Multifamily

Aragon Holdings Acquires 480-Unit Apartment Complex in St. Louis

by Christina Cannon July 20, 2016

ST. LOUIS — Aragon Holdings LLC has acquired a 480-unit apartment property in St. Louis for an undisclosed price. A joint venture between Covenant Capital Group and Bell Partners Inc. sold the asset. Oxford Hills Apartments is situated on 26.3 acres at 10304 Oxford Hill Drive. Amenities at the complex include an outdoor swimming pool with sundeck, indoor swimming pool, fitness center, tennis courts, clubhouse with cyber café, dog park, playground and detached garages. Oxford Hills Apartments has 36 residential buildings, which feature one-, two- and three-bedroom units that average 953 square feet. Sean Fogarty, Marty O’Connell and Wick Kirby of HFF represented the seller in the transaction. According to the St. Louis Business Journal, Oxford Hills Apartments has an appraised value of $7 million and was last sold in 2007 for $34.5 million.

July 20, 2016

Affordable Housing Florida Multifamily Southeast

Housing Trust Group Breaks Ground on Affordable Housing Community in Metro Tampa

by John Nelson July 20, 2016

HOLIDAY, FLA. — Housing Trust Group (HTG) has broken ground on Phase I of Park at Wellington, a $37.9 million affordable housing community located at 4369 Sunray Drive in Holiday, roughly 30 miles north of Tampa. Phase I of the 220-unit property will span 110 units, and HTG plans to open the complex in late 2017. The units will be reserved for renters earning at or below 40 percent to 60 percent of area median income (AMI). Rents will range from $367 to $783 per month. Construction of Phase II is expected to start in November 2016. Phase I development funding sources include $16 million in 9 percent Low Income Housing Tax Credit Equity provided by Indianapolis-based City Real Estate Advisors and a $15.5 million construction loan provided by KeyBank, which converts to a $3.5 million permanent loan after completion. HTG has five affordable housing communities currently under construction in Florida. The project team for Park at Wellington includes architect Fugleberg Koch PLLC; civil engineer High Point Engineering Inc.; and general contractor HTG Hennessy LLC.

July 20, 2016

Multifamily North Carolina Southeast

Davis Property Group Sells Apartment Community in Asheville for $41.5M

by John Nelson July 20, 2016

ASHEVILLE, N.C. — Greenville, S.C.-based Davis Property Group has sold Verde Vista, a 257-unit apartment community located in Asheville’s East submarket. Raleigh-based Chaucer Creek Capital LLC purchased the asset for $41.5 million. Built in 2012, Verde Vista’s units feature nine-foot ceilings, plank faux-wood flooring, washer and dryer units and black EnergyStar appliances. Phil Brosseau and Kevin Kempf of CBRE represented Davis Property Group in the transaction. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged a 10-year, fixed-rate, $33.2 million acquisition loan through Fannie Mae on behalf of the borrower.

July 20, 2016

District of Columbia Multifamily Southeast

Tishman Speyer Purchases Two Acres in D.C. for New Apartment Development

by John Nelson July 20, 2016

WASHINGTON, D.C. — Tishman Speyer has purchased a two-acre site near Nationals Ballpark in Washington, D.C., with plans to develop a multifamily community. The property will feature 800 residential units, 44,000 square feet of retail space and below-grade parking. The site occupies a full city block bounded by Eye, K, First and Half streets in Washington, D.C.’s Capitol Riverfront submarket. Tishman Speyer will develop the project to LEED certification.

July 20, 2016

Loans Multifamily Northeast Pennsylvania

CBRE Arranges $183M Loan for Presidential City Apartment Complex in Philadelphia

by Amy Works July 20, 2016

PHILADELPHIA — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $183 million loan for the refinance of Presidential City, an apartment complex located at 3900 City Ave. in Philadelphia. The borrower was Post Brothers. Shawn Rosenthal of CBRE secured the three-year, interest-only loan with two one-year extension options. Starwood Capital provided the financing. Presidential City comprises four high-rise towers featuring a mix of one-, two- and three-bedroom residences. The first phase of the project, including the redevelopment of the 180-unit Washington Tower and the 265-unit Madison Tower and the creation of Sora Pool Club, has been completed. The second phase, including the redevelopment of the 331-unit Jefferson Tower and the 242-unit Adams Tower, is underway. The property is expected to be fully leased in 2017.

July 20, 2016

Connecticut Loans Mixed-Use Multifamily Northeast Office

National Cooperative Bank Closes $25.6M Loan for Mixed-Use Property in Connecticut

by Amy Works July 20, 2016

NEW HAVEN, CONN. — National Cooperative Bank has closed a $25.6 million first mortgage to University Towers Owners Corp., a mixed-use cooperative located at 100 York St. in New Haven. The 16-story property features 238 residential units, 13 medical offices and parking for 242 vehicles. Constructed in 1958, the property was converted to a housing cooperative in 1981. Loan proceeds were used to refinance existing debt and to fund a major façade restoration project that includes balcony renovations; window, door and curtain wall replacement; and masonry repairs. Larry Mathe of National Cooperative Bank secured the financing for the borrower.

July 20, 2016

Kansas Midwest Multifamily

Timberland Partners Purchases 236-Unit Apartment Property in Topeka

by Christina Cannon July 19, 2016

TOPEKA, KAN. — Minneapolis-based Timberland Partners has acquired Woodland Park at Soldier Creek, a 236-unit apartment community in Topeka, for an undisclosed price. The community was built in 2008. Timberland plans to add a variety of upgrades, including a new swimming pool, signage and improvements to the parking lot. Timberland used capital from its Timberland Partners Investment Fund V LLC to fund the acquisition. Reid Teaney and Mac Crowther of ARA Newmark Kansas City represented the seller in the deal. Timberland Partners is a real estate investment and management firm that currently owns over 11,000 apartment units in 12 states.

July 19, 2016

California Multifamily Western

Monterra Ridge Apartments in Santa Clarita Trades for $45.5M

by Nellie Day July 19, 2016

SANTA CLARITA, CALIF. — An unnamed buyer has acquired the 232-unit Monterra Ridge apartment complex in Santa Clarita for $45.5 million. The community is located at 28085 Whites Canyon Road. Monterra Ridge is situated near interstates 14 and 5, which provide access to greater Los Angeles. The property was built in 1985. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller in this transaction.

July 19, 2016

California Multifamily Western

The Bungalows at Mathilda in Silicon Valley Sells for $22.5M

by Nellie Day July 19, 2016

SUNNYVALE, CALIF. — An unnamed buyer has purchased The Bungalows at Mathilda, a 68-unit apartment complex in the Silicon Valley submarket of Sunnyvale, for $22.5 million. The community is located at 126 Ahwanee Ave. The Bungalows at Mathilda has undergone extensive exterior and interior renovations over the past year. It is situated near major employers, including the new campuses for Google and Apple. Adam Levin and Robert Johnston in Marcus & Millichap’s Palo Alto office represented the buyer and seller, Interstate Equities Corp., in this transaction.

July 19, 2016

Hospitality Loans Multifamily New Jersey Northeast

The Rockefeller Group Secures $70M Construction Loan for Flexible-Stay Project in New Jersey

by Amy Works July 19, 2016

FLORHAM PARK, N.J. — The Rockefeller Group has secured $70 million in financing on behalf of its joint venture partnership with Korman Communities for the construction of AVE Florham Park. Located within The Green at Florham Park in Florham Park, the flexible-stay community will feature 256 furnished and unfurnished accommodations that are ideal for corporate housing, relocations and long-term stays. The partnership broke ground on the 450,000-square-foot project earlier this year with completion slated for 2017. The property will feature 40,000 square feet of outdoor amenities, including a private courtyard with sitting areas and chess stations, and a community courtyard with a lap pool and sundeck, a ping pong table, bocce ball court, a kitchen with barbecue area, a movie screen, fire pits and an enclave with cabanas. Additionally, the property will feature 24,000 square feet of indoor amenities, including a movie theater, café, conference suites, a business center, a yoga studio and fitness center, a spa and 24-hour resident services.

July 19, 2016

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