Multifamily

Lee & Associates Arranges $58M Sale of Holly Hall Apartments in Houston

by Taylor Williams October 8, 2021

HOUSTON — Lee & Associates has arranged the $58 million sale of Holly Hall Apartments, a 569-unit multifamily community in Houston. The sales price equates to roughly $102,000 per unit. The property is located on an 18.5-acre site near NRG Stadium and Texas Medical Center. Units range in size from 598 to 1,354 square feet and are furnished with custom cabinetry, granite countertops and individual washers and dryers. The amenity package consists of a pool, fitness center, spa, picnic area, pet play area and a courtyard. Matthew Jacocks of Lee & Associates represented the buyer, Miami-based GDF Properties, in the transaction. The seller was Harbert Management Corp FEICA/Holly Hall LLC. Seth Denison, also with Lee & Associates, arranged acquisition financing for the deal.

October 8, 2021

Acquisitions Multifamily Texas

Praedium Group Acquires 347-Unit Norra Apartments in Lewisville, Texas

by Taylor Williams October 8, 2021

LEWISVILLE, TEXAS — The Praedium Group, a New York City-based investment firm, has acquired Norra, a 347-unit apartment community located in the northern Dallas suburb of Lewisville. The newly built property offers one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops, vinyl plank flooring and full-sized washer and dryers. Communal amenities include a pool, fitness center, clubhouse, work lounge, recreational lounge with a kitchen, dog park and a package locker system. The seller/developer of Norra was not disclosed. New York Life Real Estate Investors, a division of New York Life Insurance Co., provided acquisition financing for the deal. Information on starting rents was not disclosed.

October 8, 2021

Acquisitions Midwest Multifamily Wisconsin

JVM Realty Acquires 480-Unit Luxury Apartment Complex in Kenosha, Wisconsin

by Kristin Harlow October 8, 2021

KENOSHA, WIS. — JVM Realty Corp. has acquired The Reserve at Kenosha, a 480-unit luxury apartment complex in the southeastern Wisconsin town of Kenosha. The purchase price was undisclosed. The property includes 23 buildings across 68 acres. Amenities include two fitness centers, two pools, two car care centers, three dog parks, a pet spa and full-service kitchen. Formerly known as The Springs at Kenosha, the property’s final phase was completed in 2020. JVM’s central region team will manage the asset. Pete Evans and Ralph DePasquale of Berkadia Chicago, along with Richard Evans of Berkadia Milwaukee, represented the seller, Wisconsin-based Continental Properties Co. Inc.

October 8, 2021

Loans Midwest Minnesota Multifamily Northmarq

NorthMarq Arranges $19M Construction Loan for Multifamily Adaptive Reuse Project in St. Paul

by Kristin Harlow October 8, 2021

ST. PAUL, MINN. — NorthMarq has arranged a $19 million construction loan for an adaptive reuse project at 1554 Midway Parkway in St. Paul. The former seniors housing facility will be transformed into 148 market-rate apartment units. Completion is slated for next year. Michael Padilla of NorthMarq’s Minneapolis office arranged the five-year loan, which features two years of interest-only payments followed by a 25-year amortization schedule. A local bank provided the loan on behalf of the borrower, Premier Holdings LLC.

October 8, 2021

Development Multifamily Northeast Pennsylvania

GMH Communities Begins Leasing 225-Unit Apartment Community in Malvern, Pennsylvania

by Taylor Williams October 8, 2021

MALVERN, PA. — Metro Philadelphia-based developer GMH Communities has begun leasing The Yards at Malvern, a 225-unit apartment community located on the western outskirts of Philadelphia. The property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, conference room, courtyard, golf simulator, bocce ball court and a package locker system. GMH Communities developed The Yards at Malvern in a joint venture with AEW Capital Management LP. Rents start at approximately $1,500 per month for a studio unit.

October 8, 2021

Development Massachusetts Multifamily Northeast

Alliance Residential, GID Complete Phase II of 211-Unit Multifamily Complex in Billerica, Massachusetts

by Taylor Williams October 8, 2021

BILLERICA, MASS. — A partnership between Arizona-based developer Alliance Residential and GID Real Estate Investments has completed Phase II of The Val, a 211-unit multifamily complex in Billerica, a northern suburb of Boston. Phase I of the project was completed this summer and consisted of 110 units. Residences come in one-, two- and three-bedroom formats, and amenities include a pool, fitness center and outdoor grilling stations. Project partners included architect Cube3, civil engineer Allen & Major Associates, general contractor Erland Construction and leasing/management agent Greystar. Rents start at $2,325 per month for a one-bedroom apartment.

October 8, 2021

Acquisitions Connecticut Multifamily Northeast Seniors Housing

SLIB Negotiates Sale of 62-Bed Skilled Nursing Facility in Plainfield, Connecticut

by Taylor Williams October 8, 2021

PLAINFIELD, CONN. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Villa Maria Nursing and Rehab, a 62-bed skilled nursing facility in Plainfield. The seller was a private investor, and the buyer was a New England-based owner-operator that now owns three communities in Connecticut. The price was not disclosed. Dave Balow of SLIB handled the transaction.

October 8, 2021

Acquisitions Multifamily Student Housing Texas

TSB Realty Arranges Sale of 858-Bed Student Housing Community Near UT Austin

by Taylor Williams October 7, 2021

AUSTIN, TEXAS — Pennsylvania-based TSB Realty has arranged the sale of Villas on Rio, an 858-bed student housing community located near the University of Texas in Austin. An affiliate of Blue Vista Capital Management purchased the property from Villas Student Housing for an undisclosed price. Completed in fall 2021, the property offers shared amenities including a rooftop pool with cabanas and a hot tub; a full spa with hydrotherapy pools, individual steam rooms, saunas and a meditation room; and a fitness center. TSB Capital Advisors, an affiliate of TSB Realty, secured an undisclosed amount of acquisition financing on behalf of the buyer.

October 7, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 233-Unit View at Belterra Apartments in Metro Austin

by Taylor Williams October 7, 2021

DRIPPING SPRINGS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of View at Belterra, a 233-unit apartment community in Dripping Springs, a western suburb of Austin. The property was built earlier this year on eight acres within the 93-acre Belterra Village mixed-use development. Units feature one-, two- and three-bedroom floor plans with an average size of 988 square feet. Amenities include a pool, wellness center, coworking spaces, sky lounge, clubroom and kitchen and a package room with cold storage capabilities. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, American Residential Group, in the transaction. Oregon-based Hayden Properties purchased the asset for an undisclosed price.

October 7, 2021

Alabama Loans Multifamily Southeast

Berkadia Provides $24.6M Refinancing for Multifamily Property in Saraland, Alabama

by Julia Sanders October 7, 2021

SARALAND, ALA. — Berkadia has provided $24.6 million in permanent refinancing for Olde Oak Apartments, a garden-style multifamily property in Saraland. Pat Garlich of Berkadia originated the seven-year Freddie Mac loan on behalf of the borrower, Missouri-based Maxus Realty Trust Inc. Olde Oak Apartments features one- and two-bedroom floor plans with in-unit washers and dryers and air conditioning. Community amenities include a swimming pool, fitness center, business center, clubhouse, dog park, spa, off-street parking and a picnic area with grilling stations. Located at 1200 Grande Oak Blvd., the property is situated close to Interstate 65, about 10.7 miles from downtown Mobile and approximately 3.6 miles from the University of Mobile.

October 7, 2021

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