DENVER – A venture managed by TruAmerica Multifamily has purchased a three-property multifamily portfolio in Colorado and Washington for $229 million. The portfolio contains a total of 1,514 units. The acquisition includes Berkshires at Lowry, located at 240 South Monaco Parkway in Denver; Ponderosa Villas at 1539 South Galena Way in Aurora, Colo.; and Carriages at Fairwood Downs, located at 15030 SE 179th Street in Renton, Wash. TruAmerica and its partners plan to spend between $25 million to $30 million renovating the properties, which were built in the 1970s and ‘80s. The seller, Berkshire Group, was represented by Kevin Geiger and Malcolm McComb of CBRE Capital Markets’ Institutional Properties. Other local CBRE personnel assisted with the Colorado and Washington transactions. CBRE Capital Markets’ Debt & Structured Finance team also secured a $168.8-million loan for the portfolio’s acquisition. The properties received fixed-rate, full-term, interest-only loans ranging from five to seven years.
Multifamily
MIAMI — Co-developers Carrfour Supportive Housing and Pinnacle Housing Group have opened Amistad Apartments, a $24 million affordable housing community. The 89-unit property is located at 517 S.W. 9th St. in Miami’s Little Havana neighborhood. The community is designated for formerly homeless and low-income residents. More than 1,500 people filled out resident applications to live in the new community, and a lottery was held to select from those applications.
LAWRENCEVILLE, GA. — The RADCO Cos. has sold Ashford Way, a 98-unit apartment property in the Atlanta suburb of Lawrenceville, for $5 million. KENCO Apartment Communities purchased the asset for approximately $51,02 per unit. The community features one- and two-bedroom floor plans averaging 752 square feet. ARA brokered the transaction. RADCO originally purchased the asset in December 2012 out of receivership for $29,000 per unit. After implementing a $1 million capital improvement plan, RADCO raised the occupancy rate from 71 percent to 97 percent.
PORTAGE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated a $20.7 million FHA/HUD loan for the acquisition and rehabilitation of Milham Meadows Apartments, a 300-unit multifamily property in Portage, approximately seven miles south of Kalamazoo. The fully leased property is located at the corner of Milham Road and Oakland Drive. The borrower, Integra Property Group, is utilizing Pillar’s acquisition loan and proceeds from the sale of low-income housing tax credits to purchase the property and to rehabilitate a number of elements, including a substantial renovation of energy and unit upgrades, as well as capital systems upgrades. The community will remain fully tenanted through the rehabilitation. Peter Nichol, of Pillar’s San Francisco office originated the transaction working closely with Mark Wiedelman and Nancy Ludwick of Pillar’s FHA lending team based in Bloomfield Hills, Mich. The affordable housing team secured a construction and permanent mortgage loan to facilitate the substantial rehabilitation of the property with short-term tax-exempt bonds and 4 percent tax credits.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a three-lot land assemblage in the Rockefeller Center area of Midtown Manhattan. HID Acquisition Group, affiliated with Hidrock Realty, acquired the property, which is targeted for residential condo development, for $47 million or $522 per buildable square foot. The assemblage consists of three 25-foot-wide lots: 12 East 48th Street, 14 East 48th Street and 13 East 47th Street. The assemblage allows for 75,300 residential buildable square feet as of right and a total buildable residential envelope of approximately 90,000 square feet if the development is in compliance with the recreation facility bonus in the zoning district. HID Acquisition plans to raze the three existing vacant office buildings and develop a 31-story residential tower on the East 48th Street entrance. The project will include a mix of studio units, one- and two-bedroom apartments and amenities, specifically targeting the international pied-a-terre market. R. Stuart Gross of Eastern Consolidated represented both the buyer and the seller, East 47th Street LLC (City Centre Properties), in the transaction. Morris Missry of Wachtel Missry LLP was the attorney for the buyer, and Peter Koffler of Venable LLP was the attorney for the seller.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 146 Fenimore Street, an apartment building located in Brooklyn. The 17-unit property sold for $3.4 million or $200,000 per unit. Derek Bestreich and Shaun Riney of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Embassy Apartments, a 111-unit multi-family property in Irving, Texas. John Barker, vice president of investments, and Alexander Skotarek, associate in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, an unnamed limited liability company. Barker and Skotarek also represented the buyer, an unnamed private investor. Embassy Apartments is located at 1415 W. Airport Freeway in Irvin and is more than 95 percent occupied. It includes nine, two-story buildings with 83,340 square feet of rentable space. Average unit size is 750 square feet. Amenities include a swimming pool and on-site laundry.
DALLAS — Dougherty Mortgage LLC has arranged a $2 million Fannie Mae loan for the acquisition of Hyacinth Apartments, a 40-unit apartment complex in Dallas. The 10-year loan, amortized over 30 years includes one-year of interest-only payments and was arranged by Dougherty’s Dallas office.
HOUSTON — ARA has arranged the sale of 2411 Washington Ave., a 222-unit apartment complex on the eastern end of Houston’s Washington Corridor. ARA principals David Mitchell, Matt Rotan, David Oelfke and David Wylie arranged the transaction on behalf of the seller, M-M Properties. Adam Allen, managing director of capital markets, arranged financing on behalf of the buyer, AIMS Real Estate, a business unit of Goldman Sachs Asset Management. The complex is located near downtown Houston and Memorial Park. It was 92 percent occupied at the time of sale.
HOUSTON — HFF has closed on Promenade Jersey Village, a 596-unit housing complex in Houston. HFF represented the seller, PCM Steeplechase LLC, an entity of Cypress Real Estate Advisors. SRA Management, an entity of Olympus Property Co., bought the complex for an undisclosed amount. Promenade Jersey Village is located at 11011 Pleasant Colony Drive near the intersection of Highway 290 and Jones Road in northwest Houston. The property is 93 percent leased and includes one-, two-, three- and four-bedroom units and townhomes. Amenities include a swimming pool, hot tub, fitness center, basketball and tennis courts, business center and conference room. The HFF team representing the seller included director Tre Banks, senior managing directors Todd Marix and Todd Stewart and director Chris Curry.