Multifamily

SunCal, Diversified Realty Break Ground on $1B Mixed-Use Development along Hudson River in New York

by Amy Works May 26, 2016

SLEEPY HOLLOW, N.Y. — A joint venture between SunCal and Diversified Realty Advisors has broken ground on Edge-On-Hudson, a $1 billion development on the Hudson River in Sleepy Hollow, located approximately 20 miles upriver from New York City. The 70-acre project will contain 1,177 units of housing, 135,000 square feet of retail space, 30,000 square feet of office space and a 140-room boutique hotel, the first in Sleepy Hollow. The project will also feature 16 acres of open space and a waterfront promenade that links the existing Westchester County RiverWalk to the south and Kingsland Point Park to the north. Edge-On-Hudson is being built on the site of the former General Motors assembly plant. The space has been empty since the automotive manufacturer vacated in 1996. Phase I will include 306 units of housing, including 40 senior affordable units and 21 affordable workforce units. There will be 188 loft-style apartments in the four-story Loft District section at the eastern edge of the property, plus 46 three- and four-story condominium homes and 72 townhomes in the Central Park District. These neighborhoods will also include green space, a central park, a new roundabout and a village green at the base of Beekman …

May 26, 2016

Multifamily New York Northeast

IPA Brokers $58M Sale of Three Multifamily Buildings in Manhattan

by Amy Works May 26, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of three contiguous multifamily buildings located at 50-58 E. Third St. in Manhattan’s East Village neighborhood. The assets sold for $58 million, or $817,000 per unit. The properties feature 51 free-market apartments, 18 rent-stabilized units and two rent-controlled apartments. Some of the apartments were recently renovated to include stainless-steel appliances, wine coolers, Caesarstone countertops, washer/dryers, video-intercom systems, recessed lighting, wide-plank oak flooring, marble-clad bathroom and high-gloss white cabinets. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of IPA represented the undisclosed seller and procured the undisclosed buyer.

May 26, 2016

Multifamily Texas

Love Funding Secures $37.5M Construction Loan for Apartment Community in Oklahoma City

by Haisten Willis May 26, 2016

OKLAHOMA CITY — Love Funding has secured a $37.5 million loan for the construction and permanent financing of Chisholm Creek Apartments, a new market-rate apartment community in Oklahoma City. Leonard Lucas of Love Funding’s Boston office secured the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program. The program insures financing for the new construction or substantial rehabilitation of multifamily rental or cooperative housing for moderate-income families, the elderly and the handicapped. The 287-unit, four-story building is part of the Chisholm Creek master development in northwest Oklahoma City, and will feature an urban-style wrap layout encompassing a courtyard and pool area with a parking garage at each end. Other amenities will include a clubroom, business center, fitness center, coffee bar and two dog parks. Charlie Nicholas of N.E. Construction, the project’s general contractor, is leading the development.

May 26, 2016

Multifamily Texas

Muskin Commercial Brokers Sale of Apartment Complex in Austin

by Haisten Willis May 26, 2016

AUSTIN, TEXAS — Bridge at South Port LLC has purchased The Oslo Apartments in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the sellers in the transaction. Rex Jones with AMP Management represented the buyer and will be managing the property. The Oslo includes 176 units, consisting of studio, one- and two-bedroom apartments. The property was renovated between 2014 and 2015.

May 26, 2016

Michigan Midwest Multifamily Student Housing

WestPac Campus Communities Sells 376-Bed Student Housing Community Near Michigan State

by Christina Cannon May 26, 2016

EAST LANSING, MICH. — WestPac Campus Communities has sold The Rocks, a 376-bed student housing community located 2.5 miles north of the Michigan State University campus in East Lansing. The project was built in 2015 and is currently over 95 percent pre-leased for the upcoming school year. Triad Real Estate Partners represented the seller in the off-market transaction. An affiliate of TIAA acquired the property.

May 26, 2016

Midwest Multifamily Ohio Seniors Housing

CA Senior, Goldman, Sachs & Co. to Develop 101-Unit Seniors Housing Community in Cincinnati Suburb

by Christina Cannon May 26, 2016

MASON, OHIO —CA Senior LLC (CAS) has entered into a joint venture with an affiliate of Goldman, Sachs & Co. to develop a 101-unit seniors housing community in the Cincinnati suburb of Mason. The community will contain 68 assisted living units and 33 memory care units. It is scheduled to open in summer 2017. Senior Lifestyle Corp. will manage the community. The facility represents the first project in a 14-property pipeline for the joint venture. Evercore Partners acted as financial advisor to CAS in the formation of the joint venture. Polsinelli acted as legal adviser to CAS. Goldman Sachs will serve as a capital provider in the joint venture.

May 26, 2016

California Multifamily Western

Southern California Multifamily Portfolio Sells for $40.5M

by Nellie Day May 26, 2016

LOS ANGELES — A local private investment company has purchased a three-property multifamily portfolio based in Southern California for $40.5 million. The portfolio includes a total of 484 units in four buildings. The acquisition includes 344 units in San Bernardino County, a 60-unit building in Orange County, and a two-building, 80-unit apartment complex in Los Angeles County. All of the properties have deferred maintenance. DeLonne Valens and Tim Steuernol of NAI Capital’s Multifamily Services Group was represented the buyer and the seller, Chanslor Street LLC, in this transaction.

May 26, 2016

Colorado Multifamily Seniors Housing Western

OZ Architecture to Design 10-Acre Seniors Housing Community in Colorado

by Nellie Day May 26, 2016

MONTROSE, COLO. — Roaring Fork Lodge LLC has selected Denver-based architectural firm OZ Architecture to design Roaring Fork Lodge, a new independent living, assisted living and memory care community in Montrose, located in the southwestern portion of Colorado. The 80,000-square-foot community will be situated on a 10-acre plot. It will include 10 independent living duplex cottages, in addition to the main building that will feature 69 independent living, assisted living and memory care apartments. The site will also feature a retail component, coffee shop, café and small medical clinic. Colorado-based Vivage Senior Living will operate the community, which is expected to open in late 2016.

May 26, 2016

Florida Multifamily Southeast

Berkadia Arranges $24.6M Sale of Multifamily Portfolio in Orlando

by John Nelson May 26, 2016

ORLANDO, FLA. — Berkadia has brokered the $24.6 million sale of a two-property multifamily portfolio in southeast Orlando. Located across Curry Ford Road from one another, the portfolio includes the 210-unit Pendelton Park Villas and the 100-unit Carlyle Court Apartments. At the time of sale, Pendelton Park Villas was 97 percent occupied and Carlyle Court was 94 percent occupied. Both properties have undergone capital improvements totaling more than $1.2 million since 2012. Cole Whitaker and Hal Warren of Berkadia represented the seller, West Springfield, Mass.-based Florida Pendelton LP, in the transaction. The buyer was Miami-based Lloyd Jones Capital LLC.

May 26, 2016

Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $8.5M Sale of Affordable Housing Community in Cape Coral

by John Nelson May 26, 2016

CAPE CORAL, FLA. — Marcus & Millichap has brokered the $8.5 million sale of Crossings at Cape Coral, a 168-unit affordable housing community located at 1150 Hancock Creek S. Blvd. in Cape Coral. The property was constructed and placed into the Low Income Housing Tax Credit program in 2000. The community comprises eight three-story buildings and a freestanding clubhouse. Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, an institutional owner based in New York City, and the private, Florida-based buyer in the transaction.

May 26, 2016

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