Multifamily

Crimson, USAA Begin Construction on Apartments in Houston

by Haisten Willis December 9, 2014

HOUSTON — Crimson Real Estate Fund and USAA Real Estate Co. are set to begin construction on a new Class A apartment complex in the Westchase submarket of Houston. Patrinely Group is developing the 266-unit complex, which will be built on three acres located next to the 2500 City West Blvd. office building. The two companies acquired the building and an adjacent development site in November 2011. The project will include one- to three-bedroom units ranging in size from 600 square feet to 1900 square feet. It is set for completion in July 2016.

December 9, 2014

M&M Arranges $102M Sale of Apartment Portfolio in Grand Rapids, Mich.

by Danielle Everson December 9, 2014

GRAND RAPIDS, MICH. — Marcus & Millichap has arranged the $102 million sale of a six-property apartment portfolio in Michigan. The portfolio includes 1,651 units across six multifamily properties located in and around Grand Rapids. The apartment properties include Woodland Creek Apartments and Woodbridge Apartments in Kentwood, Wyndham Hill Apartments and Autumn Ridge Apartments in Grand Rapids; and Oak Valley Apartments and Pinery Woods Apartments in Wyoming. The sale is the largest commercial real estate transaction recorded in Michigan so far this year, according to Marcus & Millichap. Earl Elliott, Gordon Navarre and Christopher Futo of Marcus & Millichap represented the undisclosed seller and the buyer, a New York-based private investment firm.

December 9, 2014

Colorado Multifamily Western

Security Properties Buys Dayton Meadows Apartments in Denver

by Nellie Day December 9, 2014

DENVER – Security Properties has acquired the 120-unit Dayton Meadows Apartments in Denver for an undisclosed sum. The affordable housing community is located at 1479 S. Dayton Street. The company recently secured an allocation of Low Income Housing Tax Credits from Colorado Housing and Finance Authority that will allow it to rehabilitate the community. Construction is slated to begin in December and wrap in June 2015.

December 9, 2014

Massachusetts Multifamily Northeast Seniors Housing

LCB Senior Living Opens The Residence at Riverbend in Massachusetts

by Amy Works December 9, 2014

IPSWICH, MASS. — LCB Senior Living has opened The Residence at Riverbend, located at 149 Country Road in Ipswich. The seniors housing property features 53 studio, one-bedroom and two-bedroom units for traditional independent and assisted living, and 22 studio and shared memory-care living apartments. Situated on the former Riverbend Estate along the Ipswich River, the community offers 24-hour security, on-site laundry and cleaning services, a restaurant, an activities program, and building and grounds maintenance. Peabody, Mass.-based Congress Building Corp. provided construction management services for the 75-unit, 73,674-square-foot facility. The developers have conveyed approximately 3 acres of the original 15.5-acre site to the town and the Ipswich River Watershed Association (IRWA) as conservation land along the riverfront. Additionally, IRWA has been granted access to a wetland area of the site for public educational purposes. Norwood, Mass.-based LCB Senior Living was founded in 2010 by the management team of the former Newton Senior Living LLC.

December 9, 2014

Multifamily New York Northeast

Acuity Capital Partners Buys Six-Building Manhattan Portfolio for $30M

by Amy Works December 9, 2014

NEW YORK CITY — Chicago-based Acuity Capital Partners has purchased a six-building portfolio in Upper Manhattan for $30 million. The portfolio consists of 102 apartment units and 21 retail spaces. The buildings include 1697-1701 Amsterdam Ave. in Hamilton Heights, 2500-2504 Adam Clayton Powell Blvd. in Harlem and 2090-2093 Amsterdam Ave. in Washington Heights. The portfolio sold for 12.88 times its current rent roll. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented the buyer and seller, a local real estate investor, in the deal.

December 9, 2014

Florida Multifamily Seniors Housing Southeast

Forest City Sells Independent Living Community in Florida for $18.5M

by John Nelson December 9, 2014

LAUDERHILL, FLA. — Forest City Enterprises Inc. has completed the $18.5 million sale of Forest Trace, a 322-unit independent living seniors apartment community in Lauderhill. Forest Trace, which includes 40 assisted living beds, was purchased by Pacifica Lauderhill LLC. The buyer also assumed the existing mortgage on the property. The property was originally developed in 1989 and was acquired by a subsidiary of Forest City in 2000.

December 9, 2014

Multifamily Texas

BMC Provides $1.1M Loan for Apartment Complex in San Antonio

by Haisten Willis December 8, 2014

SAN ANTONIO — BMC Capital has arranged a $1.1 million purchase loan for an apartment complex in San Antonio. The 10-year loan was cross-collateralized on two properties at a 65 percent loan-to-value ratio, with a 4.9 percent interest rate and 30-year amortization schedule. The loan was arranged through one of BMC’s correspondent banking relationships. Brian Gramlich of BMC Capital’s Dallas office arranged the loan.

December 8, 2014

Multifamily Texas

M&M Arranges Sale of Two Apartment Complexes in Wichita Falls

by Haisten Willis December 8, 2014

WICHITA FALLS, TEXAS — Marcus & Millichap has arranged the sale of The Timbers and Heritage House, a 228-unit apartment portfolio located in Wichita Falls. Michael Ware and William Jarnagin of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Ware and Jarnagin also procured the buyer, another private investor. The Timbers is located at 504 Kemp Blvd. and Heritage House is located at 500 Fillmore St. Both properties are just south of Seymour Highway near Midwestern State University and Sheppard Air Force Base. The Timbers was built in 1963 and sits on 2.7 acres. The property consists of one- and two-bedroom units. Heritage House was built in 1972 and sits on four acres. The property consists of efficiency, one- and two-bedroom units. The properties had a combined occupancy rate of 92 percent at the time of sale.

December 8, 2014

Multifamily New York Northeast

Alpha Realty Brokers $8.3M Sale of Brooklyn Multifamily Property

by Amy Works December 8, 2014

NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily property located at 306 Fifth Ave. in Brooklyn’s Park Slope neighborhood. The asset, which features 10 residential units and one commercial unit, sold for $8.3 million. Additionally, the six-story, 16,525-square-foot building has a 421(a) tax abatement in effect until 2025. The sellers were the original developers of the building, and the buyer was a private Manhattan-based investor. The transaction achieved a 19.8x rent roll multiple and a cap rate of 4.6 percent. Lev Mavashev of Alpha Realty represented both parties in the deal.

December 8, 2014

Multifamily New York Northeast

Ariel Property Advisors Brokers Two Sales Totaling $5.8M in Central, East Harlem

by Amy Works December 8, 2014

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a multifamily building in Central Harlem and a development site in East Harlem for a combined total of $5.8 million. In the first transaction, a real estate investment firm purchased 227 West 150th St. in Central Harlem for $3.6 million. The five-story, 14,554-square-foot building features 21 residential units. In the second transaction, a developer acquired a development site at 318 East 117th St. in East Harlem for $2.2 million. The property includes a three-story, vacant warehouse and features approximately 7,569 buildable square feet. Victor Sozio, Michael Tortorici, Josh Berkowitz and Marko Agbaba of Ariel Property represented the sellers and procured the buyers in both deals.

December 8, 2014

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