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Nation’s Multifamily News Briefs From Realty News Report

HOUSTON – Florida-based Atlantic | Pacific Companies, along with its co-sponsored fund, Blue Atlantic Partners, completed its fifth property acquisition this year – and ninth in the state of Texas – when it added 324-unit Vintage Park Apartments in Houston to its portfolio.

The recently closed transactions increase A|P’s holdings in Texas to more than 3,000 units and expands A|P’s regional reach to 35 market-rate, multifamily communities.

Atlantic | Pacific Management will be responsible for all property management duties at both properties.

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BLUEROCK REIT BUYS AUSTIN APARTMENTS FOR $48.9M

AUSTIN — Bluerock Residential Growth REIT, Inc., has acquired the 324-unit Deerfield Apartments in Austin. Purchased for some $48.9 million, the transaction breaks down to a cost of about $151,000 per unit.

Constructed in 2001, Deerfield features one-, two- and three-bedroom units averaging 950 square feet each.

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CROWN BAY GROUP, LLC, BUYS FIFTH ATLANTA PROPERTY

ATLANTA — Crown Bay Group, LLC, and its partners have closed on their purchase of Flint River Crossing in Jonesboro, Atlanta’s Southern Crescent region. It is the firm’s fifth acquisition of property in the Georgia city.

The garden-style apartments are located on Flint River Road near shopping and restaurants, the Airport/South Atlanta office/industrial district and the Clayton County office/industrial district.

Crown Bay Group is a privately held real estate investment and asset management company based in Florida, with an office opening soon in in Atlanta.

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MONUMENT CAPITAL COMPLETES FIRST PROPERTY PURCHASE IN PHOENIX

PHOENIX – Florida-based Monument Capital Management has acquired the 276-unit Casa Bellisima multifamily complex in the Glendale area of Phoenix. The acquisition is Monument’s first property buy in metro section of Arizona.

Monument Real Estate Services will manage the property that’s made up of 18 two-story buildings.

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CBRE SECURES $92M LOAN FOR WILLOWICK PARK APARTMENTS IN HOUSTON

HOUSTON – CBRE Capital Markets’ Debt & Structured Finance team has secured a $92 million loan to refinance Willowick Park, a 552-unit luxury apartment community in Houston.

Properties included in the transaction are: Aria at Willowick Park, 325 units; Olympia at Willowick Park, 189 units and Townhomes at Willowick Park, 38 units.

Hal Holliday and Rusty Chiles of CBRE’s Houston office arranged the loan on behalf of the borrower, Willowick Venture, Ltd., a partnership between a large institutional investor and Houston-based developer Martin Fein Interests, Ltd.

Fannie Mae provided the 10-year loan used to refinance the original construction allowance.

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WILLOW BEND APARTMENTS NEAR ORLANDO SOLD FOR $8.5M

ORLANDO – Marcus & Millichap has announced the sale of Willow Bend, a 192-unit apartment community in Orlando, reported Ari Ravi, regional manager for the firm’s Tampa office. The property sold for $8,525,000.

M&M is a commercial real estate investment services firm.

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PRAXIS CAPITAL BUYS 209-UNIT APARTMENT COMPLEX IN SAN ANTONIO

SAN ANTONIO – San Francisco-based investor Praxis Capital has bought the 209-unit Villas de Sendero Apartments in northwest San Antonio.

The complex, originally developed by Marty Wender, is located on 10 acres in the Westover Hills area. The 17-building community leases units ranging in size from 400 to 1,000 square feet.

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HFF CLOSES SALE, ARRANGES FINANCING, FOR THE BERKLEY IN BROOKLYN 

NEW YORK – Holliday Fenoglio Fowler, L.P., has closed on its $68.875 million sale of The Berkley, a newly constructed, 95-unit, luxury apartment building in Williamsburg, Brooklyn. The firm also secured $42.5 million in financing for the buyer.           

HFF exclusively represented the seller, a joint venture between Westbrook Partners and Largo.  A joint venture between Trinity Place Holdings, Inc. and Pacolet Milliken Enterprises, Inc., acquired the property.

Largo Construction managed the building of the development, and New York-based company, Bold New York, took care of leasing on behalf of the seller, achieving 80 percent occupancy within the first four months following completion.

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SEQUOIA SECURES LARGEST ‘GREEN’ APARTMENT BUILDING IN PORTLAND AREA  

TUALATIN, Ore. – Sequoia has acquired Eddyline at Bridgeport, a 367-unit, Class-A mixed-use apartment building in Tualatin, Oregon. This transaction increases the firm’s Portland-based holdings to more than 2,100 units.

Eddyline is Sequoia’s seventh multifamily aquisition in the Portland metro area. The structure is the largest LEED (Leadership in Energy and Environmental Design)-certified multifamily building in the Greater Portland region, having received a LEED Silver certification in 2015.

Eddyline is comprised of 320,505 rentable square feet in three residential buildings in addition to 22,414 square feet across 10 retail spaces. The acquisition was facilitated by Holliday Fenoglio Fowler, L.P.

Sequoia is a real estate owner and investment manager. The company’s multifamily portfolio is currently valued in excess of $3 billion.

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BLUEROCK RESIDENTIAL SELLS ORLANDO MULTIFAMILY FOR $52M

ORLANDO — Bluerock Residential Growth REIT, Inc., has closed on the sale of its EOS Orlando Apartments property in the central Florida city.

The 296-unit community sold for $52 million, generating an internal ROI of some 31% on Bluerock’s equity investment in the project.

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HINES ENTERS IRISH STUDENT HOUSING MARKET WITH FOUR PROPERTIES IN DUBLIN

DUBLIN, Ireland — Hines, the international real estate firm, has expanded its student housing platform from the UK to Ireland with the acquisition of four assets in the center of Dublin. The firm acquired the properties on behalf of a group of German pension funds.

The company obtained the properties, which include one operational asset and three proposals in various stages of development, from ThreeSixty Developments, a leading student housing developer and portfolio company of funds managed by Oaktree Capital Management, L.P.

The combined four assets will deliver about 1,500 new beds for Dublin’s growing student population.

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SALE OF THE GRANT APARTMENTS IN TAMPA SUBMARKET FETCHES $1.7M

TAMPA – Marcus & Millichap has announced the sale of The Grant, a 12-unit apartment building in the Hyde Park submarket of Tampa, reported Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,725,000.

M&M is a commercial real estate investment services firm.

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MULTIFAMILY PROPERTY IN ST. LUCIE COUNTY, FLORIDA, SELLS FOR $38.3M 

PORT ST. LUCIE, Fla. — Bluerock Residential Growth REIT acquired the 320-unit Apex Prima Vista Apartments in Port St. Lucie, Fla.

The company acquired the property through a joint venture for a total purchase price of about $38.3 million, or around $120,000 per unit.

Apex, built in 2003, is located a half-mile from U.S.1.

Dec. 27, 2016 Realty News Report Copyright 2016

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

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