LONG BEACH, CALIF. – A 24-unit apartment building in Long Beach has sold to Keely Partners for $2.8 million. The community is located at 138 Elm Ave. in the city’s East Village Arts District. It was built in 1914. Robert Stepp of Stepp Commercial represented both the buyer and seller, a local private investor, in this transaction.
LOS ANGELES – Essential Management has acquired a 16-unit apartment building in Los Angeles for $2.4 million. The community is located at 634 N. Kingsley Drive. It is fully occupied. Essential Management was represented by Joseph Mackin of Charles Dunn Company. The seller, a private overseas investor, was represented by First Investment & Realty.
NEW YORK CITY — CIT Group Inc., through CIT Real Estate Finance, has provided a $57.5 million senior secured loan to a joint venture between RedSky Capital LLC, JZ Capital Partners and other investors. The joint venture will use the loan to acquire a property along the Brooklyn waterfront. Located in the Greenpoint neighborhood, the property includes 112,226 square feet of land and 19,820 square feet of pier space. The partnership plans to develop a 40-story residential tower on the site when leases for the existing industrial buildings expire in the next two years. The project plans include both market-rate and affordable rental apartments and 100,000 square feet of ground-level retail space. The financing was provided by CIT Bank.
NEW YORK CITY — Eastern Consolidated has arranged the off-market sale of a development site located at 207 West 79th St. on the Upper West Side. Anbau Enterprises purchased the 6,600-square-foot site for $39 million from 79th Street Associates LLC. The site offers 60,000 buildable square feet. The buyer plans to demolish the existing five-story building and develop a 13-story luxury condominium project on the site. George Moss of Eastern Consolidated procured the buyer, while Deborah Gutoff, also of Eastern Consolidated, represented the seller in the transaction.
CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered the sales of two apartment communities in separate transactions totaling $39.9 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions. The deals included Meridia selling the 202-unit Tryon Park at Rivergate to White Point Partners and Wellington United selling the 254-unit Wellington Farms to JEM Holdings.
ELKTON, MD. — The Community Builders Inc. (TCB) and Home Partnership Inc. have completed construction on the $11 million North Street Senior Residences at 214 North St. in Elkton. Several local officials, including Elkton Mayor Robert J. Alt and Cecil County Executive Tari Moore, attended the opening of the new affordable seniors housing community. The new development, built from a former historic county jail which was most recently a community center, brings 53 new units to Elkton area seniors. The one-bedroom apartments average over 600 square feet of living space with monthly rents ranging from $434 to $675. The two-bedroom apartments offer nearly 900 square feet with monthly rents ranging from $755 to $795 depending on resident income. North Street Senior Residences, which is managed by Habitat America, is the first TCB development in Maryland.
Spring has come to Birmingham, and with it the sound of multifamily developers breaking ground. Their success in finding tenants for these properties — numbering more than 1,000 units — will be a litmus test for the future of the Birmingham market. Right now, the market activity leads one to be cautiously optimistic. Work on the $66 million renovation of the historic Pizitz Building in downtown commenced in March, which will add 143 apartments to the market in fall 2016, and the newly dubbed 20 Midtown project is finally underway. This mixed-use project, featuring a Publix and a Starbucks, will have at least 122 apartments when completed. Construction has also started on the $22 million renovation of the Thomas Jefferson Tower, another mixed-use project that will yield 96 apartments. These projects join the 236-unit Venue at the Ballpark, which broke ground last year and promises views over the outfield fence into Regions Field. The cranes are also busy east of the expressway in Lakeview. Work there has started on the 67-unit Iron City Lofts and is slated to begin later this spring on the 260-unit Metropolitan Apartments. Testing the Millennial Market Taken together, these developments highlight a number of facts …
LA PORTE, TEXAS — Lancaster Pollard and MRC have arranged the refinance of Happy Harbor Apartments, a 51-unit affordable seniors housing community in La Porte. Originally built in 1983, Methodist Retirement Community (MRC) owns and manages the site that is part of its healthy living communities. The $2.2 million loan is insured by the FHA Sec. 223(f) program. The transaction provided for nearly $930,000 in repairs for the foundation, plumbing fixtures, drywall repair, painting and other related damage at the property.
Fort Worth, which makes up the core of the western side of the Dallas/ Fort Worth Metroplex, has seen expansive growth both economically and in its resident base, making it an attractive destination for businesses and consumers alike. The population of the Fort Worth- Arlington Metropolitan Division has grown by more than 35 percent since 2000, according to estimates from Moody’s Analytics. Forecast data from Moody’s indicates a continuation of this trend, with projections through 2030 anticipating a total population of over 3.1 million, which is the current size of Iowa. Personal income is another demographic that has experienced a strong growth rate in recent years. Moody’s Analytics forecasts the fourth quarter to have been the strongest quarter of year-over-year growth in 2014, with 8.7 percent growth for personal disposable income and 7.9 percent growth for total personal income. This may be a telling sign that the impact of lower oil prices has accelerated consumer spending at the onset of the oil price decline in June 2014. Furthermore, retail sales growth steadily increased throughout 2014 in the Fort Worth metropolitan division, with the most recent figure for Fort Worth (4.9 percent) outpacing the national rate (4.1 percent) at the close …
ORANGE CITY, FLA. — Colliers International has arranged the $30 million sale of Grandeville on Saxon, a Class A, 316-unit apartment community located at 741 Saxon Blvd. in Orange City. The buyer, Northland Grandeville LLC, doing business as Northland Investment Corp., purchased the asset through the online auction forum Auction.com. The community was 96 percent occupied at the time of sale. According to Colliers, more than 580 prospective bidders reviewed the sales materials online before the sale. George Pjevach and John Stone of Colliers International represented the seller, WBCMT 2006-C24 Saxon Boulevard LLC. LNR is the special servicer on behalf of the seller, and John Mitchell of LNR oversaw the liquidation process. Grandeville on Saxon is Northland Investment’s 21st property in Florida, bringing its nationwide portfolio to more than 21,000 apartment residences.
