News

Northmarq Brokers $52.7 Million Sale of Millennium East in Las Vegas

by Channing Hamilton June 17, 2024

LAS VEGAS — Northmarq has arranged the sale of Millennium East, a 236-unit community in Las Vegas’ Sunrise Manor area. A Massachusetts-based property manager sold the asset to a California-based real estate investment company for $52.7 million. Thomas Olivett of Northmarq’s Las Vegas multifamily investment sales team represented the seller in the deal. Bryan Mummaw, Bryan Liu, Brandon Harrington, Tyler Wood and Chris Gitibin of Northmarq’s debt and equity team secured $33.5 million in acquisition financing for the buyer. The permanent, fixed-rate loan was arranged through Freddie Mac. Millennium East …

June 17, 2024

Investment Sales News Northeast Pennsylvania

Hudson Atlantic Arranges Sale of Garrett House Apartments in Drexel Hill, Pennsylvania

by Channing Hamilton June 14, 2024

DREXEL HILL, PENN. — Hudson Atlantic has arranged the sale of Garrett House Apartments, a 57-unit community in the Philadelphia suburb of Drexel Hill. The property traded hands for $6 million at a 5.8 percent cap rate. Adam Zweibel of Hudson Atlantic negotiated the deal. Garrett House Apartments was built in 1960. According to Apartments.com, the community features an on-site laundry room and off-street parking.

June 14, 2024

Arizona Finance News Western

Tower Capital Brokers $23.1 Million Refinancing for North Mountain Foothills in Phoenix

by Channing Hamilton June 14, 2024

PHOENIX — Tower Capital has arranged $23.1 million in permanent financing for the refinance of North Mountain Foothills, a 194-unit community in Phoenix. The borrower was an undisclosed repeat client of Tower Capital. North Mountain Foothills is situated at 1943 W. Aster Dr. The property was converted from a condominium after the borrower began purchasing the units between 2010 and 2012. The borrower has since renovated the interior and exterior of the property, along with significant mechanical, electrical and plumbing upgrades.

June 14, 2024

Development Finance News Texas

Colliers Mortgage Provides $13.9 Million Construction Financing for Urban Village at Rosehill Apartments in Garland, Texas

by Channing Hamilton June 14, 2024

GARLAND, TEXAS — Colliers Mortgage has provided a $13.9 million HUD 221(d)(4) loan for the construction of Urban Village at Rosehill Apartments, a 104-unit community in the Dallas suburb of Garland. Jeff Rogers of Colliers Mortgage’s Fort Worth office closed the loan, which carries a 40-year term and amortization. Once completed, the property will comprise a single four-story building. Units will come in one- and two-bedroom layouts. Planned amenities include a pool, dog park, green space, clubhouse, fitness center, community room and business center.

June 14, 2024

Affordable Housing Colorado Investment Sales News Western

JLL Brokers $5.8 Million Sale of Affordable Housing Community in Eaton, Colorado

by Channing Hamilton June 14, 2024

EATON, COLO. — JLL Capital Markets has arranged $5.8 million in financing for Benjamin Square, a 60-unit affordable housing community in Eaton. Benjamin Square consists of 10 buildings. The property was completed in 1979 and 1980. Apartments come in one-bedroom layouts. Amenities include a laundry room, community lounge and covered gazebo. JLL represented the borrower, Brikwell, to secure the fixed-rate senior loan through Freddie Mac Multifamily. Brikwell was also able to renew and extend the community’s Project-Based Section 8 HAP contract prior to acquisition and loan closing, allowing the property to …

June 14, 2024

Florida Investment Sales News Southeast

S2 Capital Purchases 104-Unit Belle Rive Club Apartments in Jacksonville, Florida

by Channing Hamilton June 13, 2024

JACKSONVILLE, FLA. — S2 Capital has acquired Belle Rive Club Apartments, a 104-unit community located at 8715 Belle Rive Blvd. in the Royal Lakes neighborhood of Jacksonville. Belle Rive Club Apartments offers one- and two-bedroom floor plans. Amenities include a pool, grilling area, dog park, fitness center, clubhouse, car wash area and access to the nearby inland lakes. The name of the seller was not disclosed. S2 Capital acquired the asset alongside Vineyard Hills, a 202-unit community in Austin, Texas.

June 13, 2024

Investment Sales News Texas

S2 Capital Acquires 202-Unit Vineyard Hills in Austin, Texas

by Channing Hamilton June 13, 2024

AUSTIN, TEXAS — S2 Capital has purchased Vineyard Hills, a 202-unit property in southwest Austin, for an undisclosed price. Vineyard Hills is situated on a 11-acre site. Units come in one-, two- and three-bedroom floor plans. Community amenities include a pool, spa, dog park and outdoor grilling and dining stations. The identity of the seller was not disclosed. S2 Capital acquired the asset in conjunction with Belle Rive Club Apartments, a 104-unit complex in Jacksonville, Florida.

June 13, 2024

California Investment Sales News Western

Marcus & Millichap Brokers $27.5 Million Sale of Le Chateau Apartments in Anaheim, California

by Channing Hamilton June 13, 2024

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of Le Chateau Apartments, a 76-unit asset in Anaheim. The asset traded hands for $27.5 million. Tyler Leeson, Matt Kipp and Nicholas Kazemi of Marcus & Millichap represented the seller in the deal, while Drew Holden procured the buyer. Le Chateau Apartments was built in 1964. The community offers apartments and townhome-style units in two-bedroom floor plans. Amenities include four on-site laundry facilities, a clubhouse and gated garage.

June 13, 2024

Build-to-Rent Development News Texas

Tower Capital Arranges $47.4 Million Construction Loan for Build-to-Rent Development in New Braunfels, Texas

by Channing Hamilton June 13, 2024

NEW BRAUNFELS, TEXAS — Tower Capital has arranged a $47.4 million construction loan for the development of Village at Mayfair, a 217-unit build-to-rent project in the San Antonio suburb of New Braunfels. The non-recourse loan features a three-year term. The community will span 20 acres and offer amenities such as a fitness center, car care station, BBQ grills, and central pool and clubhouse. Units will average 1,023 square feet and include private yards or patios. A construction timeline for the project was not disclosed.

June 13, 2024

Arizona Investment Sales News Western

Institutional Property Advisors Brokers $64 Million Sale of The Livano Deer Valley in Phoenix

by Channing Hamilton June 13, 2024

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Livano Deer Valley, 242-unit community in Phoenix. The Praedium Group acquired the property from LIV Development for $64 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. The Livano Deer Valley was completed in 2023. Amenities include a clubhouse, centralized courtyard with a pool and spa with sundeck. Units feature nine-foot ceilings, stainless-steel appliances, walk-in closets and full-size washers and dryers. The average unit size is 821 …

June 13, 2024

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