Sunday , 31 May 2020
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The Nation’s Multifamily Marketplace — RNR News Briefs

Dakota Enterprises recently broke ground for its newest development, Fishel’s Landing, in the Garden Oaks/Oak Forest area near North Shepherd Drive and Janisch Road in Houston. The four-story, 240-unit project was designed by Mucasey & Associates Architects.

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Electra Capital, an alternative lender specializing in flexible, short-term multifamily financing solutions, has closed on a preferred equity investment in Stonebridge at City Park Apartments, a 240-unit, garden-style apartment community at 11800 City Park Central Lane in Houston. The $5.5 million, three-year investment was structured to allow the sponsor, Strategic Realty  Holdings, LLC, to update and renovate the property.

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PASADENA, Texas – The 227-unit Pasadena portfolio, which is two workforce apartment communities in Pasadena, near Houston, has been sold to CPEC Exchange. Jeffrey Fript, First Vice President Investments and Christian Mazzini, Senior Associate in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a private investor, Shella 1 & 2.

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The Michaels Organization announced that construction is now under way on a luxury living rental apartment community in Austin. The $59 million project marks Michaels’ first entry in the capital city’s rental market. Located at 5700 East Riverside Drive, the upscale development called Zoey should be complete by late summer 2021. It will offer 307 apartment homes in a mid-rise building.

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Allied Orion Group was chosen to manage Smart Living at Garden Oaks, a 150-unit apartment community at 450 East Rogers St., North Houston. The pet-friendly, energy-efficient community features one-, two- and three-bedroom apartment homes located near I-45 and Tidwell Road.

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The 48-unit 3rdStreet Village Apartments, 310 Waco Ave. in League City, has been sold, according to Marcus & Millichap.

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Passco Companies has acquired The Reserve at Nocatee, a 244-unit apartment community in Ponte Vedre Beach, Fla., for $54.9 million, or $231,187 per unit. The project, built in 1988, is 25 miles from Jacksonville. Passco Companies specializes in the acquisition, development and management of commercial properties, multifamily and retail facilities.

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MultiVersity Housing Partners has acquired The Ridge, a two- and four-unit student housing development in Clemson, S.C., near the campus of Clemson University.  MultiVersity Property Management will oversee the management of this 616-bed student property.

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Mission Rock Residential has announced a new management contract for Bluebird Row Apartments in Chattanooga, Tenn. The firm was issued an agreement to manage the community for Bay Area-based multifamily investor Hamilton Zanze Real Estate Investments.

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Fairstead, a real estate firm committed to preserving high-quality affordable housing, has acquired Festival Field Apartments, a 204-unit Section 8 development in Newport, R.I., for $33.25 million. The procurement was financed by issuing low-income housing tax credits and tax-exempt bonds through RIHousing. The property consists of six three-story walkups and two accessory buildings that house a management office. As part of the acquisition, Fairstead is planning a $17 million property-wide rehabilitation.

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Mission Rock Residential, a national multifamily property management company, has acquired a new contract to manage Indigo 19 Apartments in Virginia Beach, Va. The deal brings to eight the number of properties in Mission Rock’s Virginia portfolio. Indigo 19 consists of 258 one-, two- and three-bedroom apartments

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JLL Capital Markets has arranged $41 million in acquisition financing for BELA, a newly developed, 104-unit, luxury apartment community in Jersey City’s growing Bergen-Lafayette neighborhood. JLL worked for the borrower, Golden Glades Capital Management, to arrange the two-year, floating-rate loan provided by Ares Commercial Real Estate Corporation. The JLL Capital Markets team representing the borrower was led by Thomas Didio and Matthew Pizzolato.

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Broadshore Capital Partners, in joint venture with an investment client, has acquired the 280-unit Victoria at Orange Park apartment community in Jacksonville, Fla., for $37.1 million. The firm targets value-add multifamily opportunities such as Victoria at Orange Park and other commercial properties. During the next 30 months, Broadshore plans to make equity and debt investments ranging from $35 to $75 million in some eight to 12 properties. Broadshore is based in Los Angeles, with regional offices in New York, Denver, Seattle and Phoenix.

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The Mogharebi Group has completed the sale of Royal Palms Condominiums, a 52-unit community at 40890 Sandy Gale Lane, Palm Desert, Calif. The property sold with multiple offers at $8.9 million, translating to $171,154 per unit. The buyer was a private investment group out of Southern California. Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, also a private investment group from Southern California.

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SAN ANTONIO—In response to needs of renters during the COVID-19 pandemic, the San Antonio Apartment Association  has proposed an Emergency Rental Assistance Program. SAAA is urging its members and other housing providers to get involved and directly help their residents who are struggling to pay rent as a result of COVID-19 impacts and related community social distancing declarations.

“I applaud the Association’s efforts to work with residents and avoid evictions,” said San Antonio  Mayor Ron Nirenberg. “We appreciate their help in urging housing providers to support their tenants seeking rental assistance from the City by covering a portion of the rental payment and waiving late fees.”

April 3, 2020 Realty News Report Copyright 2020

Read The New Book for the New Year by Ralph Bivins, Editor of Realty News Report 

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