Monday , 26 September 2016
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RNR’s Multifamily Magazine – National News Items

HOUSTON – The Retreat at Cypress Station, a 296-unit multifamily community in northwest Houston, has been purchased by GPI Cypress Station LP. The apartment community, 18200 Westfield Place Drive near Interstate 45 and FM 1960, was built in 2004.

“The property is an outstanding value-add opportunity located within a high-visibility area of northwest Houston,” says Will Balthrope, of Institutional Property Advisors, a division of Marcus & Millichap.

Balthrope, along with IPA’s Drew Kile and Jennifer Campbell and Jeffrey Fript of Marcus & Millichap, represented the seller, Retreat at Cypress Station Owner LP, and procured the buyer. 

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 SUNRISE MANAGEMENT LAUNCHES RENOVATION OF PHOENIX AREA PROPERTY

CHANDLER, Ariz. – Sunrise Management has begun the nearly $1 million renovation of Park Tower, a 180-unit multifamily property recently acquired by Phoenix-based 29th Street Capital for $21.65 million.

Sunrise – a San Diego-based firm specializing in managing residential real estate since 1978 – will assume day-to-day management of the 10.73 acre property, and will oversee the comprehensive renovation, which will include extensive interior and exterior upgrades.

The development is located in the Phoenix suburb of Chandler, Ariz.

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BLUE ATLANTIC PARTNERS BUYS TWO LUXURY PROPERTIES IN GEORGIA

ATLANTA — Atlantic | Pacific Companies (A|P) and Blue Arch Advisors, via their fund, Blue Atlantic Partners, have bought two properties in Georgia: Rock Creek at Vinings and Rock Creek at Ashford.

The purchase marks A|P’s 17th acquisition in the metro-Atlanta area, bringing the size of its Atlanta portfolio to some 4,500 units. An extensive interior and exterior renovation program is planned for the new properties.

Rock Creek at Vinings, located in Smyrna, consists of 403 one-, two- and three-bedroom units on 33 acres. Rock Creek at Ashford, located on 13 acres in Brookhaven, Ga., consists of studio, one- and two- bedroom units. The community features a dog park, resident garden, BBQ grills areas and gated entry.

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HFF CHOSEN TO MARKET 394 HOUSING UNITS FOR UNIVERSITY OF CHICAGO 

CHICAGO — Holliday Fenoglio Fowler, L.P., has been chosen to market an 11-property, 394-unit housing portfolio plus six land sites, all owned by the University of Chicago. Offers will be accepted only for the portfolio in its entirety.

The roster includes six graduate student housing properties, four faculty/staff buildings, one retail property and six land sites.  The residential units average 692 square-feet each and are 95.9% occupied overall. The properties have a total of 520 beds and about 272,593 square feet.

The properties are located in Hyde Park, within walking distance of the campus, six miles south of Chicago’s central business district. The HFF investment sales team is led by managing director Brian Kelly and associate director Michael Higgins.

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CBRE CAPITAL MARKETS PROVIDES $6.7 MILLION IN NON-RECOURSE FINANCING FOR ROCHELLE PLAZA APARTMENTS IN IRVING

DALLAS – CBRE Group through its FHA lending platform arranged the refinancing of Rochelle Plaza, a market-rate apartment community located in Irving, Texas. The $6,744,000 loan was funded through HUD’s Section 223(f), providing a 35-year, fully-amortizing, fixed rate and non-recourse loan structure.

The loan will finance the rehabilitation of Rochelle Plaza, a 120-unit Class B garden-style apartment complex with 40 one-bedroom units, 64 two-bedroom units and 16 three-bedroom units. Constructed in 1978, the project is located in Irving (Dallas County), 10 miles northwest of downtown Dallas.

The financing of Rochelle Plaza Apartments was originated by Chad Ricks, Senior Vice President and Jeff Shaw, Senior Vice President in CBRE’s Dallas office.

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STRATFORD BUYS 160 UNITS FOR $28.9 MILLION

SAN DIEGO Stratford Partners, a West Coast multifamily investor, bought the Sun Ridge Apartments, a 160-unit, garden-style apartment complex in the East San Diego County community of Santee, California. The price was $28.9 million.

Holliday Fenoglio Fowler, L.P. (HFF) marketed the asset on behalf of the seller, MG Properties Group.

The HFF investment sales team was led by director Hunter Combs and senior managing director and co-head of the national multi-housing investment sales platform, Sean Deasy.

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GREYSTAR BUYS 374 UNITS IN CALIF. FOR $178 MILLION

CHARLESTON, S.C.- Greystar Equity Partners I. acquired, through separate unrelated transactions, two Los Angeles multifamily properties comprising 374 units for $178 million.

In the first transaction, Greystar acquired 195-unit Gardens at Wilshire Center in Koreatown. In the second transaction, Greystar acquired Villas at Rancho Palos Verdes, a 215-unit multifamily community located at 6600 Beachview Drive in Ranchos Palos Verdes.

“We like the growth prospects in both Rancho Palos Verdes and Koreatown as well as the overall fundamentals of the Los Angeles market,” said Kevin Kaberna,  leader of Greystar’s US Investment platform.

As the nation’s largest apartment operator, Greystar currently manages more than 10,000 units in the Los Angeles area and 400,000 units globally. Since 2011, Greystar has acquired 11 properties in Southern California totaling $720 Million.

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UNITS SOLD IN SOUTH FLORIDA

BOCA RATON, Fla. – TGM Associates bought TGM Oceana, a two building mid-rise apartment community with 160 units and 10 deep-water boat slips, located in Boca Raton, FL.

TGM Oceana, formerly known as Villa Oceana, was owned and managed by Chicago-based Laramar.  The broker on the transaction was Hampton Beebe, Executive Managing Director at ARA Newmark.

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PREISS BUYS 3 STUDENT HOUSING PROJECTS

RALEIGH, N.C.Officials of The Preiss Company, the nation’s third largest, privately-held, student housing owner-operator, bought three properties for an undisclosed amount in joint ventures with a private equity group. The properties include the 4050 Lofts, a 722-bed complex adjacent to the University of South Florida in Tampa; The Avenue, a 358-bed property serving Indiana University-Purdue University Indianapolis (IUPUI); and the 162-bed Campus West at Tyron near North Carolina State University.

Preiss specializes in the development, acquisition and management of off-campus student housing.

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