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Multifamily

Affordable HousingFeaturesLoansMultifamily

Despite Slowdown in Deal Volume, GSEs Remain the ‘Best Game in Town’

by John Nelson

By John Nelson Lending activity in the multifamily divisions of Fannie Mae and Freddie Mac is in the midst of a prolonged slump.  The 2023 multifamily loan volumes for the government-sponsored enterprises (GSEs) were down significantly year-over-year, with Fannie Mae at $52 billion last year (compared to $69 billion in 2022) and Freddie Mac at $48 billion (compared to $73.8 billion in 2022).  And it doesn’t appear that deal volume will return to the frothy levels achieved in 2022 this year. Fannie Mae executed $10.1 billion in loans during the first quarter of 2024, which is almost identical to its first-quarter 2023 production. Freddie Mac generated $9 billion in multifamily loans in the first quarter — up significantly from $6 billion in first-quarter 2023 — but down nearly 45 percent from fourth-quarter 2023. While the GSEs freely acknowledge the slowdown in business, they are more than holding their own when it comes to serving borrowers. The Mortgage Bankers Association (MBA) reports that multifamily loan originations totaled $264 billion in 2023, with the agencies accounting for 38 percent of all multifamily originations. By comparison, the share of overall multifamily originations was closer to 29 percent for Fannie Mae and Freddie Mac …

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AcquisitionsMultifamilyTop Stories

KKR Acquires $2.1B National Multifamily Portfolio

by Hayden Spiess

NEW YORK CITY — New York City-based investment firm KKR has acquired a portfolio of multifamily properties for roughly $2.1 billion. Development and operating company Quarterra Multifamily was the seller.  Situated throughout the United States, the portfolio comprises more than 5,200 multifamily units. The properties include a mix of mid- and high-rise buildings, with a concentration in the states of California, Washington, Florida, Texas, Georgia, North Carolina, Colorado and New Jersey. The number of individual properties was not disclosed. According to Daniel Rudin, KKR managing director, the portfolio “serves high-growth metropolitan areas across the country, where new supply will slow down significantly looking out beyond the next couple years.” “We believe this is a great moment to invest in real estate, as transaction activity starts to pick up on the heels of two years of dislocation in commercial real estate markets,” adds Justin Pattner, partner and head of real estate equity in the Americas with KKR.  Gibson Dunn & Crutcher LLP advised KKR in the transaction, and Troutman Pepper Hamilton Sanders LLP and Jones Lang LaSalle advised the seller.  Carter-Haston, MG Properties and Dalan Real Estate will work with KKR to operate the properties moving forward.  — Hayden Spiess

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AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 324-Unit Apartment Community in Little Elm, Texas

by Taylor Williams

LITTLE ELM, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The District in Little Elm, a 324-unit apartment community located on the northern outskirts of Dallas. The property was built on 10 acres in 2023 and includes 19 townhomes and 10,000 square feet of retail and restaurant space. Units come in one-, two- and three-bedroom floor plans. The amenity package comprises a pool, fitness center, dog park and spa, clubhouse, package lockers, private work pods, a coffee bar and grilling stations. Drew Kile, Taylor Hill, Michael Ware and Cameron Purse of IPA represented the seller, Palladium USA, in the transaction and procured the buyer, Quarry Capital.

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AcquisitionsMultifamilyTexas

Partners Real Estate Brokers Sale of San Antonio Apartment Building

by Taylor Williams

SAN ANTONIO — Partners Real Estate has brokered the sale of an apartment building in San Antonio’s Oak Park/Northwood neighborhood. According to Apartments.com, Riviera Apartments totals 20 units in studio, one- and two-bedroom floor plans and was built in 1965. Steve Garza and Justin Ventura of Partners represented the buyer, an entity doing business as SP 2118 Edgehill LLC, in the transaction. Diego Guevara of Core Commercial represented the undisclosed seller.

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Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

AHC, Hoffman & Associates Open 449-Unit Mixed-Income Apartments in Southwest DC

by John Nelson

WASHINGTON, D.C. — Affordable Homes & Communities (AHC) and Hoffman & Associates have opened The Westerly, a 449-unit apartment community in southwest Washington, D.C. The mixed-income property features apartments in studio, one- and two-bedroom layouts, including 136 units that are evenly split with income restrictions set at 30 and 50 percent of the area median income (AMI). The property is situated less than one block from the Waterfront Station Green Line Metro station and three blocks from The Wharf, a multibillion-dollar mixed-use development co-developed by Hoffman & Associates. Designed by Torti Gallas + Partners, The Westerly features a façade with cascading balconies and landscapes by Michael Vergason. The property also includes 20,000 square feet of amenities, including a rooftop pool deck, outdoor courtyard with a fire pit, entertainment lounges, fitness center, coworking and meeting spaces and a lobby lounge. The Westerly also houses 29,000 square feet of retail space leased to Good Company Doughnut Café, GoodVets and AppleTree Public Charter School. AHC and Hoffman funded the project using a market-rate equity investment with both 4 percent and 9 percent Low-Income Housing Tax Credits (LIHTC). Partners in the development included development partners CityPartners and Paramount Development; capital partners Grosvenor Americas, Merchants …

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DevelopmentLoansMultifamilyNew YorkNortheast

Affinius Capital, Kennedy Wilson Provide $160M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, and global investment firm Kennedy Wilson have provided a $160 million construction loan for a multifamily project in Brooklyn. The site at 340 Nevins St. is located in the Gowanus neighborhood. The project will be a 22-story building that will house 320 units, 25 percent of which will be set aside as affordable housing, as well as 29,000 square feet of retail space. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, coworking spaces and indoor and outdoor lounges. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the debt on behalf of the borrower, a partnership between Tavros Holdings and Charney Cos. Completion is slated for mid-2027.

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Affordable HousingDevelopmentKansasLoansMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $29.6M in LIHTC Equity for Affordable Housing Project in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — Walker & Dunlop Inc. has arranged $29.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity for the financing of Canyon Creek East, an affordable housing project in Lenexa. The development will include 212 units across five buildings. Jennifer Erixon led the Walker & Dunlop team that arranged the LIHTC equity, which will finance approximately 40 percent of the total development costs, on behalf of MRE Capital. Canyon Creek East is part of the larger Cedar Canyon West development plan, which encompasses a mix of residential, commercial and recreational facilities. MRE’s development will provide units for households earning between 30 and 80 percent of the area median income.  

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $5M Sale of Multifamily Property in Chicago’s Uptown Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 30-unit multifamily property in Chicago’s Uptown neighborhood for $5 million. Built in 1927 and renovated in 2014, the asset at 5051 N. Kenmore Ave. was fully leased at the time of sale. Joe Smazal of Interra represented the buyer, East Superior Real Estate Partners, and the seller, an East Coast-based investment company. The buyer assumed the property’s existing mortgage, which carries an interest rate below current market levels.

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AcquisitionsLoansMultifamilyWashingtonWestern

Washington Federal Bank Completes Sale of $2.8B in Multifamily Loans

by Amy Works

SEATTLE — Washington Federal Bank, the wholly owned subsidiary of WaFd Inc. (NASDAQ: WAFD), has consummated the sale of approximately $2.8 billion of multifamily commercial real estate loans to Bank of America, which in turn is selling the loans to funds managed by Pacific Investment Management Co. The sale of the multifamily loans was executed at no loss to WaFd and provides immediate liquidity, according to the seller. The packaged loans all came from WaFd’s acquisition of Luther Burbank Savings in March. The sale of the CRE loans was not a condition of the merger.

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AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Negotiates $19.9M Sale of Uptown Queen Anne Apartments in Seattle

by Amy Works

SEATTLE — Kidder Mathews has negotiated the sale of Uptown Queen Anne Apartments, a mid-rise multifamily property at 315 First Ave. W. in Seattle. The seller, which originally developed the building in 2001, sold the asset to Trinity Real Estate for $19.9 million, or $331,000 per unit. Situated in the Queen Anne neighborhood, Uptown Queen Anne Apartments features 60 apartments and two commercial spaces. Jerrid Anderson and Winslow Lee of the Simon and Anderson team, a multifamily investment team based at Kidder Mathews’ Seattle headquarters, represented the seller in the off-market transaction.

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