PITTSBURGH — Marcus & Millichap has negotiated the sale of Camp Horne Self Storage, a facility in Pittsburgh that includes 52,344 square feet of net rentable space across 447 units. The property was built in 2004 on 4.4 acres and was 94 percent occupied at the time of sale. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and buyer, both of which were undisclosed limited liability companies, in the transaction. Sean Beuche, a regional manager with Marcus & Millichap, assisted in closing the deal.
CONSHOHOCKEN, PA. — HFF has arranged the sale of Riverwalk at Millennium, a 375-unit multifamily community in Conshohocken, a northwestern suburb of Philadelphia. Built on 7.9 acres, the transit-served property offers one- and two-bedroom units averaging 923 square feet with plank flooring and individual washers and dryers. Amenities include a pool with a sundeck and grill area, fitness center with on-demand classes and a resident clubhouse. Mark Thomson, Carl Fiebig, Francis Coyne and Jose Cruz of HFF represented the seller, a joint venture between Boston-based Long Wharf Capital and Scully Co., which acquired the property in 2015. Ryan Ade and Jamie Leachman of HFF arranged an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Relative Properties. The property was built in phases in 2005 and 2010.
SOUTH BRUNSWICK, N.J. — JLL has negotiated a 203,488-square-foot industrial lease at 85 Stults Road in South Brunswick, located north of Trenton, on behalf of an undisclosed apparel company. A joint venture between EverWest Real Estate Investors and Accordia Realty Ventures is developing the facility and expects it to be available for occupancy by the end of the year. Building features will include 36-foot clear heights, 52 loading docks, four drive-in doors, 38 automobile parking spaces and 75 trailer parking spaces. Brian Golden of JLL represented the joint venture, which is also developing a 369,000-square-foot industrial project on an adjacent parcel, in the lease negotiations. Joel Lubin and Gary Politi, also with JLL, represented the tenant, which signed a 10-year lease.
KING OF PRUSSIA, PA. — A partnership between two Los Angeles-based firms, Gehr Hospitality and Oakhurst Advisors LLC, has acquired the 129-room Hyatt Place hotel in King of Prussia, a northwestern suburb of Philadelphia. The hotel, which was renovated in 2018, is located near numerous employment hubs as well as the King of Prussia Mall, Valley Forge National Historical Park and Valley Forge Casino Resort. The Plascencia Group represented the undisclosed seller in the transaction. Thuong Luong and Molly Caccamo of Gehr Hospitality represented the buyer on an internal basis. Wells Fargo provided acquisition financing for the deal, the sales price of which was not disclosed.
UTICA, N.Y. — Doyle Hardware LLC has completed a $15 million adaptive reuse project in Utica that involved the conversion of a vacant industrial building into a property that houses 56 apartments and 17,700 of ground-floor commercial space. Floor plans include 15 studio units, 26 one-bedroom apartments, two one-bedroom residences with lofts and 12 two-bedroom units. Amenities include a fitness center and a theater room. Five Star Bank and The Community Preservation Corp. respectively provided construction and permanent financing for the project. Utica is located in Upstate New York, about 55 miles east of Syracuse.
WATERFORD, CONN. — Washington Trust, a community bank serving the Northeast, has provided an $11.8 million construction loan for a 72-unit apartment project located in the coastal Connecticut city of Waterford. The property will feature equal numbers of one- and two-bedroom units ranging in size from 845 to 1,140 square feet. Communal amenities will include a fitness center, recreation area and a resident clubhouse. The borrower was Connecticut-based Waterford Parc LLC. The loan carries an 18-month term and a floating interest rate. Construction is expected to be complete in early 2020.
After a brief increase in the overall vacancy rate in the Pittsburgh region in 2017, the market has rebounded nicely and is back in the 4 to 5 percent range. But what has been more eye-opening is the increased velocity in the acquisition market that has investors from outside of Pittsburgh more focused on the Western Pennsylvania market than ever before. Multifamily Sales Market Multifamily sales in the Pittsburgh region over the last 10 years have been rather anemic. Sales velocity was slow due to various factors, including the reluctance of long-time local ownership groups to sell a property in a market where few options existed for a 1031 tax-deferred exchange transaction. There was also very little new construction to attract outside capital. In general, not much attention was paid to the Pittsburgh metro. However, developers recently had an epiphany and noticed that there was much old multifamily product scattered throughout the region, and that the time was right to break ground on new projects. Now that a significant amount of new construction projects have been delivered over the last six or so years, Pittsburgh has become a target for many investment firms from outside Western Pennsylvania. Some of the …
NEW YORK CITY — Greystone has arranged a $178 million permanent loan for the refinancing of Hoyt & Horn, a new 26-story apartment tower in downtown Brooklyn. Wells Fargo Multifamily Capital provided the loan to the borrower, a joint venture between affiliates of Rose Associates and Benenson Capital Partners. The 15-year, fixed-rate loan was structured as a direct purchase of tax-exempt and taxable bonds issued through the New York State Housing Finance Agency’s 80/20 Housing Program. Under the 80/20 program, 20 percent of the units within a building are set aside for low- and moderate-income households. The new financing replaces the original $158 million construction loan provided by J.P. Morgan and SunTrust Bank. Built in 2018, Hoyt & Horn is a mixed-income rental community with 368 units. It features a lobby, bicycle storage, fitness center, golf simulator, game room and outdoor decks. Starbucks recently signed a 10-year lease for 2,050 square feet on the ground floor of the property and is expected to open late this year. An additional 7,500 square feet along Livingston Street and 3,600 square feet on Schermerhorn Street are currently available for lease. Drew Fletcher of Greystone Capital Advisors served as exclusive advisor on the transaction, …
NEW ROCHELLE, N.Y. — Locally based investment and development firm Ward Capital Management LLC will build a 225-room TRYP by Wyndham hotel in New Rochelle, a northern suburb of New York City. The 24-story property, which will include an event center, will be situated on a site that currently houses an industrial building that will be demolished. Hotel amenities will feature a restaurant and bar, rooftop pool and grill, conference space, a ballroom and 433 parking spaces. Construction of the hotel is expected to begin late this year or in early 2020 and last 18 months. This project represents the largest hotel development in Westchester County in the last 20 years, according to the development team. A general contractor has not yet been selected.
SUNDERLAND, MASS. — A joint venture between two Dallas-based firms, Fountain Residential Partners and HC2 Capital, is underway on North 116 Flats, a 150-unit multifamily project in the central Massachusetts city of Sunderland. Situated on 18 acres, North 116 Flats will feature 38 units that will be rented to households earning 80 percent or less of area median income. Floor plans include one-, two- and three-bedroom units, stone countertops, faux hardwood floors and individual washers and dryers. Select units will be offered for lease as fully furnished with 50-inch TVs. Amenities will include an 8,000-square-foot clubhouse with a fitness center, dog parks, outdoor grilling stations and sports courts. Stuart Roosth Architects is designing the project, and Granby, Massachusetts-based Western Builders is serving as general contractor. Construction is scheduled to be complete by summer 2020.