Multifamily

Ariel Property Advisors Arrange $85.5M Sale of Bronx Multifamily Portfolio

by Amy Works January 5, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sale of the Morrisania multifamily portfolio, a 17-building portfolio located in the Morrisania section of the Bronx. The 676-unit portfolio, which includes one vacant lot, sold for $85.5 million. The 17 buildings total 674,565 gross square feet and are clustered in an area between 165th and 169th streets and Sheridan and Clay avenues. Shimon Shkury, Victor Sozio, Michael Tortorici, Scot Hirschfield and Jason Gold of Ariel Advisors represented the seller, a developer and multifamily operator, and procured the buyer, an affordable housing operator, in the transaction. The new ownership plans to maintain the affordability of the portfolio, which consists of Project Based Section 8 buildings operating under HAP agreements.

January 5, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $15.5M Sale of Manhattan Apartment Building

by Amy Works January 5, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 974 Saint Nicholas Ave. in Manhattan’s Washington Heights neighborhood. The asset sold for $15.5 million, or $330,000 per unit. Located between 159th and 160th streets, the six-story property features 33 market-rate units, 13 rent-stabilized apartments and one rent-controlled unit. Recent renovations to the building include new parapets, new elevator and mechanicals, new stone flooring through the common areas, new hallway lighting and a full roof replacement. Additionally, the units have been upgraded with new wood floors, new plumbing and electrical, stainless steel appliances and granite countertops. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented both the seller and the buyer in the transaction.

January 5, 2015

Delaware Industrial Multifamily Northeast

NAI Emory Hill Brokers Sale of 83,000 SF Warehouse for Residential Conversion

by Amy Works January 5, 2015

WILMINGTON, DEL. — NAI Emory Hill has arranged the sale of a warehouse building, located at 1320 Clifford Brown Walk in downtown Wilmington. 1320 CBW LLC purchased the four-story, 83,000-square-foot building, which is situated on two acres of riverfront property along the Brandywine River. The owner plans to convert the property into an 80-unit residential development called The Lofts at Clifford Brown Walk. The building was formerly home to Iron Mountain, Security Archives & Storage Company, and Kaumagraph. Jon Hicky of NAI Emory Hill Real Estate Services represented the seller, Sasco Realty Too Inc., in the transaction. Brett DiClemente of Newmark Grubb Knight Frank represented the buyer, which is an affiliate of Chatham Bay Group, a Wilmington-based development company.

January 5, 2015

Georgia Multifamily Southeast

Colliers Brokers Sale of Apartment Community in Metro Atlanta

by John Nelson January 5, 2015

BROOKHAVEN, GA. — Colliers International has brokered the sale of The Clairmont, a 288-unit apartment community located at 3078 Clairmont Road in Brookhaven, a northeast suburb of Atlanta. New York-based GFI Capital Resources Group Inc. sold the asset to an affiliate of Equus Capital Partners Ltd., which will rename the property Madison Brookhaven. Equus plans to invest $3 million in capital improvements to the property, which was 95 percent occupied at the time of sale. The apartment community features a clubhouse, fitness center, two pools and a dog park. Equus affiliate Madison Apartment Group will manage the property. Ron Cameron and Will Matthews of Colliers International’s Atlanta office represented GFI Capital in the transaction.

January 5, 2015

Multifamily Texas

Connor Group Purchases Apartment Complex in Metro Dallas

by Haisten Willis December 29, 2014

ADDISON, TEXAS — The Connor Group has purchased Villages of Addison, a 264-unit, Class A apartment complex located in the north Dallas suburb of Addison. Unit amenities at the Villages of Addison include stainless steel appliances, hardwood flooring, granite kitchen counter tops and a full-size washer and dryer in each unit. Community amenities include a clubhouse with a business center and game lounge, two swimming pools, private cabanas, a 24-hour gym, sauna, outdoor kitchen and grill. The purchase of this property is Connor Group’s ninth and final property acquisition of 2014. The Connor Group owns and operates apartment communities in Atlanta, Austin, Charlotte, Chicago, Cincinnati, Columbus, Dallas, Dayton, Nashville and Raleigh-Durham.

December 29, 2014

Loans Multifamily Texas

BMC Capital Provides $1.7M Loan for Apartment Complex in Dallas

by Haisten Willis December 29, 2014

DALLAS, TEXAS — BMC Capital’s Dallas office has provided a $1.7 million purchase loan for Parkway Garden Apartments in Dallas. The seven-year loan includes a 70 percent loan-to-value ratio with a 4.37 percent fixed interest rate and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.

December 29, 2014

Illinois Midwest Mixed-Use Multifamily

Essex Realty Group Brokers $2.7M Sale of 26,815 SF Building in Chicago

by Danielle Everson December 29, 2014

CHICAGO — Essex Realty Group Inc. has arranged the $2.7 million sale of a 26,815-square-foot building in Chicago. The property is located at 932-40 W. Dakin St. and formerly served as a heavy timber warehouse building. The E.R. Moore Co., a manufacturer of caps and gowns used for graduation and choir ceremonies, built the building in 1914. The property spans three floors and features high ceilings and hardwood floors on the second and third floors. The space is ideal for a ground-up new residential development of loft-style apartments or condominiums. Essex Realty Group’s Jim Darrow and Jordan Gottlieb represented the undisclosed seller and Doug Fisher represented the undisclosed buyer.

December 29, 2014

Multifamily Texas

Amstar, Transwestern to Build Apartments in San Antonio

by Haisten Willis December 26, 2014

SAN ANTONIO — Amstar has acquired a 2.3-acre development site in San Antonio. The company, along with its development partner Transwestern Development Co., will construct a 229-unit apartment building on the site. The infill development, known as Southtown Flats, will begin construction in January of 2015 with the first units scheduled for completion in early 2016. Southtown Flats will be located at 111 Probandt St. near many local restaurants, bars and shopping destinations. Amenities include a pool with outdoor kitchens and cabanas, bicycle storage rooms, roof deck, grilling stations, clubhouse, gym and a yoga studio.

December 26, 2014

Loans Multifamily Texas

Dougherty Arranges $3.2M Loan for Townhomes in Metro Dallas

by Haisten Willis December 26, 2014

WYLIE, TEXAS — Dougherty Mortgage LLC has arranged a $3.2 million Fannie Mae loan for the acquisition of Trails Place Townhomes, a 62-unit market rate multifamily housing property located in Wylie. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. The loan was arranged by Dougherty’s Dallas office on behalf of the borrower, 3515 North Story IBAN LLC. Old Capital provided the loan.

December 26, 2014

California Loans Multifamily Western

Fairmont at Willow Creek in Folsom Receives $28.5M

by Nellie Day December 24, 2014

FOLSOM, CALIF. – The 260-unit Fairmont at Willow Creek in Folsom has received $28.5 million in refinancing. The community is located at 200 S. Lexington Drive. The loan includes a 10-year interest-only term. Financing was arranged by Michael T. Elmore of NorthMarq Capital’s Los Angeles office through the firm’s Fannie Mae DUS lender. The borrower was CWS Capital Partners.

December 24, 2014

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