TODAY’S DEALS: California Investor Sells 559 Units in San Antonio
ARA brokers a 599-unit sale for Regional Investment & Management; Grandbridge closes a $33 million refinance for a Texas apartment community; and NorthMarq Capital arranges a $21.4 million construction loan.
San Antonio—Regional Investment & Management, a California-based owner and operator of Texas multifamily, has completed its disposition of a two property portfolio in San Antonio. ARA’s Austin office brokered the 559-unit transaction of behalf of the seller. The properties, Park West and Parliament Bend, were acquired by a private owner/operator who has plans to upgrade unit interiors.
“Park West and Parliament Bend were highly sought after by private investors seeking a value-add opportunity in a great location,” says Pat Jones, Austin-based principal at ARA Austin. “Mid-1980s construction is popular with multifamily investors due to the ease at which you can upgrade this property type and seek increased rents.”
Park West consists of 327 units and was constructed in 1979 and Parliament Bend consists of 232 units and was constructed in 1981. Both class B garden-style apartment communities are located in the Castle Hills submarket in north central San Antonio, an area that is expected to grow to 300,000 residents within five years.
Grandbridge closes $33M refinance for Texas apartment community
Rosenberg, Texas—Grandbridge Real Estate Capital has closed a $33 million first mortgage loan secured by a 376-unit multifamily community in Rosenberg, Texas. The refinance transaction was originated by Houston-based Tip Strickland and David Schwarz. Funding was arranged through one of Grandbridge’s CMBS correspondents.
The asset is located 35 miles south west of Houston. Amenities at the gated asset include a fitness center with yoga and aerobics rooms, an indoor basketball court, video game room, billiards room, and business center. Outside, there is a swimming pool, grille house and dog park.
NorthMarq Capital arranges $21.4M construction loan
Phoenix–John Kinser, vice president and Luke Donahue, senior vice president of NorthMarq Capital’s Phoenix office collaborated with David Link, senior vice president/senior director of NorthMarq Capital’s Denver office to secure a $21.4 million construction loan for Lion’s Ridge Apartments.
The 114-unit, workforce housing, multifamily development is located at 1280 North Frontage Road, Vail, Colo. NorthMarq arranged the transaction for the borrower, Gorman Inc., through its relationship with TCF Bank.
