Sunday , 25 September 2016
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Multifamily News Briefs from Realty News Report, a Ralph Bivins Publication

BAY CITY, Texas – Houston-based Cypressbrook Company has purchased Hunters Cove, a 326-unit apartment complex in Bay City, Texas, southwest of Houston. The property is located off Texas 60, just south of downtown Bay City. An affiliate of Cypressbrook, Ascension Commercial Real Estate, will manage the property.

Richard Zigler, leader of Cypressbrook’s acquisition program, says number of major petrochemical plant expansions in the area deliver a lot of investment potential to the Matagorda County region.

Cypressbrook is looking for additional multifamily investments in Texas, says Zigler.

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HFF SECURES FINANCING FOR 312 APARTMENTS IN AUSTIN

AUSTIN – Holliday Fenoglio Fowler, L.P., has secured financing for Riverton at Davis Springs, a 312-unit apartment community in northwest Austin’s Parmer Lane Tech Corridor.

Working on behalf of the borrower, a joint venture arranged by HFF between Griffis Residential and GE Asset Management, HFF placed the five-year, fixed-rate loan with a correspondent life insurance company.  Loan proceeds were used to acquire the property.

Riverton at Davis Springs has 16 residential buildings with units averaging some 866 square feet each.  Amenities include a swimming pool with cascading fountains, hot tub, bark park, playground, 24-hour fitness studio and recently-updated clubroom.

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler, managing director Josh Simon and associate director Casey Wenzel.

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 LUXURY APARTMENTS IN SAVANNAH DUE BY OCTOBER 2016

 SAVANNAH – Groundbreaking was recently held for Mariner Grove, a new urban luxury apartment community located 1.5 miles from Savannah’s historic district.

The $41 million development is scheduled for completion in October 2016. Project developers are Mariner Group and Brand Properties.

Layout options include studios, one- and two-bedroom units. Initial rents are expected to range from $1,000 to $1,600 a month.

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MARCUS & MILLICHAP ARRANGES SALE OF 96-UNIT COMPLEX

TAMPA — Marcus & Millichap has sold Grand Oaks Apartments, a 96-unit multifamily community in Tampa, for $8.7 million, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The property was constructed in 1984.

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HEITMAN AGREES TO BUY TO-BE-BUILT RESIDENTIAL PROPERTY IN AMSTERDAM

AMSTERDAM, Holland — Heitman LLC, a global real estate investment management firm, has entered into an agreement to purchase, upon completion, a to-be-constructed residential property in Amsterdam.

The development is to consist of 498 rented micro-units and four retail units, with a total area of 14,420 square meters (155,215 square feet), located within the New West submarket of Amsterdam.

Heitman, on behalf of one of its existing clients, formed a joint venture in 2014 with Orange Capital Partners, to acquire Dutch residential assets. OCP is an employee-owned, rented-residential firm.

This investment marks Heitman’s fourth residential investment in Amsterdam during the past nine months. With some 1,000 apartments, the firm is one of the largest landlords in the Dutch city.

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GREYSTONE ADVISORS CLOSE ON $21M SALE OF SENIORS COMMUNITY

MESA, Ariz. — Greystone, a real estate lending, investment and advisory company with headquarters in New York City, said its real estate advisors group has closed the sale of Courtyard Towers in Mesa, Ariz., for $20,864,569.

Sierra Capital purchased the senior housing property from Harrison Street Real Estate Capital on June 30.

Courtyard Towers is a 175-unit independent living, assisted living and memory care community in operation since 1997. Originally built in 1985 and converted to seniors housing 12 years later, the property offers 22 independent living units, 123 assisted living units and 30 memory care units serving the Mesa region.

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APARTMENT COMMUNITY IN PORTLAND SUBURB SOLD FOR $59.5M

PORTLAND, Ore.– Holliday Fenoglio Fowler, L.P., has closed the $59.5 million sale of Terrene at the Grove, a 288-unit, Class A garden-style apartment community in Wilsonville, Ore., a suburb of Portland.

HFF marketed the property on behalf of the seller, Holland Partner Group and its finance partner.  Jackson Square Properties purchased the asset free of existing debt.  The buyer also recently acquired The Addison, a 147-unit apartment community in Vancouver, Wash., through a sale brokered by HFF.

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INLAND REAL ESTATE BUYS STUDENT HOUSING COMPLEX NEAR UCF 

ORLANDO — Inland Real Estate Acquisitions, Inc., of Oak Brook, Ill., has acquired The Retreat at Orlando, a fully developed student housing property located near the University of Central Florida campus in Orlando, from Landmark Properties and Harrison Street Real Estate Capital, LLC. The sale price was $72.5 million.

Mark Cosenza, vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

Located about two miles south of UCF, the cottage-style property was built in 2014 and is comprised of 221 units with a total of 894 beds. Each fully furnished unit includes a washer and dryer, security system and high-speed Internet.

 

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