Multifamily

Kiser Group Negotiates $3M Condo Bulk Sale in Uptown Chicago

by Kristin Harlow September 1, 2021

CHICAGO — Kiser Group has negotiated the sale of 29 condominium units within a 37-unit multifamily property in Chicago’s Uptown neighborhood for $3 million. The asset is located at 850 W. Margate Terrace. The 29 units in the transaction include 10 studios, three junior one-bedroom units, 13 one-bedroom units and three two-bedroom units. Andy Friedman and Jake Parker of Kiser represented both the buyer, Lakepoint Properties, and the seller, an unnamed family trust. According to Kiser, a full-building deconversion will likely occur at a later date since the buyer will own 75 percent of the units. Under the Condominium Property Act in Illinois, a condo building can be sold if 75 percent of ownership is in agreement.

September 1, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $10.5M Sale of West New York Multifamily Portfolio

by Taylor Williams September 1, 2021

WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $10.5 million sale of a three-property, 66-unit multifamily portfolio in West New York, located across the Hudson River from Manhattan. Fahri Ozturk, Richard Gatto and David Ferber of Marcus & Millichap represented the seller and the buyer, both of which were private investors that requested anonymity, in the transaction. The new ownership plans to implement a value-add program.

September 1, 2021

Development Georgia Multifamily Southeast

Portman, National Real Estate Advisors Break Ground on Multifamily Project in Midtown Atlanta

by Julia Sanders August 31, 2021

ATLANTA — A joint venture between Portman Residential and National Real Estate Advisors LLC has broken ground on 10th and Spring, a 29-story multifamily project in Atlanta’s Midtown district. Portman Residential secured a $117 million construction loan for the project, according to the Atlanta Business Chronicle. Located at the corner of Spring Street and 10th Street NW, 10th and Spring will include 370 residential units, as well as 11,000 square feet of retail space. Community amenities will include a pool, fitness center and a clubroom. The project will serve as the first phase of a 4.1-acre master-planned mixed-use development led by Portman Residential. The larger development plan will also feature a 525,000-square-foot, Class A office building; about 20,000 square feet of event space; and a hotel that will feature at least 225 guest rooms. As part of the project, the historic site of H.M. Patterson & Son’s Spring Hill Chapel will be transformed into a venue with food and beverage options, as well as the new hotel. Atlanta-based Cooper Carry will be the architectural firm for the project. Fogarty Finger will do the interior design for the development, and JE Dunn will oversee construction services. National Real Estate Advisors LLC …

August 31, 2021

Development Multifamily Southeast Tennessee

Fogelman Completes Redevelopment Project at 614-Unit Stewarts Ferry Apartments in Nashville

by Julia Sanders August 31, 2021

NASHVILLE, TENN. — Fogelman Properties has completed the redevelopment of Stewarts Ferry, a 614-unit multifamily community located at 8100 Stewarts Ferry Parkway in Nashville. The renovation project took 18 months, and the development cost was $1 million. Fogelman made interior and exterior upgrades, as well as made enhancements to the pool area including the addition of an outdoor kitchen, LED lighting and brick pool deck. The community also unveiled a new fitness center with equipment and workout programs. Built in 1986, Stewarts Ferry offers one- and two-bedroom apartments and townhomes with rental rates starting at $1,113. The units feature oak cabinets and vanities, washers and dryers, patios or balconies, fireplaces and walk-in closets, as well as upgraded units available for rent. Additional community amenities include two stocked fishing ponds, a lighted tennis court and a community walking trail. The property is currently 97 percent occupied.

August 31, 2021

Acquisitions California Multifamily Western

Oakmont Properties Sells Autumn Ridge Apartments in Citrus Heights, California to Kennedy Wilson for $120M

by Amy Works August 31, 2021

CITRUS HEIGHTS, CALIF. — Oakmont Properties has completed the disposition of Autumn Ridge, an apartment property located at 6011 Shadow Lane in Citrus Heights. Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson, acquired the asset for $120 million. Marc Ross of CBRE represented the seller in the deal. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office organized acquisition financing for the buyer. Originally built in 1986, Autumn Ridge features 410 apartments in a mix of one- and two-bedroom layouts. Community amenities include three swimming pools and spas, a clubhouse, fitness center, fireplace lounge, racquet ball court, tennis court and business center. At the time of sale, the property was 96 percent leased.

August 31, 2021

Acquisitions Colorado Multifamily Northmarq Western

NorthMarq Brokers $88.7M Sale of Park 17 Multifamily Community in Denver

by Amy Works August 31, 2021

DENVER — NorthMarq has arranged the sale of Park 17, an apartment property located at 1210 E. 17th Ave. in Denver. Kairoi Residential sold the asset to an undisclosed buyer for $88.7 million. Completed in July 2020, Park 17 features 190 apartments in 34 floor plans ranging from 504 square feet to 1,663 square feet with nine- to 12-foot ceilings, modern technology packages, Moen plumbing fixtures, glass and custom porcelain backsplashes, Nest thermostats, keyless entries, stall showers and side-by-side refrigerators. On-site amenities include a fourth-floor infinity pool overlooking the Denver skyline. Dave Martin and Brian Mooney of NorthMarq’s Denver office represented the seller in the deal. David Link and Jeff DeHarty of NorthMarq’s Denver debt/equity team arranged $45 million in acquisition financing for the borrower through its relationship with a life insurance company. The transaction was structured with a 10 years of interest-only payments.

August 31, 2021

Development Multifamily Student Housing Texas

Parallel to Develop 802-Bed Student Housing Community in College Station

by Taylor Williams August 31, 2021

COLLEGE STATION, TEXAS — Austin-based developer Parallel will build an 802-bed student housing community within the Northgate Campus area near Texas A&M University in College Station. Parallel has entered into a ground lease with the University Lutheran Church of College Station to develop the 18-story community. The property’s 298 units will be furnished with quartz countertops, stainless steel appliances, tile backsplashes and smart technology features. Amenities will include a rooftop pool and hot tubs, an outdoor theater, fitness center, sand volleyball court, outdoor kitchen areas, fire pits and other outdoor formal and informal gathering areas. Completion is slated for summer 2023.

August 31, 2021

Acquisitions Arizona Loans Multifamily Western

CBRE Arranges $29.4M Acquisition Loan for 208-Unit Apartment Property in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — CBRE has secured a $29.4 million loan for InTrust Property Group to acquire Sunflower and Veranda Apartments in Glendale. Terms of the acquisition were not released. Located at 6015 and 5959 W. Olive Ave., the gated multifamily properties offer a total of 208 units ranging from 450 square feet to 1,150 square feet. Community amenities include three swimming pools, grill and picnic areas and on-site property management. The Newport Beach, Calif.-based buyer plans to upgrade all units to include stainless steel appliances, new cabinetry and quartz countertops. The loan, which was structured with a three-year term and two one-year extensions, will provide funding for the future capital improvements and renovation of the asset. Shaun Moothart, Bob Ybarra, Bruce Francis and Doug Birrell of CBRE arranged the loan for the borrower.

August 31, 2021

Arizona Development Multifamily Western

Nirvana at Zanjero Buys Medical Office Condo Project for Multifamily Conversion in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — Nirvana at Zanjero LLC has acquired Zanjero Falls, a three-story, grey-shell building at 7410 N. Zanjero Blvd. in Glendale, for $10 million. Situated on 7.5 acres, the 231,272-square-foot asset features three buildings with an underground parking facility, as well as healing gardens, water features and a large pond with bridge to the main entrance. The property was originally built in 2008 as medial and office condominiums. However, due to the Great Recession of 2008, the property’s interior was never built out and it sat idle for more than 10 years through a series of owners. The buyer is developing design, architectural plans and city approvals to build an approximately 300-unit multifamily property, offering one-, two- and three-bedroom units, on the site. The first phase of construction, which is to build out the existing shell building, is slated for completion in the fourth quarter of 2022, and the second phase that includes building new detached buildings is scheduled for completion by spring/summer 2022. Sharat (Shaun) Kanaka of Paradise Valley, Ariz., represented the buyer, while Tim Dulany and Alexandra Loye of Colliers in Arizona represented the seller, SZ Real Co LCC, an Arizona limited liability company headed by a …

August 31, 2021

Development Multifamily Texas

Presidium Completes 408-Unit Apartment Community in North Fort Worth

by Taylor Williams August 31, 2021

FORT WORTH, TEXAS — Texas-based developer Presidium has completed Presidium Revelstoke, a 408-unit apartment community located near Alliance Town Center on the north side of Fort Worth. Units feature one-, two- and three-bedroom floor plans and stainless steel appliances, upscale finishes and smart technology devices. Amenities include a pool, clubhouse with a demonstration kitchen, business center with coworking spaces, billiards room and a fitness center. Project partners included O’Brien Architects, civil engineer Kimley-Horn and Provident General Contractors. Presidium Revelstoke represents Phase I of a larger development; construction of Presidium Berkshire, a 340-unit community that marks the second phase, began earlier this year. Rents start at $1,350 per month for a one-bedroom unit.

August 31, 2021

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