HOUSTON – Avenue Community Development Corporation (Avenue CDC) has broken ground on Avenue Terraces, 48 new mixed-income apartments at 4300 Irvington Boulevard in Houston’s Near Northside neighborhood. Construction financing is being provided by Capital One, N.A. and tax credit equity financing is being provided through the National Equity Fund.
“We are very excited to break ground on the new Avenue Terraces apartments,” says Mary Lawler, Executive Director of Avenue CDC. “Currently, we have long waiting lists on many of our developments; Avenue Terraces will provide much-needed affordable housing in the Near Northside and will be a welcome addition to the community.”
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TRANSWESTERN BROKERS SALE OF 117 UNITS
HOUSTON – A two-property, multifamily portfolio in Spring Branch, Texas, has changed hands, according to Transwestern’s Houston Multifamily Investment Services Group. The firm’s managing director Ed Cummins and senior associate Ryan Mendez represented the seller, OSD Ltd., in the sale of the 117 garden-style units.
Transwestern said the off-market deal involved the sale of Spring Gardens, a 79-unit community at 1714 Wirt Road and Johanna Square, a 38-unit development situated at 1715 Johanna Drive.
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PURE MULTI BUYS 395-UNIT APARTMENT COMPLEX OUTSIDE DALLAS
FRISCO, Texas — Pure Multi-Family REIT LP of Canada has purchased the Amalfi Stonebriar, a 395-unit, Class A apartment complex in the north Dallas suburb of Frisco. HFF has arranged $45 million in acquisition financing in a fixed-rate loan through TIAA-CREF.
Amalfi Stonebriar is located at 5725 Town & Country Blvd. across from the future headquarters of Toyota. Completed in 2014, the property is 94% occupied.
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VENDE CAPITAL ADDS 798 UNITS TO ITS HOLDINGS IN TEXAS
HOUSTON – Vende Capital purchased the 798-unit Palms on Westheimer Apartments at 6425 Westheimer Rd. in Houston from BRT Realty Trust for $39.9 million.
The 763,455-square-foot Palms complex, built in 1974, is made up of 29 buildings. Houston-based Vende Capital owns and manages more than 5,000 units in Texas.
BRT Realty, a Great Neck, N.Y.-based real estate investment trust headed by CEO Jeffrey Gould, said his firm would record a gain of $4 million on the sale.
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MIXED-USE PROPERTY NEAR HISTORIC AUSTIN DANCE HALL SOLD
AUSTIN – Amstar of Denver and Transwestern Development Co. have sold The 704 in Austin, a luxury mixed-use property that surrounds the Broken Spoke dance hall, a Texas landmark famed for hosting country music greats and celebrity visitors.
The 704 is a 378-unit, multifamily development with 20,000 square feet of boutique retail and restaurant space incorporating the look and feel of the nearby dance hall. The occupancy rate there is in the mid-90% range.
The Broken Spoke has hosted many country music legends, from Willie Nelson to George Strait, among others.
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CALIFORNIA FIRM ACQUIRES 72-UNIT COMPLEX SOUTH OF DALLAS
WAXAHACHIE, Texas — California-based KD Real Property Investments, LLC, has acquired a 72-unit, class A complex in Waxahachie, Texas, about 30 miles south of Dallas. The seller was Mercury Metroplex Real Estate IV, LLC, of Arlington, Texas.
Sam W. Pettigrew III, partner of Dallas-based Cantrell Co. & Partners, brokered the sale.
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JONES LANG LASALLE CLOSES SALE OF CASA MIRELLA FOR $50 MILLION
ORLANDO – Jones Lang LaSalle (JLL) of Orlando has closed the sale of a 276-unit apartment complex for $50 million, one of the highest prices per unit ever recorded for market-rate apartments in central Florida.
Raia Properties purchased the Casa Mirella development for $50 million, more than $181,000 per unit.
Leading the JLL team in the transaction were International Director Jubeen Vaghefi, Managing Director Matt Wilcox and Managing Director Denny St. Romain.
JLL is a financial and professional services firm specializing in commercial real estate services and investment management.
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GREYSTONE PROVIDES LOANS FOR TWO LAS VEGAS PROPERTIES
NEW YORK — Greystone, a real estate lending, investment and advisory company, has provided loans totaling $30,712,000 for two separate Las Vegas affordable housing properties.
Greystone issued a 35-year, FHA-insured loan for Summerhill Apartments, a 221-unit community built in 1998. The sum includes rehabilitation costs, estimated at $28,363 per unit.
In addition, Villanova Apartments, also located in Las Vegas, was refinanced for $17,712,000 with a 7-year Freddie Mac loan carrying a 30-year amortization.
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SENIOR LIVING CENTER OUTSIDE DALLAS SOLD TO FORT WORTH FIRM
MURPHY, Texas — Fort Worth-based Sagora Senior Living has purchased the Orchard Park of Murphy seniors housing project located in Murphy, Texas, outside of Dallas. The facility, at 304 West FM 544 in Collin County, has 92 assisted living units and 33 memory care units.
Sagora, which operates senior living communities in Texas, Oklahoma, Alabama and Florida, will rename the Orchard Park facility.
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SEVEN-STORY, $28M APARTMENT COMPLEX DUE IN SALT LAKE CITY
SALT LAKE CITY — JF Capital, a Utah-based real estate investment management and development firm, will build a $28 million luxury apartment complex in downtown Salt Lake City.
The 158 units in the building called The Bonneville will feature an extensive list of on-site amenities, including access to mass transit, to complement the property’s Central City location.
The seven-story building will be completed by 2016.
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CAPITAL SQUARE COMPLETES TAMPA OFFERING
TAMPA, Fla. – Capital Square Realty Advisors announced that its Delaware statutory trust offering, CSRA Candleglow Apartments, DST, comprised of Candleglow Apartments, a 152-unit multifamily community near Tampa has been fully subscribed by investors.
Capital Square Realty Advisors, led by Louis J. Rogers, specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and cash (non-1031) investors using the Delaware Statutory Trust structure.
Apartment News Briefs from Realty News Report.