Multifamily

Mill Creek Residential Opens 268-Unit Modera 44 in New Jersey

by Amy Works December 5, 2014

MORRISTOWN, N.J. — Mill Creek Residential has opened Modera 44, a luxury apartment community located in Morristown. The 268-unit community offers a mix of studio, one- and two-bedroom residential units. Apartments feature 9-foot ceilings, upscale finishes, custom cabinetry, wood plank-style flooring and spa-like bathrooms with soaking tubs. The units also feature gourmet kitchens with moveable chef islands, quartz countertops and Energy Star stainless steel appliances. On-site community amenities include a 24-hour fitness center that features a yoga studio, spin room and towel service, and two landscaped courtyards with gas grills and a fire pit.

December 5, 2014

Multifamily Seniors Housing Texas

Construction Begins on Heartis Senior Living Community in Waco

by Haisten Willis December 5, 2014

WACO, TEXAS — Construction has begun on the 70,000-square-foot, 81-unit Heartis Waco Assistant Living & Memory Care Community. The development is scheduled for completion in late 2015. Caddis, a national healthcare real estate firm, owns and is developing the project. Frontier Management will manage the property. Heartis Waco is the second of three Heartis communities under development that will be managed by Frontier. The development will be located on five acres at Speegleville Road north of U.S. Highway 84. Katus LLC is the project’s architect and General Contractor Ltd. is the contractor. American National Bank of Texas provided debt financing for the project.

December 5, 2014

Georgia Multifamily Southeast

Berkadia Brokers $27M Sale of Apartment Community in Metro Atlanta

by John Nelson December 5, 2014

SMYRNA, GA. — Berkadia Real Estate Advisors has brokered the $27 million sale of the 416-unit Mission Galleria Apartments in Smyrna, a suburb of Atlanta located in Cobb County. The property is located at 5000 S. Lincoln Trace Ave. N.E., near the site of SunTrust Park, the Atlanta Braves’ new ballpark that will open in 2017. Andrew Mays and Paul Vetter of Berkadia’s Atlanta office represented the buyer, RADCO Cos., in the transaction. David Oakley of Berkadia’s Birmingham office represented the seller, Mission Galleria LLC. Built in 1975 on more than 25 acres, Mission Galleria was 85 percent occupied at the time of sale.

December 5, 2014

Colorado Multifamily Western

Ultra-Luxury Apartment Community The Confluence Breaks Ground in Denver

by Nellie Day December 5, 2014

DENVER –The Confluence, an ultra-luxury, 288-unit apartment community, has broken ground in Denver. The high-rise tower will be located at 2166 15th Street, in the Lower Downtown (LoDo) District. The new project is named after its unique location: at the confluence of the South Platte River and Cherry Creek. It will feature a mix of studio to three-bedroom units that range in price from $1,500 to $12,000 per month. The new multifamily high-rise will be the tallest building in Riverfront Park once it’s completed. It is being designed by GDA architects. The glass apartment tower will feature common-area amenities that include a large terrace with a saltwater infinity-edge pool, underwater sound system, heated Jacuzzi, outdoor cabanas and fire pit, Skyline Lounge with catering kitchen, fitness center, concierge, a dog washing station and a 24-hour coffee bar. All homes feature views of either Downtown Denver or the Rocky Mountains. The ground floor of the building is intergraded into Confluence Park, which contains more than 8,000 square feet of high-end, ground-floor retail and restaurant space. It includes access to the trails along Cherry Creek and the South Platte River. The Confluence is being developed by a joint venture between PM Realty Group …

December 5, 2014

Multifamily Oregon Western

Honeyman Hardware Lofts in Portland Sells for $37M

by Nellie Day December 5, 2014

PORTLAND, ORE. – DiNapoli Capital Partners has purchased the 100-unit Honeyman Hardware Lofts in Portland for $37 million. The community is located at 555 NW Park Ave., in the city’s Downtown Pearl District. Honeyman Hardware also features 10,800 square feet of street-level retail space. It was originally built between 1903 and 1920 as three individual buildings. All three buildings were renovated and converted into residential and retail uses between 1989 and 1991. The Cotter Building, the largest of the three structures, was originally home to the Honeyman Hardware Company. It is listed on the National Register of Historic Places. The Cotter Building now houses 66 residential units. The remaining two buildings, the Bindery Building and the Metro Building, both contain 17 additional units. Select Honeyman Hardware apartments feature two-level floor plans, exposed brick walls, vaulted ceilings, private balconies, Jacuzzi baths and built-in window seats. The seller, a joint venture between Lubert-Adler Partners and Security Properties, had invested $4.9 million to upgrade the community. It also converted a portion of the retail space into 11 live-work lofts, in addition to creating a new resident lounge with free Wi-Fi and a gourmet coffee bar. The sale was executed by HFF’s Ira Virden.

December 5, 2014

Multifamily New Jersey Northeast

HFF Brokers $23.8M Sale of 294-Unit Apartment Community in Newark

by Amy Works December 4, 2014

NEWARK, N.J. — HFF has brokered the sale of Parkwood Place Apartments, a mid-rise apartment community located in the Forest Hill neighborhood of Newark. A joint venture between Alex Brown Realty and Treetop Development sold the 294-unit property for $23.8 million, or $80,952 per unit, to an undisclosed buyer. Parkwood Place Apartments comprises seven six-story buildings featuring 71 studio, 147 one-bedroom and 76 two-bedroom units. Jose Cruz, Andrew Scandalios, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.

December 4, 2014

Multifamily Northeast Pennsylvania

Gebroe-Hammer Associates Arranges $14.1M in Multifamily Sales

by Amy Works December 4, 2014

PHILADELPHIA — Gebroe-Hammer Associates has arranged $14.1 million in multifamily sales in Philadelphia. The Livingston, N.J.-based firm recently brokered the sales of The Julien in northwest Philadelphia and Avondale Apartments in northeast Philadelphia. Located at 5600 Ogontz St., The Julien consists of seven mid-rise buildings offering a total of 206 studio, one- and two-bedroom apartments. Avondale Apartments, located at 4628 Leiper St., consists of five mid-rise buildings offering a total of 113 residential units. Eli Rosen of Gebroe-Hammer negotiated both transactions.

December 4, 2014

Multifamily Texas

M&M Arranges Sale of Apartment Complex in Corpus Christi

by Haisten Willis December 4, 2014

CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of Cliff Maus Village Apartments, a 110-unit apartment complex in Corpus Christi. Mike Moffitt Jr. and Zar Haro of Marcus & Millichap’s Austin and San Antonio offices marketed the property on behalf of the seller, a partnership. Moffitt and Haro also secured the buyer, a private investor. Cliff Maus Village Apartments was built in 1968 and is located at 1458 W. Point Road. The 110-unit complex consists of 24 two-bedroom and 86 three-bedroom floor plans. Amenities include a basketball court, playground, community center, laundry facilities and courtyard.

December 4, 2014

Multifamily Texas

Q10 KDH Secures $8.3M Loan for Apartment Complex in Houston

by Haisten Willis December 4, 2014

HOUSTON — Q10 Kinghorn, Driver, Hough & Co. has secured a fixed-rate loan for the 356-unit Oaks on Bissonnet Apartments located in southwest Houston. The buyer plans to renovate both the interior and exterior of the property.

December 4, 2014

Indiana Midwest Multifamily

Apartment Complex in Hobart, Ind. Sells for $11.3M

by John Nelson December 4, 2014

HOBART, IND. — Marcus & Millichap has arranged the $11.3 million sale of Hampshire Park Apartments, a 186-unit apartment community in Hobart, approximately 45 minutes southeast of the Chicago Loop. Built in 1972 on less than 20 acres, the property is located at 400 N. Lake Park Ave. and includes a mix of one- and two-bedroom units. The apartment community is adjacent to open prairie and near parks, lakes and outdoor recreational areas. The historic Hobart lakefront district, located in downtown Hobart on Lake George, is less than one mile from the property. Scott Harris of Marcus & Millichap’s Oak Brook office in suburban Chicago represented the seller, a private investment company in Merrillville, Ind. The buyer is Chicago-based Tricap Residential Group.

December 4, 2014

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