Market Rate
Affordable Dallas Property Lands Refi
The 240-unit community, constructed between 1968 and 1976, includes 202 income-restricted apartments. The owner purchased the property in late 2016.
What’s in Store for the Apartment Industry
While demand for multifamily housing remains strong, the sector faces a number of challenges, according to multifamily experts speaking at the National Association of Real Estate Editors annual real-estate journalism conference in Las Vegas.
Cornerstone Arranges $14M for MA Asset
Langley Terrace in Newton currently comprises three buildings and one two-family home, which will be leveled in order to construct a three-story apartment asset. Construction is scheduled for completion by June 2019.
Value-Add Virginia Beach Property Trades for $52M
Seminole Trail Properties has purchased Mariner’s Cove, a 458-unit garden-style community situated within walking distance of two shopping centers.
Tucson Community Gets $19M Refi
Berkadia Managing Director Ed Kim arranged the 10-year loan—which includes five years of interest-only payments at a 75 percent loan-to-value ratio—for the garden-style property.
Hunt Mortgage Closes $37M Denver Construction Loan
Located at the corner of West 38th Avenue and Upham Street, West End 38 is slated to include 165 units and roughly 7,200 square feet of retail space.
Houston Apartment Portfolio Attracts Competitive Offers
Florida-based One Real Estate Investment has purchased Houston Southwest Two Pack, which comprises Airport Gardens and Airport Landing, totaling 412 units.
Baltimore-Area Community Changes Hands for $8M
Built in 1946, the 93-unit property includes 12 garages. The new owner plans to continue the interior renovation of the apartments and make improvements to the amenities.
On the Market: 5 Interesting Listings for the Week of 6/11
This week’s listings include a rehabilitated historic asset in St. Louis and a newly constructed community in Las Vegas’ Spring Valley.
Orange County Community Sells for $28M
Marcus & Millichap has arranged the sale on behalf of Stellko Properties, a 1031 exchange buyer. The acquisition was financed with $14.7 million.