Multifamily

IPA Brokers Sale of Mid-Rise Apartment Complex in San Antonio

by Haisten Willis January 13, 2015

SAN ANTONIO — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of 1800 Broadway, a 230-unit apartment building located north of downtown San Antonio in the city’s Lower Broadway Corridor. Will Balthrope and Drew Kile of IPA represented the developer, Criterion Property Co. LP, and its equity partner, Cypress Real Estate Advisors. Greystar Real Estate Partners managed the property. Churchill Forge Properties is the buyer. 1800 Broadway is located on the corner of Broadway and Grayson streets directly across from the Pearl Brewery development. Completed in 2013, 1800 Broadway is a four-story, 206,389-square-foot mid-rise development with 230 upscale units and 29 floor plans. Amenities include granite countertops, stainless steel appliances, pendant lighting, a full-size washer and dryer, two-inch blinds and nine- and 11-foot ceilings. Community amenities include a pool, fitness center, two interior courtyards and an indoor/outdoor multimedia space.

January 13, 2015

T.W. Sather Co. Breaks Ground on $9.7M Apartment Project in Cedar Rapids, Iowa

by Danielle Everson January 13, 2015

CEDAR RAPIDS, IOWA — T.W. Sather Co. Inc. has broken ground on the $9.7 million Kingston Village Apartments in downtown Cedar Rapids. The apartment complex located at 200 Diagonal Drive includes 64 units and features a mix of one-, two- and four-bedroom apartments. Amenities at the four-story property include management offices, a fitness center, a business center and community room. The project involved Section 42 financing from the Iowa Finance Authority (IFA), Iowa Economic Development Authority (IEDA), the city of Cedar Rapids and Bank Mutual. The project is part of major redevelopment efforts following the Iowa flood of 2008, a hydrological event that involved most of the rivers in eastern Iowa.

January 13, 2015

Loans Massachusetts Multifamily Northeast

HFF Arranges $50.15M Sale, $21.2M Financing for 136-Unit Massachusetts Multifamily Property

by Amy Works January 13, 2015

BROOKLINE, MASS. — HFF has arranged the $50.15 million sale of a 136-unit multifamily property located at 1440 Beacon St. in the Coolidge Corner neighborhood of Brookline. Additionally, the firm arranged $21.2 million in financing for the acquisition. HFF marketed the property for the seller, a joint venture between Westbrook Partners and Nordblom Co. An affiliate of Visconsi Cos. Ltd. purchased the asset, which will be managed by Samuel & Associates. The 15-year, fixed-rate acquisition loan was arranged through New York Life Real Estate Investors. The transit-oriented residential community, which has direct access to MBTA’s Green Line, features a mix of studio and one-bedroom apartments. On-site amenities include a parking garage, patio area with gas grills, and a fitness center. Mark Campbell, Coleman Benedict, Ben Sayles and Jackie Meagher of HFF represented the seller in the deal. Greg LaBine, also of HFF, led the firm’s debt placement team that arranged the financing.

January 13, 2015

Midwest Multifamily Wisconsin

Ogden & Co. Arranges $3.9M Sale of 56-Unit Apartment Complex in De Pere, Wis.

by Danielle Everson January 13, 2015

DE PERE, WIS. — Ogden & Co. Inc. has arranged the $3.9 million sale of a 56-unit apartment complex in De Pere, a suburb of Green Bay. Trumpeter Trail is located at 605-665 Trumpeter Trail. Trumpeter Trail Associates LLC sold the property to the buyer, a Wisconsin-based investor group. David Tighe and Tim Dwyer of Ogden & Co. were the brokers involved in the transaction.

January 13, 2015

Multifamily New York Northeast

GFI Realty Brokers $2.8M Sale of Bronx Apartment Building

by Amy Works January 13, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building, located at 546 East 182nd St. in the Little Italy section of the Bronx. A local investor purchased the asset for $2.8 million, or $112,000 per unit. Built in 1913, the five-story building features 25 apartment units. Shulem Paneth and Eli Matyas of GFI represented the buyer, while Wilfred Matias, also of GFI, represented the seller, a local investor, in the deal.

January 13, 2015

Multifamily Northeast Pennsylvania

High Associates Arranges $2.48M Multifamily Property Sale in Bethlehem, Pa.

by Amy Works January 13, 2015

BETHLEHEM, PA. — Lancaster, Pa.-based High Associates has arranged the sale of a multifamily property located at 532 Second Ave. in Bethlehem. The 18-unit property sold for $2.48 million, or $137,500 per unit, in a 1031 exchange. The property features 1,200-square-foot, two-bedroom apartments with upgraded amenities, including hardwood floors, granite counter tops and stainless steel appliances. Additional amenities include off-street parking and a fitness center. Matthew Wolf of High Associates represented both the buyer and seller in the transaction.

January 13, 2015

Station Square at Cosner’s Corner Fredericksburg

Multifamily Southeast Virginia

Doster Construction to Break Ground on Multifamily Community in Virginia

by John Nelson January 13, 2015

FREDERICKSBURG, VA. — Doster Construction Co. has been selected to construct Phase II of Station Square at Cosner’s Corner, a 120-unit apartment complex in Fredericksburg. The project team, including developer MAA Communities and architect Davis Architects, will break ground on the apartment community in the first quarter. Upon completion, the property will feature upscale kitchens, crown molding, screened balconies and patios, washers and dryers, walk-in closets, a resort-style swimming pool, fitness center and a business center.

January 13, 2015

Multifamily Texas

HLC Equity Purchases 154-Unit Apartment Complex in Metro Dallas

by Haisten Willis January 12, 2015

GRAND PRAIRIE, TEXAS — HLC Equity has purchased Windscape Apartments, a 154-unit, Class-B, garden-style apartment complex in Grand Prairie. Mosaic Realty Partners will co-manage the property along with an HLC Equity affiliate. Windscape is less than a 30-minute drive from both Dallas and Fort Worth. The property is located near several major highways and mass transit options. It also includes access to Globe Life Park, AT&T Stadium and a Six Flags Over Texas. Amenities at the property include a clubhouse, 24-hour fitness center, swimming pool, Jacuzzi, waterfall and a barbecue/picnic area.

January 12, 2015

Multifamily North Carolina Southeast

ARA Brokers Sale of Notting Hill Apartment Community in Chapel Hill

by John Nelson January 12, 2015

CHAPEL HILL, N.C. — ARA has brokered the sale of Notting Hill, a 200-unit, Class A apartment community in Chapel Hill. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented the seller, a Dallas-based private real estate fund advised by Crow Holdings Capital-Real Estate. Atlanta-based Carroll Organization purchased the apartment community in a joint venture agreement with AIMS Real Estate for an undisclosed price. Carroll Management Group will manage the apartment property, which was 95 percent occupied at the time of sale. The property’s amenity package includes a swimming pool, business center, fitness center, tennis court, playground, car care center, laundry center and coffee lounge. Built in 2000, the property is comprised of one-, two- and three-bedroom units.

January 12, 2015

Multifamily Texas

The RADCO Cos. Acquires Three Texas Apartment Complexes Totaling 916 Units

by Haisten Willis January 9, 2015

HOUSTON AND SAN ANTONIO — The RADCO Cos. has acquired a three-property multifamily portfolio containing a total of 916 units in Houston and San Antonio. The 122-unit Country Place and the 458-unit Saddle Ridge are both located in Houston, while the 336-unit Trails of Westlakes is located in San Antonio. The properties were built between 1975 and 1984 and were foreclosed upon in 2011 by Fannie Mae, which was the seller. RADCO financed the acquisitions with a mixture of bridge debt and private equity. PCCP LLC. and Oklahoma Fidelity Bank provided the debt. The 17-building Country Place is located on Houston’s west side in the center of the city’s energy corridor, three miles east of Beltway 8. Saddle Ridge is located in Houston’s Northshore/Wood Forest submarket with access to the city’s central business district and the Port of Houston. Trails of Westlakes is located in western San Antonio. RADCO will invest $12.2 million to upgrade interiors at all three properties. The company will also improve the building exteriors and expand the amenity packages.

January 9, 2015

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