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

SUGAR LAND, Texas — Imperial Market Development, LLC, has purchased the 26-acre Imperial Sugar Refinery for the development of an 855,000-square–foot, mixed-use project in Sugar Land, Texas.

The location will house a 274-unit, luxury multifamily complex developed by Sueba USA. The property will also contain an amenities package that includes shopping locations and other services.

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ALLIED ORION GROUP TO MANAGE TREE TOPS AT POST OAK

HOUSTON — Allied Orion Group has been selected to manage Tree Tops at Post Oak, a 112-unit, boutique apartment community at 4510 Briar Hollow Place in Houston’s Galleria area.

The three-story, gated development owned by Nimes Capital is close to Uptown Park and The Galleria.

Allied Orion Group is a multi-family residential management, development and investment firm that manages more than 25,000 apartment units nationwide.

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CBRE SETS CONSTRUCTION FINANCING FOR STUDENT HOUSING NEAR BAYLOR, LSU

DALLAS — CBRE Capital Markets’ Debt & Structured Finance Team has arranged $86 million in construction financing for two student housing developments adjacent to the campuses of Baylor and Louisiana State universities.

Properties included in the transaction are Park Place at Baylor, a five-story, 261-unit structure with 724 beds, and Park Place at LSU, a six-story, 277-unit building with 745 beds and several rooftop amenities.

Benjamin Roelke of CBRE’s Dallas office and David Meese of CBRE’s Pittsburgh location arranged two separate three-year, interest-only loans with extension options on behalf of the Park 7 Group. Financing was provided by three regional and commercial banks.

Construction is scheduled for completion by next summer when leasing is slated to take place.

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HFF TO MARKET 11-PROPERTY MULTIHOUSING PORTFOLIO IN SEVEN STATES

CHICAGO – Holliday Fenoglio Fowler (HFF), L.P., has been selected to market for sale an 11-property, 3,039-unit multihousing portfolio located in several markets across the United States.

HFF is putting the properties on the market for KBS Legacy Partners Apartment REIT, Inc., a public, non-traded real estate investment trust sponsored by KBS Capital Advisors, LLC, and affiliates of Legacy Partners Residential Realty, LLC.  The portfolio may be purchased in its entirety, as a subset of pooled assets or individually.

The property bundle totals more than three million rentable square feet and encompasses garden-style and mid-rise apartment communities with an overall occupancy rate of more than 95% as of May 31, 2016.  More than half the properties were built between 2002 and 2010.

The units are located in Minnesota, Illinois, Missouri, Maryland, North Carolina, South Carolina and in Irving, Texas.

The HFF investment sales team representing the seller is led by executive managing director Matthew Lawton.

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MARCUS & MILLICHAP ARRANGES SALE OF 40-APARTMENT PROPERTY

NEW PORT RICHEY, Fla. – Marcus & Millichap, a commercial real estate investment services firm, has announced the sale of River Trace Apartments, a 40-unit community in New Port Richey, Fla. Richard D. Matricaria, regional manager of the firm’s Tampa office, said it sold for $2.65 million.

Jason Hague, associate, Nicholas Meoli and Michael Donaldson, vice presidents of investments, all from Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a foreign purchasing entity, was secured and also represented by Hague, Meoli and Donaldson.

The property consists of five buildings constructed in the late 1980s on slightly less than two acres.

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MIAMI FIRM ACQUIRES APARTMENTS THROUGH HUD TAX CREDIT PROGRAM

HOMESTEAD, Fla. – On behalf of Phoenix Apartments Venture, LP, commercial real estate firm JLL’s Capital Markets division has secured $13.9 million in FHA Section 223(f) financing under HUD’s Tax Credit Pilot Program for the acquisition, resyndication and rehabilitation of Phoenix Apartments, a 164-unit complex in the Miami suburb of Homestead.

The 35-year loan will be used to rehabilitate the property.Managing Director C.W. Early led the JLL team on the transaction.

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MCCANN REALTY PARTNERS ACQUIRES 294 APARTMENTS IN VIRGINIA

RICHMOND, Va. — McCann Realty Partners and its joint venture associate, Artemis Real Estate Partners, have acquired Hickory Creek, a 294-unit apartment community in Richmond, Va.

Built in 1984, the three-story garden-style units are located at 2344 Hickory Creek Drive in Henrico County.

Hickory Creek has large floorplans and mature trees spread across about 20 acres. The property will be managed by Pegasus Residential.

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HFF CLOSES SALE ON 480-UNIT APARTMENT COMMUNITY IN ST. LOUIS

St. LOUIS, Mo. — Holliday Fenoglio Fowler, L.P., has closed the sale of Oxford Hills Apartments, a 480-unit multifamily community in St. Louis, Mo.

HFF marketed the property on behalf of the seller, a joint venture between Covenant Capital Group and Bell Partners Inc. Aragon Holdings, LLC purchased the asset for an undisclosed amount free and clear of existing debt.

Oxford Hills Apartments is situated on 26.32 acres at 10304 Oxford Hill Drive 7.5 miles south of Lambert-St. Louis International Airport.

The property has 36 residential buildings which house one-, two- and three-bedroom units averaging 953 square feet each.

The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and associate director Wick Kirby. ………………………………………..

HFF ARRANGES FINANCING FOR 123-UNIT CONDO COMPLEX IN VIRGINIA

McLEAN, Va. — Holliday Fenoglio Fowler, L.P., has arranged construction financing and joint venture equity for development of The Signet, a 123-unit luxury condominium community in downtown McLean, Va.

HFF represented the developer, an affiliate of The JBG Companies, to arrange construction financing provided by EagleBank and joint venture equity from Clark Enterprises.

The Signet will be built on an existing surface parking lot adjacent to 6862 Elm Street, a 109,000-square-foot office building purchased by the developer in 2009.

The Signet will feature 108 market-rate homes averaging 1,844 square feet and 15 workforce condominiums averaging 849 square feet, as well as 5,033 square feet of ground-floor retail and a four-level parking garage.

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OPTIMUS DOING DEALS IN LA

LOS ANGELES, – Optimus Properties, LLC has completed the acquisition of a 14 unit apartment complex located at 1800 North Kingsley Drive. Optimus Properties, LLC, located in Los Angeles, California, was founded by Kamyar Shabani and K. Joseph Shabani and employs a disciplined investment approach focused on value creation in multifamily properties throughout Los Angeles.

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SIX TEXAS MULTIFAMILY PROJECTS SOLD

NEW YORK — Greystone, a real estate lending, investment and advisory company, today announced it has provided $106,918,000 in Fannie Mae Delegated Underwriting and Servicing loans for the acquisition of six multifamily properties in Texas. The loans were originated by Rob Russell, a Managing Director at Greystone, for Intercapital Group of Chicago. The properties, which total 1711 residential units, include: • Wimbledon in Lewisville, TX • Greenwood Creek in Benbrook, TX • Catalina Apartments in Lewisville, TX • Summer Gate Apartments in Irving, TX • Oaks of Lewisville in Lewisville, TX • Parc Plaza Apartments in Euless, TX

Terms of the Fannie Mae loans included 10 years, 30-year amortization and 3 years of interest-only.

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WOODBRANCH HIGH-RISE SET FOR 2016 COMPLETION

HOUSTON –Woodbranch Investments Corp., will open Market Square Tower, a high-rise apartment building in downtown Houston, in the fall of 2016.

The development, located at 777 Preston St. in downtown Houston’s Theater District, will have 463 residences will range from 564-square-foot studio apartments to three-bedroom, three-and a-half-bath spaces measuring 1,950 square feet. Philip Schneidau is CEO of Woodbranch Investments.

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UNITS SOLD IN GRAND PRAIRIE

DALLAS – – Savannah Square, a 56-unit multifamily community in Grand Prairie, Texas has been sold. Flower Mound-based WoodOak Corporation purchased the asset from MMAR Holdings, LLC for an undisclosed price. Chris Deuillet with CBRE’s Dallas office represented the seller. The 29,150-square-foot asset is located at 321 Southwest 5th Street in Grand Prairie, Texas, and was built in 1961 and is 93 percent occupied.

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COLUMBIA VENTURES BUILDING SPOKE

ATLANTA – Holliday Fenoglio Fowler has arranged $28.4 million in construction financing and advised on the equity capitalization for the development of SPOKE, a 224-unit, Class A mid-rise multi-housing project in Atlanta’s Edgewood neighborhood.

HFF worked on behalf of the developer, Columbia Ventures LLC., which was Formed in 2013 by managing principles Dillon Baynes and Jake Von Trapp . SPOKE is the first phase of a 6.36-acre, urban infill, master planned project being developed in partnership with the Metropolitan Atlanta Rapid Transit Authority (MARTA).

The HFF team representing the developer was led by senior managing director Jason Nettles and director Chip Sykes.

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WILE BUYS EADO PROJECT

HOUSTON – EADO 908, Ltd. an affiliate of Wile Interests, Inc, has purchased a 98,000 sq. ft., 3-story loft building in EaDo. Located at 908 Live Oak, the building is adjacent to the Columbia Tap Bike Path and a block away from BBVA Compass Stadium. It offers unobstructed views of downtown. Wile Interests is a Houston-based investment firm formed in 1991 by Randolph Wile to identify and create investment opportunities in Texas real estate.

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$16.786 MILLION CONSTRUCTION LOAN SET

VANCOUVER, Wash. – Holliday Fenoglio Fowler, L.P. (HFF) has secured $16.786 million in construction financing for the development of Heritage Villas, a 135-unit, Class A garden-style apartment project in Vancouver, Washington.

HFF worked on behalf of the borrower, a partnership with developer Gregg Mecham and other local investors, to secure the construction financing with a regional bank. Integrity Structures LLC is the general contractor and has already started construction on the project.

August 4, 2016 Copyright Realty News Report 2016

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