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Multifamily News Items from Realty News Report

DALLAS – The National Multifamily Housing Council is holding a Launch Pad technology competition to recognize new tech-based solutions for the apartment industry.

The winner will be announced at the NMHC OPTECH multifamily conference Nov. 14-16 in Dallas.

The conference and accompanying expo will focus on property operations, marketing, technology, sustainability and telecommunications.

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 NAPA VENTURES ADDS EIGHT DEVELOPMENTS IN D/FW AREA

 AUSTIN — Network Acquisition Partnership Alliance, LLC, known as NAPA or NAPA Ventures, is acquiring eight properties as part of a 1,450-unit multifamily portfolio procurement in the Dallas-Fort Worth market.

Among them are Woodbridge Townhomes, a 91-unit apartment community with one- and two-bedroom floor plans, located in Arlington, and Westwood Apartments, a 187-unit apartment community in Dallas with one-, two- and three-bedroom offerings.

Based in Austin, NAPA is a multifamily and commercial real estate investment company co-founded by Glenn Gonzales and Shravan Parsi.

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CONSTRUCTION BEGINS ON 303-UNIT COMPLEX NEAR AUSTIN

GEORGETOWN, Texas — McCann Realty Partners, LLC, has begun construction of the 303-unit Retreat at Wolf Ranch Apartments in Georgetown, Texas, a north Austin submarket.

The 19-acre property is located in the Wolf Ranch master planned community adjacent to the 670,000 square foot Wolf Ranch Town Center.

Headquartered in Richmond, Va., with a regional office in Houston, McCann Realty Partners is a real estate investment and operating company specializing in acquisitions, development and management of multifamily communities

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DALLAS-BASED STREETLIGHTS RESIDENTIAL EXPANDS TO ATLANTA

DALLASStreetLights Residential, a designer-driven developer of multifamily and mixed-use communities, has expanded to Georgia with the opening of an office in Atlanta. Veteran Peach State developer, Fred Kay, will serve as senior vice president of development, responsible for multifamily development and acquisition activity in Atlanta and the surrounding region.

Before joining the firm, Kay was senior vice president and southeast regional partner for JPI.

Based in Dallas, StreetLights also has offices in Austin, Houston, San Diego and Phoenix.

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BORON CAPITAL OPENING HIGH-END WORKFORCE HOUSING IN REGION RAMPING UP OIL PRODUCTION

 MIDLAND, Texas — The moderate price of oil has not stopped Boron Capital from building the highest-end workforce housing available in Midland for oil company employees.

The community, called The Corporate Ranch, offers about twice the amount of space in common areas than traditional workforce housing. The units include 30-year composition roofs, eight-and-a-half foot ceilings, textured sheetrock walls, hardwood cabinets, china sinks, fiberglass showers and other, similar amenities.

The Permian Basin, a geological formation in that area of west Texas, is currently considered the lowest-cost oil production area in the United States due to the depth of the shale combined with cost-cutting methods used to lower production expenses.

“With the momentum the Permian Basin has to be at the top of the oil industry in the United States, we are making a good investment by furthering that momentum with our budget-friendly housing,” said Blake Templeton, owner of the Corporate Ranch.

Boron Capital is a private real estate investment firm based in Mesquite, Nev., that analyzes conditions affecting the economy and investments. 

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 ARMADA HOFFLER TO DEVELOP, OWN MULTIFAMILY UNITS IN N.C.

 CHARLOTTE — Armada Hoffler Properties, Inc. has entered into an agreement to develop and own a new $45 million multifamily property in Charlotte, N.C., as the majority partner in a joint venture with Southern Apartment Group.

Located in midtown Charlotte on the East Morehead corridor, the project is slated to be a new Class A property consisting of 225 apartment homes spread over eight floors, with 350 structured parking spaces.

Armada Hoffler Properties, Inc. is a real estate investment trust based in Virginia Beach, Va.

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FEDERAL CAPITAL BUYS 408-UNIT COMPLEX IN VIRGINIA FOR $60.5 MILLION

CHEVY CHASE, Md. — Federal Capital Partners has acquired the Windsor at Potomac Vista apartment community in Woodbridge, Va., in the suburban, Washington, D.C. submarket, for $60.5 million.

The three-story, garden-style apartments, built in 1987, recently underwent kitchen and bathroom renovations.

Amenities include a clubhouse with fitness center and resort-style pool, cyber café and two playgrounds. Apartment features include full size washers and dryers, laminate hardwood floors, new cabinets and counter tops, walk-in closets and breakfast bars.

Walter Coker and Brian Crivella of Holliday Fenoglio Fowler, LP, represented the seller. Wells Fargo and Fannie Mae facilitated assumption of the existing mortgage and provided supplemental financing for the acquisition.

Federal Capital Partners, based in Chevy Chase, Md., is a privately held real estate investment company

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HFF CLOSES $147M MULTI-HOUSING SALE; ONE OF LARGEST IN ROCKLAND COUNTY, N.Y.

 NANUET, N.Y. – Holliday Fenoglio Fowler, L.P., has closed the $147 million sale of eaves Nanuet, a 504-unit, multi-housing community in Nanuet, N.Y.

HFF marketed the property exclusively on behalf of the seller, AvalonBay Communities.  A joint venture between Harbor Group International, LLC, and Azure Partners, LLC, purchased the asset free of existing debt.  It was one of the largest apartment sales in Rockland County, N.Y.

The 97%-leased development has 64 buildings with 504 units, offering a mix of one-, two- and three-bedroom apartments averaging 1,208 square feet.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Robert Borny.

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HFF SECURES $30.8M FOR 276-UNIT, L.A. APARTMENT COMMUNITY

 LOS ANGELES — Holliday Fenoglio Fowler, L.P., has secured $30.8 million in financing for Woodlake Manor, a 276-unit apartment property in the Baldwin Hills neighborhood of Los Angeles.

Working solely for the borrower, Vista Investment Group, LLC, HFF placed a seven-year, fixed-rate loan with a local commercial bank.  Loan proceeds were used to acquire the asset, purchased by VIG for $44 million in a separately-brokered, non-HFF transaction.

Woodlake Manor, a gated community, was built in 1964 and was 97.8% leased at closing. The transaction also included a parcel of land currently occupied by two radio towers.

The HFF debt placement team representing VIG was led by director Marc Schillinger.

September 13, 2016 Realty News Report Copyright 2016

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