COLCHESTER, VT. — Nedde Real Estate has brokered the purchase of a multifamily property located at 961-967 Mill Pond Road in Colchester. Jeff Peck of Peck Investment Properties acquired the 12-unit apartment building from RMPR LLC for an undisclosed price. Grant Butterfield of Nedde Real Estate represented the buyer, while Steve Donahue of Donahue & Associates represented the seller in the transaction.
MESA, ARIZ. — Walker & Dunlop has originated $47.2 million in HUD financing for construction of the 325-unit Aviva apartment complex in Mesa. The affordable housing community is located at 8350 E. Baseline Road. Aviva will contain one- to three-bedroom units. Construction recently commenced with a scheduled opening in the third quarter of 2018. The total development cost is $63 million.
PROVO, UTAH — Marcus & Millichap has arranged the sale of Pacific Heights Apartments, a 336-bed student housing community located near Brigham Young University in Provo. The price was not disclosed. The property offers fully furnished three-, four-, five- and six-bedroom units. Brock Zylstra and Danny Shin of Marcus & Millichap represented the seller, a local development group based in Alpine, Utah, and procured the buyer, College Place Partners.
VANCOUVER, WASH. — Parkview Financial has secured a $16.2 million loan for a 124-unit multifamily development in Vancouver. The community is being developed along 134th Street.
DALLAS — Marcus & Millichap has brokered the sale of Villas Del Lago Apartments, an apartment community located at 2911 Clydedale Drive in Dallas’ Bachman Lake neighborhood. Overmore LLC acquired the 248-unit property in a 1031 exchange transaction. Constructed in 1974 and renovated in 2015, the property was 98 percent occupied at the time of sale. Mark Allen and Sevak Keshishian of Marcus & Millichap represented the seller, a Dallas-based syndication group led by Jean-Marc Landau, and procured the buyer in the deal. Tim Speck of Marcus & Millichap was the firm’s broker of record in Texas.
ARLINGTON, TEXAS — Arlington-based 180 Multifamily Capital LLC has acquired Collins Park, an apartment community located in Arlington, for an undisclosed price. Renamed Las Palmas, the property features 262 residential units. The buyer has started a full exterior and interior renovation on the property. The name of the seller was not released.
HOUSTON — EDGE Capital Markets has brokered the acquisition of Art Square Center, a mixed-use building located at 4118 Fannin St. in Houston. Kline Ventures acquired the 38,549-square-foot property from Fannin VP for an undisclosed price. The building features a mix of retail, studio and residential space. Josh Jacobs and Burdette Huffman of EDGE Capital Markets represented the buyer in the transaction.
TAMPA, FLA. — NorthMarq Capital has arranged a $31.5 million construction loan for Cortona South Tampa, a 300-unit multifamily property located at 5145 S. Dale Mabry Highway in Tampa. The gated development will feature a two four-story apartment buildings and 20 two-story townhome buildings, as well as a 6,000-square-foot clubhouse with a resort-style swimming pool and recreation areas. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 3-year loan with a two-year extension option through a regional bank. The loan features interest-only payments for the primary term and a 25-year amortization schedule for the extension.
CINCINNATI — Bellwether Enterprise has arranged a $22.7 million loan for the acquisition of Vantage Pointe West Apartments in Cincinnati. The complex consists of 775 one-, two- and three-bedroom units across 11 residential buildings. Of the 775 units, 500 are reserved for very low-income tenants. The building underwent a $5 million renovation in 2014. Elmer B. Cole Jr. of Bellwether Enterprise arranged the 12-year, fixed-rate loan for the borrower, Four Towers Apartments LLC.
Without a doubt, 2016 was a year to remember for the Kansas City apartment market. Employers, builders, operators and investors all had an eye on the flourishing metropolitan area and contributed to its ongoing strength, leading to a 20-year high for apartment occupancy. But in order to assess if 2017 will be as fruitful, a review of how each of these groups fared in 2016 and an analysis of the current economic climate should be taken into account. Employers A healthy economy underscored by an active employment market generates a cyclical effect whereby employers seek talent, talent seeks housing, and developers seek residents. According to Moody’s Analytics, total nonfarm payroll employment in the Kansas City metropolitan area in 2016 expanded by 1.5 percent following a 1.3 percent increase in 2015. Virgin Mobile USA, to name one active area employer, relocated its corporate headquarters from Warren, N.J., to downtown Kansas City as part of the company’s re-launch of its new brand under Sprint. The long-term location for the new headquarters is undetermined, but temporarily at least 50 new employees now work out of the One Kansas City Place building at 12th and Main streets. By year-end 2017, Berkadia Research projects total …