Multifamily

Marcus & Millichap Arranges Sale of 51-Unit Apartment Building in Fort Worth

by Haisten Willis November 11, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Renaissance II, a 51-unit apartment property located in Fort Worth. Scott Ogilvie and Trey Caldwell of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. Ogilvie and Caldwell also procured the buyer, a limited liability company. Renaissance II is located at 2324 Ridgmar Plaza in Fort Worth, just north of I-30. Constructed in 1962, the 51-unit, Class C asset is situated on one acre. Renaissance II consists of one two-story building with one efficiency, 24 one-bedroom/one-bath and 26 two-bedroom/two-bath floor plans. At the time of listing, the asset was 98 percent occupied.

November 11, 2015

Federal Capital Partners Provides $14.5M in Construction Financing for 33-Unit Luxury Condos in Boston

by Amy Works November 11, 2015

BOSTON — Federal Capital Partners has provided a $14.5 million senior construction loan for the development of a condominium project located at 170 W. Broadway in South Boston. The loan was funded in partnership with Boston-based The Grossman Companies. KEM Development Co. is developing the project, which will feature 33 one- and two-bedroom luxury condos, including eight penthouses with rooftop decks, below-grade garage parking and 5,000 square feet of ground-floor retail space. Construction began in August and delivery is slated for fourth quarter 2016.

November 11, 2015

Mixed-Use Multifamily New York Northeast Retail

Silvershore Properties Acquires Mixed-Use Property in Queens for $10.6M

by Amy Works November 11, 2015

NEW YORK CITY — Silvershore Properties has acquired a mixed-use building located at 1071 Cypress Ave. in the Ridgewood neighborhood of Queens for $10.6 million. The 33,500-square-foot property features 39 rent-stabilized residential apartments and five mom-and-pop stores, totaling 5,000 square feet. Cypress Realty LCC sold the property, which it originally purchased in 1986. No brokers were involved in the transaction.

November 11, 2015

Alabama Multifamily Southeast

Berkadia Brokers $29.2M Sale of Apartment Community in Birmingham

by John Nelson November 11, 2015

BIRMINGHAM, ALA. — Berkadia has brokered the $29.2 million sale of Stonecrest at Double Oak Mountain, a 315-unit apartment property located in Birmingham. Built in 1998, the garden-style community features two- and three-story buildings housing units that average 1,176 square feet. Atlanta-based Waypoint Residential purchased the property from Rodman Properties. David Oakley and Royce Emerson of Berkadia’s Alabama office represented the seller in the transaction.

November 11, 2015

Illinois Midwest Multifamily

Steadfast Apartment REIT Acquires 374-Unit Apartment Complex in Chicago Suburb for $58.5M

by Christina Cannon November 11, 2015

BOLINGBROOK, ILL. — Steadfast Apartment REIT has acquired a 374-unit apartment community located in Bolingbrook, approximately 25 miles southwest of Chicago, for $58.5 million. A public, non-traded REIT, Steadfast purchased the property from Friedkin Real Estate and Jackson Square Properties. Meadows at River Run offers one-, two- and three-bedroom apartments ranging from 670 square feet to 1,262 square feet. The community was built in 2001, and unit amenities include washers and dryers, walk-in closets and fireplaces. Community amenities feature a swimming pool, fitness center, business center and pet park. The complex was 93 percent occupied at the time of sale. Steadfast plans to complete improvements including new lighting, plumbing, stainless steel appliances, faux wood blinds and upgraded countertops. Marty O’Connell of HFF represented the sellers in the transaction. Steadfast Apartment REIT was self-represented.

November 11, 2015

Midwest Multifamily Student Housing Wisconsin

Ogden & Co. Brokers $6.8M Sale of Four Student Housing Buildings in Milwaukee

by Christina Cannon November 11, 2015

MILWAUKEE, WIS. — Ogden & Co. Inc. has arranged the sale of four student housing buildings in Milwaukee that serve students of Marquette University. The assets sold for $6.8 million. Wiegand Investments sold the assets to Charles Tunkieicz Farms Inc. Ogden & Co. will manage the property. Michael Seramur and David Tighe of Ogden & Co. represented the seller, Wiegand Investments, in the transaction. Brett Garceau and Timothy Janusz of MLG Commercial represented Charles Tunkieicz Farms.

November 11, 2015

Illinois Midwest Multifamily

Interra Realty Arranges $1.8M Sale of Two Multifamily Properties in Chicago

by Christina Cannon November 11, 2015

CHICAGO — Interra Realty has arranged the sale of two multifamily properties in Chicago’s South Shore neighborhood for a total of $1.8 million. The two courtyard buildings were constructed in 1920 and are located at 7625-33 and 7635-43 S. East End Ave. The two properties have a total of 51 one-bedroom units and comprise 42,129 square feet. Both properties have received recent upgrades including new windows, porches and roofs. David Goss and Jon Morgan of Interra represented the undisclosed seller. Brad Feldman of Interra represented the undisclosed buyer in the transaction.

November 11, 2015

Arizona Multifamily Student Housing Western

ACC Breaks Ground on $120M Live-Learn Facility at ASU

by Nellie Day November 10, 2015

TEMPE, ARIZ. — American Campus Communities has broken ground on its sixth student housing facility at Arizona State University in Tempe, a $120 million live-learn facility. Upon its opening in fall 2017, the facility will house 1,594 students enrolled in the Fulton Schools of Engineering. The property will feature E-Space, a 3,500-square-foot lab outfitted with resources that cater to the needs of Fulton Schools students. The dining facility also has been designed with Fulton Schools of Engineering students in mind. The facility is approximately 14,000 square feet, includes seating for 500 students, and features four food stations and a mixture of seating types, including counter seating, booth seating and tables. A tech lounge is located on the mezzanine level along with individual seating pods with views of the landscape and main level. The new residence hall will be located in the heart of campus on East University Drive, providing residents with the option to walk or bike to class. The property features amenities such as social and recreation lounges, an Academic Success Center, a cardio fitness room and several academic study spaces.

November 10, 2015

California Loans Multifamily Western

Berkadia Arranges $130M Fannie Mae Financing for St. Moritz Apartments in Aliso Viejo

by Nellie Day November 10, 2015

ALISO VIEJO, CALIF. — Berkadia has arranged $130 million in financing for the 675-unit St. Moritz Apartments. The community is located at 23411 Summerfield in Aliso Viejo, southeast of Los Angeles. The property was about 95 percent occupied at the time of closing. The loan features a 10-year term, 3.51 percent interest rate and interest-only payments for the full term. Mitch Thurston and Andy Ahlers of Berkadia originated the loan through the firm’s Fannie Mae program.

November 10, 2015

California Multifamily Student Housing Western

Sundt Tops Out Campus Village Phase II at San Jose State University

by Nellie Day November 10, 2015

SAN JOSE, CALIF. — Sundt Construction Inc. recently topped out Campus Village Phase II, a 10-story student housing building at San Jose State University. When complete, the building will feature 850 beds, common study rooms, a lounge, multi-purpose room, recreation room and more. Sundt is working with architects Solomon Cordwell Buenz on the $102 million project, which is expected to be completed in mid-2016.

November 10, 2015

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