News

Trilogy Real Estate Group Acquires Azalea Apartments in Tampa, Florida for $85.8 Million

by Channing Hamilton July 25, 2023

TAMPA, FLA. — Trilogy Real Estate Group has purchased Azalea Apartments, a 289-unit community currently under construction in the Tampa neighborhood of Brandon, for $85.8 million. ZOM Living sold the asset to Trilogy Real Estate Group and will continue to manage its construction through completion. The property is in a qualified opportunity zone and benefits from the provisions of the 2017 Tax Cuts and Jobs Act. Azalea Apartments will offer one-, two- and three-bedroom apartments, with the first move-ins expected to begin this quarter. Each unit includes energy-efficient, stainless steel …

July 25, 2023

Colorado Finance Investment Sales News People News Western

Avanti Residential Appoints Richard Bennion as Managing Director

by Channing Hamilton July 24, 2023

DENVER — Avanti Residential has selected Richard Bennion as Managing Director. In this role, Bennion will be responsible for strategic growth and institutional capital relationships. Bennion most recently worked at PEF Advisors, where he led the capital formation of a $100 million fund focused on affordable housing and was a member of the company’s senior leadership team and investment committee. Prior to joining PEF Advisors, he worked at Carmel Partners. Bennion received a Bachelor of Science in Manufacturing Engineering from Brigham Young University and an MBA from Harvard Business School.

July 24, 2023

Investment Sales Midwest News North Dakota

Friedman Real Estate Brokers Sale of West River Apartments in Dickinson, North Dakota

by Channing Hamilton July 24, 2023

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.

July 24, 2023

Affordable Housing Finance News Oregon Western

Keybank Provides $20.4 Million in Financing for Affordable Housing Community in Salem, Oregon

by Channing Hamilton July 24, 2023

SALEM, ORE. — Hampstead Development Partners (Hampstead) has received $20.4 million in financing for the acquisition and renovation of Salem Manor, a 64-unit affordable community in Salem. KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credit, as well as arranged $10.1 million in permanent financing through Freddie Mac. John Paul Vachon, Matthew Haas and Hector Zuniga of KeyBank CDLI structured the financing. Salem Manor is subsidized by a Section 8 Housing Assistant Payment contract and is affordable to households earning at …

July 24, 2023

Finance News Southeast Tennessee

Colliers Arranges $26.6 Million to Refinance Scenic Ridge Apartments in Chattanooga, Tennessee

by Channing Hamilton July 24, 2023

CHATTANOOGA, TENN. — Colliers Mortgage arranged a $26.6 million Fannie Mae loan for the refinance of Scenic Ridge Apartments, a 240-unit property in Chattanooga. Bill Mattice, Phillip Cox and Paul McDonald of Colliers Mortgage’s Greenville, South Carolina team represented the borrower. The loan carries a 10-year term. Scenic Ridge Apartments offers one-, two- and three-bedroom units. Amenities include a pool, picnic and BBQ area, fitness center, basketball court, car wash station and clubhouse.

July 24, 2023

The Paseos at Montclair in Montclair, California

California Finance Investment Sales News Western

Archway Equities Acquires Inland Empire Community for $150 Million

by Channing Hamilton July 24, 2023

MONTCLAIR, CALIF. — Archway Equities has acquired The Paseos at Montclair, a 385-unit community in the Inland Empire city of Montclair, for $150 million. Pacific Urban Investors’ Structured Finance Group provided preferred equity to facilitate the transaction. The Paseos at Montclair was built in 2014. The garden-style community offers studio, one-, two- and three-bedroom units. Amenities include two pools with spas and cabanas, a fitness center, yoga room, children’s entertainment suite, conference center and entertainment lounge.

July 24, 2023

Florida Investment Sales News Southeast

Marcus & Millichap Brokers $5.5 Million Sale of Bahia Beach in Fort Lauderdale, Florida

by Channing Hamilton July 21, 2023

FORT LAUDERDALE, FLA. — Marcus & Millichap arranged the sale of Bahia Beach, a 35-unit property located in Fort Lauderdale. Evan Kristol, Brandon Rex, Austin Michels and David Altman of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller, a private investment group. A local developer and operator purchased the community for $5.5 million. Bahia Beach was constructed in 1966 on a 17,167-square-foot site. The property includes 21 parking spaces, onsite laundry and a courtyard with a pool.

July 21, 2023

Finance Midwest Minnesota News

Northmarq Arranges $21.7 Million Refinancing for Oaks Minnehaha Longfellow in Minneapolis

by Channing Hamilton July 21, 2023

MINNEAPOLIS — Northmarq arranged $21.7 million in refinancing for Oaks Minnehaha Longfellow, a 179-unit property in Minneapolis. Mike Padilla of Northmarq’s Minneapolis office led the debt and equity team that arranged the transaction. The transaction was structured on a 5-year term with 3 years interest, followed by a 35-year amortization schedule. Freddie Mac provided the loan. The borrower was not disclosed. Oaks Minnehaha Longfellow was built in 2020. Units include stainless steel appliances, quartz countertops, in-unit washers and dryers, balconies and patios, wood-style flooring, high speed internet access and intercom system.

July 21, 2023

Development News Texas

Presidium Completes First Phase of Presidium Berkshire in Fort Worth, Texas

by Channing Hamilton July 21, 2023

FORT WORTH, TEXAS — Presidium has completed the first phase of Presidium Berkshire, a 340-unit community in Fort Worth. At full build-out, Presidium Berkshire will be a 1,100-unit, 26-acre development. The project currently spans 352,000 square feet in the North Fort Worth area of the city. Units come in studio, one-, two- and three-bedroom floor plans with rents ranging from $1,560 to $2,780. Amenities include a clubroom, bar, co-working lounge, pool, demonstration kitchen, fitness center, dog park, car wash and EV chargers. O’Brien Architects designed the property. Phase 2 is …

July 21, 2023

Finance News North Carolina People News Southeast

NewPoint Hires Mike Ortlip as Senior Managing Director

by Channing Hamilton July 21, 2023

CHARLOTTE, N.C. — NewPoint Real Estate Capital (NewPoint) has hired Mike Ortlip as senior managing director. In this role, Ortlip will provide financing solutions to commercial real estate owners on a national basis through NewPoint’s Agency, FHA/HUD, Proprietary and third-party loan programs. Ortlip is a member of NMHC, the Mortgage Bankers Association, ICSC and ULI. He will be headquartered in Charlotte. Prior to joining NewPoint, Ortlip most recently served as senior vice president at Grandbridge Real Estate Capital.

July 21, 2023

Newer Posts

Older Posts