Texas | apartmentcareers

AMTEX closes financing and starts construction on 225 apartments for seniors in Austin

AMTEX Multi-Housing, LLC, announced today that it closed financing and started construction on Limestone Ridge Apartments—a multifamily affordable housing community being constructed in Austin at 7011 McKinney Falls Parkway.

When completed, Limestone Ridge Senior Apartments will be a community for 55+ seniors with annual incomes of up to 60 percent of the area median income (AMI), which in Travis County, is $45,420 for a two-person household. The community will offer 223 one- and two-bedroom units plus two 2-bedroom units allocated for on-site managers. The community will also feature a one-story clubhouse and will have 405 surface parking spaces or 1.8 spaces per unit.

Residents at Limestone Ridge will enjoy onsite amenities including a swimming pool, walking trail and a community garden, as well as close proximity to McKinney Falls State Park.

Social services will be available onsite at no cost to tenants. Examples of services provided at previous AMTEX projects include: a monthly character building program; quarterly financial planning courses; quarterly health nutrition programs; notary public services; twice monthly arts and crafts, and other recreational activities; twice monthly onsite social services events; an annual health fair and annual income tax preparation assistance.

The 225-unit project represents the second partnership between AMTEX and the Travis County Housing Finance Corporation, having previously partnered on McKinney Falls Apartments a 312-unit family apartment community that is in the final stages of construction and is scheduled for completion in April 2020. Construction on Limestone Ridge is expected to be completed in the Fall of 2021, with residents moving in immediately thereafter.

Limestone Ridge Apartments is the tenth affordable housing project for AMTEX Multi-Housing, Inc. in Texas that is either completed or under construction.

“We appreciate the Travis County Housing Finance Corporation for partnering again with us on this project to bring 225 new apartment homes for seniors to the Austin community,” said Arjun Nagarkatti, President of AMTEX Multi-Housing. “When completed, Limestone Ridge will be a wonderful place for area seniors to call home.”

Northwest San Antonio apartment asset sold by Institutional Property Advisors

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Savannah Oaks, a 332-unit multifamily asset in San Antonio, Texas.

“Northwest San Antonio has some of the city’s best demographics and is its fastest-growing employment center,” said Will Balthrope, IPA executive managing director. Balthrope, and IPA senior associates Drew Garza and Jordan Featherston represented the seller, Koontz Corporation and procured the buyer Sherman Residential.

“Located within San Antonio’s largest service employment market, Savannah Oaks is a valuable long-term investment with a durable income stream,” added Garza.

The property is located near Loop 1604 and Interstate 10 on Vance Jackson Road. The Rim, a 3-million-square-foot outdoor retail center is close by and the corporate headquarters of USAA, Valero, and NuStar Energy are within a short drive. Nearby major employment centers include the South Texas Medical Center, Medtronic, and the University of Texas at San Antonio. Directly north of the property, the Landmark Centre, a 32-acre, mixed-use development is being constructed. In addition, a 114-acre, $320 million master-planned community is slated for development across from Savannah Oaks on Interstate 10.

“Historically, apartments built in or near the Loop 1604/Interstate 10 submarket have received a steady stream of rental traffic,” commented Featherston. Built in 2016 on over 20 acres, the three-story garden-style community has resort-style amenities and a wide variety of unit features.

AMTEX closes financing and starts construction on 225 apartments for seniors in Austin

Residents at Limestone Ridge will enjoy onsite amenities including a swimming pool, walking trail and a community garden, as well as close proximity to McKinney Falls State Park.

Limestone Ridge Apartments is the tenth affordable housing project for AMTEX Multi-Housing, Inc. in Texas that is either completed or under construction.

Northwest San Antonio apartment asset sold by Institutional Property Advisors

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Savannah Oaks, a 332-unit multifamily asset in San Antonio, Texas.

“Located within San Antonio’s largest service employment market, Savannah Oaks is a valuable long-term investment with a durable income stream,” added Garza.

Marcus & Millichap brokers sale and financing for DFW multifamily property

Marcus & Millichap announced the sale and financing of The Apartments at Fountains Corner, a 418-unit multifamily asset in Fort Worth, Texas.

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale and financing of The Apartments at Fountains Corner, a 418-unit multifamily asset in Fort Worth, Texas.

“On the market for the first time in more than 20 years, the property provides new ownership with a first-generation value-add opportunity,” said Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office. “The opportunity is bolstered by the lack of competing multifamily communities within a two-mile radius, which is rare for a property located near so many economic drivers.” Silva represented the seller, Dallas-based WAK Management and procured the buyer, a Texas-based private investment group. Brian Adams, senior director with Marcus & Millichap Capital Corp. in Dallas, arranged the financing. The nonrecourse loan was structured with a 12-year fixed-rate of 3.85 percent and a 30-year amortization beginning after a period of three years of interest-only.

The 62-building community is located at the intersection of Interstate 20 and Granbury Road in Fort Worth near retailers, employers and schools. Texas Christian University, Hulen Mall, the Clearfork and Edwards Ranch developments and the new Chisholm Trail Parkway are all nearby. With nearly 3.6 million jobs, the Metroplex is one of the nation’s largest employment markets, and is home to 21 Fortune 500 companies, including ExxonMobil, American Airlines Group, Southwest Airlines, Fluor Corp., AT&T, Tenet Healthcare, Kimberly-Clark and J.C. Penney.

“We conducted 27 property tours and attracted 10 offers from investment groups across the country during a four-week marketing period and closed about 90 days after the buyer and seller reached an agreement,” concluded Silva. New ownership plans a multi-million-dollar renovation to the property, including building exteriors and enhancements to common area amenities and unit interiors. The property was built in four phases on 18.5 acres between 1967 and 1971 and has received significant capital improvements since 2015. The average unit size is 1,024 square feet.

Marcus & Millichap brokers sale and financing for DFW multifamily property

JLL arranges sale, financing of Dallas-area apartments

JLL announced today that it has closed the sale of and arranged financing for The Palace, a 280-unit, garden-style apartment community located in Arlington, Texas.

JLL marketed the property exclusively on behalf of the seller, MBP Capital, Inc., and procured the buyer, Raven Multifamily. Additionally, JLL worked on the new owner’s behalf to secure a 12-year, fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

The Palace is located at 1601 Regency Court with visibility along Pioneer Parkway and Arkansas Lane in the Dallas-Fort Worth area’s Central/South Arlington submarket. Originally constructed in 1971, the 12-building, two-story property has recently undergone major renovations, including new signage, exterior improvements and the addition of numerous common area amenities such as a swimming pool, new leasing/management office and laundry rooms. Other amenities include a courtyard with barbecue grills, large patios and balconies and walk-in closets. The Palace offers seven spacious floor plans averaging 893 square feet, which range from one- to three-bedroom configurations. The property was 96.4% occupied at closing.

The JLL Capital Markets team representing the seller included Vice Presidents Art Barnes and David Godvin and Executive Vice President Jorg Mast.

JLL’s Capital Markets debt placement team representing the new owner included Executive Vice President Deverick Jordan, Vice President Andrew Speer, Manager Clint Hoelscher and Analyst Donovan Collins.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

JLL arranges sale, financing of Dallas-area apartments

JLL announced today that it has closed the sale of and arranged financing for The Palace, a 280-unit, garden-style apartment community located in Arlington, Texas.

The JLL Capital Markets team representing the seller included Vice Presidents Art Barnes and David Godvin and Executive Vice President Jorg Mast.

JLL arranges financing for West Texas apartment complex

JLL announced today that it has arranged financing for Advenir at Legado Ranch, a 360-unit, garden-style apartment complex in the West Texas market of Odessa.

JLL worked on behalf of the borrower, Advenir, LLC, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender.

Advenir at Legado Ranch is situated on nearly 17 acres at 4001 De Morada Drive along the southwestern edge of the Llana Estacado of West Texas. Completed in 2018, the gated property consists of 12 buildings with residential units totaling 326,838 rentable square feet or approximately 908 square feet per unit. Unit amenities include fully equipped kitchens with granite countertops, hardwood floors, walk-in closets, in-unit washers and dryers and patios. Community amenities include a swimming pool, cabana, dog park, playground, clubhouse, media center/movie theatre and fitness center. The property was more than 91 percent occupied at closing.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler, Managing Director Josh Simon and Director Matthew Putterman.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

JLL arranges financing for West Texas apartment complex

JLL announced today that it has arranged financing for Advenir at Legado Ranch, a 360-unit, garden-style apartment complex in the West Texas market of Odessa.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Eric Tupler, Managing Director Josh Simon and Director Matthew Putterman.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.