Multifamily

Berkadia Arranges $32M Sale of Tucker Square Apartments in Metro Atlanta

by Julia Sanders July 1, 2021

TUCKER, GA. — Berkadia has arranged the $32.3 million sale of Tucker Square, a 276-unit, garden-style multifamily property in Tucker. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, New York-based Read Property Group LLC, in the transaction. New Jersey-based LightWater Capital Investments was the buyer. Located at 1313 Stone Mill Way, Tucker Square is situated at the intersection of Stone Mountain Parkway and Memorial Drive. The property features one-, two-, three- and four-bedroom floor plans, as well as townhome layouts. The apartment units include washer and dryer connections, fireplaces, upgraded lighting and private balconies or patios. Community amenities include a swimming pool, business center and a clubhouse. The property was built in 1973 and renovated in 2019, and was 95 percent occupied at the time of sale.

July 1, 2021

Development Georgia Multifamily Southeast Student Housing

Juneau Construction Breaks Ground on Hub Atlanta Student Housing Project Near Georgia Tech

by Julia Sanders July 1, 2021

ATLANTA — Juneau Construction Co. has broken ground on Hub Atlanta, a student housing high-rise property located at 960 Spring St. in Midtown Atlanta. The property, developed by Core Spaces, is meant to be an off-campus housing option for students attending nearby Georgia Tech. Hub Atlanta will provide housing for almost 800 students beginning in the summer of 2023. The new development will be located close to the Midtown MARTA station and will comprise studios up to six-bedroom units. Standing 19 stories tall, Hub Atlanta will have 5,600 square feet of ground-level retail space along Spring Street. Community amenities will include a fitness center, study lounge, coworking space, pool deck with a hot tub, library and dog run and wash area. Additionally, Hub Atlanta residents will have access to four stories of garage parking with bicycle parking and electric vehicle charging stations. Core Spaces is a real estate investment firm that focuses on acquiring, developing and managing residential properties. Hartshorne Plunkard Architecture is also part of the project team and is a Chicago-based architecture and design firm. Juneau Construction is an Atlanta-based construction firm.

July 1, 2021

Development Multifamily Washington Western

Pastakia & Associates Acquires South Lake Union Multifamily Development Site in Seattle for $10.2M

by Amy Works July 1, 2021

SEATTLE — Pastakia & Associates has purchased a development site located at 1405 Dexter Ave. North in Seattle’s South Lake Union area for $10.2 million. The buyer has finalized entitlements and permitting for an eight-story apartment project on the site. The community will feature 160 units and a 62-stall parking structure. Dylan Simon, Jerrid Anderson and Matt Laird of The Simon and Anderson Team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the undisclosed seller in the transaction.

July 1, 2021

Acquisitions Multifamily Nevada Western

Avison Young Brokers $23.7M Sale of Crystal Court Apartments in Las Vegas

by Amy Works July 1, 2021

LAS VEGAS — Avison Young has arranged the sale of Crystal Court, a multifamily property located in Las Vegas. Crystal Court Apartments Inc. sold the asset to an undisclosed buyer for $23.7 million, or $203,233 per unit. Located at 900 E. Desert Inn Road, Crystal Court features 116 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Group at Avison Young represented the seller in the deal.

July 1, 2021

Acquisitions Illinois Midwest Multifamily

Connor Group Sells Glenmuir of Naperville Apartment Property for $103M

by Kristin Harlow July 1, 2021

NAPERVILLE, ILL. — The Connor Group has sold Glenmuir of Naperville, a 321-unit apartment property in suburban Chicago. BH Equities purchased the asset for roughly $103 million, according to Crain’s Chicago Business. The deal marked the second-largest property sale in Connor’s nearly 30-year history, according to the company, which acquired the asset in 2014. Connor, which owns and operates 45 apartment communities across 16 markets, says it intends to continue operating in the Naperville submarket long-term.

July 1, 2021

Loans Multifamily Texas

Progress Capital Arranges $8M Acquisition Loan for Dallas Apartment Complex

by Taylor Williams July 1, 2021

DALLAS — New Jersey-based mortgage banking firm Progress Capital has arranged an $8 million acquisition loan for Crossings at Lake Highlands, a 98-unit apartment complex in the Lake Highlands area of Dallas. The property offers amenities such as a pool, outdoor kitchen, coffee bar and a dog park. Abe Mann of Progress Capital placed the nonrecourse loan, which was structured with a three-year term plus two one-year extension options and a 78 percent loan-to-cost ratio, through a national debt fund. The borrower, RFM Property Group, plans to implement a capital improvement program.

July 1, 2021

Acquisitions Affordable Housing Illinois Midwest Multifamily

POAH Acquires Island Terrace Apartments in Chicago for $29.5M

by Kristin Harlow July 1, 2021

CHICAGO — Preservation of Affordable Housing (POAH) has acquired Island Terrace Apartments in Chicago for $29.5 million. The 240-unit apartment community is located at 6430 S. Stony Island across from the planned Obama Presidential Center and serves residents at a variety of income levels. The seller, PNC Bank, had owned the property since 2015. The allocation of 9 percent low-income housing tax credits from the Illinois Housing Development Authority along with a financial commitment from the City of Chicago made the purchase possible. POAH will also finance the acquisition with a loan from Merchants Capital and its own equity. POAH will take over property management through its affiliate, POAH Communities. A renovation of the apartment complex, which was built in 1969, will begin next year. The work will include improvements to the building’s major systems, modernization of the units and upgrades to resident community space.

July 1, 2021

Acquisitions Illinois Midwest Multifamily

NorthMarq Arranges Sale, Financing of 71-Unit Multifamily Complex in St. Charles, Illinois

by Kristin Harlow July 1, 2021

ST. CHARLES, ILL. — NorthMarq has arranged the sale of Haven St. Charles for an undisclosed price. The 71-unit multifamily complex is located at 1909 Oak St. in St Charles, about 40 miles west of Chicago. Parker Stewart, Dominic Martinez and Alex Malzone of NorthMarq’s St. Louis office represented the seller, Chicago-based Tricap Residential. Chicago-based Evergreen Real Estate Group was the buyer. Tricap spent about $1.5 million in capital improvements over the last few years for the property, which was originally built in 1974. It was 97 percent occupied at the time of sale. Kevin McCarthy, Brett Hood and Sue Blumberg of NorthMarq secured acquisition financing through Freddie Mac.

July 1, 2021

Acquisitions Multifamily New York Northeast

CBRE Negotiates Sale of 110-unit Apartment Complex in Bronxville, New York

by Taylor Williams July 1, 2021

BRONXVILLE, N.Y. — CBRE has negotiated the sale of Avalon Bronxville, a 110-unit apartment complex located north of New York City in Westchester County. Built in 1999 and renovated in 2012, the property offers amenities such as a fitness center, resident lounge, concierge services, package lockers and outdoor picnic areas. A CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, Travis Langer and Stuart MacKenzie represented the seller, AvalonBay Communities, in the transaction. The team also procured the buyer, a fund managed by Goldman Sachs Asset Management.

July 1, 2021

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Negotiates $74.5M Sale of Centra Apartment Community in Midtown Phoenix

by Amy Works June 30, 2021

PHOENIX — Cushman & Wakefield has arranged the sale of Centra, a multifamily property located at 306. N. Central Ave. in midtown Phoenix. San Diego-based MG Properties acquired the community from Fore Property Co. for $74.5 million. Built in 2020, Centra features 223 apartments in a mix of 93 one-bedroom and 130 two-bedroom units; a swimming pool and spa; cabanas; outdoor grilling stations; a fitness center with a yoga, spin and weight room; a gaming lounge with billiards, arcade games and shuffleboard; and a rooftop social lounge with city views. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.

June 30, 2021

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