Multifamily

Ariel Properties Brokers $10M Sale of Washington Heights Multifamily Portfolio

by Amy Works November 6, 2014

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a three-building multifamily portfolio in New York City’s Washington Heights neighborhood. The 60-unit portfolio, which totals 45,543 square feet, sold for $10 million. The property at 432-434 West 163rd St. is a six-story walk-up with 30 two-bedroom residential units. The two contiguous buildings at 612-618 West 182nd St. also offer 30 residential units with two one-bedroom units, three two-bedroom units, 15 three-bedroom units and 11 four-bedroom units. Each property also features a super’s unit in the basement. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Marko Agbaba represented the seller and procured the buyer, both private investment firms, in the transaction.

November 6, 2014

Multifamily Texas

Dougherty Arranges $1.2M Loan for Apartment Complex in Metro Dallas

by Haisten Willis November 5, 2014

PRINCETON, TEXAS — Dougherty Mortgage has arranged a $1.2 million Fannie Mae loan for the refinancing of Hazelwood Apartments, a multifamily property located in Princeton. The 10-year loan includes a 30-year amortization schedule and was arranged by Dougherty’s Dallas office for the borrower, Tenant Landlord Connection Properties LLC.

November 5, 2014

Alabama Multifamily Southeast

Berkadia Brokers $63.4M Sale of Multifamily Portfolio in Hoover

by John Nelson November 5, 2014

HOOVER, ALA. — Berkadia has brokered the $63.4 million sale of a three-property, 825-unit multifamily portfolio in Hoover known as the “Hoover 3 Portfolio”. The properties — Park at Galleria, Place at Galleria and Renaissance at Galleria — sold for $76,784 per unit. David Oakley, David Etchison and Royce Emerson of Berkadia represented the seller, CLK Properties, in the transaction. The buyer was Chicago-based Intercapital Partners Ltd.

November 5, 2014

Florida Multifamily Southeast

Grass River Property Breaks Ground on Transit-Oriented Multifamily Development in Miami

by John Nelson November 5, 2014

MIAMI — Grass River Property has commenced construction on Grove Station Tower, a transit-oriented apartment community located a half-block from the Coconut Grove Metrorail station in Miami. The 184-unit project will be located at 2700 SW 27th Ave. upon completion in early 2016. Grove Station Tower will comprise one-, two- and three-bedroom apartments averaging 1,000 square feet. The property will also feature 6,000 square feet of ground-floor retail space. The design team includes architect Behar Font & Partners and general contractor Ortega Juneau Construction Co.

November 5, 2014

Florida Multifamily Southeast

Marcus & Millichap Brokers $19.3M Sale of Two Adjacent Apartment Communities in Fort Myers

by John Nelson November 5, 2014

FORT MYERS, FLA. — Marcus & Millichap has brokered the sale of Bella Rosa Apartments and Park Place Apartments in Fort Myers. Located directly across the street from each other, the two assets sold for approximately $19.3 million. The 160-unit Bella Rosa Apartments features two on-site laundry facilities, a fitness center, playground, dog walking area, picnic areas, business center, clubhouse and a swimming pool. The 177-unit Park Place Apartments includes an on-site laundry facility, fitness center, playground, picnic areas and two swimming pools. Michael Regan and Frank Carriera of Marcus & Millichap’s Tampa office represented both the buyer and seller in the transaction.

November 5, 2014

Colorado Multifamily Western

Advenir Acquires Two Apartment Communities in Denver

by Nellie Day November 5, 2014

DENVER – Advenir has acquired two apartment communities in the Denver submarket of Longmont. The apartments sold for a combined purchased price of about $80 million, according to industry sources. The communities included in the transaction are the 360-unit, 18-building Advenir@Wyndam, formerly Wyndam Apartment Homes, and the 210-unit, 15-building Advenir@Wildwood, formerly Wildwood Apartment Homes. Advenir@Wyndam is located at 2540 Sunset Drive. It was built in 1990 and renovated in 2010. Advenir@Wildwood is located at 3226 Lake Park Way. It was also recently renovated. Advenir has acquired 1,000 apartment units since August in the Greater Denver area, and nearly 3,000 units since late 2011. The firm is actively looking to expand its portfolio. Advenir represented itself in this transaction. The unnamed seller was represented by HFF’s Jordan Robbins. Freddie Mac financing was secured by Eric Tupler and Josh Simon of the same firm.

November 5, 2014

Multifamily Oregon Western

CBRE Global Investors Buys Arbor Heights in Portland for $54.1M

by Nellie Day November 5, 2014

PORTLAND, ORE. – CBRE Global Investors has acquired the 348-unit Arbor Heights apartment community in Portland for $54.1 million. The community is located at 15199 SW Royalty Parkway. Arbor Heights was 95 percent occupied at the time of sale. It was built in 1997 in the Portland submarket of Tigard, just 10 miles from the city’s downtown. The seller, Capri Capital Partners LLC, was represented by ARA’s Gail Neuburg. Capri Capital owned the asset on behalf of one of its institutional clients.

November 5, 2014

Multifamily Texas

Construction Begins on Apartment Tower in Houston

by Haisten Willis November 4, 2014

HOUSTON — Marquette Cos., in partnership with Hunt Cos. and Ares Management have begun construction on Catalyst Houston. The 28-story luxury apartment building is located at 1423 Texas Ave. in Houston’s central business district. The building is scheduled for completion in the summer of 2016. Houston-based architect Ziegler Cooper designed the tower, which will include 361 apartment units with one-, two- and three-bedrooms layouts. The apartments will feature views of downtown and Minute Maid Park, with amenities including hardwood floors, quartz countertops, stainless steel appliances, floor-to-ceiling windows and private balconies. Community amenities will include a Wi-Fi lounge, outdoor dog run with a pet wash, a club room, meeting room, gym and swimming pool.

November 4, 2014

Loans Multifamily New York Northeast

Mission Capital Advisors Arranges $148.5M Loan for Queens Plaza South Development

by Amy Works November 4, 2014

NEW YORK CITY — Mission Capital Advisors has arranged $148.5 million in non-recourse construction financing for the development of Queens Plaza South, a rental apartment building in Long Island City, Queens. The 44-story property will feature 391 apartment units, 165 parking spaces and 20,000 square feet of retail space. On-site amenities will include a rooftop pool, fitness center, lounge and children’s playroom. Mission Capital represented the sponsor, a joint venture between Property Markets Group, Karman Hakim and New Valley LLC, in arranging the financing with Deutsche Bank. The loan represented 70 percent of the total capitalization for the project. NorthStar Finance provided a $40.3 million mezzanine loan bringing the total financing to $188.7 million or 90 percent of the total project capitalization. Jason Cohen, Ari Hirt, Steve Buchwald and Jamie Matheny of Mission Capital represented the sponsor.

November 4, 2014

Loans Multifamily New York Northeast

Canyon Capital Provides $120M Construction Loan for Brooklyn Residential Project

by Amy Works November 4, 2014

NEW YORK CITY — Canyon Capital Realty Advisors LLC has provided $120 million in senior construction financing to LSG 365 Bond Street LLC, an affiliate of Lightstone. The loan will be used for the ground-up development of a 12-story residential community in Brooklyn’s Gowanus neighborhood. Located at 365 Bond St., the multifamily property will feature 429 residential units, including 86 affordable housing units. Additionally, the project will include a public esplanade along the Gowanus Canal, which will provide a lighted walkway, public outdoor space and access to the canal. Meridian Capital Group advised Lightstone on the transaction.

November 4, 2014

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