Multifamily

JE Dunn Construction to Build AMLI Arts Center in Midtown Atlanta

by John Nelson February 18, 2016

ATLANTA — Amli Residential, a Chicago-based apartment developer, has selected JE Dunn Construction to build AMLI Arts Center, a 26-story, 350-unit apartment tower in Midtown Atlanta. The property will feature studio, one- and two-bedroom apartment units, as well as a precast parking deck providing 543 spaces and an upper level pool amenity deck. Cooper Carry is serving as JE Dunn’s architect of record for AMLI Arts Center. JE Dunn is also building AMLI 3464 in Atlanta’s Buckhead district. The general contractor expects to finish construction on AMLI 3464 in late 2016 and AMLI Arts Center in November 2017.

February 18, 2016

Multifamily North Carolina Southeast

MHA Brokers $38.1M Sale of Multifamily Portfolio in Charlotte

by John Nelson February 18, 2016

CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered the $38.1 million sale of a three-property multifamily portfolio in Charlotte. The 618-unit portfolio features apartment communities built between 1997 and 1999. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, Mission Charlotte DST, in the transaction. LIV Apartment Partners LLC was the buyer. The properties include the 249-unit Mission Harris Pavilion located at the intersection of University City Boulevard and I-485, the 207-unit Mission Reedy Creek located on East WT Harris Boulevard and the 162-unit Mission Concord Place located off I-85 in the northern Charlotte suburb of Concord.

February 18, 2016

Multifamily Texas

Castle Lanterra Purchases 350-Unit Apartment Community in Austin

by Haisten Willis February 18, 2016

AUSTIN, TEXAS — Castle Lanterra Properties (CLP) has acquired Villas Tech Ridge, a 350-unit apartment community in Austin. CLP’s managing director Austin Alexander has relocated to Austin to oversee the company’s operations in the market. Villas Tech Ridge is located just off I-35 and offers a mix of one-, two- and three-bedroom units. Built in 2008, the property was developed as part of the Austin Energy Green Builder Program, an environmentally driven program that requires special consideration for “green” and energy-saving opportunities. Units include open floor plans with nine-foot or vaulted ceilings along with granite countertops, mahogany cabinets, ceramic tile and vinyl plank flooring. The property features a pool with cabana, clubhouse, fitness center and pet park.

February 18, 2016

Terraces-on-the-Parkway-grand-prairie-texas

Multifamily Texas

CBRE Brokers Sale of 297-Unit Multifamily Community in Metro Dallas

by Haisten Willis February 18, 2016

GRAND PRAIRIE, TEXAS — CBRE Capital Markets has brokered the sale of Terraces on the Parkway, a 297-unit multifamily community in the Dallas suburb of Grand Prairie. EB Real Estate Group purchased the asset from Terraces on the Parkway LP for an undisclosed price. Chris Deuillet and Nita Stewart of CBRE’s Dallas office represented the seller. The 263,555-square-foot asset, located at 1109 N. Carrier Parkway, was built in 1972. The complex includes 20 two-story residential buildings and offers efficiency, one-, two- and three-bedroom options. The community was 97 percent occupied at closing. Tenants have access to two pools with outdoor kitchens, a fitness center, updated resident center, dog park and soccer field. Interiors include black-on-black appliances, faux-wood flooring, faux granite countertops, glass tile kitchen backsplashes and two-inch blinds. Monument Real Estate Services will manage the property.

February 18, 2016

Loans Multifamily Texas

Dougherty Mortgage Closes $3.5M Loan for Carpenters Cove Apartments in Dallas

by Haisten Willis February 18, 2016

DALLAS — Dougherty Mortgage LLC has closed a $3.5 million Fannie Mae loan for the refinancing of Carpenters Cove Apartments, a 164-unit, market-rate multifamily apartment property located in Dallas. Property amenities include laundry facilities and a children’s playground. Dougherty’s Vienna, Va., office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Dallas Carpenters Cover Apartments Ltd.

February 18, 2016

Multifamily New York Northeast

Besen & Associates Negotiates $19.2M Sale of Multifamily Building in the Bronx

by Amy Works February 18, 2016

NEW YORK CITY — Besen & Associates has arranged the sale of a residential building located at 3873 Orloff Ave. in the Van Cortlandt Village neighborhood of the Bronx. A private investor sold the asset to an undisclosed buyer for $19.2 million, or $203 per square foot. Built in 1964, the 93,767-square-foot property features 90 apartments and a 56-car garage. Additionally, the building is serviced by two elevators. Amit Doshi and Lynda Blumberg of Besen & Associates handled the transaction.

February 18, 2016

Multifamily New York Northeast

Marcus & Millichap Negotiates $3M Sale of Brooklyn Apartment Building

by Amy Works February 18, 2016

NEW YORK CITY — Marcus & Millichap has negotiated the sale of an apartment building located at 231 N. Henry St. in Brooklyn’s Greenpoint neighborhood. The six-unit property sold for $3 million. The buyer, a limited liability company, plans to reposition the property, which is one of the largest brick six-family buildings in the neighborhood. Shaun Riney, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and secured and represented the buyer, a limited liability company, in the transaction.

February 18, 2016

Kerner Ridge Assisted Living Kernersville

North Carolina Seniors Housing Southeast West Virginia

KeyBank Provides $47.7M in Financing for Assisted Living Portfolio in Southeast

by John Nelson February 17, 2016

CLEVELAND — KeyBank Real Estate Capital has arranged a total of $47.7 million of permanent financing for six assisted living communities managed by Ridge Care Inc. The financing included a $38.5 million, 35-year, fixed-rate loan through the FHA 232/223(f) mortgage insurance program and a $9.2 million Fannie Mae loan. John Randolph and Charlie Shoop of Key’s Healthcare Mortgage Group arranged the financing, which provides Ridge Care with cash flow flexibility and excess proceeds to make capital improvements within their portfolio and continue the development of additional assisted living communities. The six recently refinanced properties comprise 319 units and include The Havens at Princeton in Princeton, W.Va.; Walnut Ridge Assisted Living in Walnut Cove, N.C.; Kerner Ridge Assisted Living in Kernersville, N.C.; Forest Ridge Assisted Living in West Jefferson, N.C.; Mallard Ridge Assisted Living in Clemmons, N.C.; and Arbor Ridge at Stanleyville in Stanleyville, N.C.

February 17, 2016

Multifamily South Carolina Southeast

Kettler, Stillman Group Acquire North Charleston Apartment Community for $22.5M

by John Nelson February 17, 2016

NORTH CHARLESTON, S.C. — Kettler and The Stillman Group have purchased Jamison Park in North Charleston from Middle Street Partners for $22.5 million. The apartment complex is located near the Joint Force Air Force Base, the Charleston International Airport and The Boeing Co. Phil Brosseau and Kevin Kempf of CBRE represented the buyers in the transaction. The acquisition increases the number of apartment units that Kettler manages to roughly 33,000.

February 17, 2016

Georgia Multifamily Southeast

RADCO Purchases Apartment Community in Georgia for $9.9M

by John Nelson February 17, 2016

NEWNAN, GA. — The RADCO Cos. has purchased the 114-unit Park Manor Apartments in Newnan from LivCor for $9.9 million. The Atlanta-based apartment investor has renamed the apartment complex Woodlands at White Oak, which is located adjacent to another RADCO property, the 561-unit Creekside at White Oak. RADCO financed the acquisition using private capital and debt financing from Mutual of Omaha. HFF’s Atlanta office brokered the transaction. RADCO plans to invest more than $1.3 million on capital improvements for the property’s clubhouse, fitness center, pools, landscaping and building exteriors. Interior renovations will include upgraded flooring, lighting, countertops and appliances.

February 17, 2016

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