Multifamily

Dominion Breaks Ground on $50M Green Apartment Development in Charlotte

by Camren Skelton October 4, 2017

CHARLOTTE, N.C. — Dominion Realty Partners has broken ground on Whitehall Village Apartments, a 318-unit multifamily community in Charlotte. The Raleigh-based developer plans to obtain a green designation from the National Association of Home Builders for the $50 million project, which will feature Energy Star appliances and light fixtures; low flow bathroom and irrigation fixtures; high grade insulation systems; and oversized windows and sliding doors to reduce lighting and energy usage. Community amenities will include a fitness center with a yoga studio, game room, saltwater pool, two dog parks and outdoor kitchen grilling areas. Dominion is partnering with Edge Principal Advisors on the project. First Tennessee Bank is providing construction financing. Other team members include project designer Rule Joy Trammell + Rubio, general contractor VCC and civil engineer Land Design. Capstone Apartment Partners brokered the land sale and HFF provided financial advisory services. Whitehall Village will be within walking distance to Whitehall Commons Shopping Center, Publix, Lowe’s Home Improvement, Walmart Supercenter and Topgolf. The first units are slated to deliver in the fall of 2018.

October 4, 2017

Florida Multifamily Southeast

RADCO Acquires Multifamily Community in Central Florida for $36M

by Camren Skelton October 4, 2017

CASSELBERRY, FLA. — The RADCO Cos. has purchased Reflections Apartments, a 336-unit multifamily community located 15 miles north of Orlando in Casselberry, for $36 million. Atlanta-based RADCO will rename the property Radius Winter Park, with plans to invest $5 million in capital improvements. Constructed in 1984, Radius Winter Park offers one- and two-bedroom units averaging 792 square feet. Community amenities include a swimming pool, clubhouse, playground and a fitness center. Planned renovations include updated cabinetry, upgraded appliances, new flooring, modern lighting, clubhouse remodel, expansion of fitness center, addition of a fire pit and grilling area and the implementation of a package concierge system. RADCO will also replace all roofs and update the landscaping and exterior of the property. BBVA provided acquisition financing for the transaction. RADCO Residential will manage the property.

October 4, 2017

Illinois Midwest Seniors Housing

Pathway to Living Opens 107-Unit Assisted Living Community in Westmont, Illinois

by Kristin Harlow October 4, 2017

WESTMONT, ILL. — Pathway to Living has opened Aspired Living of Westmont in suburban Chicago. The 107-unit assisted living and memory care community is located on a three-acre site at 407 W. 63rd St. Aspired Living of Westmont is the first seniors housing community in the United States to provide residents with Spark of Life, a dementia care and support program. The property features 73 independent and assisted living apartments, including studio, one- and two-bedroom units ranging in size from 400 to 1,180 square feet, as well as 34 memory care studios. The community’s common areas include a restaurant and bistro, resident lounge with demonstration kitchen, cocktail lounge, library, technology center, movie theater, art studio, salon and spa. Residents also have access to fitness options including a yoga studio, gym with personal trainers and outdoor walking paths. In addition, an on-site therapy gym offers physical, occupational and speech therapy.

October 4, 2017

Loans Midwest Minnesota Multifamily

Dougherty Arranges $13.7M Apartment Refinancing Loan in Eagan, Minnesota

by Kristin Harlow October 4, 2017

EAGAN, MINN. — Dougherty Mortgage LLC has arranged a $13.7 million Fannie Mae loan for the refinancing of Aspenwoods Apartments in Eagan. The 162-unit apartment property features one- and two-bedroom units. Amenities include an outdoor pool, grilling area, 24-hour fitness center and tennis court. The 12-year loan features a 30-year amortization schedule. Eagan Apartment Associates LLP was the borrower.

October 4, 2017

Illinois Midwest Multifamily

Essex Brokers $7.2M Sale of Apartment Building in Winnetka, Illinois

by Kristin Harlow October 4, 2017

WINNETKA, ILL. — Essex Realty Group Inc. has brokered the sale of 454 Winnetka Ave. in Winnetka, 16 miles north of Chicago, for $7.2 million. The 52-unit apartment building includes two studios, 16 one-bedroom and 7 two-bedroom units. The property also features 6,000 square feet of office suites on the first floor. The building was renovated 10 years ago. Matt Welke of Essex brokered the transaction. Neither the buyer nor the seller was disclosed.

October 4, 2017

Arizona Multifamily Western

Bascom Acquires Apartment Portfolio in Arizona for $70.2M

by Nellie Day October 3, 2017

TUCSON, ARIZ. — Bascom Arizona Ventures has acquired three apartment communities in Tucson and Sierra Vista for $70.2 million. The communities include the 290-unit Springs at Silverbell, the 196-unit Springs at Continental Ranch and the 186-unit La Entrada in Tucson. All three properties offer a resort-style swimming pool, relaxing spa, 24-hour fitness center, business center and private garages. Bascom Arizona Ventures assumed the existing HUD loans for all three properties. Hamid Panahi of Marcus & Millichap represented the buyer and seller in the portfolio transaction. The on-site property management will be overseen by Arizona-based Morrison, Ekre & Bart Management Services.

October 3, 2017

Colorado Multifamily Western

Castle Lanterra Buys Mountain Vista Apartments in Lakewood for $38M

by Nellie Day October 3, 2017

LAKEWOOD, COLO. — Castle Lanterra Properties has purchased Mountain Vista, a 257-unit apartment community located at 474 S. Wright St. in Lakewood, for $38 million. Built in 1973, the property has undergone renovations in 221 units. It is situated near Green Mountain Open Space and Matthews Winters Park, which contains nearly 5,000 acres of open space and 30 miles of hiking and biking trails. Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Jackson Square Properties, in the transaction.

October 3, 2017

Multifamily New York Northeast

Cushman & Wakefield Arranges $80M Sale of Apartment Building in Manhattan

by Amy Works October 3, 2017

NEW YORK CITY — Cushman & Wakefield has brokered the sale of Madison Park Tower, an apartment building located on 34th Street between Madison and Park avenues in Manhattan. Affiliates of CIM Group sold the property to Morgenstern Capital and TLM Equities for $80 million. Constructed in 2009, Madison Park Tower is a 36-story building featuring 110 studio, one- and two-bedroom rental units, a 24-hour attended lobby, fitness center, bike storage and 2,950 square feet of ground-level retail space. Adam Spies, Doug Harmon, Adam Doneger, Kevin Donner and Avery Silverstein of Cushman & Wakefield represented the seller in the transaction. Additionally, Steve Kohn, Gideon Gil, Dave Karson, Alex Hernandez, Chris Moyer and Alex Lapidus of Cushman & Wakefield Equity, Debt and Structured Finance arranged $65 million in acquisition financing for the purchaser. The financing was provided by affiliates of Square Mile Capital Management.

October 3, 2017

Massachusetts Multifamily Northeast

The Davis Cos. Develops 85-Unit Condominium Building in Boston’s Allston Neighborhood

by Amy Works October 3, 2017

BOSTON — The Davis Cos. is developing Telford 180, a condominium building located at the corner of Soldiers Field Road and Telford Street in the Allston neighborhood of Boston. Slated to open this fall, the six-story building features 85 residences in a mix of studio, one-, two- and three-bedroom layouts, including six affordable, family-sized units targeted for first-time home buyers. On-site amenities include an 84-space underground parking garage, a fitness center, a clubhouse with private courtyard, a dog washing station, private conference rooms, a biking garage and a rowing room. Designed by CUBE 3 Studio, the property features 17 unique floor plans that each include a washer and dryer and modern kitchen designs. The opening of the property will mark the completion of the Charlesview Apartments development, a multi-phase project that commenced in 2011 with the construction of 280 mixed-income and affordable units in the Charlesview Residences located adjacent to Telford 180. The Davis Cos. celebrated the project with an official ribbon cutting on Monday, Oct. 2.

October 3, 2017

Multifamily Oregon Western

Virtu Investments Purchases Barclay Village in Oregon City for $18.7M

by Nellie Day October 3, 2017

OREGON CITY, ORE. — Virtu Investments has purchased the 146-unit Barclay Village apartments in Oregon City for $18.7 million. The community is located at 775 Cascade St., just south of Portland. Built in 1987, Barclay Village features a mix of one- and two-bedroom units with an average size of 989 square feet. The asset was 97 percent occupied at the time of sale. About half of the units have received modest renovations upon turnover. CBRE’s Phil Oester, Joe Nydahl and Josh McDonald represented the seller, Barclay Cascade Investors, in the transaction.

October 3, 2017

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