InvesRes has purchased Oakwood Apartments, a multifamily property located in Sarasota, Fla. The 148-unit two-story garden-style community sits on 10 acres and is located just five minutes from the Sarasota airport, 15 minutes from award-winning beaches, and 20 minutes from the business district and downtown Bradenton.

Oakwood is a high-quality community constructed in 2015, offering one- to three-bedroom apartments with floor plans of 730 to 1,229 square feet. The transaction includes an assumable, long-term fixed rate Housing and Urban Development loan.

Fully 25 percent of rents are subject to affordable restrictions based on median income levels. Oakwood, a 148-unit community, will be managed by InvestRes' in-house property management division, ResProp Management.

The capital improvement program includes improving site visibility through new signage, renovating amenities such as the pool and fitness areas, and enhancing the interior of the apartment homes.

"Oakwood is an off-market deal sourced through a longstanding relationship. We believe this investment offers high-risk-adjusted return potential for our investors, and we look forward to adding value for the community's residents by improving several resident amenities," said Joe Facchini, CIO of InvestRes, which now owns over 6,000 units in Florida.

Mill Creek Residential, a multifamily investor and operator, has begun construction on Modera San Diego, a luxury apartment community in the East Village neighborhood of  San Diego. The seven-story community is the company’s first foray into San Diego, and move ins are projected for spring of 2021.

"San Diego is rapidly becoming one of the most pedestrian-friendly cities on the West Coast, and the East Village is transforming into a destination locale for new residents," said John Colletti, vice of president of development, Southern California for Mill Creek Residential. "We're thrilled to add this community to the neighborhood's robust entertainment, retail, restaurant and cultural amenities, and we believe Modera San Diego will address the market's booming growth while serving as a premier housing option in the area."

The development community is in a walkable, transit-oriented locale two blocks from a San Diego Trolley station, which provides connectivity to the greater downtown area and links to Amtrak regional lines. The neighborhood's growing creative office base provides employment opportunities in the design and technology sectors.

East Village is the largest of downtown San Diego's eight neighborhoods and continues to emerge as a hip-and-trendy destination featuring a multitude of breweries, coffee shops and nightlife options. Mission Brewery, a local icon built within a former Wonder Bread factory, is located directly across from the community. Modera San Diego will feature three architectural styles and will offer studio as well as , 1- and 2-bedroom apartments.

Redwood Trust Inc. is participating in a multifamily whole-loan investment fund in a bid to expand its access to rental-housing credit.

Earlier in January, Redwood invested in a limited partnership created to acquire up to $1 billion of floating rate, light-renovation multifamily loans from Freddie Mac. Redwood, a real estate investment trust, has committed to fund $78 million through the partnership and has funded around $20 million.

Freddie Mac is providing a debt facility to finance loans purchased by the partnership. After the partnership's acquisitions have reached a threshold, participants will consider including related loans in a Freddie-sponsored securitization. The limited partners can acquire the subordinate securities were a securitization to occur.

[caption id="attachment_9490" align="alignleft" width="127"] Christopher Abate[/caption]

"Expanding Redwood's reach into the multifamily whole-loan space is another example of our ability to identify and execute on innovative ways to scale our business for profitable growth," said Christopher J. Abate, CEO of Redwood. "This investment strengthens our relationship with Freddie Mac and furthers our efforts to invest our shareholder's capital in areas of the housing market where it is most valued. We look forward to deploying the remainder of the capital we have committed to the fund."

Greystone, a commercial real-estate lending, investment, and advisory company, ranked No. 1 in small loan production in the delegated underwriting and servicing program from Fannie Mae in 2018. With $3.9 billion in Fannie Mae loan origination volume, Greystone ranks sixth overall, which includes affordable housing, green, market rate and small loans.

In specialty areas of multifamily financing, including green loans and affordable housing, Greystone also ranks in the top 5 of producers for 2018. Greystone produced the second-highest amount of green loans via Fannie Mae, and the third-highest amount of affordable housing loans on Fannie Mae’s platform last year.

[caption id="attachment_9444" align="alignleft" width="200"] Rick Wolf[/caption]

“Greystone is fully committed to the success of Fannie Mae’s mission-driven and innovative financing platforms, and we are thrilled to be their largest producer for small loans, representing hundreds of transactions,” said Rick Wolf, head of Greystone’s small loans platform. “We look forward to continued collaboration with Fannie Mae as the workforce housing sector, a bulk of the small loan market, gains even more spotlight for its critical role as much-needed rental housing for millions of Americans.”

Fannie Mae’s small loans program includes financing from 5 to 30 years and up to $3 million nationwide or $5 million in certain eligible markets, with both fixed and variable rate options available.

“We congratulate Greystone on their position as our top small loans producer and commend their team for their hard work and dedication to partnering with Fannie Mae,” said Michael Winters, vice president of lender relationships, structured transactions, and small loans at Fannie Mae.