Multifamily

KRE Group, Oxford Realty, Verde Capital Buy 288-Unit Multifamily Property in New Jersey

by Amy Works March 22, 2016

PLAINSBORO, N.J. — The KRE Group, Oxford Realty Group and Verde Capital have acquired Deer Creek, a multifamily community located at 305 Deer Creek Drive in Plainsboro, for $45 million. Situated on 34 acres, the 288-unit property features a mix of one- and two-bedroom apartments. Additionally, the community features an outdoor pool, two tennis courts and access to a nature trail. The new ownership plans to construct a new fitness center, as well as numerous renovations, at the property. Renovations will include granite kitchen countertops, stainless steel appliances and in-unit washer/dryers. This is the second property KRE and Oxford have jointly acquired in the last four months.

March 22, 2016

Massachusetts Mixed-Use Multifamily Northeast Office Retail

Joint Venture to Develop Mixed-Use Project in Boston’s South End

by Amy Works March 22, 2016

BOSTON — Leggat McCall Properties, along with its joint venture partner Multi-Employer Property Trust (MEPT), and development advisor Bozzuto Development Co. have filed an expanded Project Notification Form with the Boston Redevelopment Authority for 3.1 acres of land in Boston’s South End. The site was acquired from the Boston Medical Center in late 2014. Spanning the block between Harrison Avenue and Albany Street and East Dedham and East Canton streets, the Harrison Albany project will bring a mix of residential, retail, office and cultural space to the South End. The proposed two-building project will feature 710 apartments, 14,000 square feet of retail space, 40,000 square feet of office space and public open space, including a green promenade between the two residential buildings. Additionally, the existing parking lots will be removed and replaced with underground parking.

March 22, 2016

Loans Multifamily New York Northeast

Houlihan-Parnes Arranges $1.5M Acquisition Loan for Apartment Building in the Bronx

by Amy Works March 22, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has arranged $1.5 million in acquisition financing for the purchase of an apartment building located at 2075 Haviland Ave. in the Tremont section of the Bronx. The five-story walk-up building features 27 apartments and four retail units. The nine-year loan was provided by a local New York commercial bank. Jim Coleman of Houlihan-Parnes Realtors secured the financing. Anthony Simari of Smith, Buss & Jacobs represented the borrower in the financing transaction.

March 22, 2016

Illinois Midwest Multifamily

Kinzie Real Estate Group to Build 258-Unit Luxury Apartment Complex in Chicago Suburb

by Christina Cannon March 22, 2016

ELGIN, ILL. — Kinzie Real Estate Group will construct a new luxury rental community in Elgin, approximately 40 miles northwest of Chicago. Kinzie, which will serve as the general contractor for Watermark at the Grove, is expected to break ground on the project in April. Watermark at the Grove will be situated on 11 acres and will include 258 units within five three-story buildings. Floor plans will include studios, one- and two-bedroom units. Amenities will feature a clubhouse, event space, a fitness facility, theater room, outdoor pool, dog park, walking trails and secure auto and bike parking. Interstate Partners LLC is the project developer.

March 22, 2016

Indiana Midwest Multifamily

RESOURCE Commercial Real Estate Arranges Sale of 121-Unit Apartment Property in Indianapolis

by Christina Cannon March 22, 2016

INDIANAPOLIS —RESOURCE Commercial Real Estate has brokered the sale of a 121-unit apartment community, Abbey Meadows Apartments, for an undisclosed price. KAG Indy I LLC purchased the property from Brayden James Investments LLC. Abbey Meadows, located in Indianapolis, features all two-bedroom/one-bathroom units, which are approximately 750 square feet. The apartments were constructed in 1960. Michael Wernke of RESOURCE Commercial Real Estate arranged the transaction.

March 22, 2016

Midwest Multifamily Ohio Seniors Housing

Marcus & Millichap Brokers $4.5M Sale of 183-Unit CCRC in Ohio

by Christina Cannon March 22, 2016

CINCINNATI — Marcus & Millichap has arranged the sale of Scarlet Oaks, a 183-unit continuing care retirement community in Cincinnati. Continuing care retirement communities are comprised of various operational models that include independent living, assisted living, memory care and skilled nursing. An East Coast-based private owner/operator purchased the 75-year-old property from a national owner/operator for $4.5 million, or $25,000 per unit. The names of the parties were not disclosed. Mark Myers, senior vice president of investments, and Joshua Jandris, vice president of investments, along with associates Ryan Fleming, Peyton Stanforth and Charles Hilding, all from Marcus & Millichap’s Chicago office, handled the sale.

March 22, 2016

Multifamily North Carolina Southeast Student Housing

Pierce Education Properties Acquires Student Housing Property Near East Carolina University for $42M

by John Nelson March 22, 2016

GREENVILLE, N.C. — Pierce Education Properties LP has acquired The Landing, an 888-bed student housing property located near the East Carolina University campus in Greenville, for $42 million. The 288-unit community offers fully furnished two-, three- and four-bedroom apartments with bed to bath parity, stainless steel appliances and washers and dryers. Community amenities include three resort-style pools, a 24-hour, fitness center, an outdoor basketball court, upgraded game room and high-speed Internet. The community is served by a dedicated university-operated shuttle service.

March 22, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $15.2M Construction Loan for Metro Orlando Apartment Community

by John Nelson March 22, 2016

SANFORD, FLA. — NorthMarq Capital has arranged a $15.2 million construction loan for Residences at Seminole Commons, a 175-unit apartment community in Sanford, a northern suburb of Orlando. The property will be situated on Rinehart Road south of West 1st Street, near the extension of the SunRail subway line. Will James of NorthMarq’s Atlanta office, along with Bill Hardman of the firm’s Orlando office, arranged the three-year, interest-only loan through Synovus Bank of Orlando on behalf of the borrower, Inland Atlantic Development Corp.

March 22, 2016

Multifamily Top Stories

Owens Realty Sells Treasures on the Bay Multifamily Complex for $82M

by Katie Sloan March 22, 2016

NORTH BAY VILLAGE, FLA. — Owens Realty Mortgage Inc. (NYSE: ORM) has agreed to sell Treasures on the Bay, a multifamily community located in North Bay Village, to an undisclosed buyer for $82 million. Owens Realty Mortgage owns an 81 percent interest in the property, with the company’s manager, Owens Financial Group Inc., owning the remaining 19 percent. The property, located approximately 10 miles away from Miami in North Bay Village, is comprised of 169 condominium units and 160 apartment units. The community offers one-, two- and three-bedroom units ranging from 925 to 1,289 square feet. Unit amenities include ceramic tile kitchens and baths, European-style cabinetry, hurricane-resistant windows and sliding glass doors, marble counter-tops and floor-to-ceiling tinted glass. Community amenities include a 24-hour fitness center, bayfront boardwalk, controlled access, surface parking, two bayfront pools and wireless hot spots. “We are very pleased to put this property into contract,” says Bryan Draper, CEO of Owens Realty. “We recently completed substantial improvements to this property, further enhancing the company’s book value, and expect this sale will unlock significant embedded equity and provide cash for continued expansion of our lending operations and reduce our overall levels of debt.” A $21.3 million loan was …

March 22, 2016

Multifamily Seniors Housing Washington Western

Blueprint Arranges Sale of 40-Unit Seniors Housing Community in Washington for $2.6M

by Nellie Day March 21, 2016

HOQUIAM, Wash. — Blueprint Healthcare Real Estate Advisors has arranged the $2.6 million sale of Karr House, a 40-unit assisted living in Hoquiam, along the coast of Washington State approximately 110 miles southwest of Seattle. A national owner/operator looking to divest non-core assets sold the property to a regional operator. The names of the parties were disclosed. The purchase price equates to approximately $65,000 per unit. Blueprint’s Ben Firestone, Jacob Gehl and Trent Gherardini were the lead advisors on this transaction.

March 21, 2016

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