Multifamily

Greysteel Secures Permanent Refinancing for Multifamily Property in Euless, Texas

by Amy Works November 22, 2016

EULESS, TEXAS — Greysteel has secured an undisclosed amount of permanent refinancing for Royal Terrace, a multifamily property located in Euless. The 10-year, non-recourse loan, provided under the Freddie Mac Small Balance Loan program, features a fixed interest rate of 4.24 percent and a 30-year amortization schedule. Anton Mattli, John Marshall Doss and Zach Ghormley of Greysteel negotiated the loan for the borrower, Countrywide Hospitality LLC. Built in 1964, Royal Terrace features 120 units, a swimming pool and an on-site laundry facility.

November 22, 2016

Loans Multifamily New York Northeast Seniors Housing

HFF Secures $29.5M Construction Loan for Seniors Housing Condo Community in Long Island

by Amy Works November 22, 2016

NEW YORK CITY — HFF has arranged $29.5 million in construction financing for Phase II of The Vineyards at Blue Point, an active adult condominium community restricted to residents age 55 and older in Long Island’s Blue Point area. Evan Pariser of HFF arranged the construction loan through Bank of the Ozarks for the borrowers, Ornstein Leyton Co. and Latus Partners. Upon completion, the 280-unit property will encompass 44 buildings with townhomes and single-level flats. The units will feature oversized master bedrooms, in-unit washer/dryers and attached garages. Situated on 65 acres, the community features a heated outdoor swimming pool and bocce club, along with the Vineyards Club, which includes a fitness center, social rooms and lounge space.

November 22, 2016

Multifamily New York Northeast

Cushman & Wakefield Negotiates $29.4M Sale of Two-Building Multifamily Property in Manhattan

by Amy Works November 22, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of The Clarke, two contiguous buildings located at 222-224 W. 21st St. in Manhattan’s Chelsea neighborhood. Slate Property Group sold the property to a local investor for $29.4 million. The five-story buildings contain a total of 22,437 square feet and 27 free-market apartment units, including two Section 8 units, in a mix of one-, two-, three-, four- and five-bedroom layouts. Brock Emmetsberger and James Nelson of Cushman & Wakefield, along with David Schechtman, Lipa Lieberman and Abie Kassim of Meridian Capital Group, represented the seller. Jingying Wu of Sagewood Equity represented the buyer in the deal.

November 22, 2016

Florida Multifamily Southeast Student Housing

Colliers Arranges $24M Sale of Student Housing Community Near the University of South Florida

by John Nelson November 22, 2016

TAMPA, FLA. — Colliers International has arranged the $24 million sale of University Lake Apartments, a 401-bed student housing community located near the University of South Florida campus in Tampa. The property offers one- and two-bedroom units with bed-to-bath parity, granite countertops and washers and dryers. Community amenities include a 24-hour fitness center, three saltwater pools, a five-acre lake, sundeck with lounge chairs and a technology center. Travis Prince of Colliers represented the seller, CREI-Tampa LLC, in the disposition of the property to FPA Multifamily LLC.

November 22, 2016

South Carolina Southeast Student Housing

Campus First, CF Real Estate Services Buy Student Housing Property Near University of South Carolina

by John Nelson November 22, 2016

COLUMBIA, S.C. — Campus First Student Living and CF Real Estate Services LLC have formed a joint venture with a private commingled fund to purchase Club at Carolina Stadium, a 486-bed student housing property situated less than one mile from the main campus of the University of South Carolina in Columbia. The community is located adjacent to the Congaree River and across from the university’s new ballpark. Campus First will be overseeing a $2.7 million renovation and rebranding of Club at Carolina Stadium, which will be renamed Rivers Edge at Carolina Stadium. The renovations will include a new clubhouse with a fitness center, private and shared study lounges, gaming area, café and a deck overlooking the swimming pool and terrace area. Other improvements will include a new outdoor kitchen, renovated dog park with dog washing station, two fire pit areas, enhanced landscaping, new signage, kayaks and canoes for residents and a new shuttle bus and electric bikes for students to get to class. The overhaul will also include upgraded internet and cable packages, as well as the addition of VIP premium suites that will include gray faux-wood floors, painted interiors and renovated kitchens with subway tile backsplashes, stainless steel appliances, …

November 22, 2016

Georgia Multifamily Southeast

Emma Capital Buys Two Apartment Communities in Metro Atlanta for $15.7M

by John Nelson November 22, 2016

MARIETTA, GA. — Emma Capital has purchased two apartment communities in the Atlanta suburb of Marietta for a total of $15.7 million. KENCO Apartment Communities sold both Georgian Arms and Somerpoint to Emma Capital. Georgian Arms is located at 16 Beech Road, and the 144-unit Somerpoint is located at 1788 Austell Road. Josh Goldfarb, Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield represented KENCO in the transaction.

November 22, 2016

California Multifamily Seniors Housing Western

JCH Negotiates $15.5M Sale of 119-Unit Assisted Living Community in Montlcair

by Nellie Day November 22, 2016

MONTCLAIR, CALIF. — JCH Consulting Group has arranged the $15.5 million sale of a 119-unit assisted living and memory care community in the Los Angeles suburb of Montclair. The community was built in 1990 and was 67 percent occupied at the time of sale. An investment company sold the community to a regional owner-operator as a value-add opportunity. The name of the facility was not disclosed. Nick Stahler and Jim Hazzard of JCH arranged the transaction.

November 22, 2016

California Multifamily Western

Maroon Town Apartments in Palm Springs Sells for $1M

by Nellie Day November 22, 2016

PALM SPRINGS, CALIF. — A private investor has acquired the six-unit Maroon Town Apartments in the Palm Springs submarket of Bermuda Dunes for $1 million. The community is located at 41560 Maroon Town Road. It was built in 2000. Andrew Irvine and Alexander Garcia Jr. of Marcus & Millichap represented both the buyer and seller, an undisclosed partnership, in this transaction.

November 22, 2016

California Market Reports Multifamily Western Western Market Reports

New Jobs Mean More Housing for San Francisco, San Mateo

by Camren Skelton November 22, 2016

San Francisco and San Mateo counties boast above average employment numbers and wages and have been strong all through the current business cycle. Over the past four quarters ending in June, organizations in these counties, along with Marin County, (henceforth referred to as “the metro,”) have created 30,750 new jobs. This expansion of the metro’s labor force by 2.9 percent far exceeds the national average over the same time period. Businesses are expected to create 40,000 new positions this year and employment growth will reach 3.7 percent. Hence, the metro’s economy has created substantial demand for housing and apartments are leading the way, as the high cost of single-family homes, rigorous regulation, and the infill nature within the metro has constrained deliveries during previous years in the cycle. There are multiple major projects that will boost the rate of completions significantly above previous years in the cycle. Builder activity will surge to a multi-decade high with 6,440 apartments slated for delivery, exceeding the 1,488 units brought to market in 2015. The majority of completions will target the South of Market (SoMA) and South San Mateo County submarkets. Vacancy rate in the metro will register a 110-basis-point increase in 2016, rising …

November 22, 2016

Multifamily Texas

Berkadia Facilitates Sale of 212-Unit Multifamily Property in San Antonio

by Amy Works November 21, 2016

SAN ANTONIO — Berkadia has facilitated the sale of Ridge at Southcross, a 212-unit multifamily property located at 4700 Stringfellow Drive in San Antonio. The undisclosed buyer plans to complete the rehabilitation work that the seller started at the property, which was built in 1974. The property features studio, one- and two-bedroom floor plans and a variety of community amenities, including a clubhouse, hot tub, pool, on-site business center, fitness center and clothing care facility. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia brokered the transaction. The name of the seller and acquisition price were not released.

November 21, 2016

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