Multifamily

600-Unit North Harbor Tower in Chicago Changes Hands

by Christina Cannon May 11, 2016

CHICAGO — 175 Harbor Drive LLC has acquired North Harbor Tower, a 600-unit high-rise apartment building in Chicago’s Lakeshore East neighborhood, for an undisclosed price. The building is located within a 28-acre master-planned community at 175 N. Harbor Drive. Amenities at North Harbor Tower include an outdoor sundeck, indoor pool, 24-hour fitness facility, fitness studio with complimentary classes and party room. A multi-million dollar renovation of the 55-story property is scheduled to begin later this year. The tower offers a mix of studio, convertible, one-, two- and three-bedroom units. The seller in the transaction was undisclosed.

May 11, 2016

Illinois Midwest Multifamily Seniors Housing

Caddis to Develop 94-Unit Senior Living Facility in Chicago Suburb

by Christina Cannon May 10, 2016

ORLAND PARK, ILL. — Caddis has unveiled plans for a new senior living facility in Orland Park, approximately 25 miles southwest of Chicago. Heartis Village Orland Park, located at 159th Street and Harlem Avenue, will be a 94-unit, 89,950-square-foot assisted living facility. Caddis began developing its first Illinois facility last year in Peoria, and the project is expected to open this fall. Both properties will be owned by Caddis and managed by Pathway Senior Living LLC. Heartis Village Orland Park will feature a salon and spa with a therapeutic tub, two interior courtyards, a large dining room, a private dining room, chef-prepared meals, daily activities, an arts and crafts room, media room, licensed nursing services, 24-hour emergency call system, housekeeping and laundry services and personal transportation. Austin, Texas-based Katus LLC is the architect, and Rosemont, Ill.-based McShane Construction Company LLC is the general contractor. The project is slated for delivery next fall.

May 10, 2016

Multifamily Texas

JLL Arranges Sale of The Catherine in Austin

by Haisten Willis May 10, 2016

AUSTIN, TEXAS — JLL has arranged the sale of The Catherine, a luxury apartment building in Austin. Catherine Tower LLC, an affiliate of Austin-based Christopher Investment Co., purchased the 300-unit property located in Austin’s SoCo submarket. Jeff Price and Scott LaMontagne led the JLL team in the deal. Completed in 2015, units at The Catherine feature 10-foot ceilings, stainless steel kitchen appliances, stone countertops with gourmet kitchen islands and in-unit washers and dryers. Community amenities include an infinity pool, fitness center and a sky lounge on the 19th floor.

May 10, 2016

Brook Highland Place Apartments Birmingham

Alabama Loans Multifamily Southeast

Financial Federal Arranges $25.5M Acquisition Loan for Apartment Community in Birmingham

by John Nelson May 10, 2016

BIRMINGHAM, ALA. — Financial Federal Bank’s Memphis office has arranged a $25.5 million acquisition loan for Brook Highland Place Apartments, a 400-unit garden-style community in Birmingham. Built in 1987, the property was 94 percent occupied at the time of financing. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the seven-year, floating-rate loan through Freddie Mac. The loan features two years of interest-only payments and a 30-year amortization schedule.

May 10, 2016

Features Hospitality Industrial Multifamily Office Retail Top Stories

U.S. Commercial Property Values See 7 Percent Annual Growth, According to Ten-X

by Haisten Willis May 10, 2016

IRVINE, CALIF. — Commercial real estate values in the United States increased by 7 percent from April 2015 to April 2016, according to Ten-X, an online real estate marketplace. The company has released its latest Commercial Real Estate (CRE) Nowcast. The pricing index, which combines Google Trends data, Ten-X’s proprietary transaction data and investor surveys to forecast CRE pricing trends in real time, reveals that commercial valuations increased by 0.6 percent month-over-month in April and are back above their year-end 2015 level. The Ten-X CRE Nowcast (formerly the Auction.com CRE Nowcast) is a price index covering the entire U.S. commercial market, including individual price trends for the office, apartments, retail, industrial and hotel sectors. “Even though the April all-sector increase is significantly stronger than the prior month’s slight gain of 0.2 percent, this still is the slowest annual growth rate from pricing for the cycle,” says Ten-X chief economist Peter Muoio. “April’s uptick in growth was seen across all major CRE sectors except hotel, where that segment’s fundamentals, as well as its pricing, continue dwindling. Meanwhile, the multifamily sector displayed the strongest pricing trends with a 1.8 percent gain in April.” The Ten-X Hotel Nowcast dipped 1 percent from March …

May 10, 2016

Multifamily New York Northeast

Rosewood Realty Arranges $130M Sale of Six-Building Multifamily Portfolio in Manhattan

by Amy Works May 9, 2016

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-building multifamily portfolio in Manhattan’s East Village. Lightstone Group acquired the 181-unit residential portfolio from Pan Am Equities for $130 million. The properties are a six-story, 106-unit building at 85 E. 10th St., and five five-story buildings totaling 75 units at 112-120 E. 11th St. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.

May 9, 2016

Multifamily New York Northeast

HAP Investments to Develop 21-Story Residential Towers in Chelsea

by Amy Works May 9, 2016

NEW YORK CITY — HAP Investments is developing a residential complex with both for-sale and rental units at 215 W. 28th St. in Chelsea. Designed by DXA Architects, the two-building, 290,000-square-foot apartment complex will feature residences ranging in size from studios to four-bedroom units, outdoor spaces and 15,000 square feet of amenity space, including a 50-foot pool, full-service gym with yoga studio and children’s interactive space. The residential towers are currently in pre-construction phase with condo units slated for completion in summer 2018 and rental units expected for delivery by year-end 2018.

May 9, 2016

Hospitality Mixed-Use Multifamily Office Texas

Seguin Main Street Program Buys Historic Hotel in Downtown Seguin

by Haisten Willis May 9, 2016

SEGUIN, TEXAS — The Seguin Main Street Program has purchased the historic Aumont Hotel located at 301 N. Austin St. in Seguin. The hotel, which was built in 1916, is vacant but is designed with retail space and an event venue on the first floor, apartments on the second and third floors and office suites on the fourth floor. The almost 20,000-square foot building is celebrating its centennial this year. Suzanne Puente of Berkshire Hathaway Home Services – Don Johnson Realtors represented the buyers, Gregg Woodall and Amy Woodall of New Braunfels, in the sale. Kelley Rose of Heritage Texas Properties represented the seller, Thomas Giles, who purchased the building in 2003 and rehabbed it into its current form. The buyers plan to renovate the apartments and offer premier residential rental space, as well as maintain the retail and office space with minor upgrades.

May 9, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges Three Multifamily Sales in New Jersey Totaling $15.1M

by Amy Works May 9, 2016

BRICK, LONG BEACH AND ASBURY PARK, N.J. — Gebroe-Hammer Associates has arranged the sales of three multifamily properties totaling $15.1 million. In the first transaction, Yannon 41 LLC sold Riviera Lakefront Estates, a 104-unit rental property in Brick, to a private investment group for $8.7 million. The townhome community features a mix of one- and two-bedroom rental units with diverse floor plans, as well as two-story townhomes with lake views. In the second and third transactions, an undisclosed buyer acquired 30 units at Elmwood Gardens in Long Beach for $3.7 million and an out-of-state private family trust sold 24 residential units at Minot Gardens in Asbury Park for $2.6 million. Adam Zweibel of Gebroe-Hammer Associates represented the sellers and procured the buyers in the three transactions.

May 9, 2016

Loans Multifamily Texas

Old Capital Secures $9.2M Acquisition Loan for Apartment Complex in Metro Dallas

by Haisten Willis May 9, 2016

IRVING, TEXAS — Paul Peebles of Old Capital has secured a $9.2 million loan for the purchase of Silverado Apartments in Irving. An unnamed local ownership group purchased the 184-unit property from an unnamed seller. Old Capital provided the 12-year Fannie Mae loan at an 80 percent loan-to-value ratio. The non-recourse loan includes a 30-year amortization schedule.

May 9, 2016

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