Tuesday , 27 September 2016
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Multifamily News Briefs from Realty News Report

DALLAS — Olympus Property has acquired Alexan Arts in Dallas, a 368-unit luxury mid-rise apartment community set on more than 3.5 acres just east of Olympus’ headquarters in Fort Worth.

Built in 2015, Alexan Arts’ amenities include a clubhouse with social lounge and resort-style swimming pool with outdoor grills. It is the sister property to Olympus’ Mosaic high-rise property, also situated in the Arts District of downtown Dallas.

Founded in 1992, Olympus Property is a real estate investment firm that owns and manages 11,000 units across eight states.

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BASCOM/OAKTREE VENTURE CLOSES ON DENVER APARTMENT COMMUNITY

 DENVER – A $400 million venture involving The Bascom Group, LLC, and funds managed by Oaktree Capital Management, LP, has acquired Axis at Nine Mile Station, a 336-unit multifamily community built in 1980 and located at 3257 South Parker Road in Denver. The sale closed Oct. 30, 2015.

Terrance Hunt and Jeff Hawks of ARA Newmark represented the seller. The debt financing was sourced by Brian Eisendrath and Annie Rice of CBRE Capital Markets. Los Angeles-based Mesa West Capital provided financing to acquire the property.

A previous venture by Bascom and Oaktree resulted in the acquisition of eight multifamily properties across the U.S., totaling $350 million in total capitalization.

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SUN HOLDINGS GROUP BUYS 190-UNIT COMPLEX OUTSIDE HOUSTON

MISSOURI CITY, Texas — Sun Holdings Group of Houston has acquired The Villas at Sienna Plantation, a 190-unit apartment community at 8585 Sienna Springs Blvd. in Missouri City, Texas, a town located in the Woodlands-Sugar Land metropolitan area near Houston.

Todd Marix, Todd Stewart, Chris Curry and JC Clemens of Holliday Fenoglio Fowler represented the seller, a joint venture between Watermark Residential and Murphy O’Brien.

The apartments, completed in 2015, are located on a 12-acre site.

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HFF CLOSES SALE OF 518-UNIT MULTIFAMILY COMPLEX IN COLORADO

 LITTLETON, Colo. — Holliday Fenoglio Fowler, LP, has closed the sale of The Retreat at Park Meadows, a 518-unit, multifamily housing community in Littleton, Colo.

HFF marketed the property on behalf of PNC Realty Investors, Inc., acting as investment advisor to the AFL-CIO Building Investment Trust.  Invesco Real Estate purchased the property for an undisclosed amount free and clear of existing debt.

The community has 32 garden-style buildings on 33.37 acres at 10200 Park Meadows Drive.

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SIMPSON HOUSING SNAPS UP MULTIFAMILY ASSET IN SCOTTSDALE

SCOTTSDALE, Ariz. — In an off-market deal, Simpson Housing, LLLP, purchased Jefferson on Legacy, a 322-unit multifamily property in Scottsdale, Ariz. Simpson said it will rename the development Avion on Legacy.

JLL’s Capital Markets experts brought the new buyers to the table after securing joint venture capital for the project in late 2013. JLL joined the project’s developer, JPI, with AEW Capital Management, LP, to capitalize the project.

Executive Vice President John Cunningham and Vice President Charles Steele led the JLL team on both the buy-side and joint venture equity transactions.

Jefferson on Legacy was completed in September 2015 and is approximately 45% occupied. Simpson will take over management and leasing of the community.

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TUCSON APARTMENT COMPLEX OF 184 UNITS SELLS FOR $27.6 MILLION

TUCSON, Ariz. — Avilla Preserve, an apartment community in Tucson, Ariz., has been sold for $27.6 million to M3 Multifamily of Santa Barbara, Calif.

The 184-unit complex, built in 2014, was sold by Aerie Development of Tucson. The sale was negotiated by Berkadia Real Estate Advisors, LLC.

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PORTFOLIO INCLUDING 109 APARTMENTS NEAR DOWNTOWN L.A. SOLD

 ALHAMBRA, Calif. — Bascom San Francisco, LLC, has acquired the 109-unit Villa Del Rey Apartments at 1801 West Garvey Ave., Alhambra, Calif. The property was purchased as part of a $32.6 million portfolio with two other Southern California retail developments.

Michael E. Washington of KW Commercial, Pasadena, represented the buyer and David K. Hyun of Coldwell Banker George Realty, Arcadia, Calif., represented the seller. Debt financing was provided by Comerica Bank and arranged by Troy Tegeler, Trevor Breaux and Jeff Tong of CBRE Capital Markets. American Management Consulting took over operations of the community on the closing date.

Villa Del Rey is a community made up of two three-story buildings  completed in 1972. It is situated on 2.86 acres located 10 miles from downtown Los Angeles. The property was 96% occupied at time of closing.

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MARYLAND REAL ESTATE FIRM CLOSES EIGHT LOANS TOTALING $256M

BETHESDA, Md. — Walker & Dunlop, Inc., has closed eight Freddie Mac loans totaling $256,304,000 secured by a portfolio of properties in Florida, Georgia, North Carolina and Texas.  The portfolio includes 2,864 apartment units financed for Cortland Partners of Atlanta.

Stephen Farnsworth, managing director, led the Walker & Dunlop team.  Cortland Partners Chief Investment Officer Mike Altman said “all parties worked tirelessly and efficiently to ensure an expedited, well-organized closing.”

Each property received an average of $22,000 to upgrade common area amenities and apartment interiors.

Walker & Dunlop’s full portfolio includes more than 35,000 apartment homes across the southern United States.

Realty News Report is a Texas-based publication edited by Ralph Bivins.

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