Multifamily

Woodmont Properties, Metrovation Open West Side Lofts in New Jersey

by Amy Works November 13, 2014

RED BANK, N.J. — Woodmont Properties and Metrovation have opened West Side Lofts, a luxury apartment community in Red Bank. The 92-unit property offers a mix of one-bedroom and two-bedroom units finished lofts, two-story townhomes and three-story live/work maisonettes with private roof decks. Community amenities include a rooftop lounge and outdoor deck with hot tub, fire pit and barbecue grill; a strength and cardio center; a clubroom with resident lounge; game room; business center; four sky lounges; private courtyard with seating area; electric vehicle charging station; and package concierge service. Additionally, West Side Lofts will feature 25,000 square feet of restaurant and retail shops, featuring Triumph Brewing Co.

November 13, 2014

Multifamily New Jersey Northeast

Clarion Partners Acquires Parkway Lofts in Bloomfield for More Than $100M

by Amy Works November 12, 2014

BLOOMFIELD, N.J. — Clarion Partners has acquired Parkway Lofts, a multifamily property in Bloomfield, for more than $100 million. The seller was a joint venture comprised of Prism Capital Partners and an institutional investor. Originally built in 1897, the property is an eight-story industrial building that was redeveloped into 136 loft-style apartment units. Units feature gourmet kitchens with stainless steel appliances and quartz countertops, walk-in closets, oversized windows and in-unit washer/dryers. Onsite amenities include a two-story fitness center, rooftop deck with fire pit and ample garage parking. Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE Group’s Institutional Properties team represented the seller in the transaction.

November 12, 2014

Multifamily New York Northeast

Eastern Consolidated Arranges $8.5M Sale of Washington Heights Multifamily Building

by Amy Works November 12, 2014

NEW YORK CITY — Eastern Consolidated has arranged the sale of 720 West 172nd St., known as 121-123 Haven Avenue, in Washington Heights. Barberry Rose Management purchased the asset from David Tseng for $8.5 million. The six-story, 36,125-square-foot multifamily building features 32 apartments. The property is in close proximity to Columbia Presbyterian Hospital, Public School 173, J. Hood Wright Park and Henry Hudson Highway. Matthew Sparks and Abram Bernstein of Eastern Consolidated represented the seller; Sparks also procured the buyer in the transaction. Ari Goodman was the attorney for the seller, while Marc Landis, Brian Beller and Karen Schwimmer of Phillips Nizer LLP served as attorneys for the buyer.

November 12, 2014

Arizona Multifamily Western

Indigo Creek Apartments in Glendale Sells for $40.5M

by Nellie Day November 12, 2014

GLENDALE, ARIZ. — A joint venture between by the Bascom Group and funds managed by Oaktree Capital Management has acquired the 408-unit Indigo Creek Apartments in Glendale for $40.5 million. The community is located at 14221 N. 51st Ave. Indigo Creek was built in 1998. Community amenities include three resort-style swimming pools, two spas, a 24-hour fitness center, common-area Wi-Fi, barbecue grills and detached garages. Steve Gebing and Cliff David from Marcus & Millichap represented both the buyer and unnamed seller in this transaction. Property management will be handled by Morrison, Ekre & Bart Management Services. The JV acquired the asset through Bascom Arizona Ventures LLC, an affiliate of the Bascom Group. Indigo Creek was acquired with a $35-million loan from Mesa West Capital. The JV plans to recapitalize the property.

November 12, 2014

Midwest Minnesota Multifamily

M&M Brokers $2.5M Sale of Apartment Property in Cambridge, Minn.

by John Nelson November 12, 2014

CAMBRIDGE, MINN. — Marcus & Millichap has brokered the $2.5 million sale of Calhoun Apartments, a 48-unit apartment property located in Cambridge. Calhoun Apartments is located at 414 Calhoun Place N. and 514 Calhoun Terrace. The 48-unit community consists of two 24-unit buildings that include one- and two-bedroom apartments. Calhoun Apartments was developed in 1978 as part of the USDA Rural Housing 515 Program. In 2009, the property had successfully exited the program and began renting at market rate. Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the seller, a limited liability company. Evan Miller of Marcus & Millichap, along with Gunderson and Linnell, represented the buyer, a limited liability company.

November 12, 2014

Loans Midwest Multifamily Ohio

Pillar Originates $11.7M Fannie Mae Loan for Multifamily Property in Columbus

by Danielle Everson November 11, 2014

COLUMBUS, OHIO — Pillar has originated an $11.7 million Fannie Mae DUS loan for the acquisition of Citation Club Apartments, a 240-unit multifamily property located at 600 Trinity March in Columbus. The property features two- and three-story garden-style buildings built in 2004. The 15-year, fixed-rate loan includes a 30-year amortization schedule. Adam Klingher, managing director, and Brooke Jackson, associate, of Pillar’s Chicago origination team arranged the loan. Citation Club Apartments is part of a portfolio of three multifamily properties located in Columbus. The property is the only one in the portfolio that required new financing. The sponsor is Brookview Realty Group, an owner/operator of multifamily properties across the country. The key principals at Brookview responsible for the Citation Club Apartments transaction are Barry Pessin and David Ostreicher. Brookview and its affiliates currently own and manage more than 1,300 rental units across the country.

November 11, 2014

Multifamily New York Northeast

Time Equities, Hamlin Ventures Acquire 34 Prince Street in Manhattan

by Amy Works November 11, 2014

NEW YORK CITY — Co-developers Time Equities and Hamlin Ventures have acquired 34 Prince Street, the former convent and school of St. Patrick’s Old Cathedral complex in Manhattan’s Northern Little Italy neighborhood, for $30.7 million. The joint venture plans to transform the property, which was built in 1825, into a seven luxury condominium residences and two townhomes. Designed by Marvel Architects, the renovated property will feature two townhomes ranging in size from 9,000 to more than 10,000 square feet, and loft residences ranging in size from 2,600 to nearly 5,000 square feet, with many featuring private outdoor space. CORE will handle the sales for the townhomes, which offer home customization options. This acquisition is the second development venture for the team. Its first project, 14 Townhouses, was completed in spring 2014.

November 11, 2014

Loans Multifamily New Jersey Northeast Seniors Housing

Oak Grove Capital Arranges $8.2M FHA Financing for Senior Apartment Community

by Amy Works November 11, 2014

TOMS RIVER, N.J. — Oak Grove Capital has originated an $8.2 million FHA loan to refinance Highland Plaza, an affordable seniors housing community in Toms River. Located a few miles from the Jersey Shore, the community offers 111 apartment units. Oak Grove Capital worked with the New York and New Jersey HUD offices to secure the fixed-rate loan, which features a 30-year amortization schedule and prepayment flexibility.

November 11, 2014

Multifamily New York Northeast

Marcus & Millichap Brokers $1.65M Apartment Building Sale in Brooklyn

by Amy Works November 11, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of 377 Manhattan Avenue in Brooklyn. The six-unit apartment building sold for $1.65 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office listed the property on behalf of the seller, a private investor, and represented the buyer, a private investor, in the transaction.

November 11, 2014

Florida Multifamily Southeast

CBRE Brokers $52M Sale of The Manor in Plantation

by John Nelson November 11, 2014

PLANTATION, FLA. — CBRE has brokered the $52 million sale of The Manor in Plantation, a newly developed 197-unit apartment community. The mid-rise and townhome residential asset is located at 601 N.W. 82nd Ave. in Plantation. The Manor LLC purchased the apartment community from Veranda II Apartments LLC and Veranda II Townhomes LLC. The Manor’s rents have been averaging $1.99 per square foot and the property was 90 percent occupied at the time of sale. Amenities include a beach entry pool with a hot tub, clubroom with flat screen TV and WiFi loft, billiards and poker room, private dining room, business center with conference room, theater and a fitness center. Robert Given, Zachary Sackley, Gerard Yetming and Neal Victor of CBRE represented the seller in the transaction. Related Group of Florida delivered The Manor in 2013.

November 11, 2014

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