Multifamily

M&M Arranges Sale of 108-Unit Apartment Building in Fort Worth

by Danielle Everson November 17, 2014

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of The Carlton Apartment Homes, a 108-unit apartment complex located in Fort Worth. Mason Green of Marcus & Millichap’s Fort Worth office represented both the buyer and seller in the off-market transaction. J. Stark Capital purchased the property in a 1031 tax-deferred exchange. A Fort Worth-based partnership was the seller. The Carlton Apartment Homes is located at 6301 Woodway Drive in Fort Worth. The property was built in 1969 on six acres. Units range from 500-square-foot studios to 1,240-square-foot, three-bedroom units. The average unit size is 1,024 square feet. Amenities include on-site laundry facilities, security cameras and gated entry access. The buyer plans to spend $500,000 in capital expenditures to improve curb appeal and continue a unit upgrade program already in place.

November 17, 2014

Tikijian Associates Brokers $9M Sale of Apartment Complex in Indianapolis

by Danielle Everson November 17, 2014

INDIANAPOLIS — Tikijian Associates has brokered the $9 million sale of English Village Apartments, a 208-unit apartment community in Indianapolis. The property was built in 1987. Tikijian Associates represented the seller, a privately held real estate investment firm based in New York. The buyer was an affiliate of Birge & Held Asset Management LLC, an Indianapolis-based private equity and property management firm. The buyer plans to make upgrades to the unit kitchens and bathrooms by adding upscale flooring and appliances.

November 17, 2014

District of Columbia Multifamily Southeast

Kettler Sells New D.C. Apartment Development for $106.5M

by John Nelson November 17, 2014

WASHINGTON, D.C. — Kettler has sold its newly constructed apartment development located at 450 K St. N.W. in Washington, D.C. The apartment developer sold the 233-unit, high-rise residential community to Ogden CAP Properties LLC for $106.5 million. HFF brokered the sale. Located in Washington’s Mount Vernon Triangle neighborhood, the apartment community features 6,500 square feet of ground-floor retail space. The property’s amenity package includes a courtyard with a fountain, fitness center, bike storage and maintenance shop, as well as a rooftop club lounge and entertainment bar, swimming pool with lounge seating, outdoor kitchen and bar. Ogden CAP Properties has retained Kettler Management to manage the leasing activity of the property.

November 17, 2014

Illinois Multifamily

M&M Arranges Sale of Apartment Building in Illinois

by John Nelson November 14, 2014

CREST HILL, ILL. — Marcus & Millichap has arranged the sale of 1473 N. Rock Run Drive, a 12-unit apartment complex in Crest Hill, for $802,500. Ryan D. Engle, Andrean Angelov and Adam Fortino of Marcus & Millichap’s Chicago Oak Brook office marketed the property on behalf of the seller, a limited liability company. Engle, Angelov and Fortino also represented the buyer, a limited liability company. The property consists of four one-bedroom units and eight two-bedroom units measuring between 700 and 800 square feet.

November 14, 2014

Multifamily Texas

Dougherty Arranges $1.8M Loan for Apartment Community in Metro Austin

by John Nelson November 14, 2014

ROUND ROCK, TEXAS — Dougherty Mortgage LLC has arranged a $1.8 million Fannie Mae loan for the acquisition of 12 Oaks Apartments, a 32-unit apartment complex in Round Rock. The 10-year loan was arranged by Dougherty’s Dallas office and includes a 30-year amortization schedule for the borrower, 105 Gattis LLC. Amenities include a courtyard, laundry facilities, on-site maintenance and a pool.

November 14, 2014

Massachusetts Multifamily Northeast

Roseland, Massport Open Retail/Residential Portside At East Pier Building 7

by Amy Works November 14, 2014

BOSTON — Roseland, a subsidiary of Mack-Cali Realty Corp., in partnership with the Massachusetts Port Authority (Massport), has opened Portside at East Pier Building 7, a residential and retail complex located at 50 Lewis St. in Boston’s East Boston neighborhood. The five-story property features 176 apartments, including six extended-stay units, 3,600 square feet of ground-floor retail space and 192 parking spaces. Residential units feature oversized windows, ceramic tiles, stone countertops, kitchen islands, stainless steel appliances, in-unit washer/dryers, hardwood-style flooring, 10-foot ceilings and balconies. The pet-friendly community features a 24/7 concierge, fully equipped fitness center, clubroom with gaming and lounging areas, a conference room and WiFi.

November 14, 2014

Massachusetts Multifamily Northeast

25 Mandarin Oriental Rental Residences to Convert to Condos in Boston

by Amy Works November 14, 2014

BOSTON — The Residences at Mandarin Oriental Boston is converting 25 of its rental residences into condominiums. Located at 776 Bolyston St., the to-be-converted residences include 19 two-bedroom units and six one-bedroom units ranging from 930 to 1,625 square feet. Additionally, the existing 10 affordable rental properties located within The Residences at Mandarin Oriental Boston will remain unchanged. Jeannemarie Conley of Otis & Ahearn will market and sell the condos in early 2015.

November 14, 2014

Georgia Multifamily Southeast

PointOne Holdings Sells Metro Atlanta Multifamily Community for $9.8M

by John Nelson November 14, 2014

ELLENWOOD, GA. — PointOne Holdings has sold The Oaks at Ellenwood, a 240-unit apartment community in Ellenwood, 14 miles outside of Atlanta, for $9.8 million. The real estate investment company originally purchased the property in August 2012 out of receivership for $4.5 million. The company then invested approximately $1.2 million to upgrade and rebrand the project. From August 2012 to the time of sale, occupancy moved from 65 percent to 93 percent, according to PointOne Holdings.

November 14, 2014

Georgia Multifamily Southeast

Spirit Bascom Ventures Buys Apartment Community in Metro Atlanta

by John Nelson November 14, 2014

SANDY SPRINGS, GA. — Spirit Bascom Ventures, in conjunction with funds managed by Oaktree Capital Management LP, has purchased The Laurels at Overlook Park. The 232-unit apartment community is located along the Chattahoochee River at 415 Morgan Falls Road in Sandy Springs, a northern suburb of Atlanta. The property’s amenity package includes a large clubhouse, resort-style pool with gardens, fitness center and a trailhead leading to a hiking path through nearby Overlook Park and the Chattahoochee River. Andrew Feinberg, David Harte and Marc Schulder of Ackman-Ziff arranged acquisition financing on behalf of the buyers through Synovus Bank. JLL represented the undisclosed seller in the transaction. The new ownership is planning to renovate the property’s interiors and amenity offerings.

November 14, 2014

Multifamily Washington Western

Security Properties Sells Newport Crossing in Newcastle for $38.8M

by Nellie Day November 14, 2014

NEWCASTLE, WASH. – Security Properties has sold Newport Crossing, a 192-unit apartment complex in the Bellevue submarket of Newcastle, for $38.8 million. The buyer was not named. The community is located at 7311 Coal Creek Parkway SE. Security Properties acquired the community in 2012 in a joint venture with an East Coast insurance company through its Security Properties Multifamily Fund. The company implemented a substantial value-add renovation program in conjunction with its affiliated property management firm, Madrona Ridge Residential, prior to the sale. The renovation included an investment of $1.5 million to re-paint and re-roof the buildings, redesign the community pool, improve landscaping and upgrade unit interiors. Newport Crossing was built in 1990. Security Properties Multifamily Fund currently has 15 remaining multifamily properties in its portfolio. The fund launched in June 2011.

November 14, 2014

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