Multifamily

Big Rock, Millennium Real Estate to Develop $25M Seniors Housing Facility in Lowcountry

by John Nelson April 7, 2015

PORT ROYAL, S.C. — Big Rock Partners and joint venture partner Millennium Real Estate Group plan to develop a $25 million seniors housing rental community in Port Royal, near Hilton Head Island in South Carolina’s Lowcountry region. The partnership plans to begin construction on the project in early 2016 and wrap up construction in early 2017. The property will span 126 rental residences — 60 independent living, 45 assisted living and 21 memory care. The new community will be located on a 50-acre property that Millennium Real Estate Group owns. The other components of the tract include The Preserve luxury apartments, Port Royal Center and the Keyserling Cancer Center, which is an affiliate of Duke Medicine. Winston-Salem-based CJMW Architecture is designing the community.

April 7, 2015

Maryland Multifamily Southeast

MAC Realty Advisors Raises $22M in JV Equity for Metro Baltimore Apartment Community

by John Nelson April 7, 2015

LINTHICUM, MD. — MAC Realty Advisors LLC has placed approximately $22 million in joint venture equity for the development of Alexan Concorde Circle, a 310-unit apartment community in Linthicum, roughly 10 miles south of Baltimore. The 11.4-acre site is located off of Nursery Road and is one mile from the Baltimore Washington International Thurgood Marshall Airport, Amtrak and MARC stations. MAC placed the equity through an unnamed private equity real estate fund on behalf of the developer, Trammell Crow Residential. Trammell Crow will break ground on the project in the second quarter and will deliver the first units in the third quarter of 2016.

April 7, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $21M Sale of Two Multifamily Properties in Tampa Bay Area

by John Nelson April 7, 2015

CLEARWATER AND TAMPA, FLA. — Marcus & Millichap has brokered the $21 million sale of two apartment communities in the Tampa Bay area. The buyer, Montreal-based Groupe Mach Inc., purchased the 200-unit Royal Breeze Apartments in Clearwater for $13.9 million and the 168-unit Lenox Place Apartments in Tampa for $7.1 million. Casey Babb, Luis Baez and Moe Derbala of Marcus & Millichap’s Tampa office represented the seller, Tampa-based Hachem Investments, in the transaction. Groupe Mach was represented internally.

April 7, 2015

Multifamily New York Northeast Office

Triangle Equities Completes Construction of Residential/Office Building in Queens

by Amy Works April 7, 2015

NEW YORK CITY — Triangle Equities has completed the development of a nine-story mixed-use building located at 42-05 Parsons Blvd. in the Flushing neighborhood of Queens. The 28,546-square-foot condominium building features 14 residential units and five office units. The lower level of the building is being offered as a community facility space, totaling 6,755 square feet in five separate units. The space features 13-foot ceilings, a separate elevator and staircase and a private entryway. The top floors offer 14 two-bedroom/bathroom condos and two three-bedroom/bathroom penthouses on the top two floors. Ranging in price from $550,000 to more than $1 million, the residential condos feature hardwood floors, private balconies/terraces, walk-in closets, stacked washer/dryers and a video intercom entry system. Block & Lot Real Estate & Management is representing the ownership in all residential sales, while Cushman & Wakefield is handling the sale of the community facility space.

April 7, 2015

Multifamily Northeast Pennsylvania

Lowe Enterprises, First Capital Advisors Buy 116-Unit Silk Factory Lofts

by Amy Works April 7, 2015

LANSDALE, PA. — A joint venture between Lowe Enterprises Investors and First Capital Advisors has acquired Silk Factory Lofts, a 116-unit apartment community located at 200 S. Line St. in Lansdale, for an undisclosed price. Originally built in 1922 as the Interstate Hosiery Mill, the building was converted to a multifamily property in 2008. The 99 percent-occupied property features a mix of one-, two- and three-bedroom units with open floor plans, high ceilings, large windows and modern finishes. Community amenities include a fitness center, community room and landscaped courtyards. The joint venture plans to upgrade unit finishes and complete improvements to the common areas. Greystar has been retained to manage the property. Jones Lang LaSalle represented the seller, an affiliate of Morgan Properties, in the transaction.

April 7, 2015

California Multifamily Western

Park Laurel Apartments in San Mateo Trades for $10.3M

by Nellie Day April 7, 2015

SAN MATEO, CALIF. – The 26-unit Park Laurel Apartments in San Mateo has sold to MNM Partners LLC for $10.3 million. The community is located at 710 Laurel Ave. It was built in 1959. The seller, the Brenner Family Partnership, was represented by Ted Kokernak of Marcus & Millichap’s Palo Alto office.

April 7, 2015

Arizona Multifamily Western

Arizona Sun Apartment Building in Tempe Sells for $3.6M

by Nellie Day April 7, 2015

TEMPE, ARIZ. – The 58-unit Arizona Sun apartment community has sold to a limited liability company for $3.6 million. The community is located at 1895 & 1901 East Don Carlos Ave. Pete Te Kampe of Marcus & Millichap’s Phoenix office represented both the buyer and seller, another LLC, in this transaction.

April 7, 2015

Multifamily Texas

Greysteel Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis April 6, 2015

EULESS, TEXAS — The Greysteel Co., a Washington, D.C.-based real estate investment services firm, has arranged the sale of Royal Terrace, a 120-unit apartment community located at 306 Martha St. in Euless. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the Copperstream Investments LLC in the sale of Royal Terrace to the buyer, Amar Patel. Royal Terrace offers access to both Dallas and Fort Worth via Highway 183 (Airport Freeway) and Highway 360. The property has undergone recent improvements including new electrical room panels and wiring, new shingle mansards and exterior paint.

April 6, 2015

California Multifamily Western

Whispering Palms Apartments in Palm Springs Sells for $6.8M

by Nellie Day April 6, 2015

PALM SPRINGS, CALIF. – The 121-unit Whispering Palms apartments in Palm Springs has sold to Latitude 33 LLC for $6.8 million. The community is located at 449 E. Arenas Road. The buyer was represented by Milburn Stevens of Lee & Associates Palm Desert. The seller, Metropolitan Management Company and City Center Real Estate, was also represented by Stevens.

April 6, 2015

Midwest Multifamily Ohio Student Housing

Gilbane Breaks Ground on New Student Housing Development in Cincinnati

by Danielle Everson April 6, 2015

CINCINNATI — Gilbane Development Co. has begun development on The Verge, a student housing project near the University of Cincinnati. Located at the corner of West McMillan St. and West Clifton Ave., The Verge is located one block from the university’s main campus. The 245,000-square-foot building is expected to be completed for August 2016 occupancy, and will feature 495 beds within 178 apartment units and 380 parking spaces. Residents will have access to amenities including a clubhouse, gaming tables, cyber cafe, media room, fitness center with tanning room, seating areas, group study rooms and a private landscaped courtyard featuring a barbecue grill and fire pit with seating areas. High-speed Internet and Wi-Fi will be available throughout the building. The project is eco-friendly, and will attain LEED Silver certification. Additionally, 7,500 square feet of commercial space will be located along the prominent commercial corridor along West McMillan and Clifton.

April 6, 2015

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