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Multifamily News Briefs From Realty News Report

COLLIERS INT’L SELLS 32 STUDENT HOUSING UNITS NEAR PRAIRIE VIEW A&M

PRAIRIE VIEW, Texas — Colliers International handled the sale of 32 units of student housing in four buildings located a mile from Prairie View A&M University in Waller County. The structures, each containing eight 2-bedroom, one-bath furnished units, are at 44422 and 44426 Highway 290 Business, and at 512 and 516 Hollyhock Drive.

The complexes were 98 percent occupied at the time of escrow. Each unit measures about 675 square feet.

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STARLIGHT FUND BUYS 583 UNITS IN ROUND ROCK

AUSTIN – An investment fund managed by Starlight Investments has acquired a 583-unit apartment complex in Round Rock, 18 miles north of Austin. The complex sits on a 33-acre site on O’Connor Road.

The complex, called The Landing at Round Rock, will be managed by Austin-based Roscoe Properties.

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BERKADIA SELLS 266-UNIT GOLDEN LEAF VILLAGE IN PLANO

PLANO, Texas – Through its Dallas office, Berkadia has sold Golden Leaf Village, a 266-unit, value-add community in Plano, Texas, just minutes from DART’s future Cotton Belt Line Station.

Built in 1970, Gold Leaf Village offers large floor plans that have not been renovated in more than two decades.

The buyer, a local private capital group, secured bank financing and plans to initiate an extensive interior and exterior renovation program.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a commercial real estate firm.

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HFF CLOSES SALE OF ALEXAN MELROSE IN SAN DIEGO AREA

SAN DIEGO – Holliday Fenoglio Fowler, LP, has closed the sale of Alexan Melrose, a 410-unit, Class A apartment community in the northern San Diego suburb of Vista, Calif.

HFF marketed the property exclusively on behalf of Trammel Crow residential and its joint venture partner. MG Properties Group purchased the asset free and clear of existing debt.

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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MORE APARTMENTS NEEDED IN LONE STAR STATE, SAYS STUD

HOUSTON – Texas cities will need more apartments by 2030 to keep up with population growth and increased demand, says a new study.

Dallas-Fort Worth will require an additional 266,296 units; Houston will see demand for an additional 214,176 units and San Antonio will need an additional 53,890.

The study, conducted by the National Multifamily Housing Council and the National Apartment Association, cites an aging population and international immigration as driving forces behind the increase.

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ATLANTIC PACIFIC, BLUE ARCH CREATE $175M FUND FOR MULTIFAMILY INVESTMENTS

MIAMI, Fla. – Atlantic Pacific Companies and Blue Arch Advisors closed their second co-sponsored fund, Blue Atlantic Partners II, whose purpose is to invest in existing multifamily communities.

Affluent suburbs of major cities in the Southeast and Southwest US are target sites.

The fund closed with some $110 million of equity capital commitments. Additional closings are expected during the coming months, with a total target goal of up to $175 million. Together with anticipated leverage, the fund is expected to have buying power of some $500 million.

Investors include domestic and international institutions and high net worth individuals.

“In Blue Atlantic Partners I, we were able to successfully acquire $260 million in multifamily assets for our investors in a nine-month period,” said Greg Ward, managing partner with the fund from A|P.

The fund’s strategy, he said, “will be to purchase existing multifamily communities that can benefit from A|P’s property management expertise and value add/renovation program.”

June 26, 2017 Realty News Report Copyright 2017

 

 

 

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