Multifamily

Prudential Mortgage Capital Provides $115.8M Construction Loan for Affordable Housing in D.C.

by John Nelson October 13, 2014

WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided $115.8 million in permanent financing through Freddie Mac for Art Place at Fort Totten, a mixed-income and mixed-use development in northeast Washington, D.C. The borrower is an affiliate of The Morris and Gwendolyn Cafritz Foundation, an independently run foundation focusing on providing grants for investments in the Washington, D.C., area. When completed, Art Place at Fort Totten will include 520 rental units and 103,502 square feet of commercial space. It is the first phase of a three-phase development that will be located adjacent to the Fort Totten Metro Station. The completed project will include a fitness center, restaurant, children’s museum and a community center for the arts. Of the 520 residential units, 121 will be designated affordable, with long-term income and rent restrictions. The remaining units will be market-rate. “The scale and design of this property coupled with the longstanding commitment of the borrower to serving Washington, D.C., will make this a dynamic development for the Fort Totten community,” says Alex Viorst, a principal with Prudential Mortgage Capital Co.’s affordable housing business. “When this property is completed, it will bring high-quality market rate and affordable housing to the community, along with …

October 13, 2014

Studio City Apartment Building Sells for $9.5M

by Nellie Day October 13, 2014

LOS ANGELES – A 39-unit apartment building in Studio City has sold to Raintree Partners for $9.5 million. The community is located at 4250 Coldwater Canyon Ave. It is fully occupied. Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and private seller in this transaction.

October 13, 2014

California Multifamily Western

Los Angeles Apartment Complex Sells for $6.8M

by Nellie Day October 13, 2014

LOS ANGELES – A 28-unit apartment complex in Los Angeles has sold to Trion Properties for $6.8 million. The community is located at 4620 South Slauson Ave. It was built in 1988. Robert Narchi of Marcus & Millichap represented both the buyer and private seller in this transaction.

October 13, 2014

Colorado Multifamily Western

Lakewood Apartment Building Sells for $4M

by Nellie Day October 13, 2014

LAKEWOOD, COLO. – A 41-unit apartment building in Lakewood has sold to a 1031 Exchange buyer for $4 million. The community is located at 375 S. Depew Street, near the Belmar Shopping Center. The buyer was represented by Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team. The unnamed seller was represented by Josh Newell of the firm’s Newell Team.

October 13, 2014

Delaware Multifamily Northeast

Ingerman Breaks Ground for 56-Unit Affordable Housing Development

by Amy Works October 13, 2014

NEWARK, DEL. — Ingerman has broken ground for the development of Alder Creek, Delaware’s newest affordable housing community. Located in Newark, the community will feature 13 two-story buildings offering a total of 56 one-, two-, three- and four-bedroom apartment units. Each residence will have a private entrance, front porch, rear balcony or patio, and ample parking. On-site amenities include a community building with a meeting room, laundry facilities, fitness center and maintenance space, as well as an after-school program. The project is slated for completion in summer/fall 2015.

October 13, 2014

Multifamily New Jersey Northeast

Marcus & Millichap Brokers the Sales of Two Apartment Buildings

by Amy Works October 13, 2014

HOBOKEN, N.J. — Marcus & Millichap has brokered the sales of two apartment buildings in Hoboken. 406 Madison, an eight-unit apartment building, sold for $1.1 million, and 120 Jefferson, an eight-unit residential building, sold for $1.3 million. Steven Matovski and Lawrence Conway of Marcus & Millichap’s New Jersey office had the exclusive listings for both properties. Additionally, Matovski and Conway secured all-cash, non-contingent offers for the properties.

October 13, 2014

Kentucky Multifamily Southeast Student Housing

Doster Construction Breaks Ground on $45M Student Housing Project in Louisville

by John Nelson October 13, 2014

LOUISVILLE, KY. – Doster Construction Co. has broken ground on the $45 million The Clubhouse Student Apartments in Louisville. The project will be located adjacent to the University of Louisville campus and consists of three five-story wood frame buildings. The new complex will have 758 beds and more than 400,000 square feet of living space. Amenities will include two courtyards, a swimming pool, a club room, fitness area, a theater, computer/study room and a hammock garden. The project also includes a five-and-a-half level parking garage that will accommodate more than 625 spaces. Buck Development Louisville LLC, affiliated with The John Buck Co., is the project’s developer, Doster is the general contractor and Henneman Engineering Inc. is the architect of record. Peak Campus Management will manage the asset.

October 13, 2014

Multifamily Seniors Housing Texas

Silverado Memory Care Community to Open in Metro Austin

by Haisten Willis October 10, 2014

BEE CAVE, TEXAS — Silverado Memory Care Community in Bee Cave, a suburb of Austin, will open Oct. 16 with a ribbon-cutting ceremony that will include residents and Texas State Rep. Paul Workman. Construction on the property began last year and more than 20 residents with memory impairments already live in the community, which is located at 14058 A. Bee Cave Pkwy. in Bee Cave. The property can accommodate up to 90 residents. The Bee Cave location is Silverado’s second in the Austin area. Amenities include memory boxes to help residents find their rooms, along with gardens, putting greens and walking paths.

October 10, 2014

Colorado Multifamily Western

IMT Capital Buys Alta Alameda Station in Denver

by Nellie Day October 10, 2014

DENVER — IMT Capital has acquired the 338-unit Alta Alameda Station in Denver for an undisclosed sum. The LEED-Gold-certified community is located at 275 S. Cherokee Street in the Baker neighborhood. The Baker neighborhood, just west of South Broadway, hasn’t received any new housing development in 10 years, according to Alta Alameda’s seller, Wood Partners. Alta Alameda was completed this past July. It is currently more than 90 percent occupied. The community sits across the street from the Alameda Light Rail station, which provides access to Downtown Denver and the Denver Tech Center. The site was previously home to a canning facility that provided rations during World War II, a Coors bottling plant and the Denver Studio complex. IMT Capital purchased this community with its affiliate, IMT Residential. Wood Partners is currently building three other luxury apartment communities in the Denver metro area, including Alta City House next to Union Station, Alta Harvest Station in Broomfield and Alta Cherry Hills in Englewood.

October 10, 2014

Multifamily

Alliance Realty Partners Buys the Village at Gateway Pavilions in Avalon for $23.1M

by Nellie Day October 10, 2014

AVALON, ARIZ. – Alliance Realty Partners has acquired the Village at Gateway Pavilions, a 240-unit apartment community in Avalon, for $23.1 million. The Class A community is located at 1700 N. 103rd Ave. The Village at Gateway was built in 2004 near the intersection of Interstate 10 and the Loop 101 freeway. Community amenities include a clubhouse with kitchen, fitness center, business center, resort-style pool and spa, children’s playground and community volleyball court. The seller, PEM Real Estate Group, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley.

October 10, 2014

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