Wednesday , 28 September 2016
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RNR Apartment Briefs

HOUSTON— AmREIT Monthly Income & Growth Fund IV and Houston-based Dinerstein Co. announced plans to develop a 378-unit multifamily project on a two acre site at Cambridge and Holcombe, near the Texas Medical Center. The residential tower will include of 16 stories of residential space over a 5-story parking garage. Construction on the project will commence in 205 with estimated costs of $101 million and the project is anticipated to commence construction in 2015. Monthly rental rates are projected to start at $1,600 for a one-bedroom.

ORLANDO—Tampa-based Landmark Apartment Trust purchased Landmark at West Place, a 342-unit apartment community in Orlando, Florida. Landmark at West Place, built in 2002, is located at 723 Sherwood Terrace Drive near downtown Orlando. The property formerly known as Villa Tuscany is currently 94 percent occupied. Landmark CEO, Stanley J. Olander, announced the company is disposing of older assets to pursue newer, class A properties. “This is an incredibly strong asset and we believe we can create incremental value for residents and our investors by leveraging our proven operating platform,” said Olander.

ORLANDO—Rivergate Partners bought the 192-unit Beacon Hill apartments for just under $10 million. The property is located in northwestern submarket of Orlando and was 96 percent occupied at the time of the sale. Rivergate Partners acquired the multifamily asset at approximately 50% of replacement cost. Oscar Vila, Managing Partner at PSMG, said the company “capitalized on the placement of low fixed-rate term debt from Fannie Mae as part of our operating philosophy.”

Miami-based Rivergate Partners is a partnership between real estate investors Jay Massirman and Oscar Vila focused on strategic multifamily acquisitions in the Southeast.

HOUSTON— CBRE Global Investors purchased The Plantation at The Woodlands for an undisclosed amount. HFF represented the seller of the 432-unit muti-housing community located at 3270 College Park Drive in The Woodlands, Texas just north of ExxonMobil’s new three million square-foot campus.The HFF investment sales team was led by senior managing directors Todd Stewart and Todd Marix and director Chris Curry.

DALLAS—HFF arranged financing for Canadian-based Pure Multi-Family REIT LP, to acquire two multi-housing communities; San Brisas in Chandler, Arizona and The Preserve at Arbor Hills in Plano, Texas. HFF secured the seven-year loan through Northwestern Mutual. The 330-unit Preserve at Arbor Hills is located at 7001 West Parker Road just 21 miles north of downtown Dallas in Plano, Texas. Completed in 1998, the property is 97 percent leased. San Brisas is located at 900 North Road southeast of downtown Phoenix. Completed in 1996, the 208-unit property is 96 percent leased. The HFF team representing the borrower was led by senior managing director John Brownlee.

 

 

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