Multifamily

FCP, Kane Realty Sell Raleigh Multifamily Development for $93.5M

by John Nelson January 5, 2016

RALEIGH, N.C. — Federal Capital Partners (FCP) and Kane Realty Corp. have sold Allister North Hills, a 434-unit luxury apartment community in Raleigh, for $93.5 million. The property is located at I-440 and Six Forks Road in Raleigh’s Midtown district. FCP and Kane developed the community in 2013. Allister North Hills was nearly 95 percent occupied at the time of sale. Community amenities include two pools, a fitness center, business center, outdoor terraces, community room, dog park and other green spaces. Individual units, each of which have a balcony, feature granite countertops, stainless steel appliances, washers and dryers and ceramic-tiled bathrooms. Sean Wood and Blake Okland of ARA represented FCP and Kane in the transaction.

January 5, 2016

Florida Loans Multifamily Southeast

PCCP Provides $70M Construction Loan to Carter for Apartment Tower in Downtown Tampa

by John Nelson January 5, 2016

TAMPA, FLA. — PCCP has provided a $70 million loan to Carter for the development of a 23-story residential tower in downtown Tampa. The 362-unit development will be situated atop a six-story parking garage and 6,500 square feet of ground-level retail space. Community amenities will include a pool deck and terrace, ground-level fitness center and a clubroom on the top floor. The project will comprise a full city block bordered by North Franklin, North Florida, East Tyler and East Cass streets. Construction is anticipated to be completed in late 2017.

January 5, 2016

Vie at Raleigh Wolf Creek NC State University

North Carolina Southeast Student Housing

Colliers Student Housing Brokers $56.7M Sale of Property Near North Carolina State University

by John Nelson January 5, 2016

RALEIGH, N.C. — Colliers International Student Housing Group has arranged the $56.7 million sale of Wolf Creek Apartments, now rebranded as Vie at Raleigh, a student housing apartment community near North Carolina State University. Situated on 41.5 acres in Raleigh, the rental community has 1,394 beds in 385 units and sold for $40,674 per bed. The sellers are Wolf Creek TIC and Wolf Creek II Borrower, and the buyer is undisclosed. Vie at Raleigh is located less than three miles from NC State University, and has two-, three- and four-bedroom apartments with private bedroom-bathroom suites. All apartments have a full kitchen, in-unit laundry and balcony. Frank Quinn and Steven Peden of Colliers International’s Raleigh-Durham office, along with Travis Prince of Colliers International Student Housing Group in Tampa, represented the seller. The buyer plans to renovate the clubhouse, fitness center, select apartment units, social lounge and study lounge. The community also has free tanning, a pet park, a resort-style pool and volleyball courts.

January 5, 2016

Mississippi Seniors Housing Southeast

Blake Management Opens Two Seniors Housing Facilities in Mississippi

by John Nelson January 5, 2016

STARKVILLE AND OXFORD, MISS. — Blake Management Group has opened The Claiborne at Adelaide, an independent living, assisted living and memory care community in Starkville, near the Alabama border. Blake manages the 82,000-square-foot community, which includes 14 independent living units, 43 assisted living units and 25 memory care units. The Mississippi-based seniors housing operator has also opened The Blake at Oxford, a 100-unit assisted living and memory care community in Oxford. The 85,000-square-foot community features 66 assisted living units and 34 memory care units. Cardinal Ventures Inc., a Mississippi-based developer, built The Blake at Oxford. Based in central Mississippi, Blake operates communities in Alabama, Louisiana, Mississippi, Tennessee and South Carolina.

January 5, 2016

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $2.4M HUD Refinancing Loan for 37-Unit Affordable Housing Building in Minneapolis

by Christina Cannon January 5, 2016

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $2.4 million HUD loan for the refinancing of a multifamily property in Minneapolis. Vantage Flats is a 37-unit affordable workforce housing property. The building is a transit-oriented project located near the METRO Blue line in South Minneapolis. The property, located at 5341-5359 Minnehaha Ave., was built in 2007 and is comprised of one-, two- and three-bedroom floorplans. Amenities include a community room with kitchen, exercise room, bike racks and underground heated parking. Dougherty arranged the 40-year term loan for MDI Limited Partnership #64.

January 5, 2016

Industrial Multifamily Office Retail Texas

NAI Wheeler Becomes Wheeler Commercial

by Haisten Willis January 4, 2016

BEAUMONT, TEXAS — NAI Wheeler has changed its name to Wheeler Commercial. This change represents a DBA (Doing Business As) change only. KenWheel Inc. remains unchanged. The president of the company, Lee Wheeler, has been serving southeast Texas for more than 16 years and has been in the commercial real estate business for more than 18 years. The structure and personnel of the company has not changed. Wheeler Commercial specializes in commercial real estate and brokerage services including sales, leasing, consulting and property management.

January 4, 2016

Delaware Multifamily New Jersey Northeast Pennsylvania

AIG Global Real Estate Investment Corp. Sells 12-Property Apartment Portfolio for $165M

by Amy Works January 4, 2016

NEW YORK CITY — New York City-based AIG Global Real Estate Investment Corp. has sold a 12-property apartment portfolio in New Jersey, Pennsylvania and Delaware. An undisclosed buyer purchased the 2,811-unit portfolio for $165 million free and clear of existing debt. The garden-style communities feature a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size. Amenity packages vary by community but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks. Seven properties are in New Jersey, three in Pennsylvania and two in Delaware. Jose Cruz, Andrew Scandalios, Mark Thomson, Kevin O’Hearn, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.

January 4, 2016

Industrial Multifamily Office Retail Texas

Steve Jarvie Named President of E Smith Realty Partners

by Haisten Willis January 4, 2016

DALLAS — Steve Jarvie has joined E Smith Realty Partners as president. Jarvie will lead the growth initiative for Dallas tenant representation services and will serve on the company’s executive committee, assisting with strategic direction for the company. Prior to joining E Smith Realty, Jarvie served as executive vice president at Jones Lang LaSalle (JLL) and The Staubach Co., focusing on the development of new business and management of client transactions. Jarvie has accounted for more than 10 million square feet of leases during his career. Jarvie earned his Bachelor of Arts degree from Baylor University in Waco.

January 4, 2016

California Multifamily Western

DaVinci Apartments in Davis Sells for $16M

by Nellie Day January 4, 2016

DAVIS, CALIF. — An unnamed buyer has purchased the 31-unit DaVinci Apartments in Davis for $16 million. It is located at 1666 Da Vinci Court. The community was built in 2005. It is situated walking distance from the UC Davis campus. Adam Levin and Robert Johnston of Marcus & Millichap represented both the buyer and seller in this transaction.

January 4, 2016

Colorado Multifamily Western

Wadsworth Arms Apartments in Arvada Sells for $3.1M

by Nellie Day January 4, 2016

ARVADA, COLO. — A local buyer has purchased the 26-unit Wadsworth Arms apartment complex in Arvada for $3.1 million. The community is located at 6700 Wadsworth Arms. It was built in 1957. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.

January 4, 2016

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