Dakota Enterprises has broken ground on its newest development, Fishel’s Landing, in the Garden Oaks/Oak Forest area near North Shepherd Drive and Janisch Road in Houston. The four-story project includes 240 units and was designed by Mucasey & Associates Architects.
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Electra Capital, an alternative lender focused on flexible, short-term multifamily financing, closed a preferred equity investment in Stonebridge at City Park Apartments, a 240-unit garden-style community at 11800 City Park Central Lane in Houston. The $5.5 million, three-year investment was structured to enable the sponsor, Strategic Realty Holdings, LLC, to renovate and update the property.
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PASADENA, Texas – A 227-unit portfolio in Pasadena, comprising two workforce apartment communities near Houston, has been sold to CPEC Exchange. Jeffrey Fript, First Vice President Investments, and Christian Mazzini, Senior Associate in Marcus & Millichap’s Houston office, held the exclusive listing to market the property for the seller, a private investor identified as Shella 1 & 2.
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The Michaels Organization announced construction has begun on a luxury rental community in Austin. The $59 million project, Michaels’ first rental development in the city, is located at 5700 East Riverside Drive and will be called Zoey. The mid-rise building will offer 307 apartment homes and is expected to be complete by late summer 2021.
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Allied Orion Group was selected to manage Smart Living at Garden Oaks, a 150-unit apartment community at 450 East Rogers Street in north Houston. The pet-friendly, energy-efficient community offers one-, two- and three-bedroom homes near I-45 and Tidwell Road.
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The 48-unit 3rd Street Village Apartments at 310 Waco Avenue in League City have been sold, according to Marcus & Millichap.
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Passco Companies acquired The Reserve at Nocatee, a 244-unit apartment community in Ponte Vedra Beach, Florida, for $54.9 million, or $231,187 per unit. Built in 1988 and located about 25 miles from Jacksonville, the property expands Passco’s portfolio; the company specializes in acquisition, development and management of multifamily, retail and other commercial properties.
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MultiVersity Housing Partners acquired The Ridge, a student housing development near Clemson University in Clemson, South Carolina. MultiVersity Property Management will oversee the management of the 616-bed student community.
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Mission Rock Residential announced a new management contract for Bluebird Row Apartments in Chattanooga, Tennessee. The firm will manage the community on behalf of Bay Area-based investor Hamilton Zanze Real Estate Investments.
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Fairstead, a real estate firm focused on preserving high-quality affordable housing, acquired Festival Field Apartments, a 204-unit Section 8 development in Newport, Rhode Island, for $33.25 million. The acquisition was financed through low-income housing tax credits and tax-exempt bonds issued via RIHousing. The property consists of six three-story walkups plus two accessory buildings housing a management office. Fairstead plans a $17 million, property-wide rehabilitation as part of the purchase.
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Mission Rock Residential, a national multifamily property management company, secured a new contract to manage Indigo 19 Apartments in Virginia Beach, Virginia. This addition brings Mission Rock’s Virginia portfolio to eight properties. Indigo 19 includes 258 one-, two- and three-bedroom apartments.
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JLL Capital Markets arranged $41 million in acquisition financing for BELA, a newly developed, 104-unit luxury apartment community in Jersey City’s Bergen-Lafayette neighborhood. JLL worked for borrower Golden Glades Capital Management to secure a two-year, floating-rate loan provided by Ares Commercial Real Estate Corporation. The JLL Capital Markets team was led by Thomas Didio and Matthew Pizzolato.
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Broadshore Capital Partners, together with an investment client, acquired the 280-unit Victoria at Orange Park apartment community in Jacksonville, Florida, for $37.1 million. Focused on value-add multifamily opportunities, Broadshore plans equity and debt investments of $35 to $75 million across eight to twelve properties over the next 30 months. The firm is based in Los Angeles with regional offices in New York, Denver, Seattle and Phoenix.
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The Mogharebi Group completed the sale of Royal Palms Condominiums, a 52-unit community at 40890 Sandy Gale Lane in Palm Desert, California. The property sold for $8.9 million, or $171,154 per unit, after multiple offers. The buyer was a private Southern California investment group; Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, also a private Southern California investor group.
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SAN ANTONIO—In response to renter needs during the COVID-19 pandemic, the San Antonio Apartment Association proposed an Emergency Rental Assistance Program to help residents facing difficulty paying rent. The Association is urging members and other housing providers to assist tenants directly by participating in rental assistance efforts, covering portions of rent when possible, and waiving late fees to prevent evictions.
“I applaud the Association’s efforts to work with residents and avoid evictions,” said San Antonio Mayor Ron Nirenberg. “We appreciate their help in urging housing providers to support their tenants seeking rental assistance from the City by covering a portion of the rental payment and waiving late fees.”
April 3, 2020 Realty News Report Copyright 2020
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