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Multifamilybiz-com Press Releases

  • Trion Properties Grows Portfolio in Bay Area With Acquisition of 84-Unit Multifamily Community in Newark, California
    on November 22, 2019 at 3:43 am

    NEWPORT BEACH, CA - Trion Properties, a private equity real estate firm that specializes in multifamily investments in western markets, has expanded its Bay Area portfolio with the acquisition of The Meadows, an 84-unit multifamily community located in Newark, California for $27.5 million. South East Bay cities have benefited from a Silicon Valley spillover, and the region is experiencing unprecedented population growth and employment boom, according to Max Sharkansky, Managing Partner at Trion Properties. Newark has become one of the fastest-growing cities for top tech businesses to either expand or relocate, explains Sharkansky. With Facebook recently announcing that it will be leasing nearly 1.5 million square feet within two miles of The Meadows, the area is positioned for further […]

  • Stepp Commercial Completes $14.95 Million Sale of Two Adjacent Apartment Properties Totaling 48 Units in Long Beach, CA
    on November 22, 2019 at 3:21 am

    BREA, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $14.95 million off-market sale of 425 Coronado Avenue and 424 Obispo Avenue in the Belmont Heights submarket in Long Beach, CA. Stepp Commercial Principal Robert Stepp and Senior Vice President Michael Toveg represented the buyer, Santa Monica-based Miramar Capital. The seller was a Los Angeles-based private investor. The price per unit was $311,459. This was a rare opportunity for our client to own two large-scale adjacent apartment assets in a prime Belmont Heights location, said Stepp. These properties were owned by the seller for 30 years and present a value-add play for the new ownership to renovate and update the unit interiors and exterior to secure a stronger rental […]

  • M&T Realty Capital Provides $11.6 Million in Financing for Multifamily Property in Maryland
    on November 22, 2019 at 3:19 am

    BALTIMORE, MD - M&T Realty Capital Corporation® announced today that it has closed a $11,625,000 Fannie Mae DUS® loan for the acquisition of Vista View Apartments, a 70-unit Class-A multifamily property located in Frederick, MD, on behalf of The BurnBrae Companies. Vista View Apartments offers two-bedroom units with five different floor plans for rent. Unit amenities include hardwood flooring, nine-foot ceilings, granite countertops and balconies or patios. Property amenities include access to three pools, two basketball courts, three parks, and a BBQ/grilling area. The property is located near Fort Detrick and Whittier Lakefront Center. The 10-year loan is structured with five years of interest-only payments, followed by a 30-year amortization. The transaction was led by […]

  • Presidium Ranked Among Best Places to Work in Multifamily for Second Consecutive Year
    on November 22, 2019 at 3:16 am

    DALLAS, TX - Recognized as an industry leader for the second consecutive year in a row, Presidium has been named one of the Best Places to Work Multifamily™ for 2020. The annual list published by Multifamily Leadership is an initiative to encourage growth and excellence throughout the multifamily industry. Multifamily Leadership ranked Presidium 14th out of 58 on this year s list, recognizing the company for its outstanding workplace culture. Our passion to create desirable and innovative community housing is our driving force to succeed, and that starts with our people, said John Griggs, Co-CEO and Co-Founder of Presidium. The Presidium team is comprised of smart, honest and driven individuals who share our mission of community enhancement. In turn, we make it a priority to […]

  • JLL Arranges $40.27 Million in Financing for 216-Unit Apartment Community in Denver
    on November 22, 2019 at 1:14 am

    HOUSTON, TX - JLL announced today that it has arranged $40.27 million in financing for Palisade Park, a 216-unit, garden-style apartment community in the north Denver suburb of Broomfield, Colorado. JLL worked exclusively on behalf of Jeffrey Sanders of Boulder, Colorado-based Mountain View Capital, LLC to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds refinanced an existing Freddie Mac loan originated in 2018. Completed in 2017, Palisade Park is fully stabilized and comprises one-, two- and three-bedroom units ranging from 731 to 1,247 square feet. The property is located at 16815 Huron Street, which allows for easy access to employment centers and […]

  • JLL Arranges Sale and Financing of 280-Unit Apartment Community in Arlington, Texas
    on November 22, 2019 at 1:11 am

    HOUSTON, TX - JLL announced today that it has closed the sale of and arranged financing for The Palace, a 280-unit, garden-style apartment community located in Arlington, Texas. JLL marketed the property exclusively on behalf of the seller, MBP Capital, Inc., and procured the buyer, Raven Multifamily. Additionally, JLL worked on the new owner s behalf to secure a 12-year, fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender. The Palace is located at 1601 Regency Court with visibility along Pioneer Parkway and Arkansas Lane in the Dallas-Fort Worth area s Central/South Arlington submarket. Originally constructed in 1971, the 12-building, two-story property has recently undergone major renovations, including new […]

  • JLL Closes $98.1 Million Sale and Financing of 209-Unit Apartment Community in Seattle
    on November 21, 2019 at 12:05 pm

    HOUSTON, TX - JLL announced today that it has closed the $98.1 million sale and arranged acquisition financing for Augusta Apartments, a 209-unit apartment community in Seattle, Washington. JLL marketed the property on behalf of the seller, Vulcan Real Estate, and procured the buyer, a joint venture between Security Properties and STARS REI. In addition, JLL worked on the new owner s behalf to arrange acquisition financing. The seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. The property features a variety of shared indoor and outdoor spaces including a roof deck and courtyard, each with adjoining community lounges. Additional amenities include a guest suite, study area, fitness center, dog grooming room and a sports court. […]

  • JLL Closes Sale of 504-Unit The Peaks of Nanuet Apartment Community in New York
    on November 21, 2019 at 12:02 pm

    HOUSTON, TX - JLL announced today that it has closed the sale of The Peaks of Nanuet, a 504-unit apartment complex in the suburb of Nanuet, Rockland County, New York. JLL marketed the property exclusively on behalf of the seller, a joint venture between Harbor Group International, LLC and Azure Partners LLC. Mill Creek Residential Trust LLC and a partner purchased the asset free and clear of existing financing. The Peaks of Nanuet consists of 64 buildings set on 54 acres that comprise a mix of one-, two- and three-bedroom units averaging 1,208 square feet, with approximately 40% of homes also inclusive of lofts. Units feature intrusion alarms, separate dining rooms, spacious closets, full-sized washers and dryers, and patios or balconies. The transit-oriented property is located at 100 […]

  • StreetLights Residential and Westdale Bring Mixed-Use Luxury Living to Atlanta Metro
    on November 21, 2019 at 11:59 am

    ATLANTA, GA – StreetLights Residential and Westdale have opened the new five-story residential community, The Alastair at Aria Village, which is part of their new mixed-use development in Sandy Springs, Georgia. The development, Aria Village, is comprised of 30,000 square feet of retail and restaurants along with the newly opened residential community. The leasing center for this luxury community is now open. Nestled in the heart of Sandy Springs – just north of Atlanta – the Alastair is part of Aria, a larger master-planned community by Ashton Woods. Residents are now minutes away from the new Mercedes-Benz USA headquarters. The Alastair provides 355 beautifully designed apartment homes for those who desire a redefined community lifestyle, offering easy access to other […]

  • Cushman & Wakefield Arranges Sale of 204-Unit Arcadia’s Edge in Columbia, South Carolina
    on November 21, 2019 at 4:07 am

    ATLANTA, GA - Cushman & Wakefield has arranged the sale of Arcadia s Edge, a 204-unit apartment community located in Columbia, South Carolina. Jordan McCarley, Tai Cohen and Marc Robinson of Cushman & Wakefield represented the seller, Estates & Companies, in the transaction. West Shore Arcadia LLC acquired the property. As an award-winning and green-certified community in Columbia, Arcadia's Edge offered a Class A asset with market leading finishes in an ideally located northeast submarket surrounded by employment and retail, primed for organic growth, McCarley said. As one of only two properties in a three-mile radius delivered later than 2010, Arcadia s Edge was a 2012 recipient of the Multi-Housing News Silver award for new developments and was also South Carolina s […]

  • Industry Veteran Adam Fruitbine Joins Pacific Urban Residential to Further Expansion
    on November 20, 2019 at 12:01 pm

    PALO ALTO, CA - Industry capital markets veteran Adam Fruitbine has joined multifamily investor and operator Pacific Urban Residential ( PUR ). Adam will add additional leadership to several key initiatives for the firm, including oversight of the growing portfolio of assets in the Eastern U.S., further expansion of the firm s investment footprint to new markets, and identifying new strategic capital options and investment strategies for future growth. Formerly with Waypoint Real Estate Investments, Alliance Residential Company and The Tuckerman Group, Adam brings PUR twenty years of additive multifamily capital markets, transaction and portfolio management experience at both entrepreneurial operating companies and institutional investment management firms. Adam and I have known one […]

  • JLL Closes Sale and Financing of Three Student Housing Properties in Springfield, Missouri
    on November 19, 2019 at 7:07 am

    HOUSTON, TX - JLL announced today that it has closed the $17.7 million sale and $12.95 million in acquisition financing for a three-property student housing portfolio totaling 294 beds steps from Missouri State University in Springfield, Missouri. JLL marketed the portfolio exclusively on behalf of the seller, a joint venture between Miller Commerce and O Reilly Development Company, LLC. An undisclosed buyer purchased the offering and JLL worked on their behalf to secure three fixed-rate Fannie Mae acquisition loans totaling $12.95 million. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender. The three properties in the portfolio are Deep Elm, a 39-unit/116-bed property located at 701 E. Elm Street; The Jefferson, a 30-unit/86-bed property located at […]

  • JLL Arranges Financing for 360-Unit Apartment Community in West Texas Market of Odessa
    on November 19, 2019 at 7:03 am

    HOUSTON, TX - JLL announced today that it has arranged financing for Advenir at Legado Ranch, a 360-unit, garden-style apartment complex in the West Texas market of Odessa. JLL worked on behalf of the borrower, Advenir, LLC, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Advenir at Legado Ranch is situated on nearly 17 acres at 4001 De Morada Drive along the southwestern edge of the Llana Estacado of West Texas. Completed in 2018, the gated property consists of 12 buildings with residential units totaling 326,838 rentable square feet or approximately 908 square feet per unit. Unit amenities include fully equipped kitchens with granite countertops, hardwood […]

  • Merchants Capital Secures $5 Million for Florida Affordable Housing Under LIHTC Pilot
    on November 19, 2019 at 7:01 am

    CARMEL, IN - Mortgage banking company Merchants Capital has secured $5.1 million in financing for an affordable housing development in Dade City, Florida – one of the first to close under the Low-Income Housing Tax Credit (LIHTC) Pilot Program. The loan was secured on behalf of Arbour Valley Communities. The 40-year 221(d)(4) New Construction Loan for the development of Arbours at Hester Lake is among the first to use the expanded LIHTC Pilot Program. The U.S. Department of Housing and Urban Development (HUD) revised the program earlier this year to include new construction and substantial rehabilitation projects using Section 221(d)(4) and Section 220 loans. Through the Pilot, the borrower is able to close the loan much more quickly. Instead of waiting up to 150 days to close, this […]

  • Merchants Capital Relocates New York City Office to Accommodate Growth Strategy
    on November 19, 2019 at 7:00 am

    CARMEL, IN - Leading mortgage banking company Merchants Capital today proudly announces it has relocated its New York City office as part of the company s strategy to expand its national lending footprint while accommodating current and long-term growth. Located at 777 Third Ave. in Midtown Manhattan, the office is one of Merchants four production hubs nationwide, in addition to Indianapolis, Chicago and Saint Paul. The new space provides the company with significantly more space to better meet the demands of its growing workforce within New York City. 777 Third Avenue is a 38-story, class A landmark office tower known for its open public areas and distinctive artwork. We are thrilled to open our relocated New York office in the heart of Midtown East, said Michael Dury, President of […]

  • Greystone Hits $1 Billion Milestone in Freddie Mac and Fannie Mae Multifamily Small Loans
    on November 19, 2019 at 6:58 am

    NEW YORK, NY - Greystone, a leading national commercial real estate lending, investment, and advisory company, announced it has exceeded $1 billion in Freddie Mac and Fannie Mae multifamily small loans origination to date in 2019, further solidifying its recurrent leadership position in small- to mid-sized asset finance. An early participant in both Freddie Mac and Fannie Mae s small loan platforms, Greystone has consistently originated over $1 billion each year for this category, which includes properties with 5 to 50 units. Loans for these smaller assets are typically under $7.5 million, with mortgages including hybrid adjustable rates, fixed rates, and interest-only options at up to 80% LTV, as well as flexible prepayment options. The Agency finance option for multifamily investors […]

  • Greystone Provides $15.8 Million in Freddie Mac Financing for Construction of Seniors Affordable Housing Property in Georgia
    on November 19, 2019 at 6:56 am

    NEW YORK, NY - Greystone, a leading commercial real estate lending, investment and advisory company, has provided $15,800,000 in Freddie Mac financing for a new seniors affordable housing property to be built in Covington, Georgia. The transaction was originated by PJ McDevitt of Greystone on behalf of Dominium Holdings, one of the largest affordable housing development and management companies in the country. The $15.8 million Freddie Mac Tax Exempt Loan (Forward TEL) is part of the Freddie Mac Target Affordable Housing (TAH) Program. The financing includes a 30-month forward period for construction, with Freddie Mac s permanent take-out carrying an 18-year term with a 35-year amortization period at a low, fixed rate. Construction of the property is scheduled to be completed in 2021. […]

  • Stepp Commercial Completes $1.7 Million Sale of Oak Street Bungalows in Santa Monica, CA
    on November 18, 2019 at 11:41 am

    PACIFIC PALISADES, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $1.7 million sale of Oak Street Bungalows, a five-unit apartment property located at 2444 Oak Street in Santa Monica, CA. The property is near the beach and the world-famous Santa Monica Pier. Principal Kimberly Stepp of Stepp Commercial represented the seller, a Los Angeles-based private investor, and the buyer, Gortkov Enterprises. The price per square foot was $588. Built in 1937, the property is situated on a large corner lot and includes three bungalow-style units, a one-bedroom loft unit, and a studio apartment all of which feature hardwood floors, private dual entrances, patios, and private outdoor space. The new ownership is planning on renovating and […]

  • Greystone Arranges $50 Million Refinance for Hudson Companies’ House No. 94 Apartment Building in Williamsburg, Brooklyn
    on November 18, 2019 at 11:40 am

    NEW YORK, NY - Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced the closing of a $50,000,000 bridge loan made to an affiliate of Hudson Companies, Inc. to refinance House No. 94, a brand new 7-story, 75-unit 80/20 mixed-income multifamily rental building located at 94 North 3rd Street in Williamsburg Brooklyn. The 5-year variable-rate loan was provided by an affiliate of Ares Management LLC to replace the original Wells Fargo construction facility. House No. 94, completed in 2018, features condominium-quality finishes, two roof decks with Manhattan skyline views, a 12,000 square foot landscaped courtyard and an extensive amenity package that includes an attended lobby, bicycle storage, a state-of-the-art fitness center and tenant […]

  • 365 Connect CEO to Speak at Multifamily Leadership Summit in Scottsdale, Arizona
    on November 18, 2019 at 10:24 am

    NEW ORLEANS, LA - 365 Connect, a leading provider of award-winning digital marketing, leasing, and resident service platforms for the multifamily housing industry, announced today that its founder and CEO, Kerry W. Kirby, will serve as a speaker and panelist at the Multifamily Leadership Summit. The summit takes place November 20 – 21, 2019 in Scottsdale, Arizona. The Multifamily Leadership Summit is unlike any other event offered in the multifamily industry, as it allows leaders at the highest levels of our sector to join their peers and conduct informal talks about managing the apartment communities of the future, recruiting and retaining talent, preparing for the realities of technological disruption, and much more. The summit focuses on merging multifamily real estate […]

For information on the various roles of real estate brokers, please download a copy of the brochure entitled “Working with Real Estate Agents”. If you are a potential Buyer or Seller and this is the first contact with our firm, we are required by the North Carolina Real Estate Commission to review this brochure with you at the first opportunity and answer any questions you may have. Please contact Richard Cotton at 910-431-7986 or by email at rcotton@mra-apartments.com for more information.