Tuesday, February 23, 2016

Atlantic City, NJ Affordable Housing Community Emerges from Hurricane Sandy Destruction

Kelly Henderson
ATLANTIC CITY, N.J. – (Feb. 23, 2016) – WNC, a national investor in real estate and community development initiatives, announced today that the conversion of the Clarion Hotel and Convention Center into The Atrium Apartments at Egg Harbor, an 84-unit affordable housing community in the Atlantic City suburb of Egg Harbor Township, New Jersey, is nearly complete.

WNC provided approximately $14.5 million in low-income housing tax credit (LIHTC) equity to fund the conversion.

An open house was held for resident applicants to tour the property and discuss the development with project leaders. WNC’s Kelly Henderson, Senior Vice President of Originations, attended the event.

“WNC is thrilled to announce the completion of The Atrium Apartments at Egg Harbor, an affordable housing community that will provide a new and safe place for families to live after being displaced as a result of the devastation of Hurricane Sandy,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

Michael Gaber
“The need for affordable housing is particularly acute in this region, and WNC is pleased to help deliver this exceptional new community to the working families of the Atlantic City region.”

Located at 6821 Black Horse Pike, The Atrium Apartments of Egg Harbor is a LEED Certified Gold Standard community that includes one six-story building comprised of 16 one-bedroom units, 43 two-bedroom units, and 25 three-bedroom units.

The Atrium Apartments at Egg Harbor offers onsite management, a computer center, laundry facility, fitness center, community room, elevator, tenant storage and recreation area that includes a gazebo, playground and pavilion. In-unit amenities include an electric range, refrigerator and air conditioning. The property is supported by the Crime Free Housing Initiative.

The property includes 230 surface parking spaces. The apartments are conveniently located near entertainment, recreation, prominent thoroughfares, employment opportunities and shopping.

The project was developed by Rukenstein & Associates in approximately 18 months. EHT Affordable Housing LLC is the general partner of the project.

For a complete copy of the company’s news release, please contact:

Julie Leber
Spotlight Marketing Communications
949.427.5172 ext. 703

Waterton Acquires Parkside at Firewheel Apartments in Garland, TX

Matthew Masinter
CHICAGO, IL, Feb. 23, 2016 – Waterton, a U.S. real estate investor and operator, today announced it has acquired Parkside at Firewheel, a 594-unit rental community located in the Dallas suburb of Garland, Texas.

Built in two phases in 2007 and 2013, the community is adjacent to the Firewheel Town Center, a 1 million-square-foot regional shopping center that includes more than 125 storefronts and 70,000 square feet of office space.

Parkside at Firewheel also offers convenient access to nearby employment centers, including the Telecom Corridor and CityLine, a 186-acre mixed-use development in nearby Richardson.

“Ongoing job growth and rising home values in the Dallas-Fort Worth Metroplex have continued to fuel demand for rental housing, which is why we were eager to add Parkside at Firewheel to our growing portfolio of multifamily properties,” said Matt Masinter, senior vice president of acquisitions at Chicago-based Waterton.

“The community’s proximity to major employers like State Farm and Raytheon Co. – both of which have new campuses less than 10 minutes away at CityLine – makes it an attractive option for renters and will only enhance its value going forward as more high-profile companies move to the area.”

For a complete copy of the company’s news release, please contact:

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

HFF closes $36.25 million sale of and secures $24.995 million financing for Class A seniors housing community in Seattle’s Upper Queen Anne neighborhood


Chad Lavender
DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition financing for Queen Anne Manor, a historically significant, four-story, 93-unit, Class A seniors housing community in Seattle, Washington’s Upper Queen Anne neighborhood.

HFF marketed the property exclusively on behalf of the seller.  Capitol Seniors Housing acquired the asset for $36.25 million free and clear of existing debt. 

Additionally, HFF assisted the buyer in securing a $24.995 million, seven-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Milestone Retirement Communities, LLC will manage the property.

Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each.  Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. 

Community amenities include a rooftop garden; secure rooftop memory care sky bridge and deck with sweeping views of the Olympic Mountains and Space Needle; hair salon; planned activities and social services; various dining venues; scheduled transportation; and resident laundry facilities. 
The property is 96 percent leased and is situated on 1.01 acres at 100 Crockett Street, approximately four miles north of downtown near the Lake Union waterfront.

The HFF team was led by senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

29th Street Capital Acquires League City, TX Apartment Portfolio

Harbor Walk Apartments, League City, TX

Javier Bustillo
League City, TX (Feb. 23, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired a 314-unit multifamily real estate portfolio in League City, Tex. The two apartment communities are located within 1.5 miles of each other in the Clear Lake submarket of Houston. The deal closed Feb. 19.

* Crow’s Nest Apartments (176 units) has mostly one- and two-bedroom units and primarily caters to professionals. It was built in 1984.

* Harbor Walk Apartments (138 units), which appeals more to families, consists exclusively of two-bedroom and three-bedroom units.  It was built in 1987.

29SC purchased the assets on an off-market basis from a regional owner. The firm plans $1.6 million worth of renovations, which include a new appliance package, microwaves, better kitchen lights and accent walls. Exterior improvements are planned as well.

“This acquisition will allow us to grow our presence in Houston and fits our overall business plan perfectly,” said Javier Bustillo, 29th Street Capital’s Senior Vice President of Acquisitions for Texas. 

“These are value-add assets in a great submarket with excellent schools, plentiful employment and very limited new supply. It checks all of the boxes for 29SC.”

Crow's Next Apartments, League City, TX
League City has experienced tremendous job growth fueled by the aerospace, petroleum refining, and health care industries as well as the Port of Houston, which continues to expand and will double its capacity by 2016 once the Panama Canal expansion is completed. 

Both properties are in the Clear Creek Independent School District, ranked as the best large school district in the Houston MSA. The “Houston Chronicle” has also named it one of Houston’s Top Work Places. 

The Clear Lake submarket of Houston, Tex. Is located directly on the I-45 corridor linking it to Galveston Island (32 miles southeast) and the Houston CBD (25 miles northwest).  Major employers include companies in the high tech aerospace, petrochemical, tourism, boating and recreation industries.  The area is home to the third largest concentration of pleasure boats in the United States.  

For a complete copy of the company’s news release, please contact: