Multifamily

TruAmerica Buys Pacific Northwest Multifamily Portfolio for $115M

by Nellie Day July 24, 2015

PORTLAND, ORE. — TruAmerica and its institutional partners DVO Real Estate and RCG Longview have acquired a five-property portfolio in the Pacific Northwest known as FPA Multifamily for $115 million. The transaction includes the 76-unit Lighthouse and the 177-unit Village at Lake Meridian in Kent, Wash., as well as the 210-unit Park at Tualatin in the Portland suburb of Tualatin. TruAmerica closed on the 126-unit Haven at Charbonneau in Wilsonville, Ore., and the 329-unit Somerset apartments in Kent this past June. The company plans to invest $8 million in interior-unit and common-area improvements throughout the portfolio. Renovations will include new kitchen appliances, cabinets, countertops, lighting and hardware. Common-area upgrades will enhance the renter experience with scenic landscaping, fresh pool furniture, a dog park and an outdoor kitchen. Noah Hochman led TruAmerica’s acquisition team.

July 24, 2015

California Multifamily Seniors Housing Western

WNC Closes $75M Fund to Purchase Nine California Communities

by Nellie Day July 24, 2015

IRVINE, CALIF. — Real estate investment company WNC has closed WNC Institutional Tax Credit Fund X California Series 13 LP, a $75 million institutional, low-income housing tax credit (LIHTC) fund. The fund, which includes seven investors, will acquire nine properties in California. Composed of family and senior housing properties, the fund includes 978 units of affordable housing in both suburban and urban parts of the state, including Casa de Seniors in San Clemente, a 72-unit seniors housing rehabilitation project. This is the company’s second largest equity raise, thus far. WNC, which is based in Irvine, has closed a total of 18 California funds that have acquired more than 250 properties in 46 counties.

July 24, 2015

Market Reports Multifamily Texas Texas Market Reports

Why San Antonio’s Multifamily, Corporate Housing Markets are Hot, Stable

by Haisten Willis July 24, 2015

San Antonio, despite being the second largest city in Texas by population, sometimes takes a back seat to the Lone Star State’s other booming metro areas. The city might not have the energy of Houston, the weirdness of Austin or the Cowboys of Dallas, but more than 1.4 million people call the Alamo City home, and businesses are starting to take notice. San Antonio has added more than 300,000 residents since 2000, and a reasonable cost of living makes it an attractive city for workers young and old. The city continues to experience strong corporate growth and increased tourism activity, which is bringing more jobs to the city. San Antonio’s unemployment rate of 3.8 percent sits well below the national rate of 5.5 percent, and is also below Texas’ unemployment rate of 4.2 percent. Texas is the home of oil, and recent price uncertainty has made some investors worry about the state’s big cities. But there’s no worry in San Antonio: While new oil and gas production from the Eagle Ford Shale south of the city is expanding and having a positive impact on the region, the presence of energy-related businesses in San Antonio represents only one sector of the …

July 24, 2015

Connecticut Loans Multifamily Northeast

Colliers Secures $43M Construction Loan for State Street Lofts in Connecticut

by Amy Works July 23, 2015

NEW HAVEN, CONN. — Colliers International has arranged and closed joint venture equity and construction financing for the development of State Street Lofts in New Haven. Working on behalf of the developer, Post Road Residential Inc., Colliers secured $43 million in construction financing from PNC Bank, as well as joint venture equity capital from an affiliate of The Carlyle Group. Slated for completion in 2016, State Street Lofts will include 235 apartments, 275 parking spaces in an attached garage, 10,000 square feet of amenity space and 4,000 square feet of ground-floor retail space. On-site amenities include a fitness center with yoga studio, resident lounge spaces with high-speed Wi-Fi, a library, a resort-style pool with enclosed courtyard, a 7,000-square-foot roof deck, a dog wash station and a bike maintenance room with storage for 240 bikes. Jeff Black and Kevin Phelan led the Colliers team that represented Post Road Residential Inc.

July 23, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $2.4M Multifamily Property Sale in Long Island City

by Amy Works July 23, 2015

LONG ISLAND CITY, N.Y. — Marcus & Millichap has brokered the sale of a multifamily property located at 34-27 37th St. in Long Island City. A private investor acquired the eight-unit apartment building for $2.4 million. Matthew Fotis, Zachary Golub and Lazarus Apostolidis of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

July 23, 2015

Multifamily New York Northeast

ARM Real Estate Brokers $1.6M Sale of Residential Building in Queens

by Amy Works July 23, 2015

NEW YORK CITY — ARM Real Estate has brokered the sale of a 5,150-square-foot residential building located at 17-01 Stanhope St. in the Ridgewood neighborhood of Queens. The three-story, six-unit apartment building sold for $1.6 million in an off-market transaction. Anand Melwani and Harrison Zavala of ARM represented both the seller, a long-term owner, and the buyer, Stanhope Purchaser LLC, in the transaction.

July 23, 2015

Midwest Multifamily Ohio

Hamilton Point Investments Acquires Apartment Property near Columbus for $14.6M

by Jonathan Mehall July 23, 2015

GROVE CITY, OHIO — Hamilton Point Investments LLC has acquired Collier Park, an apartment property in Grove City, about 10 miles southwest of Columbus. The purchase price was $14.6 million. Built in 2001, Collier Park is a 232-unit apartment complex located directly off I-71 and I-270. Collier Park features one- and two- bedroom apartment homes with lake views and a variety of amenities including fully equipped kitchens, washer/dryer connections, air conditioning and spacious closets. Hamilton Point Investments, based in Old Lyme, Conn., has plans to make modest interior and exterior upgrades at the property over the coming year. George Skaff of ARA Newmark represented the seller, Champion Cos., in the transaction.

July 23, 2015

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $3.5M HUD Loan for Affordable Housing Project in Minneapolis

by Jonathan Mehall July 23, 2015

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $3.5 million HUD 221(d)(4) loan for the rehabilitation of The Cameron, a 44-unit affordable housing property located in the North Loop of Minneapolis. Dougherty’s Minneapolis office arranged the 40-year permanent financing loan for Cameron Building Ltd. Partnership. The owner is renovating the 40,000-square-foot building, which is listed on the National Register of Historic Places. The Cameron will offer much-needed workforce housing in a neighborhood where the demand is strong, according to Dougherty. Located just minutes from downtown Minneapolis and Target Field, the site provides convenient access to transportation and neighborhood amenities. When completed, the project will consist of 44 studio, one- and two-bedroom apartments. Rents will range from $596 to $1,100 per month, and units will be set aside for tenants earning 50 percent and 60 percent of area median income. Building amenities will include a fitness room, a Wi-Fi lounge, bicycle storage, and storage lockers. Additional sources of funding include low-income housing tax credits, federal and state historic tax credits, the Hennepin County Affordable Housing Incentive Fund, Minneapolis Community Planning & Economic Development, Minneapolis Affordable Housing Trust Fund, Metropolitan Council Local Housing Incentives Account, Minnesota Housing Finance Agency Challenge, Metropolitan Council Tax …

July 23, 2015

Colorado Multifamily Western

Denver Apartment Building Sells for $2.8M

by Nellie Day July 23, 2015

DENVER — A local multifamily investor has purchased a 20-unit apartment building in Denver for $2.8 million. The community is located at 833 Dexter St. The new investor also owns a few other properties within the same neighborhood. Matt Lewallan and Kevin Calame of Pinnacle Real Estate Advisors represented the buyer.

July 23, 2015

Michigan Midwest Multifamily

Institutional Property Advisors Completes Sale of 2,226-Unit Apartment Community in Troy, Mich.

by Jonathan Mehall July 22, 2015

TROY, MICH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of Somerset Park Apartments, a 2,226-unit, garden-style apartment community, for an undisclosed price. The apartment complex is located at 1911 Golfview Drive in Troy and is adjacent to Somerset Collection, a 1.4 million million-square-foot mall with more than 180 specialty stores. Major employers in the area include Bank of America, Delphi Corp., and ThyssenKrupp. All the apartments feature spacious kitchens with frost-free refrigerators and dishwashers, ceramic-tiled baths, large closets, window treatments, private patios/balconies, air-conditioning and individual alarm systems. Steve Witten and Victor Nolletti of IPA Northeast and Florida, along with Paul Davis and Andrew Daitch of Marcus & Millichap’s Detroit office, represented the seller and procured the buyer.

July 22, 2015

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