Apartment City

Capital Assets of Tulsa sold the Foxfire Apartments in 2007 for $14.6 million and bought the complex back this month for $8.6 million. Already a paid subscriber but not registered for online access yet? For instructions on how to get premium web access , click here. Forgot your password? Share this:

GREENWICH, Conn.--( BUSINESS WIRE )-- Wheelock Street Capital announced today that a joint venture between affiliates of Wheelock Street and Iconic Development recently acquired Terrace View Apartments , a student housing complex in Blacksburg, Virginia. Blacksburg is the home of Virginia Polytechnic Institute and State University (“ Virginia Tech ”), and Terrace View Apartments serves as a prime source of housing for Virginia Tech’s undergraduate and graduate student populations. On May 25 th , the joint venture acquired Terrace View Apartments from affiliates of The Stonemark Group , an Atlanta, Georgia based multifamily management and investment firm . The terms of the transaction were not disclosed. Stonemark will continue to manage the property. Reznick Capital Markets was engaged by Iconic Development to raise joint venture equity for the acquisition and directed the deal to Wheelock Street . John Lustgarten, managing director at Reznick, commented, “We thought Wheeloc...

SAN JOSE, Calif.--( BUSINESS WIRE )--Marcus & Millichap (NYSE: MMI) announced today its Institutional Property Advisors (IPA) Capital Markets group has arranged $32.5 million in bridge financing for Terra Willow Glen , a 112-unit apartment property constructed in 1979 in San Jose, California. The loan-to-cost was 73 percent. “The borrower purchased the asset in cash, six months prior to exploring value- add financing options ,” said Jake Roberts, a senior managing director of IPA Capital Markets . “This is an incredibly unique property that offers a resort-like setting but has few comps, which can make it more difficult to secure value-add debt given the fact that lenders don’t like to stretch on proceeds if a property isn’t easily comparable to other assets in the market.” Roberts, along with Anita Paryani-Rice, a first vice president of IPA Capital Markets, arranged the loan on behalf of the borrower, who is a repeat client. “Initially the borrower planned to take a lower l...

Marcus & Millichap (NYSE: MMI) announced today its Institutional Property Advisors (IPA) Capital Markets group has arranged $32.5 million in bridge financing for Terra Willow Glen , a 112-unit apartment property constructed in 1979 in San Jose, California. The loan-to-cost was 73 percent. “The borrower purchased the asset in cash, six months prior to exploring value- add financing options ,” said Jake Roberts, a senior managing director of IPA Capital Markets . “This is an incredibly unique property that offers a resort-like setting but has few comps, which can make it more difficult to secure value-add debt given the fact that lenders don’t like to stretch on proceeds if a property isn’t easily comparable to other assets in the market.” Roberts, along with Anita Paryani-Rice, a first vice president of IPA Capital Markets, arranged the loan on behalf of the borrower, who is a repeat client. “Initially the borrower planned to take a lower leverage bridge loan option at lower pri...

The Howard Hughes Corporation (NYSE:HHC) Q2 2017 Earnings Conference Call August 8, 2017, 10:00 AM ET Executives David Striph - Executive Vice President , Investor Relations David Weinreb - Chief Executive Officer Grant Herlitz - President David O’Reilly - Chief Financial Officer Peter Riley - General Counsel Analysts Alexander Goldfarb - Sandler O’Neill Robert Majek - CJS Securities Will Randall - Citigroup Waheed Khorsand - BWS Financial Alex Barron - Housing Research Center Steve Shaw - Compass Point Operator Good morning. And welcome to The Howard Hughes Corporation Second Quarter 2017 Earnings Conference Call . All participants will be in a listen-only mode. [ Operator Instructions ] After today’s presentation, there will be an opportunity to ask questions. [ Operator Instructions ] Please note, this event is being recorded. I would now like to turn the conference over to David Striph, Executive Vice President , Investor Relations . Please go ahead. David Striph Good morning. A...

Tacoma, Wash.—Walker & Dunlop has provided $27.4 million in financing for three multifamily properties near Joint Base Lewis McChord in Washington. The assets are comprised of 384 units with military concentrations ranging from approximately 20 to more than 60 percent. Walker & Dunlop Senior Vice President Allan Edelson led the Walker & Dunlop team on the transactions. Financing for Miramonte Apartments, located in Tacoma, Wash., was structured with a 10-year term with three-years interest only followed by a 30- year amortization period under Freddie Mac’s Capital Markets Execution (CME) program. The refinance was underwritten to a 74.67 percent loan-to-value with a 1.37x debt- service coverage ratio . Miramonte is located approximately three miles from the base and offers 120 units, approximately 20 percent of which are military-related and 8 percent of the units receive a form of government assistance. The Fannie Mae refinance for Arbor Pointe Apartments , located ...

KING OF PRUSSIA, PA – Morgan Properties , one of the country’s largest real estate investment and management companies, announced today that it has launched its $ 25 million transformation of a six- property portfolio consisting of 1,979 units in Windsor Mill, Maryland. Morgan Properties purchased the properties from Harbor Group International for $247 million this past February. The portfolio, referred to as Rolling Road, recently underwent a rebranding and property consolidation into three communities:The Townhomes at Diamond Ridge (formerly Stratton Meadows and Crosswinds at Rolling Road)The Glens at Diamond Ridge (formerly Glens at Rolling Road)The Apartments at Diamond Ridge (formerly Rolling Wind, Granite Run, and Diamond Ridge)The property name changes are just the beginning of a plan to create a new identity for these assets, a new direction for the specific properties, and a new experience for the many residents who call them home. In addition to introducing a new propert...