NEW YORK CITY — TerraCRG has brokered the sale of an apartment building located at 4103 Seventh Ave. in Brooklyn’s Sunset Park neighborhood. The four-story, 14,456-square-foot property sold for $4.2 million, which equates to 13 times rent roll and $207,000 per unit. The 20-unit multifamily property is located on the corner of Seventh Avenue between 41st and 42nd streets. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG arranged the transaction.
CELEBRATION, FLA. — Big Rock Partners has purchased a nine-acre land parcel from The Celebration Co. in Celebration. The land will be the site of a $60 million, Class A seniors housing development, which is slated to break ground in the first quarter of 2015. Sabra Health Care REIT provided $4.5 million in financing for Big Rock’s purchase and plans to provide additional construction financing for the project, according to Big Rock. The 255-unit rental residence will feature independent living, assisted living and memory care components. The project team includes architect Perkins Eastman, management company Life Care Services and financial advisor Walker & Dunlop. The community of Celebration, located near Orlando, was established by The Walt Disney Co. in the mid-1990s.
ATLANTA — Brasfield & Gorrie has completed vertical construction on Cyan on Peachtree, a luxury multifamily development in Atlanta’s Buckhead district. The 23-story high-rise will offer 329 rental units with high-end finishes and amenities. Located on Peachtree Road, the community will also feature a seven-level parking structure with controlled access. Brasfield & Gorrie plans to deliver the property in 2015. The project team includes owner Monogram Residential Trust, developer Atlantic Realty Partners and architect Rafael A. Garcia and Associates.
DELANO, CALIF. – The 128-unit Jasmine Heights Apartments in the San Francisco submarket of Delano has received a $7.8-million loan. The community is located at 851 22nd Ave. The non-recourse, fixed-rate loan will finance the affordable housing community’s rehabilitation. It was funded through HUD’s Section 223(f) Low Income Housing Tax Credit (LIHTC) Pilot Program. The fully amortizing loan features a 35-year term. It was arranged by CBRE Group through its FHA lending platform. The sponsor was Golden Empire Affordable Housing.
SAN JOSE, CALIF. – The 20-unit Kerley Drive Apartments in San Jose has sold to Kerley SKAND LLC for $4.6 million. The community is located at 1445-1455 Kerley Drive. It was built in 1959. Kerley Drive has undergone a complete exterior renovation, in addition to interior renovations to 17 of its units. The buyer was represented by Matthew Clark of Kidder Mathews. The seller was REMI Co.
The Seattle-Tacoma metro area is one of the top-performing multifamily commercial real estate markets in the nation. Locally, employers are adding jobs at one of the fastest paces in the country, supporting a strong rental market in the region. In Tacoma, State Farm and other companies have energized the area’s economy and strengthened its apartment operations. In Seattle, companies like Amazon, Zillow and Julep Beauty are supporting new job growth, and many of these new job opportunities are attracting young workers who need apartments. There were 8,800 jobs were created in the metro in the beginning of the year. About 130,000 workers were added to payrolls over the past three years. The primary renter cohort of residents between the ages of 20 and 34 years old grew nearly twice as fast as the metro population in 2013, greatly increasing the need for apartments. This year, strong job growth will also support demand for area rentals as the total jobs in the metro will rise nearly 4 percent above the pre-recession high. While there are plenty of new jobs, the median household income needed to qualify for a mortgage on a median-priced home in the metro is $83,150, assuming a 20 …
VIRGINIA BEACH, VA. — ARA has brokered the sale of Woodshire Apartment Homes, a 288-unit apartment community in Virginia Beach. Built in 1975, the property was 95 percent occupied at the time of sale. Mike Marshall, Drew White and Wink Ewing of ARA represented the seller, Chandler Management Corp., in the transaction. The Bainbridge Cos. purchased the asset for an undisclosed price.
NEW YORK CITY — CBRE Group Inc. has brokered the sale of an apartment building located at 3208-3210 Boardwalk West in Brooklyn’s Coney Island neighborhood. The 11-unit property sold for $3.78 million. The 16,336-square-foot oceanfront property is newly renovated after suffering severe damage from Hurricane Sandy. The apartments feature granite countertops, kitchen islands, stainless steel appliances, tiled bathrooms, beautiful hardwood floors and floor-to-ceiling windows. Additionally, all units are equipped with washer and dryer hook-ups and designated parking spaces. Charles Berger, Elli Klapper, Matthew Giordano and Justin Aronson of CBRE Group represented the seller in the transaction.
LEWISVILLE, TEXAS — Berkadia Commercial Mortgage LLC has secured a $55 million loan for the construction of Discovery at the Realm, an apartment complex that will be located in Lewisville. Joseph Hevey of Berkadia worked with the borrower, Bright Realty, to secure the three-year, interest-only loan through Mutual of Omaha Bank. The bank provided $43 million in senior debt financing. Great Southern Bank of Springfield, Mo., also participated in the construction loan, and Cornerstone Real Estate Advisers LLC provided $12 million in mezzanine debt financing. Construction will begin on Discovery at the Realm in December. The property will be located at the southeast corner of Windhaven Parkway and Castle Hills Drive, 25 miles north of Dallas. The complex will consist of 423 units located across three buildings on more than 20 acres of land. The total cost for the project will be more than $75 million. BB&M Architecture is providing architectural services, while Andres Construction of Dallas will serve as the general contractor.
PEARLAND, MCKINNEY AND KATY, TEXAS — Greg Duvall of NorthMarq Capital’s Kansas City office has negotiated the $103.7 million refinancing of three apartment complexes in Texas. The properties, containing a total of 872 units, are located in Pearland, McKinney and Katy, Texas. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. Two of the assets were financed with 10-year fixed loans and five years of interest-only payments. The third was financed with a seven-year variable loan and three years of interest-only payments.
