Low vacancy persists in the Fairfield and New Haven county apartment sector behind respectable job growth and the accompanying creation of new rental households. Multifamily rentals also continue to derive support from the region’s pricey single-family home market. In New Haven County, rentals remain the most cost-effective housing option for many households and younger residents. An acutely low level of single-family home affordability also exists in the most sought-after neighborhoods in Fairfield County, driving many residents to apartments for extended tenures. With high single-family prices posing a barrier to homeownership for many households and creating a large pool of renters, multifamily developers are ramping up production, especially in Fairfield County. Thus far, new construction has been rather well received. Vacancy in recently built properties in Stamford/Norwalk was up slightly to the mid-3 percent range this year as complexes coming online stabilized, despite average rents in excess of $2,500 per month. Tight vacancy also persists in lower-priced 1990s-era rentals in the submarket. By the end of 2013, employers in the market are projected to create 11,500 jobs, marking a 1.5 percent expansion of payrolls. Gains in education and health services, and professional and business services primarily accounted for an increase of …
EAST CAMBRIDGE, MASS. — Rockwood Capital and Related Beal have completed the sale of One Kendall Square in East Cambridge to Divco West. Terms of the transaction were not disclosed. Rockwood and Related Beal acquired the property from Lincoln Property Co. and JER Partners for $211 million in 2006. One Kendall Square is a nine-building portfolio including approximately 670,000 square feet of office, laboratory and retail space. The property also features a 1,574-car parking garage, a nine-screen cinema and a development site. The 7.9-acre, transit-oriented campus includes six full-service restaurants, a variety of shops, daycare center, new fitness center and easy access to public transportation.
LAWRENCEVILLE, N.J. — Cronheim Mortgage has arranged $3.8 million in financing for Westgate Apartments, a 72-unit multifamily property located in Lawrenceville. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the seven-year loan for Westgate Management LLC. Constructed in the mid-1960s, Westgate Apartment consists of nine, two-story apartment buildings. The community features 36 one-bedroom and 36 two-bedroom units, ranging in size from 775 square feet to 900 square feet. The property is located near Interstates 95 and 295 and U.S. Route 1 within the Greater Princeton area.
NEW YORK CITY — Marcus & Millichap has arranged the $2.6 million sale of 567 Vanderbilt Ave., a 4,864-square-foot mixed-use property in Brooklyn. The sales price equates to $535 per square foot. Derek Bestreich and Shaun Riney from Marcus & Millichap’s Brooklyn office represented the buyer and the seller, both limited liability companies. The property features seven apartments and a 450-square-foot store.
TENAFLY, N.J. — Hammer Associates has arranged the $10.5 million sale of Stonegarth Apartments, a 49-unit, four-building multifamily complex at 30 Engle St. in Tenafly. The sales price equates to more than $214,000 per unit. Stonegarth features slate roofs, parking garages and a laundry room. The seller had acquired the complex 10 years ago from its original owners. David Jarvis, executive vice president, and Greg Pine, senior vice president, represented the seller and procured the buyer in the transaction.
WILLIMANTIC, CONN. — Chozick Realty Inc. has arranged the $1.7 million sale of Oakridge Apartments, a 36-unit multifamily property located on Roanoak Avenue in Willimantic. Constructed in 1965, the multifamily property includes 24 one- and 12 two-bedroom units. Recent improvements to the property include new gas furnaces and hot water systems, remodeling of all common areas, plus the renovation of many apartment units. Rick Chozick of Chozick Realty’s Hartford office marketed the property on behalf of the seller, 157-35 OAP Holdings LLC.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of JFK Airgate, a four-building industrial and office property totaling 229,000 square feet, and an adjacent parcel in Queens for $53.1 million. The estimated stabilized cap rate of the property is 5.3 percent, according to San Francisco-based Terreno Realty Corp, which purchased the property. JFK Airgate, located approximately one-half mile north of John F. Kennedy International Airport, is 98.6 percent leased to 18 tenants, including some of the largest international air cargo and logistics firms. The 65,000-square-foot Airgate I is a warehouse with 14 dock-high and three grade-level loading positions and parking for 56 cars at 151-02 132nd Ave. Airgate II is also a warehouse that spans 66,000 square feet with 12 dock-high and three grade-level loading positions and parking for 76 cars at 150-10 132nd Ave. The 73,000-square-foot Airgate III is a distribution building with 18 dock-high and one grade-level loading positions and parking for 138 cars at 152-02 Baisley Blvd. Airgate IV is an office building spanning 25,000 square feet and includes parking for 58 cars at 152-01 133rd Ave. The 0.2-acre paved parcel includes parking for 27 cars at Baisley Boulevard and 132nd Avenue. Andrew Merin, …
WESTFORD, MASS. — HFF has arranged a $25 million construction loan for the development of Princeton Westford Apartment Homes, a 200-unit, garden-style multifamily development in suburban Boston. HFF arranged the three-year, floating rate loan for an affiliate of Princeton Properties & Guggenheim Real Estate LLC through First Niagara Bank’s Boston office. The loan includes two one-year extension options. Princeton Westford Apartment Homes is located on 90 acres at 16 Littleton Road in Westford. Due for completion in 2014, the property will feature four different floorplans of one- and two-bedroom units averaging 1,128 square feet each. Each apartment will feature granite countertops, undermount dual-bowl kitchen sinks, gooseneck faucets and espresso-stained wood cabinetry. Community amenities will include a 3,800-square-foot clubhouse offering fitness, business and social centers with a resort-style pool and play area. Riaz Cassum, senior managing director, and Lauren O’Neil, director, led the HFF team representing the borrower.
NEW YORK CITY — Marcus & Millichap has arranged the $3.3 million sale of 324 East 31st Street, a 25-unit apartment property located in Brooklyn. The sales price equates to approximately $158 per square foot. Lucien Sproviero and Derek Bestreich from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, a private investor. Bestreich and Sproviero also represented the buyer, a REIT, in the transaction.
CINNAMINSON, N.J. — Meridian Capital Group LLC has arranged $40 million in permanent financing for Camelot at Cinnaminson Harbour, a luxury multifamily complex in Cinnaminson. The five-year loan features a fixed interest rate of 3.64 percent and a 30-year amortization schedule. Camelot is a recently constructed 405-unit, waterfront multifamily complex. The property is part of the master-planned community Villages at Cinnaminson Harbour, located about 12 miles northeast of Philadelphia. Amenities at the community include an outdoor pool, fitness center and business center, as well as access to hiking trails along the Delaware River. Josh Munk, a vice president at Meridian Capital Group, arranged the loan.