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RNR Apartment Briefs

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HOUSTON – Stanmore Partners, a real estate development and investment firm based in Houston, Texas has broken ground on a 264-unit multifamily development in Kingwood,  a suburb on Houston’s northeast side. Ravella at Kingwood Apartment Homes, located at 25710 Loop 494 (at Northpark Drive), will be a two and three story Class-A multifamily rental community situated within the 24-acre master planned Village at Northpark, an upscale retail center that includes the largest Kroger in Texas as well as many other shops and restaurants. Steinberg Design Collaborative, a Houston based multifamily design firm, provided architectural services while Interior Design is provided by Moore Design Group of Dallas. Hoar Construction is general contractor.

DALLAS – HFF has arranged $8.53 million in financing for The Residences at 3295, a six-story, 60-unit urban multi-housing property in Seattle, Wash. HFF worked on behalf of the borrower, Abacus Capital Group, to secure the fixed-rate acquisition loan through Nationwide Life Insurance Company, Columbus, Ohio. Completed in 2012, property is at 3295 SW Avalon Way approximately five miles from downtown Seattle. Abacus Capital Group LLC is a New York-based institutional advisory firm focused on the multifamily sector nationwide. This asset was purchased through a fund sponsored by Abacus.

LAKELAND, Fla. – Marcus & Millichap, a leading commercial real estate investment services firm, has announced the sale of Imperial Crown Apartments, a 173-unit apartment property in Lakeland, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $6.85 million sales price equates to $39,595 per unit. Imperial Crown Apartments were built in 1975 and are at 1013 Griffin Road in Lakeland. The property, which consists of two, four-story residential buildings, received significant capital improvements in 2013.

HOUSTON – Wood Residential Services, the property management division of Wood Partners, has promoted veteran property manager Kim Small from vice president to senior vice president for the Central Region. Small oversees all property management for Wood Residential Service’s Central Region portfolio with 4,000 units—more than half of the company’s entire portfolio. Before she joined Wood Partners in 2013, Small spent most of her career overseeing the management of properties across the United States, including The Morgan Group, Alliance Residential and Gables Residential. The 2011 president of the Houston Apartment Association (HAA), Small continues to serve the industry as a HAA board member.

NEW YORK – Greystone, a national provider of multifamily and healthcare mortgage loans, has provided $24.15 million to refinance Meadowood Townhomes in Canton, Mich. The loan terms include 10-year fixed-rate financing with 30-year amortization for the 452-unit community. “We turned to a lender we trusted above all else in execution and service so that we could refinance one of our core portfolio properties,” said Howard Jacobson of Jacobson Brothers in Birmingham, Mich. The loan was originated by John Marr of Greystone and delivered to Fannie Mae under its Delegated Underwriting and Servicing (DUS(R)) program.

ONTARIO, Calif. – The Picerne Group, a privately held real estate investment firm, recently broke ground on Vistara, a Class A, 298-unit apartment community at Haven Avenue and 4th Street in Ontario, Calif. The project is expected to be completed and ready to lease by the 2nd quarter of 2015. The community, which is being built on 11.29 acres of land, is less than three miles from the Los Angeles/Ontario International Airport. The Picerne Group is a privately held, Southern California-based real estate investment firm that focuses on real estate investments nationwide, as well as asset management. The Picerne Group has successfully invested more than $1 billion in real estate equity and debt, diversifying investments across a variety of property types and geographies in the United States.

CHICAGO -USAA Real Estate Co. has announced the acquisition of Chestnut Place, a 30-story residential building at 850 N. State St. in Chicago, in partnership with Chicago-based Golub & Co., an international real estate investment and development firm. The seller, Chestnut Place Associates, was represented in the transaction by CBRE. The purchase price was undisclosed. “Chestnut Place Apartments makes a great addition to our investment portfolio,” commented USAA Real Estate Company CEO Len O’Donnell. Built in 1980, Chestnut Place consists of 280 convertible, one-bedroom and two-bedroom apartments. “We see tremendous potential for income growth at Chestnut Place,” said Michael Newman, president and CEO of Golub. “Our plan is to make upgrades to the residential units, significantly expand on-site amenities, and improve the facades of ground-floor retail spaces to be more inviting to tenants and patrons alike.”

HENDERSON, Nev. – The Edge at Traverse Point, a 296-unit Class A apartment community at 1131 Wigwam Parkway, in Henderson, Nev. has been sold.The buyer was 1131 Wigwam Parkway LLC, a venture by Bascom Group and Oaktree Capital Management. Nationwide Life Insurance provided financing to acquire the property. The debt financing was sourced by Charles Halladay of HFF. The Edge at Traverse Point , which is in southern Las Vegas metro, was built in 2013.

RNR Apartment Briefs by RealtyNewsReport


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