FORT LAUDERDALE, FLA. — The Related Group and Rabina Properties have closed a $105 million construction loan from SunTrust Bank for a high-rise apartment tower in Fort Lauderdale. The 45-story, 272-unit tower will be located at 500 E. Las Olas Blvd. and is set for completion in the second quarter of 2017. The project, known as Icon Las Olas, is the third Related Group development under construction in Broward County.
COLUMBIA, S.C. — Atlanta-based Haven Campus Communities will develop a $55 million, six-building student housing project in the Bull Street development near the University of South Carolina in Columbia. The 234-unit project will go up on nearly 6.5 acres in the proposed BullStreet Common development and feature apartment residences and townhomes. The project includes a 608-space parking deck and 104 street spaces, as well as a pool, courtyard and covered pavilion. The site is adjacent to a city-owned baseball stadium that will open this year.
MIAMI — Greystone and ALTA Developers have jointly sold The Mile, a 13-story, 120-unit luxury apartment development in Miami, to Monogram Residential Trust Inc., an owner, operator and developer of luxury apartment communities. The sales price was $48 million, according to several media outlets. The Mile is located at 3622 S.W. Coral Way near Miami’s Miracle Mile shopping district. The Mile was topped off in July 2015 and is set to open in the first quarter of 2016. Behar Font & Partners designed the apartment project, which will feature an indoor/outdoor social deck, fitness center, GE stainless steel appliances, white quartz countertops, designer cabinets, balconies and patios, swimming and soaking pools, gated parking and controlled electronic access. Jaret Turkell, Jeff Julien and Maurice Habif of HFF represented the sellers in the off-market transaction.
WILLMAR, MINN. — Marcus & Millichap has arranged the $2 million sale of a multifamily property in Willmar, approximately 100 miles west of Minneapolis. Foot Lake Estates is a 48-unit apartment complex that was built in 1977. The property was 100 percent occupied at the time of sale and is located at 400 30th St. NW. Cole Harstad, Mox Gunderson and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller and secured and represented the buyer. Both parties were undisclosed private investors.
Despite the clichés and naysayers, Boston’s apartment fundamentals continue to trend at the top of U.S. cities’ forecasts. For developers, investors and borrowers, Boston truly is that city on a hill. Clichés heard often in the commercial real estate community: Interest rates have no place to go but up. Who is going to pay $4.50-per-square-foot rents? Wait until the next wave of units is delivered. Valuation and yield don’t make sense. The facts: Economists have been predicting interest rate increases for the past five years. Market vacancy has been sub-5 percent for more than five years. Every major apartment player owns or is currently building in Boston, averaging $1.2 billion in product for past three years. Boston is a premier gateway city and buyers want in. The Investor Outlook Simplified When cap rates for the most desired real estate class — in a gateway city, in the safest country for investment in the world — average 4.25 percent, it’s a great time to invest. The 2006 cap rates were just 100 basis points above the 10-year risk-free rate. Today they are 2.0 to 2.25 percent. Half of the deals are cash transactions. Locals can only shake their heads at the …
PALM HARBOR, FLA. — The RADCO Cos. has purchased Lakes of Palm Harbor, a 292-unit, Class B apartment community in Palm Harbor, for $33.5 million. The Atlanta-based multifamily investment and management firm funded the acquisition using private capital and a Fannie Mae loan. ARA Newmark brokered the sale. RADCO plans to spend an estimated $2.5 million to upgrade the exteriors, amenities, landscaping and interior finishes. Built in 1984, Lakes of Palm Harbor’s residences feature open layouts, floor-to-ceiling windows, washer/dryers and modernized kitchens. Community amenities include a newly renovated clubhouse with café and coffee bar, resort-style pool, covered lounge, fitness center, outdoor grilling and picnic area, kayak storage, lighted tennis courts, a beach volleyball court, putting green, playground and dog park. The property fronts the 60-acre Lake St. George.
CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. (BRG) has completed the second phase of its acquisition of Ashton Reserve, a Class A apartment community in Charlotte, for $21.8 million. BRG acquired the first phase in August of this year. With the second phase, BRG added 151 newly completed units. The company funded the acquisition using an equity investment of approximately $7.5 million and proceeds of a $15.3 million, 10-year, floating-rate Fannie Mae loan. Built in two stages in 2013 and 2015, the Ashton Reserve Apartments feature high-end one-, two- and three-bedroom layouts with 9-foot ceilings, stainless steel appliances, granite countertops, under-mount sinks and full size washer/dryers. Community amenities include two clubhouses, fitness facilities, a swimming pool with oversized deck and grilling stations, as well as a business center and a private media center.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily property located at 161 E. 96th St. in Manhattan. Encore Manhattan LLC acquired the 9,160-square-foot property from a private investor for $6.5 million. The five-story building features 19 large studio apartments. Additionally, the property offers significant future development potential as R104 zoning providing approximately 25,230 buildable square feet as-of-right, or 16,070 square feet of air rights over the existing structure. Michael Tortorici, Howard Raber, Shimon Shkury, Victor Sozio and Matthew Gillis of Ariel Properties Advisors represented the seller and procured the buyer in the transaction.
MENOMONIE, WIS. — Marcus & Millichap has brokered the $1.6 million sale of a 44-unit portfolio in Menomonie, approximately 25 miles west of Eau Claire. The six-building portfolio consists of five residential buildings that contain 44 total units and one eight-stall garage building. The 44 units are broken down into 36 two-bedroom/one-bathroom units and eight one-bedroom/one-bathroom units. The six buildings were constructed between 1977 and 1987. The apartment assets have undergone upgrades including roof replacement, vinyl siding, and new windows, flooring and appliances. Evan Miller, Mox Gunderson and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller, a private investor. Cole Harstad of Marcus & Millichap procured and represented the buyer, a private investor.
FULLERTON, CALIF. — Evans Senior Investments has arranged the sale of Sunnycrest, a private-pay assisted living community in Fullerton in northern Orange County, for $37 million. The community was recently remodeled and includes 130 units, resulting in a price per unit of $284,615. The buyer and seller were not disclosed. Orange County experienced 45 percent growth in the 85+ age demographic between 2000 and 2010, according to the U.S. census. Evans Senior Investments is an investment-banking firm exclusively serving the seniors housing industry.
