Multifamily

Grandbridge Arranges $41.4M Acquisition Loan for Apartment Community in Atlanta

by John Nelson February 17, 2017

ATLANTA — Grandbridge Real Estate Capital has closed a $41.4 million acquisition loan for Collier Ridge Apartments, a 300-unit multifamily community situated in Atlanta’s West Midtown district. Alan Tapie and Thomas Wiedeman of Grandbridge’s Atlanta office arranged the Freddie Mac loan with three years of interest-only payments and two 12-month extension options on behalf of the borrower, a repeat client of Grandbridge. The loan features an 85 percent LTV ratio and qualified for Freddie Mac’s Green Up program due to sustainable renovations planned by the borrower. Collier Ridge’s community amenities include a fitness center, swimming pool, leasing center/clubhouse, dog park and tennis courts.

February 17, 2017

Illinois Midwest Multifamily

Essex Brokers Sale of Eight-Unit Apartment Building in Chicago

by Kristin Harlow February 17, 2017

CHICAGO — Essex Realty Group Inc. has brokered the sale of an eight-unit apartment building in Chicago for $1.1 million. The building is located at 2020 N. Spaulding Ave. in Logan Square. The property is comprised of six three-bedroom units and two two-bedroom units. The undisclosed buyer plans to completely renovate the building. Jim Darrow and Jordan Gottlieb of Essex brokered the transaction.

February 17, 2017

Multifamily Oregon Western

Portland Housing Bureau Purchases The Ellington Apartments in Portland for $47M

by Nellie Day February 16, 2017

PORTLAND, ORE. — Portland Housing Bureau has acquired The Ellington, a 263-unit apartment community in Portland, for $47 million. The community is located at 1610 N.E. 66th Ave. The property is adjacent to the Rose City Golf Course. The sellers were Guardian Real Estate Services and partner Broadreach Capital Partners. HFF’s Ira Virden and director Carrie Kahn executed the sale.

February 16, 2017

Multifamily Washington Western

Union Bay Apartments in Seattle Trades for $24M

by Nellie Day February 16, 2017

SEATTLE — An affiliate of Champion has acquired the 73-unit Union Bay Apartments in the South Lake Union neighborhood of Seattle for $24 million. The community is located at 526 Yale Ave. N. It was built in 1994. Union Bay is situated near Amazon, Dropbox, Google, Facebook, WeWork, the Paul Allen Brain Institute, Fred Hutch Cancer Research and Zymogenetics.

February 16, 2017

Multifamily New York Northeast

Clipper Realty to Acquire Apartment Property in Brooklyn for $87.5M

by Amy Works February 16, 2017

NEW YORK CITY — Clipper Realty has entered into an agreement to acquire a residential property located at 107 Columbia Heights in Brooklyn. The Jehovah’s Witnesses is selling the apartment property for $87.5 million, or $569 per square foot. The 154,000-square-foot property features 161 apartment units. The buyer plans to create 12 additional units by converting various public spaces on the property. The acquisition is expected to close in May.

February 16, 2017

Loans Multifamily New Jersey Northeast

KeyBank Originates $62M Loan for 232-Unit Apartment Community in Jersey City

by Amy Works February 16, 2017

JERSEY CITY, N.J. — KeyBank Real Estate Capital has originated a $62 million first mortgage loan for Cast Iron Lofts Phase II in Jersey City. The name of the borrower was not released. The 26-story apartment community features 232 units. Tom Peloquin of KeyBank’s commercial mortgage group arranged the financing through a correspondent life company relationship.

February 16, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $1M Sale of Apartment Building in Union City, New Jersey

by Amy Works February 16, 2017

UNION CITY, N.J. — Marcus & Millichap has arranged the sale of a multifamily building located at 4322 Kennedy Blvd. in Union City. A developer acquired the seven-unit property for $1 million. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

February 16, 2017

Multifamily Student Housing Texas

Arrimus Capital Acquires 1,044-Bed Student Housing Property at the University of North Texas

by Amy Works February 16, 2017

DENTON, TEXAS — Newport Beach, Calif.-based Arrimus Capital has purchased Forum at Denton Station, a student housing property located at 201 Inman St. near the University of North Texas in Denton. Boca Raton, Fla.-based Parkland Development sold the purpose-built property for an undisclosed price. The 420,684-square-foot development features 14 three-story buildings offering a total of 348 units, or 1,044 beds. The units are available in one-, two-, three- and four-bedroom layouts and are fully furnished. On-site amenities include a pool with a deck lounge, sand volleyball courts, indoor sports court, outdoor grilling and picnic areas and a 24-hour fitness center. Jaclyn Fitts and Casey Schaefer of CBRE represented the buyer and seller in the deal.

February 16, 2017

Georgia Multifamily Southeast

South City Partners, McShane Break Ground on Apartment Community in Avondale Estates Near Atlanta

by John Nelson February 16, 2017

DECATUR, GA. — South City Partners and general contractor McShane Construction Co. have broken ground on Sam’s Crossing, a 197-unit apartment community located at 2700 E. College Ave. in Decatur’s Avondale Estates district. The wraparound project will be situated within walking distance of MARTA’s Avondale Station and include a five-level, 268-space parking garage. South City Partners recently purchased the 3.2-acre lot from longtime property owner Joe Gargiulo of Candler Investment Group. Gargiulo owns other tracts in the Avondale Estates area for future development. Designed by The Preston Partnership, Sam’s Crossing will feature a clubroom, fitness center, on-site management and leasing office, central courtyard, an acre of green space and a resort-style swimming pool, as well as 8,000 square feet of ground-level retail space. McShane, which is also handling the landscaping and surface parking for the retail portion, expects to deliver Sam’s Crossing in the third quarter of 2018.

February 16, 2017

Maryland Multifamily Southeast

Enterprise Homes Opens $22.3M Apartment Community in Downtown Baltimore

by John Nelson February 16, 2017

BALTIMORE — Enterprise Homes has opened Mulberry at Park Apartments, a $22.3 million multifamily community located in downtown Baltimore’s Bromo Tower Arts & Entertainment District. Managed by Habitat America LLC, the property features 34 one-bedroom units, 27 two-bedroom units and seven three-bedroom units with average rents at roughly $750 per month. The design team for the LEED Silver-certified community includes architect Marks, Thomas Architects and general contractor Harkins Builders Inc. Sustainable features of Mulberry at Park include efficient plumbing fixtures, advanced insulation and air sealing, green roofing, low VOC finishes and Energy Star windows, HVAC systems, lighting and appliances. Community amenities include a cyber café, clubroom, study room, fitness center and an outdoor terrace area. Bank of America provided $15.8 million in construction financing, tax credit equity and permanent financing for the project. Additional financing included $1.5 million from the Maryland Department of Housing and Community Development, $870,000 from Baltimore City and $500,000 from the Federal Home Loan Bank of Atlanta.

February 16, 2017

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