Multifamily

Boston Capital Invests in Affordable Multifamily Property in Boston

by Amy Works March 27, 2015

BOSTON — Boston Capital is investing in the construction of Patriot Homes, an affordable multifamily community in Boston. General partners for the 24-unit property are Braintree, Mass.-based Caritas Communities and Boston-based South Boston Neighborhood Development Corp. Located in the South Boston neighborhood, the property will feature 12 studios, two one-bedroom units and 10 two-bedroom units. Community amenities will include a community room with a kitchen and a common laundry facility room. Patriot Homes will be built with tax credit equity from the Low Income Housing Tax Credit program, offering homes to veterans, individuals and families earning 60 percent or less of the area median income.

March 27, 2015

California Loans Multifamily Western

Highland Gardens Apartments in Mountain View Receives $54.8M Loan

by Nellie Day March 27, 2015

MOUNTAIN VIEW, CALIF. — The 187-unit Highland Gardens Apartments in Mountain View has received $54.8 million in acquisition financing. The garden-style community is located at 234 Escuela Ave. in Silicon Valley. Highland Gardens was built in 1963 and renovated in 2013. Community amenities include a fitness center, swimming pool, bocce ball court and barbecue cabana. The asset previously operated as two separate properties. They were split down the middle by a parcel of land owned by the San Francisco Public Utility Commission. This parcel includes underground water mains that provide water to the nearby San Francisco Bay area. The seven-year loan was structured as full-term, interest-only financing. The community was purchased by Decron Properties this past January for $86 million. The Fannie Mae loan was structured by Bryan Frazier of Walker & Dunlop.

March 27, 2015

Colorado Multifamily Western

29th Street Capital Buys Asbury Plaza Apartments in Denver

by Nellie Day March 27, 2015

DENVER — 29th Street Capital (29SC) has purchased the 110-unit Asbury Plaza Apartments in Denver for an undisclosed sum. The community is located at 5170 E. Asbury Ave. Asbury Plaza is situated east of Interstate 25. It is within walking distance of a pedestrian bridge that will lead to the RTD Colorado light rail station. The bridge will be completed later this year. 29SC plans to invest about $850,000 – or $7,700 per unit – in property improvements. It will upgrade the roof, windows, landscaping, corridors, and resident amenities, including the BBQ area and rooftop deck. The firm will also install new appliances, countertops, fixtures, lighting and flooring. Exterior work will be completed within six months, while interior work will be conducted as tenants vacate. This is 29SC’s eighth acquisition in the past eight months. The seller was a private ownership group.

March 27, 2015

Multifamily Washington Western

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

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