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Multifamily

Terracina-Apts-Broomfield-CO
ColoradoLoansMultifamilyWestern

Mesa West Capital Provides $139.9M Loan for Acquisition, Repositioning of Terracina Apartments Near Denver

by Amy Works

BROOMFIELD, COLO. — Mesa West Capital has provided Sares Regis Group with $139.9 million in first mortgage debt for its acquisition and repositioning of Terracina Apartments, located at 13620 Via Varra Road in Broomfield. Built in 2010, the 16.5-acre community features 386 apartments in a mix of one- and two-bedroom apartments spread across four four-story residential buildings. On-site amenities include a pool and hot tub, clubhouse, fitness center, coworking lounge, dog park, pet wash, fire pit and grilling area, and outdoor games area. At the time of sale, the property was 95.1 percent leased. Brian Torp of Jones Lang LaSalle arranged the financing. A portion of the loan proceeds will help fund the borrower’s capital improvement plan that will feature upgrades to unit interiors, as well as the renovation of the community’s common areas. The floating-rate loan features a five-year term.

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North-Union-Midvale-UT
AcquisitionsMultifamilyUtahWestern

IPA Brokers Sale of 223-Unit North Union Multifamily Property in Midvale, Utah

by Amy Works

MIDVALE, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of North Union, a multifamily community in Midvale. Rockworth Cos. sold the asset to Keller Investments for an undisclosed price. Built in 2022, North Union features 223 apartments, common areas with full kitchens, dining rooms, workstations and a game room. Outdoor amenities include an outdoor rooftop deck with firepits, barbecue grilling stations and outdoor lounging seating; a fitness center with a yoga studio; a pool and hot tub area; and a bocce ball court. Additionally, the community features a pet spa and dog wash; secure parking and storage; a ski and bike repair center; and 7,455 square feet of main-floor retail space. Danny Shin and Brock Zylstra represented the seller in the transaction. Anita Paryani-Rice of IPA Capital Markets arranged the financing for the buyer. A debt fund provided the capital, which features a 73 percent loan-to-cost ratio. The nonrecourse loan has a term of three years with extensions that offer the borrower flexibility on exit.

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DevelopmentMultifamilyTexas

Presidium Completes 370-Unit Multifamily Project in San Antonio

by Taylor Williams

SAN ANTONIO — Texas-based developer Presidium has completed Presidium Chase Hill, a 370-unit multifamily project located near La Cantera Resort on the north side of San Antonio. Designed by REES Associates, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, walk-in closets and smart technology features. Amenities include a pool with a lounge and outdoor kitchen, a two-story fitness center with a yoga studio, clubhouse with a leasing office, multiple Wi-Fi lounges, dog park with a grooming station, media room and a rooftop terrace. Rents start at approximately $1,400 per month for a one-bedroom unit.

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DevelopmentMultifamilyTexas

RangeWater Underway on 350-Unit Multifamily Development in Metro Austin

by Taylor Williams

MANOR, TEXAS — Atlanta-based developer RangeWater Real Estate is underway on construction of The Darby, a multifamily development in the northeastern Austin suburb of Manor that will consist of 326 apartments and 24 townhomes. Apartments will feature one-, two- and three-bedroom floor plans ranging in size from 757 to 1,400 square feet, and townhomes will come in three-bedroom formats with garages and private yards. The communal amenity package comprises a pool, fitness center, dog park and outdoor grilling and dining areas. Construction is scheduled to be complete in fall 2023.

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Pecan-Springs-San-Antonio
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 344-Unit Pecan Springs Apartments in Northwest San Antonio

by Taylor Williams

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Pecan Springs, a 344-unit apartment community in northwest San Antonio. Built on 16 acres in 2013, Pecan Springs features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, resident lounge, dog park, outdoor grilling stations and package lockers. Will Balthrope and Drew Garza of IPA represented the seller, Tampa-based American Landmark, and procured the buyer, Alabama-based StoneRiver Co., in the transaction. At the time of sale, Pecan Springs had an average occupancy rate of 96 percent on a trailing 12-month basis.

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AcquisitionsConnecticutMultifamilyNortheast

IPA Negotiates Sale of 264-Unit Capitol View Apartment Homes in Hartford

by Taylor Williams

HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Capitol View Apartment Homes, a 264-unit multifamily complex in downtown Hartford. Built in 1955 and renovated between 2002 and 2013, the 10-story building houses units with an average size of 542 square feet and offers amenities such as a lounge, fitness center and concierge service. Victor Nolletti, Wes Klockner and Eric Pentore of IPA represented the seller, an entity doing business as MATP LLC, in the transaction. The trio also procured the buyer, EOM Equity LLC.

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LoansMassachusettsMultifamilyNortheast

Greystone Provides $15.3M Agency Loan for Refinancing of Multifamily Asset in Fall River, Massachusetts

by Taylor Williams

FALL RIVER, MASS. — Greystone has provided a $15.3 million Fannie Mae loan for the refinancing of a historic, 103-unit multifamily asset in Fall River, located near the Massachusetts-Rhode Island border. Commonwealth Landing was originally built in the 1880s as a cotton mill and was converted into a multifamily complex with one-, two- and three-bedroom units in 2016. Shana Daby of Greystone originated the fixed-rate, nonrecourse loan, which features three years of interest-only payments, on behalf of the borrower, an entity doing business as Mechanics Mill Two LLC. Michael Corso of Kingston Capital provided debt advisory services.

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DevelopmentFloridaSoutheastStudent Housing

RD Management, Core Spaces Open $65M Student Housing Community Near USF in Tampa

by John Nelson

TAMPA, FLA. — RD Management LLC and Core Spaces have opened Hub Tampa, a 359-unit student housing community located at the corner of University Square and Club drives in Tampa. The $65 million, off-campus property is situated near the University of South Florida (USF) and features 900 student housing beds. Amenities include a health and wellness center, rooftop pool and a study and work center, as well as an activities and events area. The student housing property is part of a mixed-use redevelopment of University Mall named RITHM. The 113-acre campus will include new Sprouts Farmers Market and Burlington stores that are set to open in 2023, as well as an extended stay Marriott hotel.

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AcquisitionsFloridaMultifamilySoutheast

CLK Purchases Park Apartments in Mobile for $15.8M

by John Nelson

MOBILE, ALA. — CLK, a Long Island-based commercial real estate investment firm, has acquired The Park Apartments, a 201-unit multifamily community located at 1 Country Lane in Mobile. Lakewood, N.J.-based Walden Asset Group sold the property for $15.8 million, or $78,600 per unit. Aaron Jungreis and David Wildes of Rosewood Realty Group represented both the buyer and seller in the off-market transaction. Built in 1975, Park Apartments features 20 two-story buildings, a pool, fitness center, playground and a picnic area. The property is situated on 11.5 acres within three miles of the Mobile Regional Airport and the University of Southern Alabama. The community was 95 percent occupied at the time of sale.

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Affordable HousingLoansMidwestMultifamilyNorth Dakota

Colliers Mortgage Provides $10.9M HUD-Insured Loan for Acquisition of North Dakota Affordable Housing Portfolio

by Kristin Harlow

GRAND FORKS, N.D. — Colliers Mortgage has provided a $10.9 million HUD-insured loan for the acquisition and rehabilitation of a three-property, 182-unit affordable housing portfolio in Grand Forks. University Square comprises 60 units, Columbia Square South includes 72 units and Columbia Square East features 50 units for seniors. All units are covered by Section 8 Housing Assistance Payments (HAP) contracts. The properties will undergo $13.6 million in renovations. Additional funding comes from low-income housing tax credits, housing incentive funds from the North Dakota Housing Finance Agency and tax-exempt bonds, which were underwritten by Colliers Securities LLC. The borrower, Schuett Grand Forks LP, is an entity controlled by The Schuett Cos. Inc., which will also manage the properties. The 40-year loan features a 40-year amortization schedule.

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