Multifamily

CA Ventures Delivers Eight Student Housing Communities for 2016/2017 School Year

by Haisten Willis September 21, 2016

CHICAGO — CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, has completed eight student housing communities comprising nearly 4,000 beds across the U.S. Located in eight states, the properties are about 95 percent occupied and represent nearly 10 percent of the 47,700 off-campus student housing beds slated to deliver nationwide in 2016, according to the developer. Valued at more than $460 million, the new communities boost the size of CA Student Living’s portfolio to $1.5 billion. All offer fully furnished apartments with in-unit laundry and a 1:1 bed-to-bath ratio in most units. The newly delivered communities include: Uncommon Athens — Uncommon Athens is a five-story building located at 165 E. Dougherty St in Athens, Ga. It is within walking distance to both downtown Athens and the University of Georgia. The property’s 210 beds include a mix of one-, two- and four-bedroom floor plans, and the development contains 10,600 square feet of street-level retail space. Indoor amenities include a 24-hour fitness center, golf simulator, business center, study lounge, group meeting space, club room and coffee bar. Uncommon Charlottesville — Uncommon Charlottesville, a six-story building located at 1000 W. Main St. in Charlottesville, Va., is within …

September 21, 2016

Multifamily Northeast Pennsylvania

Greysteel Brokers the $2.9 Million Sale of the Cliveden Apartments in Philadelphia

by Jaime Lackey September 21, 2016

PHILADELPHIA — Greysteel, a national commercial real estate investment services firm, has arranged the sale of the Cliveden Apartments in Philadelphia’s Mount Airy neighborhood to a private local owner on behalf of Wexford Property Management for $2.9 million. The property, located at 4549 East Cliveden Street, was constructed in 1925 and totals 40 units. Amenities include laundry facilities and elevator service, with most units featuring hardwood floors, stainless steel appliances, and updated kitchens and bathrooms. Ari Firoozabadi and Caleb Brown of Greysteel arranged the transaction.

September 21, 2016

Loans Mixed-Use Multifamily New York Northeast

NorthMarq Capital Arranges $1.5 Million Refinance for NYC Mixed-Use Building

by Jaime Lackey September 21, 2016

NEW YORK CITY — NorthMarq Capital has arranged a $1.5 million refinance for a mixed-use property comprising 15 residential units and one retail unit located at 340 East 86th Street in New York City. The transaction was structured with a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged financing for the borrower through NorthMarq’s relationship with a regional bank.

September 21, 2016

Multifamily New York Northeast

Developers Plan Dual 30-Story Multifamily Towers in SoHo

by Jeff Shaw September 21, 2016

NEW YORK CITY — Development partners Bizzi & Partners Development, Aronov Development and Halpern Real Estate Ventures have begun accepting pre-sales for 565 Broome SoHo, a 290-foot, 115-unit, dual-tower multifamily building under development in New York’s SoHo neighborhood. The project marks the first New York City residential project for the Pritzker Prize-winning architect Renzo Piano. Douglas Elliman Development Marketing is overseeing the marketing and sales. Parisian firm RDAI is designing the interiors. 565 Broome SoHo’s two-tower design will offer 360-degree views of the Hudson River, historic SoHo, midtown Manhattan, Tribeca and the World Trade Center. Amenities at the property include a saltwater pool and private driveway entrance.

September 21, 2016

connecticut-multifamily-trends-2016-rent-vacancy-construction

Connecticut Market Reports Multifamily Northeast Northeast Market Reports

Investors Seeking Yield See Opportunities in Fairfield & New Haven Apartments

by Jaime Lackey September 21, 2016

Employment gains in New Haven and Fairfield counties, coupled with a bustling job market in the New York City metro, have generated high demand for apartments in New Haven and Fairfield counties, overcoming some of the recent negative optics in Connecticut. Newly hired employees are looking for housing. Employers in New Haven and Fairfield counties are set to add 10,500 individuals to the local workforce this year. And although a significant number of tenants work in the boroughs of New York, they prefer Connecticut rentals due to a significant price differential. Even after considering costs for commuting, the value proposition New Haven and Fairfield counties remains very robust as average rents are priced at approximately $2,000 less per month than those in New York City. Market demand for housing in these two counties will create upward pressure on rent this year, advancing average effective rent 1.6 percent to $1,635 per month. In 2015, effective rent closed the year at $1,609 per month — an 18.3 percent pace of growth since 2011. Builders will deliver 2,100 apartments in New Haven and Fairfield counties in 2016, a reduction from the 3,550 apartments that were delivered in 2015; and they are focusing on …

September 21, 2016

arboretum-apartments-in-canton-massachusetts

Massachusetts Multifamily Northeast

JLL Completes Sale of Arboretum Apartments Near Boston

by Jaime Lackey September 20, 2016

CANTON, MASS. — JLL’s Capital Markets team has completed the sale of the Arboretum Apartments in Canton. Universal Realty Inc. purchased the 156-unit value-add multifamily asset, which is located off Route 138, 11 miles south of downtown Boston. The property comprises 12 buildings and a resident clubhouse, and offers amenities such as an on-site dog park, an outdoor basketball court, a fitness center, a grilling area, a pool and a playground. In-unit amenities include private balconies, washer/dryer, central air conditioning, walk-in closets and kitchens with breakfast bars. Travis D’Amato, Michael Coyne, Kevin Gleason and Brendan Shields led the JLL team on the deal, representing the seller and procuring the buyer.

September 20, 2016

Multifamily New Jersey Northeast

Redwood Realty Brokers Two Multifamily Sales in New Jersey

by Jaime Lackey September 20, 2016

WOODBRIDGE AND UNION CITY, N.J. — Redwood Realty Advisors has arranged the sales of two apartment properties in New Jersey. Jeremy Wernick assisted in the $2.55 million sale of a 22-unit garden apartment complex in Woodbridge. The sale closed at a 6.2 percent cap rate. Wernick also located a Florida investment property for the seller to purchase to complete a 1031 exchange. In Union City, Redwood’s Steven Matovski and Saul Ramirez brokered the sale of a 19-unit garden apartment complex for $1.15 million. The names of the buyers and sellers were not disclosed.

September 20, 2016

Indiana Midwest Multifamily Student Housing

Alex. Brown Realty JV Acquires Student Housing Project in Bloomington, Indiana

by Haisten Willis September 20, 2016

BLOOMINGTON, IND. — Alex. Brown Realty Inc. (ABR) and Asset Campus Housing have acquired The Fields, a student housing project near the main campus of Indiana University in Bloomington. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $11.7 million in the joint venture. The acquisition was financed with a first mortgage loan from Texas Capital Bank N.A. Built as a conventional apartment community between 1997 and 2001, the property was recently converted to a 537-bed student housing community by the prior owner and includes two pools, two 24-hour fitness centers, a business and media center, a 10-acre park and a clubhouse. At closing, The Fields was 98 percent leased for the 2016-2017 school year. The joint venture plans to complete $3.4 million of value-add improvements to cure deferred maintenance, upgrade select unit interiors and refresh the property’s curb appeal.

September 20, 2016

Illinois Midwest Multifamily

CBRE Negotiates Sale of 144-Unit Multifamily Property for $42M in Des Plaines, Ill.

by Haisten Willis September 20, 2016

DES PLAINES, ILL. — CBRE represented the owners of Kingston Pointe in the $42 million sale of a 144-unit multifamily property located at 1646 River St. in Des Plaines. San Francisco-based Friedkin Realty Group was the buyer. Kingston Pointe, located in downtown Des Plaines, includes one-, two- and three-bedroom units featuring floor-to-ceiling windows, stainless steel appliances, granite countertops and in-unit washer/dryers. Amenities include a fitness center, swimming pool, on-site management and heated garage parking. John Jaeger and Dan Cohen of CBRE represented ownership in the sale.

September 20, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $35M Refinancing of Apartment Community in Tampa Bay Area

by John Nelson September 20, 2016

LARGO, FLA. — NorthMarq Capital has arranged the $35 million refinancing of The Boulevard Apartments, a 260-unit apartment community located at 2098 Seminole Blvd. in Largo, a city in the Tampa Bay area. Larry Curry of NorthMarq Capital’s Tampa office arranged the 10-year loan with four years of interest-only payments followed by a 30-year amortization schedule through an unnamed life insurance company.

September 20, 2016

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