Rockstar Obtains Refi for 298-Unit Houston-Area Apartment Community
Marcus & Millichap Capital Corporation (MMCC) arranged a $54 million HUD refinance for Lakeview at Westpark, a 298-unit multifamily asset in Richmond, Texas. MMCC’s capital markets team was led by Brandon Brown. Brown represented Rockstar Capital and secured the financing through KeyBank at a fixed rate of 5.3% with 35 years of amortization.
The rental asset was built in 2021 and acquired by Rockstar Capital in 2022. Rents range from $1,285 to $1,994 for one- to three-bedroom units. It’s offering up to 8 weeks free on select apartment units.
Community amenities include a pool with tanning deck, a fully equipped fitness center, a resident lounge with coffee bar, outdoor entertainment spaces, and a pet-friendly environment with a bark park and paw spa.
The firm currently owns and manages 23 multifamily properties totaling 4,567 units throughout Texas.
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout