Wednesday , 28 September 2016
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RNR Apartment Briefs

Compiled by RealtyNewsReport

HOUSTON – Morgan Group is building a 322-unit apartment complex at the corner of Washington Avenue and T.C. Jester in the Inner Loop of Houston. Morgan, and co-developer LCB Holdings, will operate the project under the Pearl brand name. The five-story project will have one-, two- and three-bedroom units, ranging from 652 to 1,443 square feet, built over two levels of parking. Dwell Design Studio is the architect.

CHICAGO – HFF has closed the sale of Tanglewood Apartments, an 838-unit, garden-style multi-housing community in Arlington Heights, Ill. HFF marketed the property on behalf of the seller, Principal Real Estate Investors. JRK Property Holdings purchased the offering for an undisclosed amount. Tanglewood Apartments is 25 miles northwest of Chicago’s central business district. Principal Real Estate Investors manages or sub-advises $52.6 billion in commercial real estate assets. JRK Property Holdings has amassed a commercial portfolio valued in excess of $6 billion, and consisting of more than 55,000 multifamily units, plus hotels, office, industrial and storage properties.

PASADENA, Calif. – Afton Property Investments recently purchased a 10,400-square-foot parcel of land in Pasadena for the development of a 24-unit apartment complex. The property was purchased on an all-cash basis for $925,000. The complex will be named Reposado and it is at 170 North Halstead St. at Foothill Boulevard. The development will also incorporate solar power for house electricity. Afton estimates that the total development costs will be $6.5 million. Afton Property Investments has been developing retail, residential and mixed-use projects in the Western United States since 2001.

PORTLAND, Ore.– Emerald Park Apartments, a 44-unit multi-housing community in the Centennial neighborhood of East Portland, has been purchased for $2.925 million. HFF marketed the property on behalf of the seller, a private investor whose name was not immediately available. A private, California-based company purchased the asset free and clear of existing debt. The name of the buyer also was unavailable. Emerald Park Apartments is about eight miles from downtown Portland. The HFF investment sales team representing both the seller and the buyer was led by associate directors Tyler Linn and Nick Klein.

DALLAS – CBRE’s Dallas Multifamily Group has announced the sale of the Silverado, a 184-unit community in Irving. Nova Eagle Multifamily Property Fund II, LLC, a private investment vehicle raised and managed by Eagle Property Capital, purchased the property from Westdale Silverado, Ltd., for an undisclosed amount. “We are seeing an increase in out-of-state investors looking to take advantage of well-performing properties in North Texas, due to the area’s strong economic factors,” said Chris Deuillet, first vice president with CBRE. “With more than a dozen offers for the Silverado, buyers are also taking advantage of low-interest, long-term debt. Almost every DFW submarket has occupancies near their five-year highs and the operating fundamentals remain strong for apartments.”

DENVER – Advenir, a provider of multifamily real estate investment and management services, has acquired Lowry Heights from Irvine, Calif.-based The Bascom Group for $35 million. The 326-unit, Class B project is within the upscale Lowry submarket at 8000 East 12th Ave. in Denver. “Denver is a thriving market that attracts businesses and residents alike as it offers a balanced, amenity-rich lifestyle paired with a moderate cost of living,” said Todd Linden, chief acquisition officer of Advenir. “Since late 2011, Advenir has acquired 2,200 apartment units in the greater Denver area, and is actively looking to expand its local portfolio.” Lowry Heights is located in the Denver-East Central submarket. Advenir represented itself in the property acquisition. Financing was secured by Charles Foschini of CBRE. ARA Denver represented Bascom Group. Advenir, Inc., is headquartered in Aventura, Fla.

AUSTIN, Texas – Joint venture equity and financing has been secured for a six-property multi-housing portfolio in Texas. HFF worked on behalf of Commerce Capital Partners, LLC , to secure joint venture equity through Harbert United States Real Estate Fund V. In addition, HFF placed six separate 12-year, four-year, interest only, Fannie Mae loans with M&T Realty Capital Corp. The capitalization will facilitate property improvements and the implementation of Commerce Capital Partners’ repositioning plan for the properties. Commerce Capital Partners is a private real estate management and investment firm focused on commercial real estate in the Sun Belt – primarily Texas. Harbert United States Real Estate Fund V is sponsored by Harbert Management Corp., an alternative asset management firm with $4 billion in assets under management. M&T Realty Capital Corp. is a commercial mortgage-banking subsidiary of Manufacturers and Traders Bank, better known as M&T Bank Corp.

Compiled by RealtyNewsReport

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