Tuesday , 27 September 2016
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RNR Apartment Briefs

HOUSTON – Embrey Partners, Ltd., and Stonelake Capital Partners, LLC, have opened a four-story, luxury, multi-family rental community at Highway 249 and Cypresswood Drive in northwest Houston. The project consists of 336 high-end units on 15.42 acres. Highpoint at Cypresswood is an urban contemporary, surface-parked project consisting of two, four-story buildings with six elevators. “Our goal is to provide a community that you would typically find inside the Loop minus the parking garage,” said John Kirk, executive vice president of development for Embrey and the developer in charge of the project. “We’ve really found a special place here,” added John Kiltz, of Stonelake Capital Partners. “We’ve developed an urban feel, nestled near beautiful natural areas, including three parks, a trail and a nature preserve – all within walking distance. Highpoint provides a contemporary urban lifestyle with all the benefits of suburban living.” Stonelake Capital Partners is a privately owned, fully integrated real estate investment company with offices in Dallas, Austin and Houston.  Since 1974, Embrey has developed more than 31,000 apartments and six million square feet of commercial space.

LAWRENCEVILLE, Ga.- The RADCO Companies,  has continued its value-added strategy with the sale of Ashford Way, a 98-unit multifamily property in Lawrenceville, Ga., which is in the metro Atlanta area. KENCO Apartment Communities, a locally based real estate investment firm, acquired the apartment community for $5 million, or $51,020 per unit. The community was built in 1987 in the heart of Gwinnett County. RADCO originally purchased the multifamily complex in December 2012 out of receivership for $29,000 a unit. The company implemented a $1 million value-added capital improvement plan that included rebranding the property, upgrading unit interiors, renovating the building exteriors, and expanding the amenity package. The deal traded at a significant premium compared to the returns that RADCO originally modeled in its turn-around strategy. KENCO also purchased Somerpoint, a 144-unit community in Marietta, Ga., from RADCO in February. “By each of us sharing our deal-related expectations up front and then continuing to foster open and honest communication, our transaction with RADCO has been very smooth and enjoyable,” said Clayton Edwards, Jr., president of KENCO.

HOUSTON – HFF has announced that it has secured refinancing for Shadowbrooke and Silverbrooke, two Class A multi-housing communities totaling 552 units in Stafford, which is in the Houston area. HFF worked exclusively on behalf of the borrower, Venterra Realty, to arrange refinancing in two separate transactions. HFF secured the five-year, 3.07 percent fixed-rate loans with two years of interest-only payments through Freddie Mac’s CME Program. The securitized loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. HFF brokered the sale of the properties and arranged acquisition financing for Venterra when the company originally purchased the assets in 2011. Shadowbrooke and Silverbrooke are at 1025 Dulles Avenue and 1020 Brand Lane respectively in Stafford, about 18 miles southwest of downtown Houston. Shadowbrooke was completed in 2003 and features 240 units that are 95.8 percent leased. Completed in 2007, Silverbrooke has 312 units and is 96.15 percent occupied. The HFF debt placement team representing the borrower was led by director Cortney Cole and real estate analyst Will Crawley. Venterra specializes in the identification, finance, acquisition and management of multifamily residential communities in the southern United States. Venterra currently manages a portfolio of approximately 17,000 multifamily units totaling more than $1.45 billion in value that generates gross annual income in excess of $180 million. Venterra has offices in both Houston and Toronto and employs more than 500 people.

LANSING, Mich. – Farmington Hills-based Commercial Property Advisors has brokered the over $30 million sale of Woodland Lakes Apartments, a 344-unit , Class “A” apartment community in Holt, which is in the Lansing area.Mount Auburn Capital Group, a California based multifamily investment and management firm purchased the property. K. Conly Chi, managingprincipal at Mount Auburn, stated that the transaction closed in less than 30 days from contract and the company looks forward to expanding operations in Michigan. Constructed in 2003, Woodland Lakes is a 344-unit community situated on 60 rolling, landscaped acres. Cary Belovicz, managing partner of CPA represented the seller, Woodland Lakes Investment Group, LLC, an institutionally managed fund.

WASHINGTON, D.C. – HFF has announced that it has arranged $95 million in financing for the development of BLVD at Reston Station, a 21-story, 448-unit, luxury apartment building in Reston, Va.HFF worked on behalf of Comstock Partners to place the 48-month construction loan with Citizens Bank. Preleasing in late 2015, BLVD at Reston Station will be located atop the entrance of the Wiehle-Reston East Metro Station, which is the last stop on Phase I of the new Silver Line. The building will be the inaugural phase of the Reston Station mixed-use development that will include 550,000 square feet of Class A office space, a 200-room hotel and an additional multifamily residential building. All buildings will have integrated retail and will be situated around the urban plaza. The HFF debt placement team was led by Walter Coker and Brian Crivella.. Comstock Partners is a privately held real estate enterprise with a focus on urban, mixed-use and transit-oriented developments in the Washington, D.C., region.

NEW YORK CITY – Madison Realty Capital, an institutionally backed real estate private equity firm focused on real estate equity and debt investments in the middle markets, announced the sale of an uptown Manhattan real estate portfolio. The sale is comprised of several properties at 528-538 West 159th St., 220 West 149th St., and 2546-2548 7th Ave. The properties were sold to an undisclosed foreign buyer for $23.4 million. The portfolio collectively includes 125 apartment units and two retail stores. MRC initially purchased the properties from a regional savings bank for $10.5 million in December 2012. Over the past two years, the company executed an aggressive business plan for each property which included renovating and maximizing the apartment unit layouts, enhancing the rent roll and leasing the retail portion. “This sale illustrates our ability to once again maximize a property’s value and generate investor interest by employing our vertically integrated platform,” said Josh Zegen, co-founder and managing member of MRC. “Our comprehensive asset management capabilities enabled us to transform these properties quickly and enhance their appeal. Not surprisingly, demand was significant for the portfolio when we put it on the market and we were able to secure a deal that was a ‘win-win’ for both MRC and the buyer.” The brokers in this transaction were Yosef Katz and Roni Abudi from GFI Realty Services and Peter Von Der Ahe from Marcus Millichap. MRC is a New York City-based real estate private equity firm and asset management company that pursues real estate equity and debt investments in the middle market.

HOUSTON – HFF has arranged acquisition financing for Fairways at South Shore, a 332-unit fractured condominium property in League City, which is in the Houston area. HFF worked exclusively on behalf of the borrower, Venterra Realty, to secure a seven-year, 4.495 percent fixed-rate acquisition loan with four years of interest-only payments through a CMBS lender. HFF will also service the securitized loan. Fairways at South Shore is at 3045 Marina Bay Drive within the South Shore Harbour master planned community overlooking the South Shore Harbor Golf Course, approximately 28 miles southeast of downtown Houston. Completed in 1999, the property consists of 332 units with an additional 100 units held by individual owners. The HFF debt placement team representing the borrower was led by director Cortney Cole and real estate analyst JC Clemens, Jr.

 

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