SAN ANTONIO — Dallas-based Westmount Realty Capital has sold Joule Apartment Homes, a 300-unit multifamily community in San Antonio. Westmount acquired and rebranded the community, which was built on 9.5 acres in 1974, in early 2019. Units come in one- and two-bedroom floor plans and average 682 square feet. Amenities include two pools, a 24-hour fitness center, resident clubhouse with a full kitchen, laundry facility and a dog park. Joule Apartment Homes was 96 percent occupied at the time of sale. Brandon Baksh and Brian Yee of New York City-based Dwight Capital provided a $24.4 million acquisition loan for the undisclosed buyer. Patrick Short of Walker and Dunlop arranged the debt.
HOUSTON — Berkadia has negotiated the sale of Hollister Apartments, a 156-unit multifamily property in southeast Houston. Built in 1976 and renovated in 2019, Hollister Apartments features one-, two- and three-bedroom apartments. Newly renovated units range in size from 362 to 1,350 square feet. Amenities include two pools, a pet park, open green spaces and onsite laundry facilities. Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Southern California-based Sunstone Property Trust, in the transaction. Johnny King of Berkadia originated Freddie Mac acquisition financing on behalf of the buyer, New York-based Lone Star Capital.
BERKELEY, CALIF. — Gemdale USA has completed the sale of Blake at Berkeley, a multifamily property located at 2033 Blake St. in Berkeley. An undisclosed buyer acquired the community for $66 million, or $785,700 per unit. Completed in December 2021, Blake at Berkeley features 32 studio, 34 one-bedroom, 16 two-bedroom and two live-work units. Community amenities include a central courtyard, a roof deck with 360-degree views, two large common-area patios, coworking spaces and garage parking. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group represented the seller in the transaction.
CRG Begins Development of 245-Unit Apartment Project at Streets of St. Charles in Suburban St. Louis
ST. CHARLES, MO. — CRG has begun development of Chapter at The Streets, a 245-unit apartment complex at The Streets of St. Charles, a mixed-use property in the St. Louis suburb of St. Charles. CRG is building the five-story building in partnership with AFL-CIO Building Investment Trust. Completion is slated for the second quarter of 2023. Chapter at The Streets will offer one- and two-bedroom units with monthly rents starting at $1,400. Amenities will include a pool, outdoor deck, fitness center, resident lounge, coworking space and pet grooming station. The project team includes Chicago-based Humphreys & Partners Architects LP and Chesterfield, Mo.-based Brinkmann Constructors. CRG’s Chapter-branded multifamily product is a national collection of upscale apartments. Chapter at The Streets is the third Chapter-branded project. The Streets of St. Charles is a 27-acre mixed-use development owned by Cullinan Properties Ltd.
HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Folly Brook Manor, a 184-unit multifamily property in Hartford. The seven-building community was built on 17 acres in 1961 and features two-bedroom units with an average size of 800 square feet. Eric Pentore, Victor Nolletti and Wes Klockner of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
INDIANAPOLIS — Berkadia has provided a $40.2 million Fannie Mae loan for the refinancing of Pickwick Farms, a 516-unit, garden-style apartment complex in Indianapolis. Located at 1540 Handball Lane, the property features a mix of studio, one-, two- and three-bedroom floorplans. Amenities include a pool, fitness center, dog park, playground, picnic area, basketball court and volleyball court. Jason Brown and Austin Katai of Berkadia Indianapolis originated the 10-year loan, which features an interest rate of 3.7 percent and a 30-year amortization schedule. Indiana-based Zidan Management Group Inc. was the borrower.
ALSIP, ILL. — American Street Capital (ASC) has arranged an $11.4 million loan for the refinancing of a 144-unit multifamily property in Alsip, a southwest suburb of Chicago. Built in 1974, the property consists of 12 buildings across nearly six acres. The complex was 94 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the five-year loan, which features a fixed interest rate and a 30-year amortization schedule. A bank provided the loan. The borrower acquired the asset in the first quarter of 2020 and immediately began implementing a value-add strategy. The property received new roofs, common areas, siding, unit flooring and kitchens.
ATLANTA — Multifamily investors increasingly view Atlanta as a tier-one market. Speakers on a panel at France Media’s InterFace Multifamily Southeast conference, held in Atlanta on Dec. 2, point to several reasons why the region is the right place, right now, to build, buy and sell all manner of apartment assets. “In Atlanta, you’ve got an incredible diversity and strength of employers,” said Chad DeFoor, senior director of multifamily sales for Franklin Street. Total nonfarm payroll employment in metro Atlanta rose by 134,800 from October 2020 to October 2021, a 5 percent increase, according to the U.S. Bureau of Labor Statistics. DeFoor was joined by Bianca Tabourn, managing director with Stockbridge; Steve Baile, chief development and operating officer with Selig Enterprises; Patrick Chesser, managing director of Mill Creek Residential Trust; Seth Greenberg, CEO of ECI Group; and panel moderator Jason Nettles, managing director with Northmarq. The speakers in the session titled, “Atlanta Market Update: An In-Depth Look at Leasing, Investment and Development,” all remarked that job growth and high-profile employers moving into the area are, in part, helping to curry favor among investors. In the public and private realms, interest is growing in the apartment market in Atlanta and in …
PLANO, TEXAS — A joint venture between High Street Residential and Principal Real Estate Investors has broken ground on Legacy Square, a 363-unit multifamily project in Plano. Units will be available in one-, two- and three-bedroom floor plans with private garages and patios/balconies available in select residences. Amenities will include a pool, courtyard with lounge seating, fitness center, clubroom, business center with conference facilities and four acres of open space. GFF Architects is designing the project, and Andres Construction is the general contractor. The first units are expected to be available for occupancy in late 2022, with full completion slated for June 2023.
AUSTIN, TEXAS — Houston-based Allied Orion Group will develop a 350-unit apartment community within Whisper Valley, a 2,067-acre master-planned community on the east side of Austin by master developer Taurus Investment Holdings. Designed by The Sage Group, Evergreen at Whisper Valley will feature one-, two- and three-bedroom units. Amenities will include a pool with cabanas, fitness center, clubhouse with a game room and catering kitchen, grilling areas with gazebos, a dog park with an agility course, business center and a beer garden. Construction is scheduled to begin in the first quarter of 2023, with the first units being delivered in the second quarter of 2024.