Multifamily

NGKF Arranges $33.5M in Financing for Two South Florida Multifamily Assets

by John Nelson March 31, 2015

WEST PALM BEACH AND MIAMI GARDENS, FLA. — NGKF Capital Markets has arranged $33.5 million in financing for two multifamily properties in South Florida: the 192-unit Serrano in West Palm Beach and the 234-unit Park Plaza in Miami Gardens. Maury Zanoff, Joe Donato, Matthew Williams and Jamie Leachman of NGKF’s Washington, D.C., office arranged the financing on behalf of the borrower, AION Partners. The two loans have floating interest rates and interest-only periods. AION will repay existing debt and use the funds to make capital improvements on the two multifamily properties.

March 31, 2015

Embassy Towers Washington, D.C. Adams Morgan

District of Columbia Multifamily Southeast

UIP, Lubert-Adler Acquire Apartment Building in D.C. for $13.3M

by John Nelson March 31, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) and Lubert-Adler Partners have teamed up to acquire Embassy Towers, a 72-unit apartment building located in Washington, D.C.’s Adams Morgan neighborhood, for $13.3 million. The property is located at 1620 Fuller St. N.W. The Embassy Towers Tenant Association has not decided whether the property will remain an apartment building or convert into a condominium project. Alan Davis and Brendan Flood of HFF represented the seller, a family consortium, in the transaction. UIP subsidiaries UIP Property Management Inc. and UIP General Contracting Inc. will handle property management duties and renovations to Embassy Towers, respectively.

March 31, 2015

Multifamily New York Northeast

Kushner Cos. Buys 16-Building Multifamily Portfolio in NYC for $131.5M

by Amy Works March 31, 2015

NEW YORK CITY — Kushner Cos. has acquired a 16-building portfolio of Manhattan and Brooklyn multifamily properties for $131.5 million from Stone Street Properties and HIG Realty Partners. The portfolio, which also includes five retail stores, consists of 14 Manhattan buildings totaling 251 units in the Upper East Side, Murray Hill, East Village and Greenwich Village, and two buildings, totaling 40 units, in Brooklyn’s Boerum Hill district.

March 31, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers Two Multifamily Sales in New Jersey

by Amy Works March 31, 2015

PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the sale of two multifamily properties, totaling 60 units, in Plainfield. In the first transaction, Gehane Triarsi and Nicholas Nicolaou of Gebroe-Hammer arranged the $3.1 million sale of a 33-unit multifamily property at 815-825 Central Ave. The property features a mix of two-, three- and four-and-a-half-room layouts. In the second deal, Triarsi represented the seller in the $2.2 million sale of a 27-unit property at 315 W. Eighth St. The property features 21 studios and six one-bedroom units. Stephen Tragash, also of Gebroe-Hammer, procured the buyer in the transaction.

March 31, 2015

Loans Multifamily Texas

Dougherty Mortgage Arranges $4.3M Loan for Apartment Complex in Dallas

by Haisten Willis March 30, 2015

DALLAS — Dougherty Mortgage LLC has arranged a $4.3 million Fannie Mae loan for the refinance of American Beauty Mill Lofts, an 80-unit multifamily market rate apartment property located in Dallas. Dougherty’s Dallas office arranged the 10-year, interest-only loan for the borrower, American Beauty Lofts Ltd. American Beauty Mill Lofts offer loft apartments located in downtown Dallas. Formerly a flour mill warehouse, the retrofitted loft apartments feature open floor plans, 15-foot ceilings and stained concrete flooring.

March 30, 2015

Multifamily Texas

M&M Arranges Sale of 100-Unit Apartment Complex in Odessa

by Haisten Willis March 30, 2015

ODESSA, TEXAS — Marcus & Millichap has arranged the sale of Village Place, a 100-unit multifamily property located in Odessa. Joe James and Kent Myers of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a Texas-based development company. Village Place is located at 1100 Milburn Ave., within one mile of U.S. Highway 385 and one mile from I-20. The property was built in 1971.

March 30, 2015

Multifamily South Carolina Southeast

East West Partners Breaks Ground on Luxury Condo Project in Charleston MSA

by John Nelson March 30, 2015

MOUNT PLEASANT, S.C. — East West Partners has begun construction on Tides IV, a 54-unit luxury condominium community in Mount Pleasant, a suburb of Charleston. All 13 residences listed in a pre-sale in December 2014 sold for an average $930,000, the most expensive of which was a $2.2 million penthouse sale. East West Partners will release 10 more units for pre-sale in early April. Upon completion in summer 2016, the property will feature a lobby, fitness center and marsh-front swimming pool. Tides IV will be situated near Mount Pleasant Waterfront Park, Ravenel Bridge (connecting to historic downtown Charleston), Sullivan’s Island and Isle of Palms.

March 30, 2015

Boardwalk at Morris Bridge Temple Terrace

Florida Multifamily Southeast Student Housing

Marcus & Millichap Brokers $17.2M Sale of Student Housing Property in Florida

by John Nelson March 30, 2015

TEMPLE TERRACE, FLA. — Marcus & Millichap has brokered the $17.2 million sale of Boardwalk at Morris Bridge, a 146-unit, 580-bed student housing community located at 8800 Boardwalk Trail Drive in Temple Terrace. The apartment building is less than a four-minute drive from the University of South Florida’s main campus. Built in 2001, the property’s amenity package includes a resort-style swimming pool and spa, tanning beds, a clubhouse, study center, 24-hour courtesy officer and shuttle service to the campus. Frank Carriera, Michael Regan and Alex Blagojevich of Marcus & Millichap’s Tampa office, along with David Gaines and Greg Gonzalez of the firm’s Chicago office, represented both the buyer and seller in the transaction.

March 30, 2015

Multifamily New York Northeast

CPEX Brokers Sales of Two Development Sites in Brooklyn to Hudson Cos.

by Amy Works March 30, 2015

NEW YORK CITY — CPEX Real Estate has brokered the sales of two development sites, totaling 350,000 buildable square feet, in Brooklyn’s Prospect Lefferts Gardens. Hudson Cos. purchased the sites for a combined $23 million and plans to develop 520-unit multifamily property on the sites. In the first deal, Hudson Cos. purchased a five-parcel, 36,430-square-foot site at 1295-1299 Nostrand Ave. and 306-310 Clarkson Ave. for $10 million, or $69 per buildable square foot. The site offers 145,720 buildable square feet. The seller was a family that had owned the properties since the early 1980s. In the second transaction, Hudson Cos. acquired the adjacent properties, 318-350 Clarkson Ave., from Health Science Center at Brooklyn for $13 million, or $65 per buildable square foot. The site offers 200,000 buildable square feet. Sean Kelly, Timothy King and Brian Leary of CPEX represented the sellers in each transaction and procured the buyer.

March 30, 2015

Connecticut Multifamily Northeast

CBRE Arranges $17.7M Sale of Connecticut Multifamily Property

by Amy Works March 30, 2015

BROOKFIELD, CONN. — CBRE Group has brokered the sale of Towne Brooke Commons, a multifamily property located in Brookfield. The Silverman Group purchased the 102-unit property for $17.7 million from Harbor Group International. Built in 2009, the property features open floor plans with high ceilings, spacious kitchens, walk-in closets and full-size washers/dryers. Community amenities include a clubroom, fitness center, outdoor pool, business center and heated parking. Jeffrey Dunne, Gene Pride and Ivelin Spasov of CBRE’s Institutional Properties group represented the seller in the transaction.

March 30, 2015

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