Multifamily

University House Midtown Atlanta Inland Georgia Tech

Inland American Communities to Top Off University House Midtown in Atlanta

by John Nelson January 22, 2015

ATLANTA — Inland American Communities Group (IAC) will top off University House Midtown, a 20-story student housing development in Midtown Atlanta, tomorrow. The 268-unit community is located at 930 Spring St., adjacent to Georgia Tech. The 706-bed property will feature more than 9,000 square feet of retail space, a resort-style pool on an elevated terrace, secured parking garage, business center, study rooms, fitness center and a lounge on the top floor with skyline views. IAC is working with local project partners, including architect Niles Bolton Associates, civil engineer Eberly & Associates and general contractor DPR Hardin. University House Midtown, which is slated to open in August, is more than 50 percent pre-leased.

January 22, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $11.4M Multifamily Sale in New Jersey

by Amy Works January 22, 2015

SOMERS POINT, N.J. — Marcus & Millichap has brokered the sale of The Gates at Somers Point, a multifamily complex in Somers Point. The 202-unit, garden-style property sold for $11.4 million, or $56,436 per unit. Situated on five acres at 555 Shore Road, the five-building property features a mix apartment floorplans. Nat Gambuzza and John Veniero of Marcus & Millichap’s New Jersey office represented the seller, WWW Associates, and the undisclosed buyer in the deal.

January 22, 2015

Multifamily New York Northeast

Ariel Property Advisors Arranges Sale of 20-Unit Multifamily Building

by Amy Works January 22, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a 15,000-square-foot multifamily property located at 2475 Hughes Ave. in the Belmont section of the Bronx. A private investor acquired the property for $2.56 million. The 20-unit walk-up features six three-bedroom units, seven two-bedroom units and seven one-bedroom units. Victor Sozio, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a real estate investment firm, and procured the buyer in the transaction.

January 22, 2015

California Multifamily Western

Condominium Development in Downtown LA Receives $77M in Financing

by Nellie Day January 21, 2015

LOS ANGELES — A new condominium project in Downtown Los Angeles has received $77 million in financing. The 151-unit community will be located at 1050 S. Grand. This will be the first new condominium tower development in Downtown in more than seven years, according to the developer, JLL’s Capital Markets team, which secured the financing. The property is being developed by Trumark Urban. The tower will also feature seven levels of parking and 5,672 square feet of ground floor retail space. The non-recourse construction financing was arranged by JLL’s John Manning, Chris Casey, Reid McGlamery and Alex Witt. It was provided by PCCP. This is the fourth major closing from JLL on behalf of Trumark, totaling $460 million of placed capital over the past two years.

January 21, 2015

Multifamily Texas

Q10 KDH Arranges $3.3M Loan for Apartment Complex in Houston

by Haisten Willis January 21, 2015

HOUSTON — Q10 Kinghorn, Driver, Hough, & Co. has secured a $3.3 million, 10-year Fannie Mae loan with a 4.3 percent fixed rate for Bristol Court Apartments located in west Houston. The property includes 164 units and is 99 percent occupied. Q10 KDH is a Texas-based full service commercial mortgage banking company that arranges financing for developers and owners of commercial real estate.

January 21, 2015

Loans Multifamily New Jersey Northeast

NorthMarq Capital Completes $41M in Refinancing for New Jersey Multifamily Portfolio

by Amy Works January 21, 2015

HAMILTON, N.J. — NorthMarq Capital has arranged a total of $41 million in refinancing for a portfolio of four multifamily properties in Hamilton. The portfolio includes the 336-unit Winding Brook Apartments, the 240-unit Zachary Arms Apartments, the 128-unit Yorkshire Apartments and the 166-unit Hamilton Arms Apartments. The transactions were structured with 15-year terms and 30-year amortization schedules. Robert Ranieri of NorthMarq’s Greater Westchester NY/CT office arranged the financing through NorthMarq’s seller-servicer relationship with Freddie Mac.

January 21, 2015

Multifamily New York Northeast

Ariel Property Advisors Brokers Sale of Bronx Development Site for $4.13M

by Amy Works January 21, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the $4.13 million sale of a development site, located at 3084 Webster Ave. and 410-414 East 203rd St. in the Norwood section of the Bronx. The site is zoned for 93,000 buildable square feet as of right, and approximately 124,000 buildable square feet with inclusionary housing. The buyer, Stagg Group, plans to develop a residential rental building on the site. Victor Sozio, Shimon Shkury, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a developer and multifamily operator, and procured the buyer in the deal.

January 21, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Arranges Sale of 26-Unit Multifamily Portfolio in Jersey City

by Amy Works January 21, 2015

JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of an apartment portfolio located at 33-35 Storms Ave. and 234-236 Jewett Ave. in Jersey City. The properties, which offer 26 units, sold for $2.75 million, or $105,769 per unit. Steven Matovski and Lawrence Conway of Marcus & Millichap’s New Jersey office represented the seller, a partnership, and the undisclosed buyer in the deal.

January 21, 2015

Sun Lake Apartments Lake Mary Florida CBRE

Florida Multifamily Southeast

CBRE Brokers $66.3M Sale of Luxury Apartment Community in Metro Orlando

by John Nelson January 21, 2015

LAKE MARY, FLA. — CBRE Capital Markets has brokered the $66.3 million sale of Sun Lake Apartment Homes, a 600-unit luxury apartment community located at 420 Sun Lake Circle in Lake Mary, a northern suburb of Orlando. Ecoventures Capital Fund LLC purchased the asset from Harbor Group International (HGI). An affiliate of HGI bought the apartment community in 2012. Sun Lake features a clubhouse with a fitness center and business center, as well as lakefront access that allows residents to fish, kayak and paddle board. The apartment community was built in 1988 and was 96 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquil of CBRE Capital Markets represented HGI in the transaction.

January 21, 2015

Loans Louisiana Multifamily Southeast

NorthMarq Arranges Refinancing for Five-Property Multifamily Portfolio in New Orleans

by John Nelson January 21, 2015

NEW ORLEANS — NorthMarq Capital has arranged refinancing for a portfolio of five multifamily communities located in New Orleans. The properties include Washington Place Apartments (25 units), Liberty Park Apartments (10 units), Forest Park Apartments (20 units), Riverview Apartments (45 units) and Cypress Park Apartments (65 units). Robert Bhat of NorthMarq’s Miami office arranged the loan with 10-year terms and 20-year amortization schedules. Bhat arranged the loans through a Fannie Mae DUS lender on behalf of the borrower, Bruno Inc.

January 21, 2015

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