Thursday , 29 September 2016
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RNR’s Multifamily Magazine – Apartment News Items from Realty News Report

AUSTIN — Holliday Fenoglio Fowler, L.P., has arranged $65 million in financing to acquire Cielo and Madrone, two Class A, garden-style multihousing communities totaling 554 units in west Austin. The firm worked exclusively on behalf of Toronto-based Starlight Investments Ltd. to place the seven-year, floating-rate loan with a national bank. The newly developed properties were completing lease-up when the financing closed. Finished in 2014, Cielo has 28 three-story buildings on 38 acres that house 326 one-, two-, and three-bedroom units The Madrone is situated on 40 acres immediately adjacent to Cielo and was completed in 2015.

The HFF debt placement team representing the borrower was led by Senior Managing Director Matt Kafka and Director Campbell Roche.

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MARCUS & MILLICHAP ARRANGES SALE OF 188 CONDOS IN ORLANDO

ORLANDO –Marcus & Millichap announced the sale of 188 units in Orlando’s Los Robles Condominiums for $8.084 million, said Richard D. Matricaria, regional manager for the firm’s Tampa office.

The sale involved 188 of the 200 total units at the condo project located at 4500 Silver Star Road in Orlando.

Marcus & Millichap is a commercial real estate investment services firm with offices throughout the U.S. and Canada.

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FIRM CLOSES THREE DEALS IN HOUSTON’S CLASS B AND C MULTIFAMILY HOUSING MARKET

HOUSTON – Dipping into Houston’s strong market for Class B and C multifamily housing units, Transwestern’s Houston Multifamily Investment Services Group has completed the sale of three apartment properties with a total of 786 units. The projects are: Waterford Place Apartments, a 552-unit community at 3125 Crestdale Drive in Houston; Sherwood Glen Apartments, a 56-unit community at 3805 Sherwood Lane in Houston and Chateau Nederland, a 178-unit community at 1003 Ave. B in Nederland. Transwestern Managing Director Ed Cummins and Tim Gregory, Ryan Mendez, Kenady Davis and Lupe Olivares, also from Transwestern, represented the sellers.

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FINGER COMPANIES’ 500 CRAWFORD MIDRISE REACHES 40% OCCUPANCY

HOUSTON — The Finger Companies is leasing up 500 Crawford – a seven-story midrise overlooking Minute Maid Park that is bringing a walkable 21st century lifestyle to the downtown Houston residential cityscape.

The 400-unit property includes one- and two-bedroom luxury apartments that range in size from 710 to 1,537 square feet. The first move-ins started in March, and the property is currently about 40% leased. The company has been developing luxury multifamily properties since 1958 in Houston as well as California, Colorado, Georgia, Illinois and other parts of Texas.

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JLL SECURES $22.1M TO GREEN LIGHT CONSTRUCTION OF LUXURY BRONX MULTIFAMILY

NEW YORK, N.Y. – JLL’s Capital Markets has secured $22.1 million in construction financing to develop Class A, multifamily units at 329 East 132nd St. in the Mott Haven section of the Bronx. JLL obtained the loan from First Niagara Bank on behalf of JCal Development and Altmark Group. This will be the first Class A, multifamily property in the Mott Haven submarket

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OLYMPUS PROPERTY LAUNCHES NEW FUND WITH D/FW ACQUISITION

FORT WORTH — Olympus Property continues to expand its Dallas/Fort Worth portfolio this year with the acquisition of two properties — the Mansions at Woodbridge (renamed Olympus Woodbridge) in Sachse, Texas, and The Davis in Fort Worth.

Built in 2014, Olympus Woodbridge is a Class A, garden-style community comprised of 381 units spread over 18 acres. This property is the final asset being added to Olympus Property’s fifth fund.

The firm will use The Davis to launch its sixth fund, WW Olympus Property VI, LLC.

Founded in 1992, Olympus Property is a real estate investment firm based in Fort Worth. It currently owns and manages 12,000 units across Texas, Florida, Oklahoma, Arizona, Tennessee, Georgia, New Mexico and California. ……….………………………

HFF CLOSES $91.5M SALE OF LUXURY APARTMENT COMMUNITY IN N.J.

EAST RUTHERFORD, N.J. –– Holliday Fenoglio Fowler, L.P., has closed the $91.5 million sale of the Monarch, a 316-unit, Class A, luxury apartment community across from MetLife Stadium in the Meadowlands. HFF marketed the property exclusively on behalf of the seller, a partnership between a New Jersey-based developer and an institutional owner. The purchaser was a private group.

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JLL FACILITATES SALE OF LUXURY COASTAL MULTIFAMILY ASSET IN SAN DIEGO

SAN DIEGO – JLL’s Capital Markets has facilitated the sale of Dylan Point Loma in San Diego, a newly completed luxury, coastal multifamily community. A LaSalle Investment Management fund purchased the 180-unit property. Executive Vice President Darcy Miramontes and Vice President Kip Malo led the JLL team on the sale

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TEMA DEVELOPMENT’S NEW PROJECT SET FOR SEPTEMBER COMPLETION

HOUSTON — One Hermann Place, a new luxury midrise apartment development on 2.25 acres directly across from Hermann Park in the Museum District, is scheduled for completion in September 2016. The seven-story development overlooks 445 acres of green space, gardens and a golf course. It is being built by Houston-based Tema Development.

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HFF ARRANGES $136.5M SALE OF THE RESIDENCE BUCKHEAD ATLANTA

ATLANTA – The $136.5 million sale of The Residence Buckhead Atlanta, a 370-unit, luxury, high-rise apartment community located within the Buckhead Atlanta mixed-use district, was arranged by Holliday Fenoglio Fowler. The firm marketed the asset exclusively on behalf of the developer, OliverMcMillan, to Simpson Housing, LLLP. HFF previously worked on behalf of the developer to arrange construction funding for the development of Buckhead Atlanta in 2013. Completed in late 2014, The Residence Buckhead Atlanta is the residential cornerstone of Buckhead Atlanta, OliverMcMillan’s mixed-use project located in the Buckhead neighborhood.

The Residence Buckhead Atlanta is made up of two 20-story towers, and features a resort-style pool.

The HFF investment sales team representing the seller was led by senior managing directors Jason Nettles and Trey Morsbach along with director Megan Thompson.

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HFF SECURES FINANCING FOR MULTIHOUSING COMMUNITY IN OREGON

EUGENE, ORE. — Holliday Fenoglio Fowler, L.P., has secured financing for Broadway Place, a 170-unit, multihousing community near the University of Oregon in downtown Eugene. HFF worked exclusively on behalf of Virtú Investments to secure a fixed-rate acquisition loan. Virtú Investments is a multifamily fund manager, created to take advantage of properties in the value-added apartment investment market.

HFF’s debt placement team was led by senior managing director Mona Carlton and associate director Erica Christensen.

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APARTMENT COMMUNITY IN ST. PETERSBURG, FLA., ACQUIRED BY TGM FROM HEITMAN

ST. PETERSBURG, FLA. — TGM Associates has acquired TGM Bay Isle, a garden-style apartment community of 582 units located in Saint Petersburg, Fla. Formerly known as Bay Isle Key, TGM Bay Isle, was owned and managed by Chicago-based Heitman, a real estate investment management firm.

Brokering the transaction were John Selby and Sean Williams, senior vice presidents at CBRE.

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HFF SECURES EQUITY, CONSTRUCTION FINANCING FOR MULTI-UNIT COMPLEX IN N.C.

CHARLOTTE, N.C. – Holliday Fenoglio Fowler, L.P., has arranged joint venture equity and construction financing for the development of Fountains at Ballantyne, a 245-unit, Class A multihousing development in Charlotte, N.C. Working on behalf of the developer, Proffitt Dixon Partners, HFF arranged for joint venture equity capital from The Carlyle Group. The firm also secured $29.102 million in construction financing for the partnership through TD Bank. Fountains at Ballantyne is due for completion in summer 2018. It will be made up of 245 studio, one-, two- and three-bedroom units in a four-story, wrapped deck-style building.

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MARCUS & MILLICHAP ARRANGES THE SALE OF 136-UNITS

HUDSON, Fla. – Marcus & Millichap handled the sale of Ridgestone Apartments, a 112,552-square foot multifamily community in Hudson, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $8,570,000.

Ridgestone Apartments is 136-unit multifamily community located at 12429 Little Road in Hudson, Florida, which is in Pasco County.

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REFI IN THE WOODLANDS

HOUSTON – HFF arranged a $42.5 million refinancing of Millennium Six Pines, a 314-unit multifamily project in The Woodlands on behalf of the Howard Hughes Corp., the developer of The Woodlands.

JLL secured the loan through its Fannie Mae DUS® lending platform. Mike Melody, Randy Fleisher and Dustin Dulin the JLL team on the deal.

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Mark your Calendar – The NMHC OPTECH Conference will be Nov. 14-16, 2016 at the Hilton Anatole Hotel in Dallas.

AUGUST 23, 2016 Realty News Report Copyright 2016

 

 

 

 

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