Multifamily

Levin Johnston Brokers Two Property Sales in the California’s East Bay Totaling $23.4M

by Amy Works February 26, 2019

HAYWARD AND SAN LEANDRO, CALIF. — Levin Johnston of Marcus & Millichap has directed two property sales, totaling $23.4 million, in the East Bay area of San Francisco. In the first deal, Levin Johnston, Adam Levin and Eymon Binesh of Marcus & Millichap brokered the acquisition of Stratford Village Center, located at 1641-1645 Industrial Parkway West in Hayward. A private buyer acquired the property for $12.9 million. Originally constructed in 2003 and 2004, Stratford Village Center features 40,852 square feet of retail space. At the time of sale, the property was 100 percent occupied by a variety of tenants, including Starbucks Coffee, Subway, Fremont Bank, Straw Hat Pizza, DaVita Inc., Select Staffing, CosmoProf and Manheim Inc. In the second transaction, Levin and Johnston represented the buyer and seller, both local apartment owners, in a $10.5 million multifamily transaction. Located at 15977 Maubert Ave. in San Leandro, The Maubert Apartments is a garden-style apartment community comprising four buildings offering a total of 34 apartments in a mix of two-bedroom/two-bath and one-bedroom/one-bath flats. On-site amenities include a gated and secured entryway, private balconies, assigned covered parking and on-site laundry.

February 26, 2019

Acquisitions California Multifamily Western

Trion Properties Sells 97-Unit Willow Glen Apartments in San Diego for $17.9M

by Amy Works February 26, 2019

SAN DIEGO — Trion Properties has completed the disposition of Willow Glen Apartments, located in the Rolando/College Area submarket of San Diego. Bernard Xavier acquired the property for $17.9 million. Located at 3635 College Ave., Willow Glen Apartments features 97 units, high-speed internet and free Wi-Fi for residents. Trion purchased the property in June 2015 for $9.6 million and implemented $2.2 million in capital improvements and rebranding. Renovations included the installation of quartz countertops, stainless steel appliances and new cabinetry in each of the units. Exterior upgrades include a revamped façade with new paint, as well as the integration of low-water and drought-tolerant landscaping to minimize operating costs and improve the sustainability of the property. Peter Scepanovic and Corey McHenry of Colliers International represented the seller in the deal.

February 26, 2019

Development Illinois Midwest Multifamily

Draper and Kramer Breaks Ground on 24-Story Apartment Tower in Chicago’s South Loop

by Kristin Harlow February 26, 2019

CHICAGO — Draper and Kramer Inc. has broken ground on 2111 S. Wabash Ave., a 24-story, 275-unit apartment tower in the McCormick Square area of Chicago’s South Loop. Designed by Solomon Cordwell Buenz, the property will feature an asymmetric base topped with a glass tower. Apartment units will range from 529 to 1,411 square feet and will include a mix of one-, two- and three-bedroom floor plans. A 25,000-square-foot amenity area on the fourth floor will feature a club lounge with a bar, coworking space, music rooms, fitness studios and an outdoor terrace. Monthly rents are expected to start at $1,800. Power Construction Co. LLC and Ujamaa Construction are serving as the general contractors. Completion is slated for summer 2020.

February 26, 2019

Acquisitions Illinois Midwest Multifamily Seniors Housing

Blueprint Brokers Sale of Supportive Living, Skilled Nursing Campus in Illinois

by Kristin Harlow February 26, 2019

MT. CARMEL, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a nonprofit healthcare campus in Mt. Carmel, located in the southern part of the state along the Indiana border. Arkansas-based General Baptist Health Care sold the property. The buyer was CareTrust REIT and its regional operating partner, WLC Management Firm. Although the price was not disclosed, Blueprint reports the purchase price translated to approximately $70,000 per licensed bed. The campus is made up of two adjacent healthcare buildings: Oakview Heights, a 90-bed skilled nursing and long-term care facility, and Oakview Villa, a 38-bed supportive living facility offering affordable assisted living services. Since acquiring the propertyin 1981, ownership continuously expanded the campus, adding a secure memory care unit, rehabilitation facility and supportive living building. Michael Segal and Josh Salzman of Blueprint handled the transaction.

February 26, 2019

Development Georgia Multifamily Southeast

Gables Residential Opens 325-Unit Apartment Community in Atlanta’s Buckhead District

by Alex Tostado February 25, 2019

ATLANTA — Gables Residential has opened The Ashley Gables Buckhead, a 325-unit apartment community in Atlanta’s Buckhead district. The 15-story building is located at 530 E. Paces Ferry Road, about eight miles north of downtown Atlanta. The new asset offers studio, one-, two- and three-bedroom apartments and townhomes. Rental rates range from $1,632 per month for the one-bedroom floor plan to $7,032 per month for the three-bedroom floor plan. Amenities include a rooftop terrace, dog park, courtyard with an outdoor theater and 24-hour concierge service. This is the third location for Gables Residential’s signature series, joining locations in Denver and Miami.

February 25, 2019

Acquisitions Multifamily North Carolina Southeast

Berkadia Arranges $14.3M Sale of Apartment Complex Near Greensboro

by Alex Tostado February 25, 2019

BURLINGTON, N.C. — Berkadia has arranged the $14.3 million sale of Summerlyn Place, a 140-unit garden-style apartment complex in Burlington. The property was 96 percent occupied at the time of the sale, selling for $101,768 per unit. Built in 1998, Summerlyn Place offers a car care center, tennis courts, clubhouse, swimming pool, playground and a dog park. The asset is situated about 19 miles east of downtown Greensboro. Mark Boyce, Blake Coffey, Andrew Mays and Paul Vetter of Berkadia represented the New York-based seller in the transaction. The buyer is based in New Jersey.

February 25, 2019

Loans Multifamily Oklahoma Texas

Arbor Realty Provides $1.7M Freddie Mac Loan for Refinancing of Apartments in Metro OKC

by Taylor Williams February 25, 2019

CHICKASHA, OKLA. — Arbor Realty Trust Inc. (NYSE: ABR) has provided a $1.7 million Freddie Mac loan for the refinancing of Winding Creek Apartments, a 50-unit multifamily asset in Chickasha, a southwestern suburb of Oklahoma City. The property was built in 1974 on eight acres. Eric Regenbogen of Arbor Realty originated the loan through Freddie Mac’s Small Balance Loan program on behalf of the undisclosed borrower.

February 25, 2019

Loans Multifamily New Jersey Northeast Uncategorized

Valley National Bank Provides $6.8M Acquisition Loan for Apartment Building in New Jersey

by David Cohen February 25, 2019

ELIZABETH, N.J. — Valley National Bank has provided a $6.8 million acquisition loan for a 22,000-square-foot apartment building in Elizabeth. Located at 737-745 N. Broad St., the property was built in 2017 and consists of a mix of one- and two-bedroom units. Nate Lowy of Juniper Capital Group represented both the undisclosed borrower and Valley National Bank in the transaction. Terms of the financing included a five-year loan at a 4.25 percent interest rate.

February 25, 2019

Connecticut Loans Multifamily Northeast

Axiom Capital Arranges $1.6M Refinance for Multifamily Property in New Haven

by David Cohen February 25, 2019

NEW HAVEN, CONN. — Axiom Capital Corp. has arranged a $1.6 million loan to refinance a 65-unit multifamily property in New Haven. The 12-building complex was constructed in 1982 and renovated in 2001. Amenities include washer/dryer hookups, separate entrances, private basements, fenced yards and a playground. Axiom Capital secured a five-year, fixed-rate loan on behalf of the undisclosed borrower. The lender was also undisclosed.

February 25, 2019

Acquisitions California Loans Multifamily Western

HFF Arranges Sale of, Financing for 333-Unit Multifamily Property in Metro San Diego

by Amy Works February 25, 2019

LA JOLLA, CALIF. — HFF has directed the sale of Regents La Jolla, a mid-rise multifamily property located at 9253 Regents Road in La Jolla. LaSalle Investment Management sold the property to Raintree Partners for an undisclosed price, but free and clear of existing financing. Charles Halladay and Chris Collins of HFF worked on behalf of the new owner to secure 10-year, fixed-rate financing with Pacific Life Insurance Co. Hunter Combs and Sean Deasy, also of HFF, represented the seller in the transaction. Completed in 2000, Regents La Jolla consists of nine four-story buildings and a single-story cabana building that feature a total of 333 apartments in a mix of one- and two-bedroom units averaging 966 square feet. Situated on 8.5 acres, the community features two swimming pools, a fitness center, sports lounge, movie theatre and professional entertaining kitchen. At the time of sale, the asset was 96 percent occupied. Additionally, the property is part of a 574-home development that includes 241 condominium units, which were not included in the sale.

February 25, 2019

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