Multifamily

Marcus & Millichap Closes $92.8M Sale of Nine Multifamily Properties in Texas

by Taylor Williams October 24, 2017

DALLAS — Marcus & Millichap has brokered the $92.8 million sale of nine multifamily properties totaling 1,798 units in Texas. Six of the properties accounting for 570 units are located in the Dallas-Fort Worth (DFW) metroplex. The sale also includes the disposition of the 70-unit Pinehurst Apartments in Longview, the 176-unit Crosswinds Apartments in Corpus Christi and a portfolio of properties located in Pasadena totaling 982 units. Nick Fluellen and Bard Hoover of Marcus & Millichap led the investment sales effort on each transaction. The names of the sellers and buyers for each asset were not disclosed.

October 24, 2017

Interra Negotiates $4.3M Sale of Apartment Property in Hillside, Illinois

by Kristin Harlow October 24, 2017

HILLSIDE, ILL. — Interra Realty has negotiated the sale of Hillside Park Apartments in Hillside, about 15 miles west of Chicago, for $4.3 million. The 71-unit apartment property is located at 600 Wolf Road. The seven-building property consists of 27 one-bedroom units and 44 two-bedroom units. James Clough of Interra represented the undisclosed seller and procured the buyer, R&R Luxury Apartments.

October 24, 2017

Florida Multifamily Southeast Top Stories

Stiles to Build 327-Unit Luxury Apartment Property in Fort Lauderdale, Florida

by Kristin Harlow October 24, 2017

FORT LAUDERDALE, FLA. — Stiles Construction has been selected to build a 25-story, 327-unit luxury apartment property in downtown Fort Lauderdale. Greystar will own and operate the 661,000-square-foot property, to be located at 790 E. Broward Blvd. The project, situated on the site of a former Chase Bank, will feature a 508-space parking garage and a recreational deck with amenities. Greystar purchased the site from Stiles Corp. several months ago. Stiles was also the contractor behind Amaray Las Olas, a 254-unit luxury apartment property located just one block from this project. Neither the construction cost nor a timetable for completion was disclosed. Greystar received an $88 million construction loan for the project, according to the South Florida Business Journal. This is the second residential tower in downtown Fort Lauderdale to be announced recently. Earlier this month, the Fort Lauderdale City Commission approved Ocean Land Investments’s proposed Riverwalk Residences of Las Olas project, which will offer 401 units of seniors housing in a 42-story building. Fort Lauderdale-based Stiles has completed more than 43 million square feet of office, industrial, retail and mixed-use residential projects in the Southeastern United States. Charleston, S.C.-based Greystar is the largest operator of apartments in the country, with …

October 24, 2017

Loans Multifamily Northeast Pennsylvania

Colliers Arranges $26.1M in Financing for Two-Property Multifamily Portfolio in Pennsylvania

by Amy Works October 23, 2017

LANCASTER AND HERSHEY, PA. — Colliers International has arranged two loans, totaling, $26.1 million, for the refinancing of two multifamily properties: Pioneer Woods in Lancaster and Rosedale Apartments in Hershey. Built in 1974, Pioneer Woods is situated on 34 acres and features 45 one-bedroom units, 71 two-bedroom units, 28 three-bedroom apartments and 16-two-bedroom townhouse units. At the time of financing, the property was 95 percent occupied. Rosedale Apartments was built in 1972 and features 80 one-bedroom apartments and 80 two-bedroom units, ranging from 566 square feet to 1,070 square feet. The property is currently 99 percent occupied. John Banas, Kris Wood, Chad Levitt and Jordan Canino of Colliers secured the five-year, fixed-rate financing with five-year resets for the properties.

October 23, 2017

Multifamily New York Northeast

Alpha Realty Facilitates $12.5M Sale of Two Multifamily Buildings in Manhattan

by Amy Works October 23, 2017

NEW YORK CITY — Alpha Realty has arranged the sale of two multifamily buildings located at 560 and 590 W. 192nd St. in the Washington Heights section of Manhattan. Lev Mavashev of Alpha Realty brokered the $12.5 million off-market transaction on behalf of the buyer and seller in the deal. 560 West 192nd Street features 31 units totaling 31,000 square feet, while 569 West 192nd Street features 29 units totaling 30,000 square feet. The names of the seller and buyer were not released.

October 23, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $1.2M Sale of Apartment Building in West New York, New Jersey

by Amy Works October 23, 2017

WEST NEW YORK, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 112 66th St. in West New York. A private investor acquired the building for $1.2 million. The 6,250-square-foot building features six apartment units. Andrew Zuckerman and Daniel Aviles represented the seller, a private investor, and the buyer in the deal.

October 23, 2017

Florida Loans Multifamily Southeast

CBRE Arranges $36.6M in HUD Construction Financing for Apartment Asset in Florida Panhandle

by Camren Skelton October 23, 2017

PANAMA CITY BEACH, FLA. — CBRE has arranged $36.6 million in construction and permanent financing for the development of Parkside at the Beach Apartments, a 288-unit market-rate multifamily community in Panama City Beach. Robert LaChapelle and Ann Cone of CBRE arranged the 40-year, fully amortizing loan with 22 months of interest-only payments on behalf of the borrower, Parkside PCB LLC. The loan is being funded through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction mortgage insurance program. Parkside at the Beach Apartments is being developed by a joint venture between The Ardent Cos. and Parkside Equities. The development will be located at 17225 Panama City Beach Parkway and will feature a clubhouse, storage units, boat storage, cyber café, fitness center, pool and a dog park.

October 23, 2017

Georgia Multifamily Southeast Student Housing

Stratus Delivers 148-Bed Student Housing Community Near Kennesaw State University

by Camren Skelton October 23, 2017

KENNESAW, GA. — Stratus Development has delivered The Haven at Kennesaw, a 148-bed student housing community roughly one and a half miles from Kennesaw State University and 30 miles north of Atlanta. The apartment units feature private outdoor spaces, granite countertops, stainless steel appliances, premium fixtures and bedroom-bathroom parity. Community amenities include a pool and sundeck, clubhouse with coffee bar and business center, bike racks and greenspace throughout the community. Athens Real Estate Group is managing the property, which opened for move-in in August at full occupancy.

October 23, 2017

Multifamily South Carolina Southeast

SYNCO Properties Acquires Historic Apartment Building in Downtown Columbia, South Carolina

by Camren Skelton October 23, 2017

COLUMBIA, S.C. — SYNCO Properties has acquired the Tapp’s Building, a six-story apartment building located at 1644 Main St. in downtown Columbia. Capitol Places sold the asset, which is on the National Register of Historic Places, for an undisclosed price. Originally constructed in 1938, the Tapp’s Building was converted from a department store into 42 apartment units ranging in size from 760 to 2,205 square feet. The two lower levels of the building include 23,500 square feet of commercial space, and house the Tapp’s Arts Center. CBRE arranged a Fannie Mae loan to finance the acquisition. The new owners will invest more than $1.5 million in improvements to the property, including new elevators, exterior waterproofing, new common corridor finishes, creation of a rooftop amenity area and upgrades to all 42 unit interiors. SYNCO will continue to lease and manage the property.

October 23, 2017

Multifamily Texas

Greysteel Closes Sale of 814-Unit Multifamily Portfolio in Dallas

by Taylor Williams October 23, 2017

DALLAS — Greysteel has closed the sale of a portfolio of two multifamily properties totaling 814 units in Dallas. The 656-unit Forest Cove Apartments was built in 1981 and offers one- and two-bedroom units, as well as amenities such as a pool, tennis court and on-site laundry facilities. The 158-unit North Creek was built in 1970 and offers one- and two-bedroom units in addition to amenities such as a pool, laundry facilities and covered parking. Both properties are located just north of Interstate 635 and east of Highway 75 in northeast Dallas. Doug Banerjee, Boyan Radic, Andrew Mueller and Andrew Hanson of Greysteel negotiated the sale, other terms of which were not disclosed.

October 23, 2017

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