REBusinessOnline

Multifamily

Greystone Provides $78.4M HUD Loan for 510-Bed Skilled Nursing Facility in New York City

NEW YORK CITY — Greystone has provided a $78.4 million HUD-insured permanent loan to refinance Boro Park Center for Nursing & Rehabilitation in Brooklyn. Fred Levine of Greystone originated the financing for the borrower, Centers Health Care. The borrowers have invested more than $20 million in renovations to the property, which it acquired more than five years ago. Boro Park Center features a variety of clinical services, including amputee recovery and training; cardiac therapy; comfort..

July 24, 2017

Rosewood Realty Facilitates $12.3M Sale of Two Apartment Buildings in Manhattan

NEW YORK CITY — Rosewood Realty Group has arranged the sale of two contiguous five-story apartment buildings in Manhattan's Washington Heights neighborhood. 25 Ridge LLC and 560 West 184th Street Owners LLC acquired the buildings, located at 558 and 560 W. 184th St., for $12.3 million. The sellers were 25 Ridge LLC, 558 West 184th Street Owners LLC and 560 West 184th Street Owners LLC. The buildings feature 109 single-room units. Jonathan Brody of Rosewood Realty represented the buyers,..

July 24, 2017

Continental Realty Sells Apartment Community in Naples for $67M

NAPLES, FLA. — Continental Realty Corp. has sold Aventine at Naples, a 350-unit apartment community located at 9300 Marino Circle in Naples, for $67 million. The Baltimore-based real estate company originally purchased the asset in 2013 for $44.3 million, and executed interior and amenity upgrades. ARA Newmark’s Hampton Beebe represented Continental Realty in the sale to Miami-based Advenir Inc. The property features an outdoor kitchen and grilling area, swimming pool, fitness studio,..

July 24, 2017

ARA Newmark Brokers Sale of 236-Unit Multifamily Asset Near Chapel Hill

CARRBORO, N.C. — ARA Newmark has brokered the sale of Autumn Woods, a 236-unit apartment community in Carrboro, roughly five miles from the University of North Carolina Chapel Hill. Dean Smith and Sean Wood of ARA Newmark represented the seller, Dayton, Ohio-based The Connor Group. Manhattan- and Dallas-based The Milestone Group acquired the property for an undisclosed price. Constructed in 1997, Autumn Woods includes a mix of one-, two- and three-bedroom floor plans and a features a pool,..

July 24, 2017

Marcus & Millichap Arranges Sale of 80-Unit Apartment Complex in Fort Worth

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Solaris Ranch, an 80-unit apartment complex located at 9417 Michael Drive in Fort Worth. Al Silva and Mark McCoy of Marcus & Millichap represented the seller, a California-based investment firm, in the transaction. Silva, McCoy and Ford Braly, also of Marcus & Millichap procured the buyer, an out-of-state partnership.

July 24, 2017

AVR Sells Nine-Property Multifamily Portfolio in Louisiana for $250M

LAFAYETTE, SHREVEPORT AND SLIDELL, LA. — AVR Realty Co., a Yonkers, N.Y.-based multifamily investment and development firm, has sold a portfolio of nine multifamily properties totaling 2,079 units in Louisiana for approximately $250 million. Israel-based investment firm El-Ad National Properties purchased the portfolio. According to the company's LinkedIn page, its portfolio of American properties consists of 12,700 apartment units, 1 million square feet of office space and several hotels...

July 24, 2017

Atlanta Multifamily Market Continues Strong Performance in All Asset Classes

In 2016 and the first quarter of this year, Atlanta’s economy boomed, showing several positive signs that point to another banner year for the multifamily market. From December 2016 through February 2017, Atlanta added 96,700 total non-farm jobs, an increase of 3.7 percent over the same time the previous year. Additionally, in 2016 the city experienced 3 percent wage growth overall. This translates to a robust multifamily market with solid fundamentals. According to Axiometrics,..

July 24, 2017

Bell Partners Buys 196-Unit Apartment Community in Boston’s Jamaica Plain

BOSTON — Bell Partners has purchased Olmsted Place, an apartment community, located at 161 S. Huntington Ave. in the Jamaica Plain neighborhood of Boston, for an undisclosed price. Bell has renamed the 196-unit property Bell Olmsted Park, and Bell Partners will manage the community. Opened in late 2015, the property features a variety of studio, one-, two- and three-bedroom layouts, two elevated courtyards and surface and garage parking. The residences feature hardwood floors, granite..

July 21, 2017

TF Cornerstone Opens 714-Unit Apartment Development in Brooklyn

NEW YORK CITY — TF Cornerstone has completed the development of 33 Bond, a 25-story apartment development located in Brooklyn. Designed by Handel Architects, 33 Bond features 714 rental units in studio, one- and two-bedroom open-concept layouts, a 24-hour attended lobby, package attendant, club lounge with billiards table, screening room, designated event space, bicycle store, parking garage and an on-site pet grooming space. Residences feature white oak floors, state-of-the-art kitchens..

July 21, 2017

Lourdes Realty Acquires 100-Unit Apartment Building in Brooklyn for $33M

NEW YORK CITY — Lourdes Realty Group has purchased a 100-unit apartment building located at 70 Dahill Road in the Kensington section of Brooklyn. Sentinel Real Estate Corp. sold the property for $33 million. Built in 1934, the 102,000-square-foot building features six studios, 61 one-bedroom, 26 two-bedroom and seven three-bedroom units. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.

July 21, 2017