Finance & Investment
On the Market: 5 Interesting Listings for the Week of 4/24
Last week’s listings include two recently built student housing properties: an amenity-laden 661-bed property catering to students at the University of Florida and a 173-bed community located four blocks from the University of Wisconsin – Milwaukee.
Philadelphia’s Apartment Revival
Yardi Matrix’s spring outlook for the City of Brotherly Love cites steady employment and population increases as a reason for the market’s increase in popularity. Demand is especially strong among job-seeking Millennials and Baby Boomers looking to downsize.
Condo Development Coming to Dallas
Metropolitan Capital Advisors arranged a $9.6 million construction loan for Destination Residences, a 62-unit, multi-story condominium project in The Cedars neighborhood.
Hunt Mortgage Closes Refis for TX Portfolio
The properties encompass more than 900 units and are located in Balch Springs, Irving and Dallas. Hunt Mortgage Group provided a total of $36.7 million.
San Diego Apartments Snag $38M Refi
KeyBank Real Estate Capital arranged the financing, 12-year term, seven-year interest only period and a 30-year amortization schedule for the 255-unit Stonewood Garden Apartment Homes.
Bellwether Closes $62M in Financing
The properties include a 116-unit community in New York, a 192-unit community in Texas and an industrial property in Ohio.
Rockpoint Group Snags $87M FL Community
Related Development, the multifamily component of Related Group, sold Town at Pembroke Pines, a recently completed 356-unit property in Pembroke Pines, Fla. During the past 18 months, the company sold three completed multifamily projects totaling more than $290 million.
LINC Opens LA-Area Affordable Community
Mosaic Gardens at Willowbrook is a $20 million development built for low-income families and homeless households, with support from several public and private entities. The latest homeless count shows there are nearly 47,000 homeless in Los Angeles County.
Walker & Dunlop Provides $95M for North Miami Acquisition
Avesta Communities procured the 402-unit property Avesta Biscayne, which features six five-story residential buildings along with a clubhouse and leasing office.
Friedkin Snags Long Island Apartments for $140M
Making its New York debut, the San Francisco-based investment firm bought a 450-unit community in Suffolk County and an adjacent golf course.