Multifamily

NorthMarq Negotiates Sale of 264-Unit Lola Apartments in Riverview, Florida

by Julia Sanders June 3, 2021

RIVERVIEW, FLA. — Luis Elorza and Justin Hofford of NorthMarq Tampa’s Investment Sales team arranged the sale of Lola Apartments. Atlanta-based Asia Capital Real Estate acquired the property for an undisclosed price. Lola Apartments is a 264-unit, mid-rise community located at 9960 Jonas Salk Drive in Riverview. NorthMarq represented the seller, a partnership composed of Tampa-based Lindell Investments and Orlando-based Investors Realty. Built in 2019, Lola Apartments is a mid-rise community with air-conditioned interior corridors. The property includes 45 percent one-bedroom, 49 percent two-bedroom and 6 percent three-bedroom units with an average size of 968 square feet. Community amenities include an 8,000-square-foot clubhouse, 24-hour fitness center, poolside cabanas with outdoor TV’s, fire pit and grills, as well as a bark park and pet spa onsite. Unit interiors feature granite countertops, nine-foot to 17-foot ceilings and oversized balconies, patios and windows. The property is adjacent to St. Joseph’s Hospital – South, which recently completed a $130 million expansion. Lola Apartments is also less than 1,000 feet away from Interstate 75, as well as 13 miles from Westfield Brandon Mall, 14 miles from Hillsborough Community College and 17 miles from Alafia River State Park.

June 3, 2021

Loans Multifamily Northeast Rhode Island

Berkadia Provides $16.7M HUD-Insured Loan for Rhode Island Apartment Community

by Taylor Williams June 3, 2021

PAWTUCKET, R.I. — Berkadia has provided a $16.7 million HUD-insured loan for the refinancing of 1 Lofts, a 112-unit apartment community in Pawtucket. The property was originally built in 1920 and was converted to a loft-style complex with a variety of floor plans in 2018. Amenities include a game room, tennis court, basketball court, picnic area and onsite laundry facilities. Kevin Kozminske and Yuri Kletsman of Berkadia structured the financing, which carried a 35-year term and a fixed interest rate, through HUD’s 223(f) program. The name of the Rhode Island-based borrower was not disclosed.

June 3, 2021

Development Multifamily New Jersey Northeast

JMF Properties Nears Completion of 110-Unit Apartment Project in Northern New Jersey

by Taylor Williams June 3, 2021

GLEN RIDGE, N.J. — JMF Properties is nearing completion of Clarus Glen Ridge, a 110-unit apartment project in the Northern New Jersey community of Glen Ridge. Units will feature one- and two-bedroom floor plans and stainless steel appliances and individual washers and dryers, while select units will offer private outdoor spaces. Amenities will include a fitness center with a personal training studio, a resident lounge with a wet bar, business center, theater room and an outdoor courtyard with seating areas and fire pits. Leasing is set to begin in July. Rental rates are still being determined.

June 3, 2021

Acquisitions Massachusetts Multifamily Northeast

NEPCG Brokers $12.7M Sale of Pine Ridge Estates Apartments in Greenfield, Massachusetts

by Taylor Williams June 3, 2021

GREENFIELD, MASS. — Northeast Private Client Group (NEPCG) has brokered the $12.7 million sale of Pine Ridge Estates, a 108-unit multifamily community in Greenfield, located in the northwestern part of the state. Built on 4.5 acres in 1972, the property features one- and two-bedroom units, as well as a fitness center and onsite laundry facilities. Brad Carlson, Taylor Perun and Drew Kirkland of NEPCG represented the seller and procured the buyer in the transaction. The asset traded at a cap rate of 5.6 percent.

June 3, 2021

Acquisitions Midwest Minnesota Multifamily

Monarch Investment & Management Acquires 589-Unit Multifamily Portfolio in Rochester, Minnesota

by Kristin Harlow June 3, 2021

ROCHESTER, MINN. — Monarch Investment & Management Group has acquired a six-property, 589-unit multifamily portfolio in Rochester for an undisclosed price. The townhome communities include Crystal Bay, French Creek, Village Green, Winchester, Heritage Manor and Olympik Village. The properties were built between 1962 to 1996 and range in size from 36 to 182 units. Three of the assets (Winchester, Heritage Manor and Olympik Village) are rental properties. Average occupancy across the portfolio is 95 percent. Keith Collins, Abe Appert and Ted Abramson of CBRE Minneapolis Multifamily represented the seller, Premier Mahtomedi MN LLC, in the transaction.

June 3, 2021

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $6.6M Agency Acquisition Loan for Apartment Complex Near St. Paul

by Kristin Harlow June 3, 2021

MAHTOMEDI, MINN. — Colliers Mortgage has provided a $6.6 million Fannie Mae loan for the acquisition of Mahtomedi Flats in Mahtomedi, a northeast suburb of St. Paul. Built in 2018, the 36-unit apartment complex features a community room, fitness center, storage space and grills. The loan carries a 12-year term and a 30-year amortization schedule. Victoria Properties Group LLC, Wash N Fill Properties Minnesota LLC, Wash N Fill Property Champlin LLC and Wash N Fill Property New Brighton LLC were the borrowers.

June 3, 2021

Acquisitions Arizona Multifamily Western

Sentinel Real Estate Sells 276-Unit Apartment Property in Scottsdale to Sunroad Enterprises

by Amy Works June 3, 2021

SCOTTSDALE, ARIZ. — Sentinel Real Estate Corp. has completed the disposition of The Paragon at Kierland in Scottsdale to San Diego-based Sunroad Enterprises for an undisclosed price. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller in the deal. Built in 2000, The Paragon at Kierland features 276 apartments, a lagoon-style swimming pool with private cabanas, an outdoor kitchen area with TV and fire pit, a fitness center and a resident clubhouse.

June 3, 2021

Acquisitions Colorado Multifamily Western

Pinnacle Arranges $15.7M Sale of Parkview Towers Multifamily Property in Englewood, Colorado

by Amy Works June 3, 2021

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the sale of Parkview Towers, an apartment community located at 3655 S. Pearl St. and 3659 S. Pennsylvania St. in Englewood. The property sold for $15.7 million, or $181,034 per unit. Built in 1972, the community features two six-story towers offering a total of 87 apartments. Robert Lawson of Pinnacle represented the undisclosed seller, while Jim Knowlton of Pinnacle represented the undisclosed buyer in the deal.

June 3, 2021

Development Florida Hospitality Mixed-Use Multifamily Southeast Top Stories

Joint Venture Launches Condominium Sales at $970M Waldorf Astoria Hotel & Residences Project in Downtown Miami

by Katie Sloan June 3, 2021

MIAMI — A joint venture between Property Markets Group (PMG), Greybrook Realty Partners and S2 Development has launched condominium sales at the Waldorf Astoria Hotel & Residences Miami. The estimated development cost for the project is $970 million, according to Greybrook’s website. The 800,000-square-foot project is located at 300 Biscayne Blvd. in the heart of downtown Miami. Rising 100 stories, the building is expected to be the tallest residential tower south of New York City, according to the development team. The project will feature a five-star hotel operated under Hilton’s Waldorf Astoria banner and 360 condominiums with interiors by San Francisco-based design firm BAMO. Residences will offer floor-to-ceiling glass windows with views of the Atlantic Ocean. Shared amenities at the Waldorf Astoria Hotel & Residences Miami are set to include a lounge named Peacock Alley, indoor and outdoor event spaces, a signature restaurant, resort-style swimming pool with cabanas, spa and fitness center. PMG is leading sales and marketing for the residential portion of the development, with the cost for condominiums starting at $1 million, according to reports by Architect Magazine. Siger Suarez Architects designed the project in collaboration with Carlos Ott. Completion is scheduled for 2025, according to reports by …

June 3, 2021

Acquisitions Multifamily Texas

Worth Street Partners Acquires 108-Unit Stone Manor Apartments in Dallas

by Taylor Williams June 2, 2021

DALLAS — Dallas-based Worth Street Partners has acquired Stone Manor, a 108-unit apartment complex in the Bachman Lake area of Dallas. The property was built in 1964 and offers one- and two-bedroom units as well as a pool. An entity doing business as Gomel Texas LLC sold the Class C property for an undisclosed price. Mark Allen of Greystone brokered the deal. The new ownership plans to implement a capital improvement program at Stone Manor, which was 90 percent occupied at the time of sale.

June 2, 2021

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