Multifamily

Kiser Group Arranges $15.3M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow January 12, 2017

CHICAGO — Kiser Group has brokered the sale of a multifamily portfolio in Chicago’s Edgewater neighborhood for $15.3 million. The portfolio consists of three apartment buildings totaling 109 units. The vintage buildings are located at at 6100 N. Winthrop, 6101 N. Winthrop and 6110 N. Winthrop. Sal Becovic of Becovic Properties was the buyer. Rae Ann and Bob Cecrle of B&R Developments were the sellers. Lee Kiser, Michael Feldstein, Luke Lesniewski and Steven Haen of Kiser Group brokered the transaction.

January 12, 2017

Multifamily Washington Western

Apartment Building Near Reno Sells for $15.5M

by Nellie Day January 12, 2017

SPARKS, NEV. — A San Francisco Bay Area-based private investor has acquired a 230-unit apartment building in the Reno submarket of Sparks for $15.5 million. The community, known as 1100 Place Apartments, is located at 1100 15th St. The asset underwent major renovations in 2015 that included new siding, exterior painting, enclosed carports, new asphalt, new landings, landscaping and signage. The community is now 96 percent occupied. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap represented both the buyer and seller, a special servicer, in this transaction.

January 12, 2017

Market Reports Midwest Midwest Market Reports Missouri Multifamily Office

Office, Multifamily Sectors Lead Expansive Growth in Clayton Submarket of St. Louis

by Kristin Harlow January 12, 2017

An influx of new workers and residents is expected in the Clayton submarket of St. Louis thanks to more than $630 million in office, residential and mixed-use development that is in the planning stages or currently under way. Health insurer Centene Corp. has announced that it will build a new 16-acre, $450 million campus expansion on the east edge of downtown Clayton at Hanley Road, Forsyth Boulevard and Carondelet Plaza. The project, set to break ground early this year, stands to effectively shift the center of Clayton while adding a mixed-use, Class A office-anchored business and lifestyle development to the submarket. Delivery of the 500,000-square-foot Phase I tower is set for late 2019. At the opposite end of the submarket, Koman Group expects to break ground on its proposed 330,000-square-foot, 14-story office and retail project, situated at the corner of Forsyth and Brentwood boulevards. Just across the street is another $68 million, 233,000-square-foot office project likely to begin in 2018. Proposed by Jared Novelly and Apogee Associates, the project would bring the total proposed office development to a robust 1 million square feet of new Class A space in downtown Clayton. As the premier office submarket in St. Louis, Clayton …

January 12, 2017

California Multifamily Student Housing Western

Hensel Phelps, Mithun to Build $142M Phase II of Student Housing Project at UC San Diego

by Nellie Day January 11, 2017

SAN DIEGO — The University of California, San Diego has selected a partnership between contracting firm Hensel Phelps and design firm Mithun to build Phase II of its East Campus graduate student housing project. Phase II, to be named Nuevo West, will consist of two buildings totaling 442,000 square feet. The $142 million development will offer 880 beds, 1,350 parking stalls, outdoor gathering space, a market, café and social amenity space. Eighty of the beds at Nuevo West will be reserved for families and patients undergoing medical treatments at the adjacent UCSD medical center. Phase II will be located adjacent to the first phase of the project, Mesa Nueva, a $208.6 million development consisting of 1,355 beds for graduate and professional students. Phase I of the project is under construction now, with an anticipated opening in 2017. Phase II is slated for completion in 2019 .

January 11, 2017

Multifamily Utah Western

Cobblegate Apartments in Sandy Sells for $93.8M

by Nellie Day January 11, 2017

SANDY, UTAH — Col Rich has acquired the 416-unit Cobblegate Apartments in Sandy for $93.8 million. The community is located at 910 E. 9000 South. Cobblegate Apartments is situated near Dimple Dell Regional Park, the Jordan Commons Megaplex Theatres and South Towne Center, a 1,300,000-square-foot shopping mall. Community amenities include underground parking, attached and detached garages and carports, a swimming pool, hot tub, large fitness center, playground, and clubhouse. Daniel Shin and Brock Zylstra of Marcus & Millichap represented the seller, a local developer, in this trasnsaction.

January 11, 2017

California Multifamily Western

Sentre Purchases Sommerset Suites Hotel in San Diego for Multifamily Conversion

by Nellie Day January 11, 2017

SAN DIEGO — Sentre has purchased the 80-room Sommerset Suites Hotel in San Diego for an undisclosed sum. The asset is located at 606 Washington St. in the Hillcrest submarket. The property was originally designed in the late 1980s as a boutique apartment community. The sellers converted the property into a hotel in the mid-90s, leaving most of the apartment amenities intact. This included a heated pool and spa, barbeque area, dining room and business center. Sentre is repositioning the property into the Whiston, an 80-unit boutique apartment community. Sentre received a five-year, fixed-rate loan that was placed with a life insurance company. Financing will be used to purchase the hotel and fund the repositioning. HFF’s Hunter Combs and Scott Hall executed the transaction. Aldon Cole led HFF’s debt placement team.

January 11, 2017

Multifamily Texas

Greysteel Arranges Sale of 30-Unit Multifamily Property in Irving

by Amy Works January 11, 2017

IRVING, TEXAS — Greysteel has brokered the sale of Radford Place Townhomes, a multifamily property located at 3922 Evergreen St. in Irving. Texas 05 Partners LLC sold the property to Radford PT LLC for an undisclosed sum. Built in 1986, the property features 30 two- and three-bedroom units — 24 of which have been renovated — covered parking, a swimming pool and a hot tub. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel represented the seller and procured the buyer in the deal.

January 11, 2017

Multifamily Seniors Housing Texas

SLIB Negotiates $3.7M Sale of Skilled Nursing Facility in Snyder, Texas

by Amy Works January 11, 2017

SNYDER, TEXAS — Senior Living Investment Brokerage Inc. (SLIB) has arranged the $3.7 million sale of a skilled nursing facility in Snyder, located approximately 110 miles northeast of Odessa, Texas. The facility was built in 1977 and features 97 licensed and 72 operational beds. A Texas-based operator purchased the property. Neither the seller nor the name of the facility were disclosed. Matthew Alley led the SLIB team in negotiating the transaction.

January 11, 2017

Alabama Multifamily Southeast

Berkadia Arranges $9.9M Sale of Two Apartment Communities in Huntsville

by John Nelson January 11, 2017

HUNTSVILLE, ALA. — Berkadia Real Estate Advisors has brokered the $9.9 million sale of two apartment communities in Huntsville totaling 375 units. The properties include the 223-unit Hillside Village at 4515 Bonnell Drive and the 152-unit Twickenham Village at 5001 Galaxy Way. David Oakley, David Etchison and David Wilson of Berkadia’s Birmingham office represented the sellers, Huntsville-based Hillside Village LLC and Twickenham Village LLC, in the transaction. The buyer, Huntsville-based VCP Twickenham LLC, plans to upgrade the interior and exterior of the communities, which were both built in 1985.

January 11, 2017

Connecticut Multifamily Northeast

Chozick Realty Facilitates $6.7M Sale of 97 Condo Units in Connecticut

by Amy Works January 11, 2017

EAST HARTFORD, CONN. — Chozick Realty has brokered the sale of 97 condominium units, along with controlling and managing interest, in the 156-unit Gateway Estate Condominiums complex in East Hartford. Up Realty LLC acquired the units for $6.7 million, or $69,072 per unit for the 97 units. Following the acquisition, Chozick Realty sourced and facilitated the acquisition of an additional 39 units from individual unit owners within the property, bringing the buyer’s total common ownership to 136 units in the complex. The initial 97-unit acquisition includes a mix of two studios, 37 one-bedroom, 40 two-bedroom and 19 three-bedroom units. The additional condos purchased include a variety of layouts at a range of prices. The three-building complex was constructed in two phases between 1969 and 1976. Rick Chozick and Steve Pappas of Chozick Realty represented seller, 231 Ellington LLC, and the procured the buyer in the deal.

January 11, 2017

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