Multifamily

Keenan & Co. Arranges Sale of University of Arizona Student Housing for $6.7M

by Nellie Day September 8, 2015

TUCSON, ARIZ. — Keenan & Co. has arranged the sale of The Stone Avenue Standard, a 64-unit, 224-bed student housing complex at the University of Arizona, for $6.75 million. The $6.75 million purchase price equates to $105,470 per unit. Tom Keenan, president of Keenan & Co., represented the seller and procured the buyer, Quad Real Estate Partners, of New York. Dallas-based THP PM Group will manage the property. The Stone Avenue Standard features unfurnished three- and four-bedroom apartments, a resort-style pool, exercise room, study room, a lounge, secured and covered parking, and a shuttle to and from campus. It also features 12 two-story, two-bedroom, two-and-a-half bath townhome units with an attached garage.

September 8, 2015

District of Columbia Loans Multifamily Southeast

HFF Arranges $32M Loan for New Multifamily Community in D.C.

by John Nelson September 8, 2015

WASHINGTON, D.C. — HFF has arranged $32 million in financing for Kennedy Row, a newly built, 141-unit apartment community located in Washington, D.C.’s Capitol Hill neighborhood. The Class A property is located at 1717 E. Capitol St. S.E. across the street from Eastern Senior High School. Built in 2013, the property features a rooftop terrace, an on-site fitness center, pet cleaning station, bike storage and underground parking. The asset was 94 percent occupied at the time of financing. Michael Gigliotti, Sue Carras, Walter Coker and Brian Crivella of HFF arranged the seven-year, floating-rate loan through HSBC Bank on behalf of the borrower, a joint venture between TRITEC Real Estate Co. and The JBG Cos. The loan proceeds were used to refinance existing construction debt on the property.

September 8, 2015

Multifamily Southeast Virginia

Berkadia Brokers $14.6M Sale of Section 8 Community in Hampton Roads Area

by John Nelson September 8, 2015

HAMPTON, VA. — Berkadia has brokered the $14.6 million sale of Langley Square I & II, a Section 8 multifamily property located at 100-130 Doolittle Road in Hampton. Built in 1973, the 254-unit community features one- to three-bedroom units and a swimming pool, baby pool, playground, laundry facilities and on-site parking. The property was 99 percent occupied at the time of sale. The buyer, Langley Apartments LLC, is an established local multifamily operator and plans to renovate the property. The seller was Bethesda, Md.-based Mercury II and III Associates. Alan Meetze and David Hudgins of Berkadia’s Newport News, Va., office brokered the transaction.

September 8, 2015

Loans Multifamily Southeast Virginia

Capital One Closes $14.5M Refinancing of Apartment Community in Metro D.C.

by John Nelson September 8, 2015

ARLINGTON, VA. — Capital One has provided a $14.5 million Fannie Mae loan to refinance Fields of Arlington, a 199-unit, mid-rise affordable housing community in Arlington, a Northern Virginia suburb of Washington, D.C. The apartment community features a clubhouse, barbecue grills and picnic areas and an outdoor swimming pool. The property is almost wholly dedicated to affordable housing, with 79.9 percent of units reserved for tenants whose income is 60 percent or less of the area median income (AMI) and 15.1 percent reserved for tenants whose income is 50 percent or less of AMI. Only 5 percent of the apartments are unrestricted. Sadhvi Subramanian and Michael Antonelli of Capital One Multifamily Finance originated the loan on behalf of the borrower, Kettler, the largest developer of affordable multifamily housing in the area.

September 8, 2015

Multifamily Southeast Tennessee

Capstone Brokers $6.5M Sale of Apartment Community in Chattanooga

by John Nelson September 8, 2015

CHATTANOOGA, TENN. — Capstone Apartment Partners has brokered the $6.5 million sale of Forest on Frazier, a newly constructed, 30-unit apartment community located at 207 Delmont St. in Chattanooga’s NorthShore neighborhood. Enclave Holdings purchased the fully occupied asset from Boehm Real Estate & Investment Co. for $215,200 per unit, the highest price per unit sale in Chattanooga’s history. Built in 2014, the apartment community is located a couple blocks from the Tennessee River and offers views of Lookout Mountain and the downtown Chattanooga skyline. Adam Klenk and Eric Conklin of Capstone’s Nashville office, along with Andrew Klenk of Capstone’s Raleigh-Durham office, represented the seller in the transaction.

September 8, 2015

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Charlotte’s Uptown, South End Set Pace for City’s Apartment Development Activity

by John Nelson September 7, 2015

Lately, Charlotte seems to have more of everything: jobs, residents, young people — all of which has driven more demand for quality multifamily properties in urban neighborhoods with multiple lifestyle amenities. Renters’ desire for parks, transit options and walkable access to work, culture, and entertainment has led Charlotte’s Uptown/South End region to become the fastest-growing apartment submarket in the nation, according to a study by MPF Research. Since the recession, Uptown/South End has experienced a period of remarkable growth in the multifamily market, and has seen an 82 percent increase in units since 2012, the study says. Overall, renter-occupied units make up just over two-fifths, or 40 percent, of the city’s housing market, a percentage that is already higher than the national average and anticipated to increase. As more properties are built, Charlotte’s 5.1 percent vacancy rate is likely to increase over the long term, but demand is expected to remain strong as the city’s dynamic economy and population continue to grow. The area’s population is set to increase about 2 percent annually over the next five years, far outpacing the country’s overall rate of 0.75 percent. Much of that is due to an influx of well-educated, younger people moving …

September 7, 2015

Midwest Mixed-Use Multifamily Office Ohio Retail

City of Independence, Fairmount Properties Partner on Mixed-Use Developments in Ohio

by Amy Works September 4, 2015

INDEPENDENCE, OHIO — The City of Independence has approved a series of area development plans and selected Cleveland, Ohio-based Fairmount Properties LLC as a development partner. The city, located about 12 miles south of Cleveland, plans to develop and redevelop various city-owned property in downtown Independence, including the former Independence Middle School, and a 33-acre site in the Northwest Quadrant of Rockside Road. The overall plan focuses on bringing much-needed residential, commercial and public amenities to the community, while the initial scope of the development planning will concentrate on adding new for-sale residential choices to the downtown market. Additionally, a complementary neighborhood retail component is included in the initial planning, which will expand housing options for young professionals, empty nesters and downsizers. The vision for the 33-acre, city-owned property is a mixed-use district with a corporate focus that also incorporates ancillary retail, restaurant, entertainment and residential uses within a compact and walkable street pattern. The city and Fairmount will immediately begin the pre-development process for the projects. The anticipated completion for the initial phases of development is scheduled for 2017.

September 4, 2015

Illinois Midwest Multifamily

Marcus & Millichap Arranges $1.3M Sale of 14-Unit Apartment Building in Chicago

by Amy Works September 4, 2015

CHICAGO — Marcus & Millichap has brokered the sale of an apartment building located at 5428-5430 N. Kimball Ave. in Chicago. The 14-unit property sold for $1.3 million. The property is located in the North Park neighborhood, which is home to Northeastern University and North Park University. Jacob Korman and Kyle Stengle of Marcus & Millichap’s downtown Chicago office represented the seller, a private investor, while Joseph Scheck and Steve Livaditis, also of Marcus & Millichap, represented the buyer, a limited liability company, in the transaction.

September 4, 2015

Midwest Mixed-Use Multifamily Office Ohio Retail

17,500 SF Mixed-Use Property in Ohio Sells for $610,000

by Amy Works September 4, 2015

VALLEY VIEW, OHIO — A partnership has acquired a 17,500-square-foot mixed-use property located at 5345 Canal Road in Valley View, a suburb of Cleveland. A financial institution sold the asset for $610,000. At the time of closing, the property was more than 90 percent occupied. James McHale of Marcus & Millichap’s Cleveland office represented both parties in the transaction.

September 4, 2015

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $2.7M Loan for Three-Building Multifamily Property

by Amy Works September 4, 2015

LOWELL, MASS. — Fantini & Gorga has arranged $2.7 million in permanent financing for Embassy House Apartments in Lowell. The three-building property features 36 one- and two-bedroom market-rate apartments. Originally built in the early 1960s, the property underwent an extensive exterior/interior and building systems upgrade in 2003. Derek Coulombe, Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing for the undisclosed borrower.

September 4, 2015

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