Multifamily

Eagles Landing Apartments in Tacoma Sells for $18.5M

by Nellie Day March 27, 2015

TACOMA, WASH. — Goodman Real Estate has acquired the 230-unit Eagles Landing Apartments in Tacoma for $18.5 million. The community is located at 2201 104th Street South. Eagles Landing was built in 1990. It is currently 98 percent leased. Common-area amenities include a fitness center, swimming pool, Jacuzzi, laundry facility, controlled-access gates and parking. In-unit amenities include fully equipped kitchens, fireplaces, cable access, washers and dryers, and balconies and patios. The property is located near Interstate 5, State Route 512 and Pacific Avenue. The seller was Eagles Landing LLC. The transaction was executed by Kenny Dudunakis and Jim Jensen of Berkadia.

March 27, 2015

Illinois Midwest Multifamily Retail

Mid-America Real Estate Brokers $3.7M Sale of Property in Chicago

by Danielle Everson March 26, 2015

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of a former funeral home in the Lakeview neighborhood of Chicago. Stonestreet Partners LLC purchased the 12,500-square-foot building and 0.33 acres of land. The subject property is located at the northeast corner of Lincoln, Southport, and Wellington avenues. Stonestreet plans to redevelop the former funeral home into a space that will include retail and residential property. Paul Bryant and Andrew Becker of Mid-America represented the seller, a private family and land trust. Kevin Boyd of SRS Real Estate represented the buyer.

March 26, 2015

Multifamily New York Northeast

Shamah Properties Buys Eight-Building Multifamily Portfolio in Manhattan

by Amy Works March 26, 2015

NEW YORK CITY — Shamah Properties has acquired an eight-building multifamily portfolio for $44 million from Brooklyn, N.Y.-based E&M Associates. Located in Manhattan’s Washington Heights neighborhood, the 138,214-square-foot, 184-unit portfolio includes 535-539 West 162nd Street, 522-536 West 147th Street and 521-523 West 156th St. Steven Vegh of Westwood Realty Associates represented both the seller and buyer in the transaction. Additionally, Edward Setton of Shamah Properties negotiated the purchase and financing on behalf of the buyer. Shamco Management, Shamah Properties’ in-house management company, will manage the assets.

March 26, 2015

Multifamily Northeast Pennsylvania

Mack-Cali, Parkway Corp. Form JV to Develop Multifamily Project in Philly

by Amy Works March 26, 2015

PHILADELPHIA — Mack-Cali and its Roseland subsidiary have formed a joint venture with Parkway Corp. to develop a multifamily property at 709 Chestnut Square in Philadelphia. Located in Center City, preliminary plans for the 32-story development include 300 luxury residential units and 11,000 square feet of indoor and outdoor amenity space, as well as an on-site 125-car parking garage. Currently in the planning and permitting stages, the development is slated to commence construction by the end of 2015.

March 26, 2015

Panorama Tower Miami Concrete Pour Foundation

Florida Mixed-Use Multifamily Southeast

Florida’s Largest Single Foundation Poured at Site of $800M Apartment Tower in Miami

by John Nelson March 26, 2015

MIAMI — The site of the 83-story Panorama Tower in Miami spans 14,677 cubic yards, making it Florida’s largest single foundation in history. The continuous concrete pour held last weekend comprised more than 1,200 loads spread out between 175 cement trucks pouring for a consecutive 22.5 hours. Upon completion, Florida East Coast Realty’s Panorama Tower will be the tallest residential tower on the Eastern seaboard south of New York and the tallest building (830 feet) in the state of Florida. The project includes 16 miles of auger cast piles, more than 3,500 tons of reinforcing steel, 13.5 million pounds of cement, 15.3 million pounds of sand, 25.8 million pounds of rock and 495,000 gallons of water. For the $800 million tower, Florida East Coast Realty is using a $340 million construction loan from Wells Fargo, which is the largest construction loan in South Florida. Mosche Cosicher designed the tower to feature a 2,000-car parking garage, 100,000 square feet of medical office space, a 208-room hotel, 50,000 square feet of retail and restaurant space and 64 stories of residential space totaling 821 rooms.

March 26, 2015

Georgia Multifamily Southeast

Emma Capital Buys Apartment Community in Metro Atlanta for $28.2M

by John Nelson March 26, 2015

PEACHTREE CORNERS, GA. — Emma Capital Investments Inc. has purchased Valencia Park Apartments, a 508-unit garden-style apartment community in Peachtree Corners, a suburb of Atlanta. The multifamily investor acquired the asset via 3500 Peachtree Corners LP for $28.2 million. The multifamily community’s amenity package includes a swimming pool with a sundeck, clubhouse and fitness center. Emma Capital plans to implement a renovation program to the common areas and unit interiors upon completion of the sale. Valencia Park is Emma Capital’s second acquisition in north Atlanta within the last three months and its seventh purchase in the United States. The company now owns roughly 2,000 units in the United States.

March 26, 2015

Florida Multifamily Southeast

Pollack Shores Acquires Multifamily Property in South Florida

by John Nelson March 26, 2015

DELRAY BEACH, FLA. — Pollack Shores Real Estate Group has acquired The Vinings at Delray Beach, a 228-unit apartment community in Delray Beach, a town in South Florida. Built in 1996, the apartment community features a resort-style pool, outdoor grills, volleyball court, fitness center and a business center. Pollack Shores plans to upgrade the unit interiors with vinyl-plank wood flooring, granite countertops, new cabinetry, stainless steel appliances and new lighting fixtures. The company also plans to renovate the clubhouse, fitness center and pool area. Pollack Shores purchased the asset for an undisclosed amount from an unnamed institutional investor. Avery Klann of ARA brokered the transaction. Pollack Shores’ management division, Matrix Residential Inc., will manage The Vinings at Delray Beach. The recent purchase brings Pollack Shores’ current Florida portfolio to more than 4,000 units with a total capitalization of over $500 million.

March 26, 2015

Florida Multifamily Southeast

Waterton Associates Purchases Apartment Community in Orlando

by John Nelson March 26, 2015

ORLANDO, FLA. — Waterton Associates LLC has acquired Promenade Crossing, a 212-unit garden-style apartment community located roughly three miles northeast of downtown Orlando. The gated community offers one- to three-bedroom floorplans and borders Baldwin Park, an upscale master-planned community. Promenade Crossing is Waterton’s second acquisition in 2015 and brings the company’s Florida multifamily portfolio to more than 2,300 units.

March 26, 2015

Multifamily Texas

CBRE Arranges Agency Debt, Equity For Acquisition of Two Apartment Complexes in Dallas

by Haisten Willis March 26, 2015

DALLAS — CBRE Capital Markets’ Debt & Structured Finance group in Dallas has arranged acquisition financing for a two-property multifamily portfolio in Dallas. CBRE, working on behalf of CAF Capital Partners, obtained a 10-year Freddie Mac loan coupled with a preferred equity investment by an affiliate of Highland Capital Management LP to finance the property. CBRE also introduced Button Capital as the joint venture equity partner. Originally built in 1996 and 1998, Emory at Horizon North and Ashmore at Horizon North includes 712 units, and fronts The President George Bush Turnpike, west of The Dallas North Tollway. CAF and Button plan to continue current renovations to further capitalize on the north Dallas apartment market. Brian Myers, Jay Wagley, Mike Bryant, Chris Wong and Harry Krieger led CBRE’s debt and structured finance team that originated and secured the financing on behalf of CAF Capital Partners.

March 26, 2015

Multifamily Texas

Berkadia Arranges Sale of Multifamily Property in San Antonio

by Haisten Willis March 26, 2015

SAN ANTONIO — Berkadia has arranged the sale of Sun Park Apartments, a multifamily property located in San Antonio. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia’s San Antonio office negotiated the sale. Sun Park Apartments was built in 1985 and is located at 1830 Bandera Road. The fully occupied, 334-unit property features studio, one- and two-bedroom units, with amenities including kitchens, pantries, walk-in closets as well as balconies or patios. Select units include two-tone paint, vaulted ceilings and pool views. Community amenities include a swimming pool, spa, barbeque area, clubhouse, playground, fitness center, sports courts, gazebos, carports and controlled-access gates. A private investor from San Diego purchased the property. A private investor from Los Angeles was the seller.

March 26, 2015

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