Population growth in the Mountain states over the last several years has fueled historic apartment construction across Colorado and Utah. The activity has created some supply overhang in the Denver and Salt Lake City markets in particular, but continuing in-migration, housing shortages and the high cost of home ownership could sustain their resiliency, say two of Asset Living’s newest executives in the region. Based in Houston, Asset Living manages assets valued at $55 billion nationwide, including more than 1,750 apartment properties in addition to student, affordable and single-family build-to-rent housing. …
North Dakota
DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $14.2 million CMBS loan for the refinancing of a portfolio comprising 392 units in Dickinson, a western city of North Dakota. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Falcon Heights Owner LLC.
WATFORD CITY, DICKINSON, NEW TOWN, KILLDEER AND TIOGA, N.D. — Bernard Financial Group (“BFG”) has negotiated a $24.8 million CMBS loan for a 603-unit portfolio in North Dakota. The portfolio includes communities in Watford City, Dickinson, New Town, Killdeer and Tioga. BFG will provide full cashiering servicing for this loan. Dennis Bernard and Joshua Bernard originated the financing. The borrowing entity was Creekside Owner LLC, Fox Run Owner LLC, Killdeer Highlands Owner LLC, Pheasant Ridge Owner LLC, Timber Cove Owner LLC, Raven Ridge Owner LLC and Custer Crossing Owner LLC.
DICKINSON, N.D. — Friedman Real Estate brokered the sale of West River Apartments. Rich Deptula and Steven Silverman represented both the seller and purchaser in the transaction. West River Apartments is 234-unit community in Dickinson, a city in Stark County, North Dakota. The community offers studio, one-, two- and three-bedroom units, according to the property website. Amenities include a fitness center, 24-hour emergency maintenance and a dog park.