Multifamily

Ironstate Development, The Pegasus Group Open Harrison Station 330 in New Jersey

by Amy Works December 9, 2015

HARRISON, N.J. — Ironstate Development Co. and The Pegasus Group have opened Harrison Station 330, a collection of 329 rental apartments in Harrison. Situated one block from the Harrison PATH station, the property features studio, one- and two-bedroom residences, a lobby/lounge, a courtyard with a swimming pool, a fitness center, and 9,600 square feet of street-level retail space. Revitalizing the former industrial area, the residential community is the third phase of a multi-phase development that the companies are constructing adjacent to the PATH station. The project’s first two phases include 275 apartments, more than 20,000 square feet of street-level retail space and a 138-key Element hotel. Once completed, the overall development will feature 2,250 residences and 80,000 square feet retail, in addition to the hotel. Residences at Harrison 330 currently offer monthly rents starting at $1,555.

December 9, 2015

Massachusetts Multifamily Northeast

Wood Partners Breaks Ground for 88-Unit Residential Community in Massachusetts

by Amy Works December 9, 2015

MELROSE, MASS. — Wood Partners has broken ground for 37 Washington, a residential development in Melrose. The 88-unit property will feature granite countertops, stainless steel appliances, in-unit laundry and walk-in closets. Additionally, on-site amenities will include a courtyard with fire pit, and outdoor grills and seating. Leasing is expected to begin in November 2016, with the community slated to open in December 2016.

December 9, 2015

Multifamily New Jersey Northeast

Houlihan-Parnes Realtors Brokers $27.3M Sale of Inverness Apartments in New Jersey

by Amy Works December 9, 2015

WESTVILLE, N.J. — Houlihan-Parnes Realtors has arranged the sale of Inverness Apartments, a garden-style apartment complex located at 5600 Shetland Way in Westville. Coolidge Inverness LLC sold the property to an undisclosed buyer for $27.3 million. Situated on more than 30 acres, the property features 368 multifamily units. Robert Tiburzi of Houlihan-Parnes Realtors brokered the transaction.

December 9, 2015

Multifamily Northeast Pennsylvania

Joint Venture to Develop Multifamily Tower in Philadelphia’s Center City

by Amy Works December 9, 2015

PHILADELPHIA — A partnership between The Goldenberg Group, Hines and ASB Real Estate Investments has broken ground for a residential tower located at 1213 Walnut St. in Philadelphia’s Center City. At 26 stories and 300,000 square feet, 1213 Walnut will feature 332 for-rent studio, one- and two-bedroom residential units. Additionally, the tower will feature more than 7,200 square feet of retail space on Walnut and Sansom streets and more than 11,000 square feet of amenities, including a great room, outdoor terrace, gaming area, entertainment kitchen, private conference area, a 3,000-square-foot fitness center, rooftop deck, an elevated private dog park and bicycle storage. The project team includes Design Collective Inc. as base-building architect, RD Jones & Associates as interior designer and architect, and Hunter Roberts Construction Group as general contractor. Wells Fargo Bank is providing construction financing for the project, which is slated for occupancy in summer 2017. This project is the first joint venture between Goldenberg, Hines and ASB.

December 9, 2015

California Multifamily Western

Phoenix Realty Group, Blackstone Acquire 16-Property Multifamily Portfolio for $570M

by Nellie Day December 8, 2015

LOS ANGELES — Phoenix Realty Group (PRG) and Blackstone Real Estate Partners VIII have acquired a 16-property multifamily portfolio for $570 million. The portfolio contains a total of 3,800 units. Properties within the portfolio are located in Los Angeles, San Diego, Denver and South Florida. The assets were acquired from two closed-end private equity funds managed by PRG. The portfolio was listed once the funds reached the end of their intended investment period.

December 8, 2015

Colorado Multifamily Western

Jackson Square Properties Purchases 220-Unit Apartment Community in Denver for $37.2M

by Nellie Day December 8, 2015

DENVER — Jackson Square Properties has acquired The Bluffs at Castle Rock, a 220-unit apartment property in the Denver submarket of Castle Rock, for $37.2 million. The Class B community is located at 483 Scott Blvd. It was built in 1998. Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Lynd Company, in this transaction.

December 8, 2015

California Multifamily Student Housing Western

Peak Campus to Manage 27 North Development Near San Jose State

by Nellie Day December 8, 2015

SAN JOSE, CALIF. — CityView and Symphony Development, a Los Angeles-based commercial development firm, have selected Peak Campus to manage the 27 North student apartment project near San Jose State University. Located one block north of the school’s campus, the 478-bed student housing project is currently under construction and will be move-in ready for students at the start of the 2016 school year. Upon completion, 27 North will offer fully furnished units in two-, three- and four-bedroom floor plans, complete with washers and dryers and stainless steel appliances. The community will also feature amenities including a fitness center, resort-style pool, a business center and computer lab, group study lounges on every floor, tanning facilities, a fire pit and grilling areas.

December 8, 2015

Loans Multifamily Texas

HFF Secures Financing for Class A Apartment Community in Houston

by John Nelson December 8, 2015

HOUSTON — HFF has secured financing for Sunrise by the Park, a newly-built, 180-unit, Class A apartment community in Houston’s Inner Loop. Working on behalf of the borrower, Sunrise Luxury Living, HFF placed the 10-year, fixed-rate loan through LStar Capital Finance Inc. Loan proceeds were used to replace existing construction financing. Completed in January 2015, Sunrise by the Park is located near the intersection of Memorial Drive and Birdsall Street at the entrance to Memorial Park. Situated on 1.5 acres, the asset provides access to downtown Houston, the Galleria, Uptown, River Oaks, Upper Kirby, West Avenue and Highland Village. The four-story, podium-style building has units averaging 745 square feet and is built above a two-story, 268-space parking garage. Community amenities include a swimming pool with tanning ledge and spa, barbecue grills, fitness center, lounge with billiards, kitchen, business center, bike storage/repair station and access to nearby biking/jogging trails at Memorial Park. Cameron Cureton and Scott Galloway led the HFF debt placement team representing the borrower.

December 8, 2015

Multifamily New York Northeast

SL Green Sells Stake in Multifamily Building in Brooklyn

by Amy Works December 8, 2015

NEW YORK CITY — SL Green Realty Corp. is selling its 90 percent stake in the residential condominium property at 248-252 Bedford Ave. in Brooklyn. The 72-unit multifamily building, which was owned in partnership with Magnum Real Estate Group, has a gross market valuation of $55 million, or $1,242 per square foot, excluding the retail portion of the property. The transaction is expected to close in the first quarter of 2016. SL Green acquired its interest in the 44,279-square-foot property, along with 12 townhomes, for $54.9 million in 2012. The company has since sold off the 12 townhomes for gross sales totaling $25.5 million. SL Green will retain its interest in the building’s street-level retail condominium, which comprises 51,470 square feet.

December 8, 2015

Loans Massachusetts Multifamily Northeast

Berkeley Point Capital Closes $19.7M Acquisition Loan for Multifamily Property in Massachusetts

by Amy Works December 8, 2015

SHREWSBURY, MASS. — Berkeley Point Capital has closed a $19.7 million fixed-rate loan for the acquisition and renovation of Ashford Crossing, a 180-unit multifamily development in Shrewsbury. The garden-style apartment complex comprises 15 three-story residential buildings, containing one- and two-bedroom units, as well as a clubhouse featuring a pool, tennis courts, playground and fitness center. The borrower, whose name was not released, plans to renovate the interior and exterior of the property, including upgrades to all kitchens and bathrooms as units turnover. The 12-year loan, which was secured through Fannie Mae, features a six-year interest-only period.

December 8, 2015

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