Multifamily

47-Unit Luxury Apartment Building Opens in Evanston, Illinois

by Kristin Harlow August 21, 2017

EVANSTON, ILL. — Real Capital Solutions Inc. and RMK Management Corp. have opened 1620 Central, a 47-unit luxury apartment building in Evanston. The four-story property, located at 1620 Central St., is 40 percent leased. Floor plans include one-, two- and three-bedroom units ranging from 601 to 1,297 square feet. Monthly rents range from $2,020 to $3,287. Amenities include a bike storage room, electronic package management system and dry cleaning drop-off and pick-up. TJM Development Inc. and Real Capital Solutions developed the property. First National Bank provided project financing, while McHugh Homes was the general contractor.

August 21, 2017

Kansas Midwest Multifamily

CBRE Arranges Sale of Two Multifamily Properties Near Major Universities in Kansas

by Kristin Harlow August 21, 2017

TOPEKA AND MANHATTAN, KAN. — CBRE has arranged the sale of two multifamily properties near major universities in Kansas for an undisclosed price. Constructed between 2009 and 2014, the Lofts at College Hill is a 220-unit property located near Washburn University in Topeka. Amenities include a clubhouse, fitness facility, resort-style pool, media room, game room and business room. The Campus East Apartments consists of 110 units and is located one block from Kansas State University in Manhattan. Amenities include a pool, on-site laundry and on-site storage areas. A private equity group led by Oklahoma City-based real estate investor Lew McGinnis acquired the properties. Jeff Lamott of CBRE arranged the transaction on behalf of the sellers, Newsome Development and First Management.

August 21, 2017

Multifamily Texas

IPA Arranges Sale of 240-Unit Apartment Community in Fort Worth

by Taylor Williams August 18, 2017

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 4000 Hulen, a 240-unit multifamily community located near downtown Fort Worth. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, Hulen Place Multifamily LP, and procured the buyer, San Francisco-based investment firm Hamilton Zanze. Other terms of sale were not disclosed.

August 18, 2017

Multifamily Texas

JLL Brokers Sale of 202-Unit Apartment Complex in San Antonio

by Taylor Williams August 18, 2017

SAN ANTONIO — JLL has brokered the sale of The Parker Apartment Homes, a 202-unit multifamily property located at 6600 Fairdale Drive in San Antonio. Amenities include a pool, dog park, business center and on-site laundry services. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Forge Partners, in the transaction. An Austin-based private investor purchased the asset for an undisclosed price.

August 18, 2017

Florida Multifamily Southeast

Walker & Dunlop Brokers $118.4M Sale of Green Apartment Complex in Palm Beach County

by Camren Skelton August 18, 2017

PALM BEACH GARDENS, FLA. — Walker & Dunlop Inc. has brokered the sale of The Quaye at Palm Beach Gardens, a 340-unit, Class A apartment community located in South Florida’s Palm Beach County. The sales price was not disclosed, but the South Florida Business Journal reports an affiliate of PGIM Real Estate, the real estate arm of Prudential Financial, purchased the asset in July for $118.4 million. Greg Engler, Chris Conklin and Roberto Pesant of Walker & Dunlop’s investment sales team represented the seller, HG Management LLC, in the transaction. Constructed in 2015, The Quaye was designed to meet the National Association of Home Builders’ Gold Standard for a green project. The Quaye’s sustainable features include an almost 50 percent reduction in energy and water usage, cleaner air inside the home and outside, with the community being 100 percent smoke-free, reduced sound transmission with solid concrete walls and six-inch concrete floors and solar control windows that reduce solar heat and noise. Community amenities include a clubhouse, fitness center, kids’ playroom, dog park, swimming pool and a community kitchen.

August 18, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $53.3M Sale of Apartment Asset in Augusta, Georgia

by Camren Skelton August 18, 2017

AUGUSTA, GA. — Cushman & Wakefield has brokered the $53.3 million sale of Ansley at Town Center, a Class A apartment community in Augusta. Robert Stickel of Cushman & Wakefield represented the seller, Atlanta-based Cortland Partners, in the transaction. Demarest, N.J.-based Spyglass Capital Partners acquired the property. Ansley at Town Center features a swimming pool, fitness center, business center and a clubhouse.

August 18, 2017

Multifamily Southeast Virginia

Washington REIT Breaks Ground on 401-Unit Multifamily Community in Metro DC

by Camren Skelton August 18, 2017

ARLINGTON, VA. — Washington REIT has broken ground on The Trove, a 401-unit apartment community located in the Columbia Pike corridor of Arlington, roughly five miles southwest of Washington, D.C. The property will comprise three seven-story buildings, including a mix of studio to three-bedroom units. KGD Architecture, is designing The Trove to achieve LEED Silver certification. Community amenities will include a rooftop deck, a pool, cabanas, fire pits, grills, movie screens, fitness center, co-working areas and bike storage. The project is slated to deliver in 2019.

August 18, 2017

Midwest Minnesota Multifamily

Joint Venture Breaks Ground on 322-Unit Apartment Community Near Minneapolis

by Kristin Harlow August 18, 2017

MINNETONKA, MINN. — A joint venture between LeCesse Development Corp., Morgan Management and UC Funds has broken ground on RiZE at Opus Park, a 322-unit apartment community in Minnetonka, a western suburb of Minneapolis. The $73 million project is a redevelopment of the Opus Business Park. The property will feature studio, one- and two-bedroom units. Plans call for construction of a six-story building and a 492-car parking garage. Amenities will include a clubhouse, fitness center, movie theater, resort-style pool and courtyards. US Bank provided construction financing. Humphreys & Partners Architects is the project architect, while Stonebridge Construction is the general contractor. Loucks Engineering is providing civil engineering services and Terracon is serving as environmental consultant. Completion is slated for winter 2018.

August 18, 2017

Loans Midwest Minnesota Multifamily Student Housing

Deering Commercial Mortgage Arranges $16.5M Refinancing Loan for Student Housing Property in Minneapolis

by Kristin Harlow August 18, 2017

MINNEAPOLIS — Deering Commercial Mortgage LLC has arranged a $16.5 million loan for the refinancing of a student housing property in Minneapolis. The 92-unit property, called 1301 University, is located near the University of Minnesota. The building features studio, one-, two-, three- and four-bedroom units. Amenities include a fitness center and underground parking. Len Deering of Deering Commercial Mortgage arranged the 10-year loan. Goldman Sachs provided the loan.

August 18, 2017

Multifamily New Jersey Northeast

Sela Realty Acquires 178-Unit Apartment Community in West Orange, N.J., for $40.5M

by Amy Works August 18, 2017

WEST ORANGE, N.J. — Sela Realty Investments has purchased Crest Ridge Apartments, a garden-style apartment community located at 200 Mt. Pleasant Ave. in West Orange. Rockledge Realty sold the property for $40.5 million. Built in 1964, the 16-building property features 178 one-, two- and three-bedroom units. On-site amenities include laundry facilities, parking, a swimming pool, a clubhouse and a sundeck. Greg Pine and Adam Zweibel of Gebroe-Hammer Associates represented the seller and procured the buyer in the deal.

August 18, 2017

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