Multifamily

Embrey Partners Breaks Ground on Apartment Community in Germantown Area

by John Nelson November 18, 2014

NASHVILLE, TENN. — Embrey Partners has begun construction on The Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. The project will be located adjacent to First Tennessee Park, the new home of the Nashville Sounds, as well as a future library and archive campus. The four-story property will feature one- and two-bedroom units ranging from 599 to 1,704 square feet with rental rates ranging from $1,378 to $3,300 per month. The property will feature a 7,500-square-foot clubhouse with a fitness center, yoga studio, gaming center, presentation kitchen, private dining area, resort-style pool, grilling station, outdoor fireplace and a concierge system. The design team includes general contractor Embrey Builders, property manager Embrey Management Services, architect BGO Architects and engineer Littlejohn Engineering. Embrey Partners plans to deliver The Carillon in spring 2016.

November 18, 2014

Florida Multifamily Southeast

CBRE Brokers $62M Sale of Multifamily Portfolio in Jacksonville

by John Nelson November 18, 2014

JACKSONVILLE, FLA. — CBRE has brokered the sale of two multifamily communities in Jacksonville spanning 552 units. Olympus Property Management purchased the two adjoining properties from Atlanta-based Cortland Partners for $62 million. The communities include Mirador at River City located at 13100 Broxton Bay Drive and Stovall at River City located at 13000 Broxton Bay Drive. Brian Moulder and Dhaval Patel of CBRE represented Cortland Partners in the transaction.

November 18, 2014

California Multifamily Western

Los Angeles Apartment Building Sells for $8.1M

by Nellie Day November 18, 2014

LOS ANGELES – A 33-unit apartment building in Los Angeles has sold to Unison Investment Company for $8.1 million. The community is located at 1154 Bellevue Ave. in the Echo Park neighborhood. It was built in 2008. Unison Investment was represented by John Chu of New Life Properties. The seller, Bellevue Development Ventures, was represented by Michel Hibbert of Charles Dunn Company.

November 18, 2014

California Multifamily Western

Vista Ridge Apartment Homes in Sylmar Sells for $14.2M

by Nellie Day November 18, 2014

SYLMAR, CALIF. – The 81-unit Vista Ridge Apartment Homes in Sylmar has sold to a private owner/operator for $14.2 million. The community is located at 13500 Foothill Blvd. in the San Fernando Valley submarket. It was built in 1987. The seller, Benedict Canyon Equities, was represented by Ronald Harris, Rick Raymundo, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office.

November 18, 2014

Multifamily New York Northeast

GFI Realty Brokers $1.95M Sale of Apartment Building in Brooklyn

by Amy Works November 17, 2014

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 197 St. Marks Ave. in Brooklyn’s Prospect Heights. The asset sold for $1.95 million, or $325,000 per unit. Constructed in 1931, the three-story, walk-up building features six apartments. Shlomo Antebi of GFI Realty Services represented the buyer and seller, both of which are local investors, in the transaction.

November 17, 2014

California Multifamily Western

North Park Apartment Complex Sells for $3.2M

by Nellie Day November 17, 2014

SAN DIEGO – An 18-unit apartment complex in the North Park submarket of San Diego has sold to the Bill Shepard MD Trust for $3.2 million. The complex is located at 3946-52 Idaho Street. It was built in 1970. The trust was represented by CBRE’s Eric Comer. The seller, LenRae LLC, was represented by Terry Taylor of ACI Apartments.

November 17, 2014

Multifamily Texas

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

Indiana Midwest Multifamily

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

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