Multifamily

633-E-186th-NYC

NEW YORK CITY — Westbridge Realty Group has arranged four sales in New York City totaling $8.5 million. In the first transaction, Baycrest Management acquired a multifamily property with 27 apartments and one retail unit from Emritas Realty LLC for $3.9 million. The building is located at 633 E. 186th St. in the Belmont section of the Bronx. Steven Westreich represented the buyer and seller in the deal. In the second transaction, 2 Stanwix LLC purchased a 3,510-square-foot mixed-use property located at 2 Stanwic St. in Brooklyn’s Bushwick neighborhood for $2 million, or $570 per square foot. Adam Traub of Westbridge represented the buyer, while Hen Vaknim, also of Westbridge, represented the seller, 2S, in the transaction. In the third deal, East Williamsburg Powers LLC acquired a 3,750-square-foot apartment building, located at 280 Powers St. in Brooklyn’s Williamsburg section, for $1.4 million. Westreich represented the buyer, while Traub represented the undisclosed seller. In the final transaction, Westreich represented the buyer and seller in the $1.2 million exchange of 345 Montgomery Street in Brooklyn. The assets, which include eight unsold coop rent-stabilized units, sold for $158 per square foot. The names of the buyer and seller were not released.

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SEATTLE — Holliday Fenoglio Fowler (HFF) has arranged the sale of, and acquisition financing for, Queen Anne Manor, a 93-unit seniors housing community in Seattle’s Upper Queen Anne neighborhood. Capitol Seniors Housing acquired the asset from an undisclosed seller for $36.3 million, free and clear of existing debt. HFF also assisted the buyer in securing a $25 million, seven-year, floating-rate loan through Freddie Mac. Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each. Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. The property was 96 percent leased at the time of sale and is situated on just over one acre. Milestone Retirement Communities LLC, which is based in Vancouver, Wash., will manage the property. Senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich led the HFF team.

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PORTLAND, ORE. — Berkshire Group has purchased the 63-unit Lower Burnside Lofts in Portland for $18.5 million. The community is located at 60 SE 10th Ave., within the Lower Burnside neighborhood. Lower Burnside Lofts was built last year and began leasing in July 2015. Robert Black of ARA Newmark represented the seller, Urban Asset Advisors, in this transaction.

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JACKSON, MISS. — Capital One has provided an $11.8 million, fixed-rate Freddie Mac loan for the acquisition of Tracewood Apartments, a 280-unit apartment community in Jackson. Chad Thomas Hagwood of Capital One Multifamily’s Southeast office arranged the 10-year, fixed-rate loan on behalf of the borrower, StoneRiver Co. Brandon Pate of Capital One’s Birmingham office managed the deal on behalf of Capital One. The loan structure includes two years of interest-only payments followed by a 30-year amortization schedule.

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OVERLAND PARK AND SHAWNEE, KAN. — NorthMarq Capital has arranged a total of $13.3 million in refinancing loans for two multifamily properties in Kansas. Fiesta Square Apartments is located at 9551 W. 85th St. in Overland Park, and Haverford West Apartments is located at 11309 W. 75th St. in Shawnee. The two properties contain a total of 231 units and were built in 1972 and 1984 respectively. NorthMarq arranged financing for the undisclosed borrower through its relationship with Freddie Mac. The transactions were both structured with a 10-year term and 30-year amortization schedule. Greg Duvall of NorthMarq arranged the financing.

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BETHESDA, MD. — Berkeley Point Capital has closed $1.4 billion in Freddie Mac acquisition loans for a 25-property, five-state portfolio on behalf of long-time client Starwood Capital Group. The portfolio’s properties total 8,597 units located in California, Colorado, Florida, Maryland and Virginia. The properties were built between the mid-1960s and late 2000s and include amenities such as clubhouses, fitness centers, dog parks, business centers, hot tubs, barbecue areas, saunas, playgrounds, and basketball, tennis, racquetball and volleyball courts. The 10-year, floating-rate loans include a five-year interest-only period with a 30-year amortization schedule. All loans closed on Jan. 26. “The closing of the portfolio was a huge success and was driven by the very focused and coordinated efforts of Starwood, Freddie Mac and Berkeley Point,” says Charlie Haggard, managing director of Berkeley Point Capital’s Irvine, Calif. office. “The relationships and familiarity between the various parties allowed for a smooth and timely closing.” Haggard and Kevin Mignogna led the financial effort for Berkeley Point Capital. Berkeley Point Capital is a multifamily capital provider with a portfolio of over $50 billion including 2,800 loans in 49 states. The firm offers Fannie Mae, Freddie Mac, FHA, CMBS and life company loans. Commercial real estate financing …

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advenir-at-stone-park-houston-texas

HOUSTON — Advenir, a provider of multifamily real estate investment and management services, has acquired Advenir at Stone Park, formerly known as Broadstone Stone Park Apartments. The property is a 480-unit, Class A apartment community located at 6160 E. Sam Houston Parkway N. in Houston. Advenir has acquired more than 1,100 apartment units in metro Houston during the last nine months. Advenir at Stone Park is a two-phased development with the first phase built in 2004 and the second completed in 2007. Amenities include two fitness centers, two business centers, two swimming pools, available detached garages and carports and controlled access gates. Advenir plans to invest $4 million to renovate and modernize all of its common area facilities, the property exteriors and unit interiors. The property is located within walking distance to The Shops at Stone Park and New Forest Crossing Shopping Center, which include 533,000 square feet of retail combined.

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BAY CITY AND SWEENY, TEXAS — Berkadia has negotiated the sale of two apartment communities located in Bay City and one in Sweeny. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia’s San Antonio office negotiated the transactions. The sellers were Dallas-based private investors that plan to use the capital in other markets. A private investor in California was the buyer. Hamman Oaks, located at 2300 Hamman Road in Bay City, was built in 1974. The 84-unit property features one-, two- and three-bedroom floor plans. Community amenities include a laundry facility, basketball court and tennis court. Located one-half mile from Hamman Oaks, the 107-unit Bay Brook is located at 5001 Ave. F. The affordable housing community was built in 1979 and consists of one-, two- and three-bedroom floor plans. Units feature full kitchens, air conditioning and private patios or balconies. Amenities include laundry facilities, a swimming pool and a playground. Oak Bend Estates is located at 1000 W. Ashley Wilson Road in Sweeny. The 120-unit property was built in 1981 and was 96 percent occupied at the time of the sale. The property features one- and two-bedroom floor plans. Each unit features fully equipped kitchens, cable TV, high-speed …

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LAS VEGAS — Hines has purchased the 308-unit Domain Luxury Apartment Homes in Las Vegas for $58.2 million. The community is located at 831 Coronado Center Drive. The garden-style property is situated at the entrance to the Anthem community. It was built in 2014. Doug Schuster, Curt Allsop and Vittal Ram of ARA Newmark represented the seller, Nevada West Development, in this transaction.

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Glenwood Grubb Stiles Raleigh

RALEIGH, N.C. — Stiles Residential Group, a division of Fort Lauderdale, Fla.-based Stiles, and Raleigh-based Grubb Ventures have partnered to develop a new 186-unit mid-rise apartment community in Raleigh. Located at the intersection of Glenwood Avenue and Oberlin Road inside the I-440 Beltline, the Class A project will be situated adjacent to Carolina Country Club and near downtown Raleigh and Cameron Village. Apartment homes in the unnamed property will include studio, one-, two- and three-bedrooms ranging in size from 600 square feet to more than 1,700 square feet. Community amenities will include three resident lounges/clubrooms, a café, resort-style pool and outdoor entertainment area, terrace overlooking the adjacent golf course, fitness center and a landscaped courtyard with seating areas and a bocce ball court. Construction is scheduled to commence in March and first move-ins are anticipated to be in early summer 2017.

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