Multifamily

Adam Gordon Holdings, Tavros Development Complete Eight-Unit Condo Building in Manhattan

by Amy Works November 8, 2016

NEW YORK CITY — Adam Gordon Holdings and Tavros Development have completed 560 West 24th, a for-sale condominium building located at 560 W. 24th St. in Manhattan’s West Chelsea neighborhood. Designed by Montroy Andersen DeMarco and Steven Harris Architects, the 11-story, 40,000-square-foot building features six 3,200-square-foot, four-bedroom residences and two duplex penthouses. The residential units range from 3,200 to 6,000 square feet and feature outdoor spaces, including balconies and large terraces in the duplexes. Additionally, the ground floor features a lobby and the main exhibit floor of C24 Gallery, a two-story, 4,500-square-foot art gallery space.

November 8, 2016

Arizona Multifamily Western

Broadstone Sixteen 75 Apartments in Phoenix Sells for $60M

by Nellie Day November 8, 2016

PHOENIX — ConAm Asset Management Corp. has acquired Broadstone Sixteen 75, a 225-unit apartment complex in Phoenix, for $60 million. The Class A community is located at 1675 E. Morten Ave. Broadstone Sixteen 75 was built in 2015. Amenities include a two-story fitness center with an indoor bike maintenance shop, private pool and spa with cabanas, outdoor gaming area, and direct-access podium-style parking garage. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Alliance Residential, in this transaction.

November 8, 2016

Multifamily Oregon Western

Brookline Investment Group Acquires Sunfield Lakes Apartments Near Portland

by Nellie Day November 8, 2016

PORTLAND, ORE. — Brookline Investment Group has purchased the 200-unit Sunfield Lakes apartment community in the southwest Portland suburb of Sherwood for an undisclosed sum. The community is located at 16100 S.W. Century Drive. Notable employment hubs in the area include Tualatin/Sherwood industrial hub, Legacy Meridian Park Medical Center, LAM Research Corp. and the Wilsonville submarket. Sunfield Lakes features an outdoor pool, hot tub, 24-hour fitness center, lounge and business center. HFF’s Ira Virden and Carrie Kahn represented the seller, Berkshire Group, in this transaction.

November 8, 2016

Arizona Multifamily Western

FW Group Buys Dorinda Vista in Tucson for $27.9M

by Nellie Day November 8, 2016

TUCSON, ARIZ. — FW Group has purchased the 254-unit Dorinda Vista apartments in Tucson for $27.9 million. The community is located at 7596 N. Mona Lisa Road. Dorinda Vista was built in 1998. Major nearby attractions include Omni Tucson National Resort and the Foothills Mall. The top employers in the area include the Omni resort, the Tucson Mall and Northwest Hospital. Art and Clint Wadlund of Berkadia represented the seller, Prime Residential, in this transaction.

November 8, 2016

California Multifamily Western

California Landmark Group Breaks Ground on $30M D1 Apartment Development in LA

by Nellie Day November 8, 2016

LOS ANGELES — California Landmark Group has broken ground on D1, a 68-unit luxury apartment complex in the Los Angeles submarket of Marina del Rey. The $30 million community is located at 4210 Del Rey Ave. within the Marina Arts District. The development will feature a mix of open concept studios, as well as one-, two- and three-bedroom floor plans, ranging in size from 740 square feet to 1,640 square feet. Common area amenities will include a gym, business center, meeting areas, outdoor lounge spaces, and a 3,000-square-foot rooftop pool deck with unobstructed city and ocean views. D1 will be completed in fall 2018. PK Architecture designed the project.

November 8, 2016

Multifamily Office Texas

LMI Capital Closes Five Loans in Houston, Dallas Exceeding $36M

by Amy Works November 8, 2016

HOUSTON AND DALLAS — LMI Capital has closed five financing transactions for six assets in the Houston and Dallas exceeding $36 million. In the first transaction, Jamie Mullin of LMI Capital procured a $15 million, floating-rate loan for a 435-unit multifamily asset in southwest Houston. The terms include a two-year interest-only period, open prepayment structure and significant rehab component, which will be used to improve the buildings’ exteriors and complete select upgrades for the units’ interiors. The name of the borrower and the property were not released. In the second deal, Kurt Dennis of LMI Capital originated a 25-year bank loan on an 11,000-square-foot office building in northwest Dallas. The first mortgage equated to 73 percent of the purchase price and included a step-down prepayment structure and low closing costs. The name of the borrower and the amount of the loan were not disclosed. Mullin also arranged financing for four assets in southwest Houston. The transactions included: – A 10-year, $4 million agency loan for a 120-unit multifamily asset. Terms of the loan included a fixed 4.1 percent interest rate, two years of interest-only payments and cash out proceeds to make ongoing improvements to the property and fund future acquisitions. – …

November 8, 2016

Multifamily Texas

Presidium Group Acquires Lake Worth Apartments in Fort Worth

by Amy Works November 8, 2016

FORT WORTH, TEXAS — Presidium Group has purchased the Vistas at Lake Worth Apartments, a multifamily property located in Fort Worth, for an undisclosed price and renamed the property The Ascent. Built in 1970, the property features 265 units in a variety of floor plans, averaging 935 square feet. On-site amenities include a clubhouse, two swimming pools, a fitness center, media room, business center, controlled gate access, mature landscaping and views of Lake Worth. The buyer plans to upgrade and renovate both the exterior and interiors of the property. The name of the seller was not released.

November 8, 2016

Loans Multifamily Texas

JLL Arranges $9.8M Acquisition Loan for 252-Unit Apartment Complex in Houston

by Amy Works November 8, 2016

HOUSTON — JLL has arranged $9.8 million in acquisition financing for Cypress Ridge Apartments, a multifamily property located in Houston. The borrower is The PPA Group LLC. Mark Brandenburg and CW Sheehan of JLL arranged the seven-year loan through JLL’s Fannie Mae DUS lending program. Situated on 8 acres, the property features 252 apartment units in a mix of one-, two- and three-bedroom floor plans. Community amenities including a swimming pool with a gazebo, a playground and three central laundry rooms.

November 8, 2016

Maryland Southeast Student Housing

Greystar, Rockpoint Group Acquire Student Housing Community Near the University of Maryland

by John Nelson November 8, 2016

COLLEGE PARK, MD. — A partnership between Greystar Real Estate Partners LLC and Rockpoint Group has acquired University View, a 1,573-bed student housing community located near the University of Maryland campus in College Park. The joint venture plans to implement full interior upgrades to units and enhancements to the common areas and amenity spaces, including the conversion of the existing pool area into a resort-style amenity. The two-building property features studio, one-, two-, three- and four-bedroom units alongside 9,218 square feet of ground-floor retail space. Community amenities include two fitness centers, a barre and yoga studio, instructor-led fitness classes and shuttle service to campus.

November 8, 2016

Affordable Housing Florida Multifamily Southeast

Berkadia Brokers $14M Sale of Affordable Housing Complex in Miami

by John Nelson November 8, 2016

MIAMI — Berkadia has brokered the $14 million sale of Cutlerwood Apartments, a 161-unit affordable housing community located in Miami’s Cutler Bay neighborhood. Asden Realty purchased the Section 8 property from American Federated Tile Corp. for roughly $134 per square foot. Berkadia arranged a six-year, $11.4 million Freddie Mac loan on behalf of Asden Realty to fund the acquisition. Tal Frydman, Fernando Polanco and Yoav Yuhjtman of Berkadia’s South Florida office brokered the sale, and Mitch Sinberg and Matt Robbins from the same office arranged the financing.

November 8, 2016

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