Multifamily

Venture Commercial Brokers Sale of 26 Acres for Multifamily Development in Metro Dallas

by Haisten Willis March 31, 2015

PROSPER, TEXAS — Venture Commercial Real Estate has brokered the sale of 26 acres near Windsong Ranch for a 300-unit, townhome-style apartment development located within the Prosper Independent School District. Terre Verde Group, the developer of Windsong Ranch, sold the land tract to Atlanta-based Davis Development. The property is located at the northeast quadrant of Highway 380 and Gee Road, adjacent to a new 300,000-square-foot, Kroger-anchored retail development expected to break ground in December. Ken Reimer, Edward Bogel and David Davidson Jr. of Venture represented the seller, Terra Verde Group, in the transaction. Bogel and Davidson represented the buyer, Davis Development. The $1.2 billion Windsong Ranch master-planned development is located a little more than two miles west of the Dallas North Tollway on Highway 380. The property will include 3,100 single-family residential lots, 150 acres of mixed-use development along U.S Highway 380 and 600 acres of open space with native preserves, trails and parks. The first three phases have been completed and are now open.

March 31, 2015

Castle Lanterra Properties Acquires 452-unit Apartment Complex in Austin

by Haisten Willis March 31, 2015

AUSTIN, TEXAS — Castle Lanterra Properties has acquired Stonegate Apartments, a 452-unit, class A property in Austin. An institutional ownership group was the seller. The property was built in 2003 and is located just off I-35. Stonegate consists of 24 two- and three-story buildings in a variety of floor plans. Amenities include a clubhouse with a leasing office, business center, fitness center and recreation room. The property also features two swimming pools and barbeque grilling stations. Planned unit upgrades will include new lighting and plumbing fixtures, stainless steel appliances and wood vinyl plank flooring. Castle Lanterra Properties acquires, improves, repositions and manages a portfolio of multifamily properties.

March 31, 2015

Florida Loans Multifamily Southeast

NGKF Arranges $33.5M in Financing for Two South Florida Multifamily Assets

by John Nelson March 31, 2015

WEST PALM BEACH AND MIAMI GARDENS, FLA. — NGKF Capital Markets has arranged $33.5 million in financing for two multifamily properties in South Florida: the 192-unit Serrano in West Palm Beach and the 234-unit Park Plaza in Miami Gardens. Maury Zanoff, Joe Donato, Matthew Williams and Jamie Leachman of NGKF’s Washington, D.C., office arranged the financing on behalf of the borrower, AION Partners. The two loans have floating interest rates and interest-only periods. AION will repay existing debt and use the funds to make capital improvements on the two multifamily properties.

March 31, 2015

Embassy Towers Washington, D.C. Adams Morgan

District of Columbia Multifamily Southeast

UIP, Lubert-Adler Acquire Apartment Building in D.C. for $13.3M

by John Nelson March 31, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) and Lubert-Adler Partners have teamed up to acquire Embassy Towers, a 72-unit apartment building located in Washington, D.C.’s Adams Morgan neighborhood, for $13.3 million. The property is located at 1620 Fuller St. N.W. The Embassy Towers Tenant Association has not decided whether the property will remain an apartment building or convert into a condominium project. Alan Davis and Brendan Flood of HFF represented the seller, a family consortium, in the transaction. UIP subsidiaries UIP Property Management Inc. and UIP General Contracting Inc. will handle property management duties and renovations to Embassy Towers, respectively.

March 31, 2015

Multifamily New York Northeast

Kushner Cos. Buys 16-Building Multifamily Portfolio in NYC for $131.5M

by Amy Works March 31, 2015

NEW YORK CITY — Kushner Cos. has acquired a 16-building portfolio of Manhattan and Brooklyn multifamily properties for $131.5 million from Stone Street Properties and HIG Realty Partners. The portfolio, which also includes five retail stores, consists of 14 Manhattan buildings totaling 251 units in the Upper East Side, Murray Hill, East Village and Greenwich Village, and two buildings, totaling 40 units, in Brooklyn’s Boerum Hill district.

March 31, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers Two Multifamily Sales in New Jersey

by Amy Works March 31, 2015

PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the sale of two multifamily properties, totaling 60 units, in Plainfield. In the first transaction, Gehane Triarsi and Nicholas Nicolaou of Gebroe-Hammer arranged the $3.1 million sale of a 33-unit multifamily property at 815-825 Central Ave. The property features a mix of two-, three- and four-and-a-half-room layouts. In the second deal, Triarsi represented the seller in the $2.2 million sale of a 27-unit property at 315 W. Eighth St. The property features 21 studios and six one-bedroom units. Stephen Tragash, also of Gebroe-Hammer, procured the buyer in the transaction.

March 31, 2015

Loans Multifamily Texas

Dougherty Mortgage Arranges $4.3M Loan for Apartment Complex in Dallas

by Haisten Willis March 30, 2015

DALLAS — Dougherty Mortgage LLC has arranged a $4.3 million Fannie Mae loan for the refinance of American Beauty Mill Lofts, an 80-unit multifamily market rate apartment property located in Dallas. Dougherty’s Dallas office arranged the 10-year, interest-only loan for the borrower, American Beauty Lofts Ltd. American Beauty Mill Lofts offer loft apartments located in downtown Dallas. Formerly a flour mill warehouse, the retrofitted loft apartments feature open floor plans, 15-foot ceilings and stained concrete flooring.

March 30, 2015

Multifamily Texas

M&M Arranges Sale of 100-Unit Apartment Complex in Odessa

by Haisten Willis March 30, 2015

ODESSA, TEXAS — Marcus & Millichap has arranged the sale of Village Place, a 100-unit multifamily property located in Odessa. Joe James and Kent Myers of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a Texas-based development company. Village Place is located at 1100 Milburn Ave., within one mile of U.S. Highway 385 and one mile from I-20. The property was built in 1971.

March 30, 2015

Multifamily South Carolina Southeast

East West Partners Breaks Ground on Luxury Condo Project in Charleston MSA

by John Nelson March 30, 2015

MOUNT PLEASANT, S.C. — East West Partners has begun construction on Tides IV, a 54-unit luxury condominium community in Mount Pleasant, a suburb of Charleston. All 13 residences listed in a pre-sale in December 2014 sold for an average $930,000, the most expensive of which was a $2.2 million penthouse sale. East West Partners will release 10 more units for pre-sale in early April. Upon completion in summer 2016, the property will feature a lobby, fitness center and marsh-front swimming pool. Tides IV will be situated near Mount Pleasant Waterfront Park, Ravenel Bridge (connecting to historic downtown Charleston), Sullivan’s Island and Isle of Palms.

March 30, 2015

Boardwalk at Morris Bridge Temple Terrace

Florida Multifamily Southeast Student Housing

Marcus & Millichap Brokers $17.2M Sale of Student Housing Property in Florida

by John Nelson March 30, 2015

TEMPLE TERRACE, FLA. — Marcus & Millichap has brokered the $17.2 million sale of Boardwalk at Morris Bridge, a 146-unit, 580-bed student housing community located at 8800 Boardwalk Trail Drive in Temple Terrace. The apartment building is less than a four-minute drive from the University of South Florida’s main campus. Built in 2001, the property’s amenity package includes a resort-style swimming pool and spa, tanning beds, a clubhouse, study center, 24-hour courtesy officer and shuttle service to the campus. Frank Carriera, Michael Regan and Alex Blagojevich of Marcus & Millichap’s Tampa office, along with David Gaines and Greg Gonzalez of the firm’s Chicago office, represented both the buyer and seller in the transaction.

March 30, 2015

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