Multifamily

HFF Arranges Acquisition Financing for Apartment Complex in Austin

by Haisten Willis December 15, 2015

AUSTIN, TEXAS — HFF has arranged acquisition financing for Chez Moi, a 384-unit apartment community in Austin. Working on behalf of Griffis Residential, HFF placed the seven-year, 3.9 percent fixed-rate acquisition loan with a correspondent life insurance company. Chez Moi is situated on 21 acres at 12100 Metric Blvd. in north Austin with access to MoPac Expressway, I-35 and West Parmer Lane. The 94 percent-leased property features a variety of one-, two- and three-bedroom floor plans averaging 893 square feet. Community amenities include a swimming pool with sundeck, hot tub, outdoor fire pit, sand volleyball court, clubhouse, business center, dog park, car wash, nature trail and garage parking. Eric Tupler, Josh Simon and Casey Wenzel led the HFF debt placement team representing the borrower.

December 15, 2015

Multifamily Texas

Marcus & Millichap Arranges Sale of Two Apartment Buildings in Garland

by Haisten Willis December 15, 2015

GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Colonial Apartments and Town Central, two Class B communities located in Garland. Scott Ogilvie and Trey Caldwell of Marcus & Millichap’s Dallas office marketed the properties on behalf of the seller, a limited liability company. Ogilvie and Caldwell also procured the buyer, a limited liability company. Colonial Apartments is located at 515 Flook St., just south of West Avenue D. Constructed in 1977, the asset consists of a total of 31 units — 25 one-bedroom/one-bath and six two-bedroom/one-bath units. At the time of listing, the occupancy rate for Colonial Apartments was 94 percent. Town Central is located at 104 11th St., just north of West Avenue A. Constructed in 1983, the asset consists of a total of 24 units — 17 one-bedroom/one-bath and seven two-bedroom/one-and-a-half-bath units. At the time of listing, the occupancy rate for Town Central was 83 percent.

December 15, 2015

Connecticut Multifamily Northeast

Colliers Brokers $3.8M Sale of 41-Unit Apartment Complex in Rocky Hill, Conn.

by Amy Works December 15, 2015

ROCKY HILL, CONN. — Colliers International has arranged the sale of Worthington Arms, a 41-unit garden-style apartment complex located at 100 and 200 Laura Lane in Rocky Hill. Sunset Hill Restoration acquired the asset for $3.8 million. The complex features a mix of one- and two-bedroom apartments will full basement storage in each building. Philip Gagnon of Colliers represented the undisclosed seller, while Bob Pagani, also of Colliers, represented the buyer in the transaction.

December 15, 2015

Loans Massachusetts Multifamily Northeast Seniors Housing

Congressional Bank Closes Financing for Skilled Nursing Facility in Massachusetts

by Amy Works December 15, 2015

NEW BEDFORD, MASS. — Congressional Bank’s Healthcare Lending group has closed a $3 million bridge-to-HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a skilled nursing facility in New Bedford. The revolving line of credit will fund the ongoing working capital needs of the 107-bed facility. Congressional Bank will close its merger with American Bank on January 1, 2016, and the company’s lending capacity will exceed $10 million, allowing it to expand its lending platform.

December 15, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $1.3M Sale of Multifamily Property in Woodside, N.Y.

by Amy Works December 15, 2015

WOODSIDE, N.Y. — Marcus & Millichap has brokered the sale of an apartment building located at 37-35 64th St. in Woodside. The six-unit property sold for $1.3 million. Shaun Riney, Michael Salvatico and Aryaan Azarbarzin of Marcus & Millichap’s Brooklyn office represented the seller, an individual/private trust, and the buyer, a limited liability company, in the transaction.

December 15, 2015

Illinois Midwest Multifamily Student Housing

Bluffstone II Breaks Ground on 72-Unit Student Housing Project in Springfield, Illinois

by Christina Cannon December 15, 2015

SPRINGFIELD, ILL. — Developer Bluffstone II LLC has broken ground on The Villas Downtown Springfield, a mixed-use student housing development containing 72 units and 92 beds near the University of Illinois Springfield. Living quarters at The Villas will include studio suites, one-bedroom/one-bathroom suites and two-bedroom/two-bathroom suites. Each suite will be fully furnished with full-size beds, living room furnishings and more. Kitchens will feature full-size Energy Star appliances. The Villas development will be a four-story building and will include more than 6,000 square feet of commercial and retail space. The common indoor area of The Villas will consist of the manager’s office, mailboxes, social room and recreation center, study rooms and laundry facilities. Catalyst Construction Inc. is building the development, which has a projected total cost of $8.9 million.

December 15, 2015

Loans Midwest Multifamily Ohio

NorthMarq Arranges $1.4M in Acquisition Financing for Multifamily Property in Cincinnati

by Christina Cannon December 15, 2015

CINCINNATI — NorthMarq Capital has arranged $1.4 million in acquisition financing for the buyer of a 72-unit multifamily property in Cincinnati. Williamstown Apartments is located at 5500 Glengate Lane. The five-year loan includes 18 months of interest-only payments followed by a 25-year amortization schedule. Noah Juran of NorthMarq originated the loan for the undisclosed out-of-state borrower through a local bank.

December 15, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $14.3M Sale of Multifamily Community in Tampa

by John Nelson December 15, 2015

TAMPA, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Garden Isles Apartment Homes, a 300-unit apartment complex located at 6919 Bonair Drive in Tampa. Blue Rock Partners LLC purchased the multifamily community from Garden Isles Management Inc. for roughly $47,700 per unit. Built in 1971, the property’s community amenities include gated access, covered parking spaces, an onsite leasing office, 12 laundry facilities, fitness center, two swimming pools and a dog park. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.

December 15, 2015

Arizona Multifamily Seniors Housing Western

Avanti to Develop Three $15M Seniors Housing Communities in Arizona

by Nellie Day December 14, 2015

PEORIA, GOODYEAR and MESA, ARIZ. — Avanti Senior Living is developing three matching assisted living and memory care communities in Peoria, Goodyear and Mesa, all in the Phoenix metro area. Each 77,000-square-foot community will cost $15 million and house up to 150 seniors. Based in Texas, Avanti Senior Living owns, develops and operates luxury seniors housing communities. The company was launched in 2013 and has nine communities either completed or under development in Texas, Louisiana and Arizona.

December 14, 2015

Mixed-Use Multifamily Office Retail Texas

Thor Equities Completes Residential Mat Foundation Pour At Kirby Collection

by Haisten Willis December 14, 2015

HOUSTON — Thor Equities has completed the residential mat foundation pour at Kirby Collection, a new mixed-use development at 3200 Kirby Drive in Houston. The foundation is seven feet thick and consists of 6,000 cubic yards of concrete with 500 tons of rebar. The continuous pour took eight hours to complete and involved 150 dedicated trucks, six pump trucks and more than 200 workers. The team involved in the mat pour included general contractor E.E. Reed Construction, Keystone Structural Concrete, Campbell Concrete & Materials, ECS Texas, HiTech Electric, Schnabel Foundation Company and developer Thor Equities. Located in the Upper Kirby District near Houston’s River Oaks neighborhood, the 1 million-square-foot project will feature a 25-story, 385,000-square-foot residential tower with 199 apartments including seven two-story townhomes, and seven two-story loft spaces with private yards. The residences will overlook a deck with more than an acre of landscaped amenities including a pool with cabanas, fire pits and a bar area. The penthouse level will feature a Skyview Suite available to all residents, offering a chef’s kitchen and views of the Houston skyline. Kirby Collection’s 13-story, 210,000-square-foot Class A office building is located near the Galleria/Uptown District, Greenway Plaza and the Texas Medical Center. …

December 14, 2015

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