Multifamily

Magma Equities Acquires 240-Unit Apartment Complex in Roanoke, Texas

by Taylor Williams October 21, 2022

ROANOKE, TEXAS — Southern California-based investment firm Magma Equities has acquired Lost Spurs Ranch, a 240-unit apartment complex located north of Fort Worth in Roanoke. Built in 2001, the property comprises 12 three-story buildings that house one-, two- and three-bedroom units on a 13.5-acre site. The amenity package comprises a pool, fitness center, basketball court, playground and a media room. Magma Equities, which acquired the asset in a joint venture with Walker & Dunlop Investment Partners as part of a larger off-market portfolio deal, plans to upgrade the unit interiors and building exteriors. Moody National Cos. sold the property for an unspecified price. Lost Spurs Ranch, which was acquired in conjunction with the 580-unit Village at Bellaire in Houston, was 99 percent occupied at the time of sale.

October 21, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $18.3M Sale of Apartment Complex in Vineland, New Jersey

by Taylor Williams October 21, 2022

VINELAND, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $18.3 million sale of Spring Gardens, a 130-unit apartment complex located in the Northern New Jersey community of Vineland. The property was built on 13.4 acres in 1974 and houses 64 one-bedroom units and 66 two-bedroom residences across 16 buildings. Joni Sweetwood of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

October 21, 2022

Loans Midwest Minnesota Multifamily

Associated Bank Provides $30M Loan for Construction of Luxury Apartment Complex in Chaska, Minnesota

by Kristin Harlow October 21, 2022

CHASKA, MINN. — Associated Bank has provided a $30 million loan for the construction of The Gallery of Chaska in suburban Twin Cities. The four-story luxury apartment complex will feature 175 units at 3200 Clover Ridge Drive. Amenities will include a courtyard and pool. Units will feature condo-style finishes, and residents will have access to an underground parking garage with 182 parking spaces. Completion is slated for February 2024. Randy Stille of Associated Bank managed the loan and closing on behalf of the borrower, Chase Real Estate.

October 21, 2022

Affordable Housing Loans Michigan Midwest Multifamily

Greystone Provides $10.8M HUD-Insured Loan for Refinancing of Michigan Affordable Housing Community

by Kristin Harlow October 21, 2022

SAGINAW TOWNSHIP, MICH. — Greystone has provided a $10.8 million HUD 223(f) loan for the refinancing of Lakeside Village Apartments in Saginaw Township within central Michigan. The 200-unit affordable housing community was constructed in 1980. Lisa Fischman of Greystone originated the 35-year loan, which features a fixed interest rate and a 35-year amortization schedule. The Altman Cos. was the borrower. The property qualifies for a lower annual mortgage insurance premium (MIP) of 0.25 percent because it is rent-restricted. In addition to the refinancing, loan proceeds will enable the borrower to continue with ongoing property improvements, according to Greystone.

October 21, 2022

Acquisitions Indiana Midwest Multifamily Seniors Housing

Blueprint Negotiates Sale of 148-Unit Senior Living Community in Indianapolis

by Kristin Harlow October 21, 2022

INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Discovery Commons at College Park, a 148-unit independent living community in Indianapolis. A publicly traded REIT sold the asset to Elevation Financial Group, which plans to convert the community to active adult living. The sales price was not disclosed.

October 21, 2022

California Development Loans Mixed-Use Multifamily Retail Western

JLL Arranges $69M Construction Loan for Centro Callan Mixed-Use Development in San Leandro, California

by Amy Works October 21, 2022

SAN LEANDRO, CALIF. — JLL Capital Markets has arranged $69 million in construction financing for Centro Callan, a mixed-use apartment complex in San Leandro. The borrowers are The Martin Group, Sansome Pacific Properties and STARS REI. Brandon Roth, Spencer Bergthold and Elijah Lax of JLL Capital Markets secured the floating-rate construction loan through Principal Real Estate. The five-story Centro Callan will feature 196 apartments in a mix of studio, one-, two- and three-bedroom layouts with quartz countertops, backsplashes, stainless steel appliances, full-size washers/dryers, wide-plank flooring, kitchen islands, smart access control and oversized patios and balconies in select units. Community amenities include 31,000 square feet of ground-floor retail space anchored by Sprouts Farmers Market, 20,000 square feet of open space, a dog wash station, chef’s entertaining kitchen, clubroom with televisions, indoor phone booths and conference rooms, outdoor work pods, outdoor barbecues and televisions, an outdoor game area and a secret garden.

October 21, 2022

Acquisitions Multifamily Oregon Western

SR Watt Co. Buys Two-Property Multifamily Portfolio in Suburban Portland for $60M

by Amy Works October 21, 2022

SHERWOOD AND BEAVERTON, ORE. — SR Watt Co. has acquired a two-property apartment portfolio, including Cannery Row at 22550 SW Highland Drive in Sherwood and Westline at 4545 SW Angel Ave. in Beaverton. Madison Park Financial Group sold the assets for $60 million. Built in 2013, Cannery Row features 101 apartments in a mix of studio, one-, two- and three-bedroom layouts with an average unit size of 840 square feet. Community amenities include a resident lounge, fitness center, community patios and pet grooming station. Constructed in 2017, Westline offers 87 studio, one- and two-bedroom units, with an average size of 737 square feet. Onsite amenities include 2,280 square feet of retail space, pet/bike wash station, fitness center and a rooftop deck with barbecue grills, fire pit and views of Mt. Hood. SR Watt Co. was self-represented, while Ira Virden, Carrie Kahn and Frank Solorzano of the JLL Capital Markets Investment Sales Advisory team represented the seller in the transaction.

October 21, 2022

Acquisitions Multifamily Texas

Magma Equities Buys 580-Unit Village at Bellaire Apartments in West Houston

by Taylor Williams October 20, 2022

HOUSTON — Southern California-based investment firm Magma Equities has purchased Village at Bellaire, a 580-unit apartment community in West Houston. Built in 1990, Village at Bellaire consists of 25 three-story buildings that house one- and two-bedroom units on a 14.4-acre site. Residences are furnished with stainless steel appliances, brushed nickel hardware, granite countertops and full-size washers and dryers. Select apartments also offer private balconies/patios. The amenity package consists of two pools, a fitness center, outdoor grilling and dining stations, clubhouse, game room, business center and package concierge services. Magma Equities, which acquired the asset in a joint venture with Walker & Dunlop Investment Partners and Pacific Life as part of a $189 million off-market portfolio deal, plans to upgrade the unit interiors and building exteriors. Moody National Cos. sold the property for an unspecified price.

October 20, 2022

Development Multifamily Texas

KWA Construction Breaks Ground on 362-Unit Settler Apartments in Fort Worth

by Taylor Williams October 20, 2022

FORT WORTH, TEXAS — Locally based general contractor KWA Construction has broken ground on Settler Apartments, a 362-unit multifamily project in Fort Worth. Designed by Hensley Lamkin Rachel and developed by Toll Brothers, Settler Apartments will be a four-story structure that will wrap around a five-story precast parking garage. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, outdoor grilling and dining stations, clubroom, dog run and a conference center. Completion is slated for summer 2024.

October 20, 2022

Acquisitions Multifamily Texas

Bell Partners Acquires 234-Unit Multifamily Property in Frisco

by Taylor Williams October 20, 2022

FRISCO, TEXAS — North Carolina-based investment firm Bell Partners has acquired Residences at Starwood, a 234-unit multifamily property located north of Dallas in Frisco that was completed in 1998. According to Apartments.com, the property offers one-, two- and three-bedroom units ranging in size from 662 to 1,465 square feet. Amenities include a pool, fitness center, clubhouse and outdoor grilling and dining areas. Bell Partners acquired the asset as part of a portfolio of four multifamily properties totaling 846 units that collectively fetched a price of $313 million. The seller was not disclosed.

October 20, 2022

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