WOODBURY, MINN. — Oak Grove Capital has arranged a $35.9 million FHA loan for Uptown at City Walk, a 245-unit multifamily apartment complex in Woodbury. Tim Leonhard, managing director of Oak Grove Capital, secured the interest rate modification loan for the undisclosed borrower.
RICHMOND, VA. — The Davis Cos. (TDC) has acquired a portfolio of 29 apartment buildings spanning 441 units in Richmond’s Fan and Museum districts for $37.4 million. This purchase marks TDC’s first entry into the Richmond market. TDC owns and manages commercial and multifamily properties and has a long history of repositioning historic commercial office buildings and multifamily residences throughout the Eastern United States. TDC plans to invest significant capital in order to perform exterior and interior improvements to the residences. Work is scheduled to begin immediately and be fully complete by summer 2016. TDC is partnering with Richmond based Spy Rock Real Estate Group to develop and operate the residences. The residences are currently 70 percent occupied. TDC has appointed Bonaventure Property Management Services as the onsite property manager for the portfolio of properties.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of the Washington Flats portfolio, a grouping of four contiguous apartment buildings in Brooklyn’s Clinton Hill neighborhood. The portfolio sold for $38 million, or $364 per square foot. Located at 425 and 435 Grand Ave., 29 Putnam Ave. and 90 Downing St., the 104,365-square-foot portfolio features 128 residential apartments, with 121 rent-stabilized, three rent-controlled and four free-market units. At the time of sale, the properties participated in the HPD Home Program, which provides housing for low-income tenants and 52 of the rent-stabilized units operate under the Home Program. Stephen Palmese of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
BUFFALO, N.Y. — Colliers International Student Housing Group has arranged the sale of a 28-acre development site near the State University of New York at Buffalo. A joint venture between Harrison Street Real Estate and University Student Living, a company of The Michaels Organization, acquired the property from Menorah Campus for an undisclosed price. The buyer is planning to build a Class A student housing property on the site with approximately 600 beds. The project is slated for delivery in 2016.
NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily building located at 194 Utica Ave. in Brooklyn’s Crown Heights neighborhood. A local private investor acquired the property for $2.5 million, or $260 per square foot. Constructed in 1906, the 9,100-square-foot property features 14 apartments and two retail spaces. Jacob Aronov of Alpha Realty represented the buyer and the seller, a local private investor, in the transaction.
MEBANE, N.C. — CBRE Capital Markets has arranged $16.1 million in financing for White Furniture Mill Apartments in Mebane. The 157-unit apartment community is a substantial rehab of a historic furniture mill that implemented federal and state historic tax credits. Monica Newman of CBRE’s Capital Markets’ Denver office originated the loan through HUD’s 221(d)(4) rehabilitation mortgage insurance program. The loan provides an interest-only construction period of 16 months that transitions into a 40-year, fully amortizing permanent loan. CBRE arranged the loan on behalf of the borrowers, WFP LLC and D3 Development Inc. The project team includes Raleigh-based JDavis Architects and Winston-Salem-based Rehab Builders Inc.
PHOENIX – The 150-unit Tesoro apartments in Phoenix has sold to Werner Investments for $8.9 million. The community is located at 8603 North 22nd Ave. It was built in 1983. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, AION Partners, in this transaction.
SAN DIEGO – The 22-unit Southwinds Apartments in the San Diego submarket of El Cajon has sold to the Johnson Family Trust for $3.7 million. The community is located at 909 Sunshine Ave. The fully occupied property was built in 1977. The trust was represented by Dave Plunter of DP Properties. The seller, Southwinds Apartments LLC, was represented by Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group.
OXNARD, CALIF. – The 18-unit Oxnard Art Lofts has sold to 2201 Statham LLC for $2.9 million. The live-work complex is located at 2201 Statham Blvd. The project was 90 percent vacant at the time of sale. The project was an adaptive reuse of an old industrial building. The 25,610-square-foot complex contains units ranging from 978 square feet to 1,615 square feet.
This year, Forbes listed Houston as the fastest growing city in America, which is no surprise considering its 4.5 percent year-over-year job growth rate. Having created 667,800 new jobs and counting since 2005, Forbes considers Houston an economic powerhouse. Professionals old and new are drawn to the city not only for its positive economy, but for its diverse demographic and cultural scene. Due to the growing population, there is a demand for multifamily and mixed-use properties, and although the city has current concerns about dynamics and pricing of the oil and gas industry, there are several Houston submarkets that have been more resilient than others and continue to be ripe for development: The Galleria/Uptown Park, Greenway Plaza/Upper Kirby, downtown Houston and the Museum District/Montrose. The Galleria/Uptown Park The Galleria/Uptown Park submarket is home to some of Houston’s most prominent mid- and high-rise multifamily developments, with the highest net effective rent for greater Houston nearing $2.90 per square foot. The area is characterized by its blend of distinguished businesses and residential addresses with some of the area’s finest shopping, hotels, dining and night life. It’s a charismatic, urban community with an average per capita income higher than areas such as Buckhead …