 are designated for households earning less than 60 percent of area median income. Dirk Falardeau of Key’s commercial mortgage group arranged the first mortgage financing with a seven-year term and 30-year amortization schedule. The loan was used to refinance existing debt.
NEW BRITAIN, CONN. — Steve Pappas of Chozick Realty’s Hartford office has negotiated the $4.5 million sale of Central Townhouse and College West Apartments in New Britain. The two garden-style complexes sold in a single transaction. Central Townhouse, located at 608 Allen St., consists of 42 apartment units in four buildings on a 1.8-acre site. The unit mix includes a single one-bedroom, 35 two-bedroom and six three-bedroom units. College West Apartments, located at 499 Allen St., consists of 22 apartment units on a .59-acre site. The apartments are all two-bedroom units of 900 square feet. Chozick Realty represented the seller, Allen Street Ventures LLC, and procured the purchaser, Up Realty LLC, a New York-based investment group.
The Inland Empire multifamily market will retain its solid foundation of positivity this year as the economy again provides a healthy supply of new jobs and freshly formed households seek apartments to rent. The number of new multifamily units scheduled for delivery is a fraction of what it was last year, and this will place downward pressure on vacancy. Tightening vacancy will support another year of above-trend rent growth. Strong job growth in wholesale trade, government and transportation and warehousing positions has drawn many new employees to the Inland Empire in recent years. The number of 20- to 34-year-olds, who typically favor rental housing, has steadily increased. Growth in wholesale trade, government and warehousing will continue to attract Millennials in 2017, and the region’s employers are expected to add 27,500 new jobs overall. The Inland Empire’s employment boom has led to an increase in household formation, which has stimulated new multifamily construction. Developers fruitfully delivered 2,600 new units to the market in 2016. This exuberance, however, may well have been the peak for the current real estate cycle. This year, the projected number of apartment completions is just 500. This much more measured level of development will be quickly absorbed …
NEW YORK CITY — Avanath Capital Management has acquired an affordable housing portfolio of 17 apartment buildings totaling 198 units in Brooklyn for $73 million. The properties were purchased from a private investor in joint partnership with New York-based Oak Tree Management. Located in the Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant neighborhoods, the properties include 115 rent-stabilized units, 79 free market units and four commercial spaces. Average rents range from $1,700 to $2,500 per month. Avanath’s Ben Finley was responsible for sourcing and acquiring the deal. Peter Von Der Ahe, Joseph Koicim and Shaun Riney of Institutional Property Advisors (IPA), and DJ Johnston of Cushman & Wakefield represented the seller. Andrew Dansker of Marcus & Millichap arranged the financing for the buyer. The portfolio’s four commercial spaces are leased to tenants including Sunday Routine, Fool’s Gold Records and a day care center.
