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, …
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.
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.
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.
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 …
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.
ANN ARBOR, MICH. — Hunt Mortgage Group has provided an $18 million Fannie Mae loan to refinance Hidden Valley Apartments in Ann Arbor. The 324-unit apartment community is located at the northeast corner of State Street and Eisenhower Parkway. Constructed in 1973, the complex consists of seven two-story buildings with 36 studio units, 198 one-bedroom units and 90 two-bedroom units. The 30-year loan includes a 30-year amortization schedule. Cardinal HVC LLC was the borrower. Matt Shane of Q10/Lutz Financial Services was the mortgage broker in the transaction.
NEW YORK CITY — Fairfield Properties has acquired a multifamily property located at 365 Stewart Ave. in Long Island’s Garden City for $36.5 million. Built in 1938, the four-story building features 80 apartment units. Aaron Jungreis of Rosewood Realty Group represented the buyer and the seller, Va Garden City LLC National Registered Agents Inc., in the deal.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two multifamily buildings located at 234 E. 95th St. and 446 E. 88th St. in Manhattan’s Upper East Side. A local investor acquired the properties, which total 40 apartment units. The property located at 234 E. 95th St. features 20 one-bedroom units and sold for nearly $670 per square foot. The 8,200-square-foot building also features additional 7,508 square feet of air rights. The 9,000-square-foot property, located at 446 E. 88th St., features 20 one-bedroom, rent-stabilized units and 1,988 square feet of additional air rights. The property sold for $760 per square foot. Guthrie Garvin, Thomas Gammino and Michael Gembecki of Cushman & Wakefield. The buyer, a local investor, was self-represented in the transaction.
NORCROSS, GA. — A joint venture between PointOne Holdings and Biscayne Atlantic has sold Steeple Chase Apartments, a 306-unit, garden-style multifamily community in Norcross, for $26 million. The joint venture originally purchased the property in March 2013 for $13.3 million. During the joint venture’s ownership, the companies invested roughly $1.8 million in capital improvements at Steeple Chase to upgrade interiors, improve the infrastructure and enhance curb appeal. During that time occupancy increased from 92 percent to 97 percent and average effective rental rates increased by 29 percent from $673 to $868 monthly. Monthly net operating income jumped 75 percent during that time frame from $82,100 to $143,900. The name of the buyer was undisclosed.