Multifamily

Lakeview Apartments in Westminster Receives $26.3M in Financing

by Nellie Day February 20, 2015

WESTMINSTER, COLO. — The 504-unit Lakeview Apartments in Westminster has received $26.3 million in financing. The community is located at 3701 West 68th Ave., about 10 miles north of Downtown Denver. Lakeview Apartments is situated at the intersection of West 68th Avenue and Lowell Boulevard. It is within three blocks of an upcoming light rail station. The fixed-rate loan features a 10-year term with three years interest-only. The securitized loan contains a 3.65 percent interest rate. Acquisition financing was arranged by HFF’s Brock Yaffe and Kristian Lichtenfels through the firm’s Freddie Mac Program Plus Seller/Servicer program. The loan was arranged on behalf of BMC Investments.

February 20, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $21.8M Sale of Apartment Community in Tampa

by John Nelson February 20, 2015

TAMPA, FLA. — Marcus & Millichap has brokered the $21.8 million sale of University Club, a 536-unit apartment community located at 12702 University Club Drive in Tampa. Community amenities include 24-hour gated access, on-site laundry facilities, a fitness center, business center, two dog parks, playground and two swimming pools. Francesco Carriera and Michael Regan of Marcus & Millichap represented both the buyer and the seller in the transaction.

February 20, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $1.3M Sale of Multifamily Property in Brooklyn

by Amy Works February 20, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 469 Harman St. in Brooklyn. The six-unit apartment property sold for $1.3 million. Shaun Riley, Dan Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller and the buyer, both private investors, in the transaction.

February 20, 2015

Multifamily Texas

M&M Arranges Sale of 32-Unit Apartment Building in Fort Worth, Texas

by Haisten Willis February 19, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Oak Tree, a 32-unit apartment property located in Fort Worth. The property is located at 3029 Lackland Road, seven miles west of downtown Fort Worth. Built in 1973, the property consists of four two-story buildings with 32 one-bedroom, 450-square foot floor plans. Prior to listing, the property underwent renovations, which included the addition of new electricity, plumbing, insulation, hard-wired smoke detectors and HVAC units. Unit renovations included new doors, windows, toilets and new appliances. Matt Davis of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor.Chris Parker, associate director in Mark One Capital’s Dallas office, arranged the financing.

February 19, 2015

Multifamily New York Northeast

Ariel Property Advisors Brokers Sale of Two Bushwick Development Sites

by Amy Works February 19, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of two development sites at 406 Cornelia St. and 1536 Putnam Ave. in the Bushwick section of Brooklyn for $3.8 million, or $157 per buildable square foot. The properties are zoned for residential use and offer a combined total of 24,200 buildable square feet. The site at 406 Cornelia Street offers 13,200 buildable square feet and the site at 1536 Putnam Avenue offers 11,000 buildable square feet. Daniel Tropp, Michael Tortorici, Mark Spinelli and Jonathan Berman of Ariel Property Advisors represented the seller, a private owner, and procured the buyer, a developer, in the transaction.

February 19, 2015

Multifamily New Jersey Northeast

CBRE Arranges $1.32M Sale of Multifamily Building in New Jersey

by Amy Works February 19, 2015

JERSEY CITY, N.J. — CBRE Group Inc. has brokered the sale of an apartment building located at 205-207 Union St. in Jersey City. The 16-unit property sold for $1.32 million. The buyer plans to hold the recently renovated property as an investment while they expand their existing portfolio in New Jersey. Charles Berger, Mark Silverman and Elli Klapper of CBRE represented the undisclosed seller and procured the undisclosed buyer in the transaction.

February 19, 2015

Florida Multifamily Southeast

Altman Cos. Sells Four Florida Apartment Communities for $223.3M

by John Nelson February 19, 2015

BOCA RATON, FLA. — The Altman Cos. has sold four of its Altis-branded developments in Florida to four different buyers for a combined purchase price of $223.3 million. The assets include the 300-unit Altis Sheridan Village in Pembroke Pines, the 270-unit Altis Coconut Creek in Coconut Creek, the 220-unit Altis Cypress Creek in North Lauderdale and the 304-unit Altis Grand Cypress in Lutz. AVR Realty Co. purchased Altis Sheridan Village, a joint venture between Clarion Partners and a major insurance company purchased Altis Coconut Creek, Greystar Partners purchased Altis Cypress Creek and Starlight Capital purchased Altis Grand Cypress. The Altman Cos. has three new multifamily developments under construction in Miami, Tampa and Orlando, and leasing is underway for each.

February 19, 2015

Loans Multifamily North Carolina Southeast

Prudential Mortgage Capital Provides $44M Acquisition Loan for Charlotte Apartment Property

by John Nelson February 19, 2015

CHARLOTTE, N.C. — Prudential Mortgage Capital Co. has provided a $44 million acquisition loan to a joint venture between Stockbridge Capital Group and TriBridge Residential for Venue, a 366-unit luxury apartment community in Charlotte’s Elizabeth neighborhood. The 10-year loan was structured with a fixed interest rate and features interest-only payments for the full term of the loan. Completed in November 2014, Venue’s Class A units include hardwood floors, granite countertops and stainless steel appliances, and the community amenities include a theater room, grilling areas and a resort-style pool. The Elizabeth neighborhood is less than three miles from Charlotte’s central business district and is close to a 1.5-mile streetcar project, which is currently under construction. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc.

February 19, 2015

Alabama Multifamily Southeast

Doster Construction Breaks Ground on Iron City Lofts in Downtown Birmingham

by John Nelson February 19, 2015

BIRMINGHAM, ALA. — Doster Construction Co. has broken ground on the Iron City Lofts, a 67-unit urban infill multifamily project in downtown Birmingham. The apartment complex will be located adjacent to Birmingham’s Lakeview district and Pepper Place, a farmers market establishment operating from April to December. The property’s amenity package includes a fitness center, elevated pool and deck, leasing center and surface level parking. The development team includes developer KRE Development Holdings and architect Hendon + Huckestein Architects PC.

February 19, 2015

Florida Mixed-Use Multifamily Southeast Student Housing

Landmark, AIG to Develop Mixed-Use Project in Gainesville

by John Nelson February 19, 2015

GAINESVILLE, FLA. — Landmark Properties and AIG Global Real Estate have acquired the land for their upcoming development, The Standard at Gainesville, a 1,200-bed, mid-rise, mixed-use student housing development with approximately 60,000 square feet of retail space and a 142-room select-service hotel. The project is set to commence construction in the spring with delivery slated for fall 2017. The Standard at Gainesville will be adjacent to the University of Florida campus and steps from restaurants, shops and nightlife. The Standard will feature more than 20 unique floor plans, including studio, one-, two-, three-, four-, five- and six-bedroom units. The community will offer on-site management, two rooftop pools, resident centers with 24-hour study lounges, a spa, game room, golf simulator, racquetball courts and a fitness facility. Parking will be available for purchase as part of the residential lease package and will be located within the community and accessible via skybridge.

February 19, 2015

Newer Posts

Older Posts