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RNR Apartment Digest

RNR_Logo_New_3HOUSTON – JPI/TDI companies has begun construction on a 198-unit multi-family community near the northwestern edge of downtown and Washington Avenue in Houston. The community, Jefferson Heights, is at 1520 N. Memorial Way. Jefferson Heights is being developed on 1.47 acres, less than a mile from the theater district. The construction loan was provided by Texas Capital Bank, the remaining capitalization was arranged by JLL (Jones Lang LaSalle L.P.) in the form of a mezzanine loan which was provided by Parse Capital and equity financing from a well-established institutional equity provider.  JPI/TDI ( currently has 3,097 units under construction in Texas, New York and Arizona and has asset management responsibilities over 6,400 units nationwide. In addition, JPI/TDI has plans to develop an additional 1,300 units over the next 12 months.
HOUSTON – CBRE Houston’s Multifamily Group has announced the sale of The Remington, a 286-unit, Class A apartment community at 2402 North Ben Wilson Drive in Victoria, Texas. Charleston, S.C.-based Hudson Capital Investments, purchased the asset from 2402 Ben Wilson, LLC, for an undisclosed price. Within the rapidly growing southeast region of Texas, the city of Victoria benefits from an extremely strong economy and continuous job growth driven by nearby Eagle Ford Shale. “Southeast Texas is experiencing a rapid influx of high-income energy workers,” said Ryan Epstein of CBRE. “This property was able to capitalize on the shortage of high-quality living options in the immediate area.”  Epstein of CBRE’s Houston office represented the seller.
BEVERLY HILLS, Calif.- Global real estate investment and services firm Kennedy Wilson has acquired Kirker Creek Apartments, a 542-unit multifamily community in Pittsburg, Calif., for $96.5 million. Kennedy Wilson invested $21.2 million of equity in the transaction, including closings costs and the initial capital expenditure budget, and secured a $77.2 million ten-year loan from Fannie Mae at 3.78 percent with interest only for five years. Kurt Zech, president of Kennedy Wilson’s Multifamily Management Group, commented, “Kirker Creek is a fantastic addition to the company’s current portfolio of more than 4,900 apartment units in the East Bay. Kennedy Wilson will continue to benefit from the tremendous rental growth that the San Francisco and East Bay markets have experienced over the last few years, including over 9 percent in Pittsburg alone.” Kirker Creek was built in 1987. Kennedy Wilson’s global multifamily portfolio now totals 18,335 units. Real estate related acquisitions by the company and its equity partners in the first half of this year total approximately $2.2 billion, which includes approximately $1.7 billion acquired by Kennedy Wilson Europe Real Estate PLC.
IRVINE, Calif. – The Bascom Group and certain funds managed by Oaktree Capital Management, have structured a new venture to acquire $250 million in value-added multifamily properties throughout the United States. The venture was launched with its first acquisition, The Springs Apartments, a 320-unit garden style community at 650 Ebbcreek Drive, Corona, Calif. The Springs closed on June 25 for $43,200,000. Debt financing was provided by OneWest Bank and sourced by Brian Eisendrath of CBRE. Mark Jacobs, managing director at Oaktree commented:  “We are excited about our partnership with Bascom. We both see continued investment opportunities in the value-add multifamily sector.” Chad Sanderson, a principal for Bascom, added: “This partnership will have a strong focus on acquiring properties throughout Southern California. The Springs was built in 1987.
AUSTIN – CBRE has announced the sale of The Retreat at Barton Creek on behalf of the seller, San Francisco-based Hamilton Zanze and its joint venture partner NYL Investors. Southern California-based Paydar Properties purchased the 600-unit multifamily asset for an undisclosed price. The Retreat at Barton Creek, 3816 South Lamar Boulevard. Since acquiring the property in 2007, Hamilton Zanze spent more than $7 million in capital improvements. “We owned Barton Creek for just over seven years and executed on a capital improvement program that significantly enhanced the property’s appeal and operations,” said Kurt Houtkooper, chief investment officer of Hamilton Zanze. “This transaction speaks to the strength of the Austin market and the high quality of the asset.” It was constructed in 1984 and is 95 percent occupied. Charles Cirar, a vice chairman with CBRE Multifamily, represented the seller in marketing the property. Hamilton Zanze is a private San Francisco-based real estate investment company that acquires, repositions, and operates apartment communities on behalf of its private clients and institutional partners.
WASHINGTON, D.C. – HFF has arranged $65 million in financing for The View, a 17-story, 257-unit, apartment tower in the Liberty Center enclave at the Ballston Metro Station in Arlington, Va. HFF worked exclusively on behalf of Ashton Park Associates III, LLC, an affiliate of The Shooshan Company, to place the 15-year, fixed-rate loan with Prudential Mortgage Capital Company.  Loan proceeds were used to retire the existing construction debt on the property, which HFF secured for the borrower in 2012. The View is located at 4000 Wilson Boulevard in the Rosslyn-Ballston Corridor of Arlington.  Construction was completed this year. The View is the residential cornerstone of the second phase of Liberty Center, a 2.3 million-square-foot, mixed-use project. Upon completion, the transit-oriented, nine-building Liberty Center development will include hotel, retail, office and multi-housing components centered on open public space. The HFF debt placement team was led by Sue Carras, Walter Coker and Brian Crivella. “The permanent loan for this property was secured while it was still in lease-up to reduce interest rate risk and to take advantage of historically low interest rates,” commented Coker.
FLORHAM PARK, N.J. – HFF  has closed the sale of Curling Club Apartments, a 240-unit, Class A multi-housing community in Hoboken, N.J. HFF marketed the property on behalf of PNC Realty Investors, Inc., as investment advisor to the AFL-CIO Building Investment Trust.  The property was purchased free and clear of existing debt. Curling Club Apartments encompasses a full city block in the uptown Hoboken submarket between Grand and Adams Streets and 12th and 11th Streets as well as the northern half of the block between Clinton and Grand Streets and 12th and 11th Streets.  Completed in 1999, the property includes four five-story residential buildings above a single level parking garage. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Michael Oliver out of the New Jersey office and Andrew Scandalios and Jeff Julien from the New York City office.

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