Market Rate
Fort Worth Community Lands Fannie Mae Loan
Dougherty Mortgage has secured a $3.6 million, 12-year term financing agreement for a 90-unit market-rate community. The loan has a 30-year amortization schedule.
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.
Oakwood to Manage Columbus Mixed-Use Project
The local property management company will manage River & Rich, a 230-unit project currently underway downtown Columbus, Ohio. The community is set to open during summer 2018.
MJW Property Buys SoCal Asset for $44M
Berkadia completed the sale of the 230-unit community in Menifee, Calif., at a sub-4.4 percent cap rate. The asset had an occupancy rate of 95.7 percent last month.
JVM Starts Renovations on Kansas City Communities
The upgrades include revamped clubhouses and common areas. Apartment units will also be improved over the next couple of years.
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.
RKW Residential Expands NC Footprint
The property management company has taken over management of Wesley Village, a 301-unit community near uptown Charlotte, N.C. Bluerock Real Estate owns the property.
Dougherty Secures New Loan for Northridge Court Apartments
The company closed a 7.25-year Fannie Mae supplemental loan for the 12-building, 86-unit property.
Audubon Communities Brings Market-Rate Apartments in Athens, GA
The company’s $11 million expansion of its exiting property, Westpark Club, will add 108 units and is set for completion during the following year. The development marks the first market-rate apartment community in the Athens area since 2007.
Hamilton Zanze Buys Salt Lake City Community
The company plans to upgrade the 256-unit property that it purchased from Peak Capital Partners in an off-market transaction. Mission Rock Residential will manage the property.