Multifamily

Trojan Palms Apartments Near USC Sells for $8.9M

by Nellie Day March 5, 2015

LOS ANGELES – A private investor has purchased the 30-unit Trojan Palms Apartments near the University of Southern California (USC) campus in Los Angeles for $8.9 million. The community is located at 1115 W. 30th Street, half a block from USC. It was built in 1957 and remodeled in 2007. The 67-bedroom student housing property is generally fully occupied. Ron Harris, Michael DiSimone and Garrett Nichols of Marcus & Millichap’s Los Angles office represented both the buyer and seller, another private investor, in this transaction.

March 5, 2015

Multifamily Texas

29th Street Capital Acquires Apartment Complex in Houston

by Haisten Willis March 5, 2015

HOUSTON — 29th Street Capital (29SC) has acquired Ashley Park Apartments, a 284-unit, Class B asset located in the Medical Center/University submarket of Houston. The property is located inside of the 610 Loop and is less than two miles from the Texas Medical Center. The property will be re-branded as The Edge at City Centre. 29SC plans to invest $2.17 million, or $7,640 per unit, to improve the quality of the units and common areas while enhancing curb appeal. Amenities will include a new fitness center and upgraded leasing center. New plank siding, landscape improvements and signage will be added to the exteriors. Renovations in the apartment units will include the addition of new appliances, resurfaced countertops and cabinets, upgraded kitchen and bathroom fixtures, modern lighting and new flooring in the living areas.

March 5, 2015

Loans Multifamily North Carolina South Carolina Southeast

Capital One Multifamily Closes Two Multifamily Acquisition Loans Totaling $39.5M

by John Nelson March 5, 2015

COLUMBIA, S.C. AND HIGH POINT, N.C. — Capital One Multifamily Finance has closed a total of $39.5 million in agency loans for the acquisition of two apartment communities in the Carolinas. Chad Thomas Hagwood of Capital One originated both agency loans on behalf of the borrowers, affiliates of EBSCO Income Properties. The loans included a $20.5 million Freddie Mac loan for EBSCO’s acquisition of Polo Village, a 312-unit apartment community in Columbia, and a $19 million Fannie Mae loan for the acquisition of Highbrook Apartments, a 312-unit Class B apartment community in High Point. Watson Bryant of Multi Housing Advisors’ Charlotte office brokered the sale of both communities.

March 5, 2015

Georgia Loans Multifamily Southeast

KeyBank Secures $34.5M Acquisition Loan for Metro Atlanta Apartment Community

by John Nelson March 5, 2015

JOHNS CREEK, GA. — KeyBank Real Estate Capital has secured a $34.5 million acquisition loan for Retreat at Johns Creek, a 352-unit, garden-style apartment community in Johns Creek, a suburb of Atlanta. Formerly known as Camden River, the Class B property was built in 1997. Chris Black of KeyBank’s commercial mortgage group arranged the Fannie Mae loan on behalf of the undisclosed borrower.

March 5, 2015

Georgia Multifamily Southeast

Associated Estates Acquires Class A Apartment Community in Metro Atlanta

by John Nelson March 5, 2015

SANDY SPRINGS, GA. — Associated Estates Realty Corp. has acquired 1160 Hammond, a 345-unit apartment community located in Sandy Springs, a suburb of Atlanta. The property is located within walking distance of the Sandy Springs MARTA station. The newly constructed property is in lease up and is currently 44.6 percent leased with rents averaging $1,550 per month. 1160 Hammond features 16,000 square feet of amenity space and its units feature 10-foot ceilings, kitchen islands, granite countertops, tiled backsplashes, upscale cabinetry and plank-style flooring. Associated Estates (NYSE: AEC) is a REIT based in Richmond Heights, Ohio. The company now owns three apartment communities in the Atlanta area.

March 5, 2015

Massachusetts Multifamily Northeast

Berkshire Income Realty Acquires Gatehouse 75 in Boston

by Amy Works March 5, 2015

BOSTON — Berkshire Income Realty has acquired Gatehouse 75, an apartment community located in the Charlestown neighborhood of Boston. Metric Corp. sold the 99-unit Class A apartment community for an undisclosed price. Completed in 2014, Gatehouse 75 features a clubroom, fitness center and roof deck, as well as underground parking. Additionally, the property is located near Boston’s North End, Financial District, Government Center, Cambridge and Somerville neighborhoods.

March 5, 2015

Multifamily New York Northeast

GFI Realty Brokers $4.6M Sale of 18-Unit Multifamily Property in Manhattan

by Amy Works March 5, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of a five-story apartment building located at 469 West 153rd St., also known as 1881 Amsterdam Avenue, in the Hamilton Heights section of Manhattan. A local investor purchased the property, which features 18 residential units and a retail unit, for $4.6 million. Shawn Sadaghati and Yisroel Pershin of GFI Realty Services represented the seller, a local investor, while Sylvia Spielman of GFI Realty represented the buyer in the transaction.

March 5, 2015

Loans Multifamily New Jersey Northeast

Integra Real Estate Capital Arranges $3.6M in Refinancing for Apartment Building

by Amy Works March 5, 2015

BLACKWOOD, N.J. — Integra Real Estate Capital has arranged a $3.6 million mortgage for the refinancing of Scenic Falls Apartments, a 100-unit multifamily property located in Blackwood. The 7-year loan, provided by a New Jersey portfolio lender, features a 3.75 percent fixed rate. Igor Goldenberg of Integra negotiated the financing on behalf of a New York-based borrower.

March 5, 2015

Loans Multifamily Texas

Mason Joseph Secures $8.2M Loan for Apartment Complex in San Antonio

by Haisten Willis March 4, 2015

SAN ANTONIO — Mason Joseph Co. Inc., a San Antonio-based FHA multifamily lender, has secured a combination substantial rehab/construction and permanent loan for Western Hills Apartments. The property’s 41 single-story buildings include 148 units. The property, built in the 1960s, will undergo renovations to include the addition of new kitchens, appliances, bathrooms, electrical work, various external improvements and improvements to meet accessibility standards. MJC obtained an $8.2 million, 40-year construction and permanent loan using HUD’s 221(d)(4) mortgage insurance program. Financing was arranged for Alamo Community Group, a private nonprofit housing organization founded in 1990.

March 4, 2015

612 Hillsborough Chapel Hill North Carolina

Multifamily North Carolina Southeast

Eller Capital Acquires Colonial Arms Apartments in Chapel Hill for $3.6M

by John Nelson March 4, 2015

CHAPEL HILL, N.C. — Eller Capital Partners has acquired Colonial Arms Apartments located at 612 Hillsborough St. in Chapel Hill for $3.6 million. Eller Capital will rebrand the asset as 612 Hillsborough. The apartment community is within walking distance to the University of North Carolina at Chapel Hill campus and downtown Chapel Hill. 612 Hillsborough is Eller Capital’s fourth acquisition in the Chapel Hill area in the past 16 months, with the other three properties being The Apartments at Midtown 501, 86 North Apartments and Timber Hollow Apartments.

March 4, 2015

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