Thursday , 29 September 2016
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RNR Apartment Briefs

HOUSTON – FSC Realty, LLC, based in Beverly Hills, Calif., has purchased The Retreat at Conroe, a 210-unit Class A multifamily community in Conroe. CBRE Houston’s Multifamily Investment Properties Group announced the sale on behalf of Houston-based The Retreat at Country Club Park, LLC. The luxury community, at 2951 North Loop 336 West in Conroe, was completed in 2013 and is 97 percent occupied. “The Conroe area is going through a tremendous boom at this time. The major employment coming south has pushed new and future employees to search for housing north of Houston in Conroe and it is creating tremendous demand in the area,” said Ryan Epstein, senior vice president at CBRE. Epstein and Clint Duncan, also with CBRE, represented the seller. Additionally, CBRE’s Troy Tegler and John Fenoglio secured debt for the acquisition.

LOS ANGELES – A partnership of Capri Capital Partners, LLC, and TruAmerica Multifamily, LLC, has acquired the newly-built Vermont, a 464-unit high-rise apartment complex in Los Angeles for $283 million. The property also includes 31,000 square feet of retail space and a quarter-acre public courtyard along Wilshire Boulevard. Capri and TruAmerica purchased the property from a partnership that includes Washington Capital Management, which manages investments for union pension funds in the state of Washington, and JH Snyder Development, a Los Angeles-based company that has delivered signature projects throughout its six decades in business. The announcement of the sale says the mixed-use property has infused energy and life to what was a long vacant two-acre property along Wilshire Boulevard. This mid-city area of Los Angeles is attracting investment and new residents due to its proximity to downtown and the University of Southern California, as well as its easy access to the region’s growing public transportation system, the announcement added.

LAKELAND, Fla. – Marcus & Millichap, a national commercial real estate investment services firm, announced the sale of Imperial Crown Apartments, a 173-unit apartment property in Lakeland, Fla. The $6,850,000 sales price equates to $39,595 per unit. The seller and buyer of the property were not disclosed. Fancesco P. Carriera and Michael P. Regan, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction. Imperial Crown Apartments were built in 1975 and are at 1013 Griffin Road.

PORTLAND, Ore. – HFF has closed the $14.1 million sale of and arranged $10.58 million in financing for Sunnyside Place, a 108-unit, garden-style multi-housing community in Clackamas. HFF marketed the property on behalf of the seller, Wood River Properties. Hamilton Zanze purchased the asset for $14.1 million free and clear of existing debt. HFF also secured a floating- to fixed-rate acquisition loan on behalf of the buyer through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. Sunnyside Place is at 13300 SE 122nd Ave. between Clackamas and Happy Valley, approximately 12 miles southeast of downtown Portland. Situated on approximately 5.97 acres, the property is 95.4 percent leased. “Sunnyside Apartments represents a perfect opportunity to implement our value-add strategy and create yield for our investors. Portland fundamentals continue to impress and we will continue to pursue similar acquisitions,” added David Nelson, director of acquisitions at Hamilton Zanze. Founded in 2001, Hamilton Zanze is a commercial real estate firm focused on multifamily housing in the western and southwestern United States.

AUSTIN – Investors from around the globe are increasingly eyeing the central Texas market as a growing business powerhouse, creating intense demand for both core and value-add multifamily assets in the region, according to new research. JLL research shows Austin is one of the top 20 cities around the globe (and the top ranking U.S. city) on the Investment Intensity Index, in which cities are ranked according to how much real estate investment they receive relative to their size. This burgeoning demand has led JLL’s Capital Markets to hire industry veteran Scott Lamontagne to steer the firm’s multifamily investment sales practice in central Texas. Lamontagne will work under the direction of Managing Director Jeff Price, who leads the firm’s Texas multifamily platform, and be based out of the firm’s Austin office. He will be joined by Senior Vice President Moses Siller and Associate Michael Gonzalez to provide advisory, transactional, debt structures and equity services to multifamily owners and developers in the Austin and San Antonio region.

DALLAS – HFF has closed the sale of and arranged financing for two East Texas multi-housing communities – Arbors on Chimney Rock in Tyler and Saddlebrook Apartments in Longview – totaling 440 units. HFF marketed the portfolio on behalf of the seller, Haley Real Estate Group. Coastal Exchange Group purchased the offering for an undisclosed amount. In addition, HFF’s debt placement team secured the $19 million, 10-year fixed-rate acquisition loan on behalf of the buyer through Redwood Trust. The Arbors on Chimney Rock is at 323 Chimney Rock Road just off Broadway Avenue (Highway 69) in Tyler. Situated on 9.8 acres, the property is 93.18 percent leased. Saddlebrook Apartments is 91.29 percent leased and is situated on 13.8 acres. The property is along H.G. Mosley Parkway, directly between U.S. Highway 80 and Loop 281 in Longview. The seller, Haley Real Estate Group, is based in Omaha, Neb., and owns and operates more than $560 million of multifamily assets, comprising more than 10,000 apartment units across the central United States. Coastal Exchange Group, the buyer, is a privately-held, family-owned and operated real estate investment firm headquartered in San Diego, Calif.

 

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