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Supply-Demand Gap Widens in Big Easy
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Preservation of Affordable Housing Acquires Island Terrace Apartments for $29.5M in Chicago
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Island Terrace offers 240 units for a range of incomes and household sizes.
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CHICAGO — Preservation of Affordable Housing (POAH) has acquired Island Terrace Apartments from PNC Bank for $29.5 million. The apartments are located at 6430 South Stony Island, across from the planned Obama Presidential Center in the Jackson Park neighborhood of Chicago. The property offers 240 units across a range of incomes and household sizes. POAH Communities will immediately take over management and begin renovations in 2022. Island Terrace was built in 1969. POAH will finance the acquisition using its own equity along with a loan from Merchants Capital.
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Dominium Buys 140-Unit Forest Park Apartments in Bryan, Texas
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Forest Park Apartments, a 140-unit property in Bryan, Texas, will be rebranded as Sandy Creek Apartments.
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BRYAN, TEXAS — Dominium has acquired Forest Park Apartments, a 140-unit property in Bryan, which will be rebranded as Sandy Creek Apartments. The sales price was undisclosed. Bryan is located about 98 miles northwest of Houston.
Built in 2005 and financed through the 9 percent Low-Income Housing Tax Credit (LIHTC) program, Dominium will conduct a substantial rehabilitation in 2022 to enhance the property’s existing amenities and interiors of each unit.This property is Dominium’s first acquisition in the Bryan-College Station metro area. Of the 140 units, 12 are restricted to households earning 30 percent of AMI and 107 for those earning 60 percent of AMI. The remaining 21 units are market rate. The acquisition of this property was fully financed with a loan from Polaris Capital.
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Cushman & Wakefield Negotiates $74.5M Sale of Centra Apartment Community in Midtown Phoenix
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Located in midtown Phoenix, Centra features 223 apartments, a rooftop social lounge, swimming pool, spa and fitness center.
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PHOENIX — Cushman & Wakefield has arranged the sale of Centra, a 223-unitmultifamily property located at 306. N. Central Ave. in midtown Phoenix. San Diego-based MG Properties acquired the community from Fore Property Co. for $74.5 million. Built in 2020, Centra features 93 one-bedroom and 130 two-bedroom units; a swimming pool and spa; cabanas; outdoor grilling stations; a fitness center with a yoga, spin and weight room; a gaming lounge with billiards, arcade games and shuffleboard; and a rooftop social lounge with city views. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.
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Public-Private Partnership Acquires 143-Unit Multifamily Property in Southern California, Plans Conversion to Workforce Housing
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The Link Apartments are located at 3909 San Fernando Road in Glendale, Calif. The property is a mixed-use development with 143 one- and two-bedroom apartments that was built in 2020.
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GLENDALE, CALIF. — The California Statewide Communities Development Authority (CSCDA) has acquired The Link apartments in Glendale for an undisclosed price. The acquisition was a public-private collaboration among Standard Communities, CSCDA’s Community Improvement Authority, Stifel Nicolaus & Company, Faring and the city of Glendale.
The five-story, 143-unit, one- and two-bedroom community, which was constructed in 2020, also includes 13,520 square feet of retail space. The community was developed as a conventional multifamily property, but the partnership will convert The Link Apartments to workforce housing.
Standard Communities, a subsidiary of Standard Companies, organized the partnership. The Los Angeles-based multifamily and affordable housing owner uses tax-exempt bond financing to acquire multifamily projects to provide housing for middle-income and essential workers throughout California who qualify with incomes between 80 and 120 percent of AMI.
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The Mogharebi Group Brokers Sale of Mixed-Income Community for $4.3M in Blythe, California
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Casa Encinas is an 81-unit partially affordable community located in eastern Riverside County.
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BLYTHE, CALIF. — The Mogharebi Group (TMG) has arranged the $4.3 million sale of Casa Encinas at River Heights, an 81-unit mixed-income communitylocated in Blythe, a city in eastern Riverside County located about 150 miles west of Phoenix. Of the 81 units, 20 are restricted to households making 60 percent of AMI and 19 for those making 50 percent of AMI. The remaining units are being leased at the market rate. Bryan LaBar of TMG represented the seller, a private investor. The buyer was also a private investor. Built in 1999, the community comprises 21 residential buildings on approximately 11 acres and offers two-, three- and four-bedroom units. Amenities include a swimming pool and covered parking.
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Hertz Investment Group Purchases 422-Unit Multifamily Portfolio in Northwest Austin
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AUSTIN, TEXAS — California-based Hertz Investment Group has acquired a portfolio of three multifamily properties totaling 422 units in Austin for an undisclosed price. The portfolio consists of the 132-unit Amor, the 130-unit Feliz and the 160-unit Vida, all of which were built in the 1980s and are in northwest Austin. The unit mix includes 52 studio, 234 one-bedroom and 136 two-bedroom apartments. Hertz Investment Group plans to implement a capital improvement program across the portfolio. Interior renovations will include quartz countertops, updated vinyl plank flooring and new plumbing. Building exterior improvements will include new roofing, courtyard areas with fire pits, new fencing and the addition of dog parks and playgrounds.
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Southeast Multifamily & Affordable Housing Business — May/June issue
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In the May/June issue:
- Turning Policy into Action
- Rehab Projects Preserve Affordability
- New Loan Products, Legislation Widen Financing Options
- Supply-Demand Widens Big Easy
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For advertising information, contact:
Scott France
404-832-8262 x 108 scott@francemediainc.com
-
Tracey Klasson
404-832-8262 x 121
tklasson@francemediainc.com
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American Landmark Buys 225-Unit Alta Spring Creek Apartments in Garland, Texas
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Alta Spring Creek is located in Garland, Texas, and features one-, two- and three-bedroom units.
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GARLAND, TEXAS — Tampa-based multifamily investment firm American Landmark has purchased Alta Spring Creek, a 225-unit apartment community in the northeastern Dallas suburb of Garland. The property features studio, one-, two- and three-bedroom units with walk-in closets and in-unit washers and dryers. Amenities include package delivery services, an outdoor entertainment space with a grilling station, a 24/7 athletic studio and private meeting and conference spaces. The seller was not disclosed, but national multifamily firm Wood Partners developed the project, which was completed last September. American Landmark will rebrand the community as The ReVe and invest in capital improvements.
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120-unit Independent Seniors Housing Community Sells for $8.8M in Suburban Chicago
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Riverwalk is a 120-unit independent senior living community in Lyons, Ill.
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LYONS, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the sale of 120-unit independent senior living community in Lyons, Illinois, for $8.8 million. Riverwalk, a six-story property for residents age 55 and older, is located at 8019 Ogden Ave., about 15 miles southwest of Chicago. The community includes 99 one-bedroom and 21 two-bedroom units, with the majority rented under affordable housing guidelines. Only 16 units are rented at market rate. Managing Director Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, and the buyer, New Frontier Companies, in the transaction. The property was developed using funds from the Low-Income Housing Tax Credit (LIHTC) program and the Illinois Housing Development Authority.
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Have you subscribed to the magazines? Sign up for complimentary subscriptions:
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— FROM THE MAGAZINES —
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Rehab Projects Preserve Affordability
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The New Orleans Redevelopment Authority (NORA) is the landowner for a tract in the city's Seventh Ward district at the corner of St. Bernard and North Claiborne avenues. NORA is currently accepting bids from developers for a new affordable housing property that will feature 50 to 60 units.
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By John Nelson
Perhaps more than most any market in the Southeastern United States, New Orleans is feeling the full brunt of the COVID-19 pandemic as the city’s economic base is centered around tourism and hospitality, industries that were devastated by the lack of leisure travel for the past 15 months. The New Orleans-Metairie-Kenner unemployment rate stood at 8.7 percent in April, down dramatically from 16.6 percent a year earlier but still above the national rate of 6.1 percent in April.
The Centers for Disease Control and Prevention (CDC) still has not fully lifted the moratorium on commercial cruises, which especially hurts Carnival and other cruise lines that call at Port of New Orleans. The CDC replaced its emergency “No-Sail Order” guidelines this past fall with the “Framework for Conditional Sailing Order,” which allows cruise lines to apply for conditional sailing certificates that allow them to conduct simulated trial voyages in waters subject to U.S jurisdiction.
However, it’s not expected that Port of New Orleans will reach its pre-pandemic level of cruise trips until 2022 at the earliest as cruises are expected to have strict capacity requirements for the foreseeable future.
With far fewer tourists coming to the city than pre-pandemic levels, workers at the various bars, casinos, restaurants and hotels in New Orleans are having to make due with less wages, which severely impacts their ability to pay rent.
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France Media publishes 13 free e-newsletters, covering commercial real estate by region or with a focus on specific property types, including retail, multifamily & affordable housing, student housing and seniors housing.
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