Multifamily

WinnCompanies Begins $18.7M Apartment Community Rehabilitation in Bridgeton, New Jersey

by Amy Works July 28, 2017

BRIDGETON, N.J. — WinnCompanies has begun an $18.7 million rehabilitation of Bridgeton Villas Apartments in Bridgeton. The project will modernize the community, improve energy efficiency and expand resident services. Constructed in 1966 and 1969, the community features eight buildings housing 28 one-bedroom, 92 two-bedroom and 36 three-bedroom units with an on-site leasing and management office. WinnDevelopment will oversee the first phase of the renovation project, which will improve five buildings totaling 100 units. Interior work will include mechanical system upgrades along with complete kitchen and bathroom overhauls, including the installation of EnergyStar appliances and sustainable plumbing fixtures. Exterior improvements include the beautification of building facades, new entryways, complete roof replacement, landscape work and parking lot repair. Along with the overall rehabilitation, five units will be brought up to ADA compliance and 10 units will be set aside as special needs housing for homeless individuals and families. WinnCompanies will partner with Gateway Community Action Partnership to deliver supportive services for residents occupying the designated units. WinnCompanies acquired Bridgeton Villas in March 2017.

July 28, 2017

Multifamily New York Northeast

Cushman & Wakefield Arranges $17M Sale of 41-Unit Multifamily Building in Manhattan

by Amy Works July 28, 2017

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 316 E. 55th St. in Manhattan. An undisclosed buyer acquired the seven-story 25,040-square-foot building for $17 million, or $678 per square foot. The elevator-serviced building features 41 rent-regulated apartments, a laundry room and 1,000 square feet of amenity space. The buyer plans to implement a significant renovation program at the building. Clint Olsen, Alex Woodlief and Will Conrad of Cushman & Wakefield represented the undisclosed seller in the deal. George Samarjian of Lineaire Group served as advisor to the seller.

July 28, 2017

Mixed-Use Multifamily New York Northeast Retail

Besen & Associates Brokers Sale of Mixed-Use Building in the South Bronx

by Amy Works July 28, 2017

NEW YORK CITY — Besen & Associates has arranged the sale of a mixed-use building located at 151 Bruckner Blvd. in the South Bronx’s Port Morris section. The five-story building features 12 apartment units and four retail spaces. A group led by Steven Satz (151 Realty LLC) acquired the property for an undisclosed price. Amit Doshi and Shallini Mehra of Besen & Associates represented the undisclosed seller in the deal.

July 28, 2017

Market Reports Multifamily Texas Texas Market Reports

After Period of Correction, Houston Multifamily Market Poised for Recovery

by Taylor Williams July 28, 2017

Houston’s multifamily market appears to be on the verge of recovery after facing considerable headwinds in 2016. Job growth, population growth and faster-than-anticipated apartment absorption in the first half of 2017 are luring investors and lenders back to the region, putting the market on solid footing for future growth. To better understand how we arrived here and to grasp near-term expectations, let’s take a brief look back. The collapse in energy prices and the ensuing job losses of 2015 and 2016 dealt a considerable blow to the overall Houston economy, particularly the multifamily sector. Developers had already started construction on thousands of new units in 2014 and 2015. In 2016 alone, multifamily development had delivered 21,791 new units — a 20-year high. This left a tremendous oversupply of inventory to be absorbed during a period of anemic job growth – only 15,000 new jobs were created in 2016. Supply-side pressure shifted vacancies up and rents down, while investment sales volume dropped dramatically. Today, the picture is quite different. Overall economic fundamentals are steadily improving, taking the multifamily sector along with them. While the energy sector is still in a period of retrenchment, sectors such as education, health services and hospitality/leisure …

July 28, 2017

Florida Multifamily Southeast

Franklin Street Brokers $6.9M Sale of Apartment Community in Fort Lauderdale

by Camren Skelton July 27, 2017

FORT LAUDERDALE, FLA. — Franklin Street has arranged the $6.9 million sale of First Street Apartments, a 65-unit multifamily community located on Northwest 1st Avenue in Fort Lauderdale. Hernando Perez, Greg Matus, Dan Dratch, Kameron Djamal and Tony Gannacone of Franklin Street represented both the buyer, City View Colony LLC, and the seller, First Avenue Apartments LLC. Franklin Street’s Evan Seacat and Ryan Cassidy insured the asset for First Avenue Apartments, which acquired the property in 2015 for $3.8 million. City View Colony has plans to upgrade the unit interiors, convert the existing manager’s office into a fitness center and add a media room with computers for tenants.

July 27, 2017

Arizona Multifamily Western

Rivendell Global Real Estate Acquires San Paulo Apartments in Phoenix for $32.5M

by Nellie Day July 27, 2017

PHOENIX — Rivendell Global Real Estate has acquired the 208-unit San Paulo apartment complex in Phoenix for $32.5 million. The complex is located at 14625 S. Mountain Parkway. It was built in 1996. Community features include a swimming pool, 24-hour fitness center and resident clubhouse. CBRE’s Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch represented the seller, PrivatePortfolio Group, in this transaction.

July 27, 2017

Multifamily Texas

AMAC, EBEX Acquire 306-Unit Apartment Community in San Antonio for $37M

by Taylor Williams July 27, 2017

SAN ANTONIO — A joint venture between AMAC Holdings and EBEX Holdings has acquired Crescent at Alamo Heights, a 306-unit apartment community located in the Alamo Heights neighborhood of San Antonio for $37 million. Built in 1993, the property is situated on 14.6 acres and features a mix of one-, two- and three-bedroom units ranging in size from 669 to 1,370 square feet. Amenities include a pool, playground, picnic area and a business center.

July 27, 2017

Illinois Midwest Multifamily

McShane Breaks Ground on 295-Unit Luxury Apartment Complex in Lombard, Illinois

by Kristin Harlow July 27, 2017

LOMBARD, ILL. — Greystar has selected McShane Construction Co. to build Elan Yorktown, a 295-unit luxury apartment complex in the Chicago suburb of Lombard. The four-story property is under construction on a six-acre parcel at 50 Yorktown Shopping Center. The building will feature a mix of studio, one-, two and three-bedroom units. Amenities will include exterior courtyards, a fitness center, golf simulator room, theater room, library, clubroom, pool and grilling stations. ESG Architects is providing the architectural services for the project, slated for completion in May 2019.

July 27, 2017

Loans Mixed-Use Multifamily New York Northeast Office Retail

HFF Arranges $28M in Refinancing for Mixed-Use Building in Brooklyn

by Amy Works July 27, 2017

NEW YORK CITY — HFF has arranged $28 million in refinancing for a mixed-use building located at 110 Fourth Ave. in Brooklyn’s Boerum Hill neighborhood. Scott Aiese of HFF secured the 10-year, fixed-rate, interest-only loan for the undisclosed borrower. The property features 49 residential units in a mix of studio, one- and two-bedroom layouts, and 5,197 square feet of retail and medical office space on the ground level. On-site amenities include a concierge, common room and fitness center. Additionally, most units feature balconies and/or in-unit washers and dryers. Built in 2007, the property was 100 percent leased at the time of financing.

July 27, 2017

Multifamily New York Northeast

Akelius Buys Multifamily Building in Brooklyn for $7.2M

by Amy Works July 27, 2017

NEW YORK CITY — Akelius has acquired a multifamily building located at 185 Prospect Park West in Brooklyn. A private local investor sold the property for $7.2 million, or $725,000 per unit. Built in 1920, the building features 10 apartment units. Michael Stimler of Greysteel represented the buyer and seller in the transaction.

July 27, 2017

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