Multifamily

Roger B. Kennedy Construction Breaks Ground on Two Metro Orlando Apartment Communities

by John Nelson September 2, 2016

LONGWOOD AND SANFORD, FLA. — Orlando-based Roger B. Kennedy Construction has broken ground on two upscale apartment communities in metro Orlando totaling $41.9 million. The projects include The Alexander at Sabal Point in Longwood and The Residences at Seminole Commons in Sanford. Roger B. Kennedy signed a $28.4 million contract with Winter Park, Fla.-based Alexander Investments International for the Longwood project and a $13.5 million contract with Atlanta-based Inland Atlantic Development Corp. for the Sanford community. The Alexander, designed by Orlando-based Charlan Brock & Associates, will be a three-story, 286-unit community set for an early 2018 completion. The Residences, designed by Raleigh-based ORA Architects, will be a four-story, 175-unit set for an August 2017 completion.

September 2, 2016

Loans Michigan Midwest Multifamily

Pillar Arranges $172M Fannie Mae Loan for Acquisition of Mobile Home Portfolio Located Predominately in Michigan

by Christina Cannon September 2, 2016

SAN CLEMENTE, CALIF. — Pillar has arranged a $172 million, fixed-rate loan for the acquisition of 11 manufactured home communities. The portfolio consists of 10 properties located in Michigan and one property located in Alabama. The 10 Michigan-based communities include a total of 5,352 sites with varying amenities and occupancy rates. All of the Michigan properties feature clubhouses/leasing offices and many offer swimming pools and fitness centers. Eight of the Michigan-based properties are located within 30 to 60 miles of Detroit. Arthur Tuverson of San Clemente-based Pillar, along with Yale Capital Advisors, arranged the Fannie Mae financing, which features a 10-year term.

September 2, 2016

Illinois Midwest Multifamily

Prime Property Investors Sells 281-Unit Apartment Complex in Metro Chicago for $60M

by Christina Cannon September 2, 2016

NAPERVILLE, ILL. — Prime Property Investors Ltd. has sold a 281-unit apartment complex in Naperville, approximately 30 miles southwest of Chicago, for $60 million, or $214,000 per unit. The Arbors of Brookdale is a Class A community and was fully occupied at the time of sale. The complex, situated on 26 acres, consists of 35 buildings, a clubhouse and 138 private garages. Amenities at the property include an indoor and outdoor pool, hot tub, sauna, fitness center, business center, tennis courts and a playground. Dan Cohen, John Jaeger and MJ Zaring of CBRE represented Prime Property Investors in the transaction. The buyer was undisclosed.

September 2, 2016

Multifamily New Hampshire Northeast

32-Unit River’s Edge Apartments Opens in New Hampshire

by Amy Works September 1, 2016

LACONIA, N.H. — The Laconia Area Community Land Trust has opened River’s Edge Apartments, a 32-unit affordable housing complex overlooking the Winnipesaukee River in Laconia. Located on Union Avenue, the three-story building features 12 one-bedroom and 20 two-bedroom fully accessible units, on-site parking, laundry facilities, an infant daycare facility and 700 feet of frontage along Winnipesaukee River. Eckman Construction Co., serving as general contractor, had to remove more than 300 tons of contaminated soil from the former industrial site prior to construction. The project was financed by New Hampshire Housing Finance Authority, Raymond James, NeighborWorks America, Community Development Finance Authority, the City of Laconia, Belknap County, Rural Local Initiatives Support Corp. and the Laconia Area Community Land Trust. The project was designed by George Hickey Architect and Warrenstreet Architects.

September 1, 2016

Multifamily New York Northeast

Rosewood Realty Facilitates $17M Sale of 51-Unit Residential Portfolio in Brooklyn

by Amy Works September 1, 2016

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a Section 8 housing portfolio located in Brooklyn’s Gravesend section. Orbach Group acquired the portfolio from Black Spruce Management for $17 million. The 51-unit portfolio comprises 17 buildings located at 2320-2336 W. 12th St. and 2315-2321 W. 13th St. The buildings feature 34 three-bedroom units, 17 one-bedroom apartments and 17 parking spaces. Aaron Jungreis of Rosewood Realty Group represented the seller and buyer in the transaction.

September 1, 2016

Arizona Multifamily Western

Monarch Investment & Management Group Purchases Multifamily Portfolio in Tucson

by Nellie Day September 1, 2016

TUCSON, ARIZ. — Monarch Investment & Management Group has purchased a five-property multifamily portfolio in Tucson for an undisclosed sum. The communities contain 1,004 units totaling 686,314 square feet. The transaction includes the 160-unit Hampton Park, the 254-unit San Mateo, the 152-unit Solano Springs, the 310-unit Lakeside Apartments and the 128-unit Highland Apartments. The latter property is situated in Sierra Vista, while the rest are located in Tucson. The portfolio features an average occupancy rate of 94 percent. The properties were all constructed between 1973 and 1985. This is Monarch’s first purchase in Arizona. Cindy Cooke and Brad Cooke of Colliers International represented the seller, Hamilton Zanze, in this transaction.

September 1, 2016

California Multifamily Western

Vista Investment Group Buys Woodlake Manor Apartments in Baldwin Hills for $44M

by Nellie Day September 1, 2016

BALDWIN HILLS, CALIF. — Vista Investment Group has purchased the 276-unit Woodlake Manor Apartments in the Los Angeles submarket of Baldwin Hills for $44 million. The community is located at 4555 W. Martin Luther King Jr. Blvd. Woodlake Manor is one mile from both the Farmdale and Ethel Bradley Metro Expo line stations, which provide access to key Los Angeles employment hubs, including downtown, Culver City, Santa Monica and the South Bay. The University of Southern California (USC) is a 10-minute train ride away. This was the first time Woodlake Manor Apartments had been on the market in more than 34 years. Select units were upgraded to a mid-luxury standard last year. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller, Jones & Jones Management Group, in this transaction.

September 1, 2016

Colorado Multifamily Western

HLC, Hampshire Cos. Acquire Sage Brook Apartments in Denver for $26.3M

by Nellie Day September 1, 2016

DENVER — A joint venture between HLC Equity and Hampshire Companies has purchased the 216-unit Sage Brook apartments in Denver for $26.3 million. The Class B community is located at 7201 Leetsdale Drive. Sage Brook is situated three miles from the Cherry Creek neighborhood near three of the region’s largest employment centers, including Downtown Denver, Denver Tech Corridor and the Fitzsimons Innovation Campus. HLC Equity’s management arm will operate the community. The company plans to improve the property and upgrade the general common areas and unit interiors.

September 1, 2016

Florida Mississippi Multifamily Seniors Housing Southeast

KeyBank Provides $249M in Financing for 22-Property Skilled Nursing Portfolio in the Southeast

by John Nelson September 1, 2016

CLEVELAND — KeyBank Real Estate Capital, a subsidiary of Cleveland-based KeyCorp, has provided $249 million in FHA financing to Formation Capital, a private investment management firm focused on seniors housing. The financing will be used for a 22-property skilled nursing portfolio. Seventeen of the facilities are located in Florida, and the remaining five are located in Mississippi. The properties have a combined total of 2,682 beds. John Randolph and Paul Di Vito of KeyBank’s Healthcare Mortgage Group arranged the financing through FHA’s 232/223(f) mortgage insurance program. Proceeds of the loan were used to pay down an existing bridge loan, which funded the acquisition of 66 facilities.

September 1, 2016

Georgia Multifamily Southeast

Greystone Provides $62M Freddie Mac Loan for Apartment Complex in Metro Atlanta

by John Nelson September 1, 2016

MARIETTA, GA. — Greystone has provided a $62 million permanent loan for Watermark at East Cobb, a 510-unit multifamily community in Marietta, a northwest suburb of Atlanta. The property features two resort-style swimming pools, tennis courts, an athletic center, playground, volleyball courts, outdoor kitchen, nature trail, fishing lake and a dog park. Mike Galla and David Collie of iCap Realty Partners arranged the seven-year, floating-rate loan through Freddie Mac with two years of interest-only payments followed by a 30-year amortization schedule. Keith Hires and Greg Krafcik of Greystone originated the loan on behalf of the borrower, Cortland Partners.

September 1, 2016

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