Multifamily

Marcus & Millichap Brokers Sale of 277-Unit Age-Restricted Community in Utah for $51.4M

by Amy Works August 27, 2018

DRAPER, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Draper, a 277-unit age-restricted multifamily asset in the Salt Lake City suburb of Draper. A local developer and owner sold the community to Kennedy Wilson, a California-based global real estate investment company, for approximately $51.4 million. The price equates to $185,379 per unit. Built in 2015, the five-story community features all one- and two-bedroom units and offers space for full-service facilities. Marcus & Millichap’s Danny Shin and Brock Zylstra represented the seller in the transaction.

August 27, 2018

Acquisitions Affordable Housing California Multifamily Western

AHF Buys Historic Hotel in Downtown Los Angeles to Repurpose as Affordable Housing

by Amy Works August 27, 2018

LOS ANGELES — AIDS Healthcare Foundation (AHF), through Healthy Housing Foundation by AHF, has purchased the historic Biltmore hotel located at 501 S. Los Angeles St. in downtown Los Angeles. The purchase price and seller were not disclosed. The buyer plans to convert 204-room hotel into residential units for homeless or extremely low-income individuals. Built in 1910, the hotel is the fourth property acquired by the Healthy Housing Foundation since October 2017 for use as homeless or low-income housing. Currently, the hotel has 76 tenants in residence, who will remain in place. The non-profit organization also owns the 150-room King Edward Hotel, the 202-room Madison Hotel and the 27-room Sunrise on Sunset hotel in Los Angeles.

August 27, 2018

Acquisitions California Multifamily Western

S.R. Properties Acquires Apartment Asset in Los Angeles for $4.6M

by Amy Works August 27, 2018

LOS ANGELES — Stepp Commercial has arranged the sale of Washington Place Apartments, a multifamily property located at 11852 Washington Place in Los Angeles. Los Angeles-based Venetian Place LLC sold the property to Los Angeles-based S.R. Properties for $4.6 million, or $575,000 per unit. Built in 1990, the 11,482-square-foot property features six two-bedroom units and one one-bedroom unit, as well as a three-bedroom single-family house. Units feature balconies, wood floors, vaulted ceilings with skylights, stone countertops and a community backyard. Kimberly Stepp and Mark Ventre of Stepp Commercial represented the seller in the transaction.

August 27, 2018

Acquisitions Illinois Midwest Multifamily Top Stories

FPA Multifamily Buys 332-Unit High-Rise Apartment Complex in Chicago’s South Loop

by Taylor Williams August 27, 2018

CHICAGO — FPA Multifamily LLC has acquired The Lex, a 332-unit high-rise apartment complex located within the McCormick Square entertainment district in Chicago’s South Loop. The seller was Crescent Heights, a developer of luxury multifamily communities with five offices across the country. San Francisco-based FPA purchased the property free and clear of debt for an undisclosed price. Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF represented the seller in the transaction. Completed in 2009, The Lex consists of one 35-story tower and one seven-story building featuring a mix of one-, two- and three-bedroom residences. Units average more than 900 square feet each and include granite countertops, floor-to-ceiling windows and private balconies. Communal amenities include a pool, outdoor grilling stations, 24-hour fitness center, game room, resident lounge and business center. The Lex also features more than 17,000 square feet of ground-floor retail and dining space. The property is situated adjacent to the newly constructed Wintrust Arena and Marriott Marquis Hotel. The location puts The Lex within walking distance of Lake Michigan. The Lex was originally built as a condominium project, but failed as it was completed in the midst of the housing crisis, according to local real estate …

August 27, 2018

Acquisitions Multifamily Texas

Eastern Union Arranges $24M Acquisition Loan for Dallas Apartment Community

by Taylor Williams August 24, 2018

DALLAS — Commercial mortgage brokerage firm Eastern Union has arranged a $24 million acquisition loan for Magnolia Creek, a 430-unit multifamily community located at 7272 Marvin D. Love Freeway in Dallas. The transit-oriented property features a pool, fitness center, outdoor grilling area and a playground. Marc Belsky of Eastern Union arranged the financing through Arbor Realty Trust Inc. on behalf of the borrower, Ashcroft Capital.

August 24, 2018

Loans Multifamily New Jersey Northeast

Berkadia Secures $51.9M Acquisition Loan for Multifamily Community in New Jersey

by David Cohen August 24, 2018

ATLANTIC HIGHLANDS, N.J. — Berkadia has secured a $51.9 million acquisition loan for Thousand Oaks Village, a garden-style multifamily community in Atlantic Highlands. Bob Falese and Jeff Heath of Berkadia secured the financing through Freddie Mac on behalf of the borrower, Delaware-based 165 Thousand Oaks Drive LLC. The borrower plans to renovate and upgrade all units at the property. Berkadia utilized the Freddie Mac Mod Rehab Loan Program, allowing the borrower to have a floating rate during the renovation period that will automatically convert to a fixed rate upon the completion of renovations. Located at 165 Thousand Oaks Drive, Thousand Oaks Village features one-, two- and three-bedroom floor plans. Amenities include air conditioning, large closets, hardwood floors and private patios.

August 24, 2018

Acquisitions Massachusetts Multifamily Northeast

Yannios Real Estate Brokers $3.5M Sale of Apartment Community Near Boston

by David Cohen August 24, 2018

HAVERHILL, MASS. — Yannios Real Estate Investment Sales has brokered the $3.5 million sale of Highland Maple Apartments, a 39-unit apartment community built in 1850. The property, which comprises two three-story buildings, is located at 3-5 Maple Ave. in Haverhill, 35 miles north of Boston. Yannios Real Estate represented the seller, 3-5 Maple Ave. LLC, in the transaction. The buyer was Kuma Realty.

August 24, 2018

Acquisitions Multifamily Northeast Pennsylvania

Dalzell Capital Partners Acquires Multifamily Portfolio in Philadelphia for $18.7M

by David Cohen August 24, 2018

PHILADELPHIA — Real Estate investment firm Dalzell Capital Partners has acquired a four-property multifamily portfolio in Center City, Philadelphia for $18.7 million. The 65-unit portfolio consists of all newly built or renovated communities. The properties are The Bradford, a 26-unit property located at 507 S. 8th St.; Queen Village Lofts, a 16-unit former school conversion located at 427 Monroe St.; 1311 Spruce, a 16-unit property located at 1311 Spruce St.; and 1310 Spruce, a seven-unit property located directly across the street from 1311 Spruce at 1310 Spruce St. Alterra Property Group sold the portfolio to Dalzell Capital Partners.

August 24, 2018

Acquisitions California Multifamily Western

IPA Negotiates Sale of 288-Unit Apartment Property in San Gabriel Valley for $78.5M

by Amy Works August 24, 2018

SAN DIMAS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Trails at San Dimas, a multifamily property located 444 N. Amelia Ave. in San Dimas. Stockbridge Capital Group and CNS Focused Investments sold the property to Korda Group for $78.5 million, or $272,569 per unit. The Trails at San Dimas features 288 apartment units in a mix of studio, one- and two-bedroom layouts. On-site amenities include a resident lounge with Wi-Fi, resort-style swimming pool, dog park with dog wash station, fitness center, outdoor grilling area, covered parking, laundry facilities and tennis courts. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the sellers and procured the buyer in the transaction.

August 24, 2018

Acquisitions Multifamily Nevada Western

Kennedy Wilson Acquires 293-Unit Multifamily Community in Reno for $36.3M

by Amy Works August 24, 2018

RENO, NEV. — Kennedy Wilson has purchased Southridge, a 293-unit apartment community located at 1550 Sky Valley Drive in Reno, for $36.3 million. The buyer invested approximately $16.5 million of equity, including closing costs, and secured a seven-year loan of $19.8 million at the fixed-rate of 4.17 percent. The name of the seller was not released. Built in phases between 1994 and 1995, the 233,879-square-foot property includes a mix of 62 market-rate units and 231 Low-Income Housing Tax Credit units in a mix of studio, one-, two- and three-bedroom layouts averaging 798 square feet. Situated on 15 acres, the community features a swimming pool, barbecue, picnic areas, playground, clubhouse and fitness facility. The acquisition expands Kennedy Wilson’s portfolio to 1,438 units owned and under construction in the Reno market.

August 24, 2018

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