Berkshire Residential Investments Divests of 438-Unit Multifamily Asset in Los Angeles

LOS ANGELES — Berkshire Residential Investments has completed the sale of One Santa Fe, a mixed-use, core-plus apartment community situated in Los Angeles’ Arts District. A Canada-based institutional investor acquired the property for an undisclosed price. Completed in 2015, One Santa Fe features 438 units in a mix of studio, one- and two-bedroom layouts and The Yards at One Santa Fe, an 81,000-square-foot retail component. Community amenities include a zero-edge swimming pool, custom …

March 27, 2020Acquisitions, California, Multifamily, Western

Muss Development Acquires Multifamily Building in Scarsdale, New York, for $29.2M

SCARSDALE, N.Y. — Muss Development has acquired The Glass House, a 51-unit multifamily building in Hartsdale, a northern suburb of New York City. Also known as GlassHouse 250, the property is located at 250 South Central Ave. and features one- and two-bedroom floor plans, a fitness center, two theater rooms and a 95-space parking facility. Itan Rahmani and Jacob Stavsky of Venture Capital Properties LLC represented Muss Development in the transaction. Elana Tsyganko, Max Kostikov and Richard …

March 27, 2020Acquisitions, Multifamily, New York, Northeast

JLL Arranges $17.5M Construction Loan for Apartment Project in New Jersey

MORRISTOWN, N.J. — JLL has arranged a $17.5 million construction loan for the development of The Rail at Red Bank, a 57-unit, Class A apartment development in Red Bank, located approximately 45 miles southeast of New York City. Provident Bank provided the 30-month, floating-rate construction loan, as well as a 10-year permanent loan. The borrower, Denholtz Properties, is currently developing the property, which will include 6,500 square feet of retail space, a 147-space parking garage and a …

March 27, 2020Loans, Multifamily, New Jersey, Northeast

NKF Negotiates Sale of 284-Unit Hawthorne at the District Apartments in Austin

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has negotiated the sale of Hawthorne at the District, a 284-unit multifamily community located in the East Riverside area of Austin. Built in 1987, the property features one- and two-bedroom units and amenities such as a pool, fitness center, clubhouse with a lounge and coffee bar, outdoor grilling areas, a dog park and Amazon package lockers. Patton Jones of NKF represented the sellers, North Carolina-based Hawthorne Residential Partners and New …

March 27, 2020Acquisitions, Multifamily, Texas

Marcus & Millichap Arranges $1.8M Sale of Apartment Community in Springfield, Illinois

SPRINGFIELD, ILL. — Marcus & Millichap has arranged the sale of Victoria Village Apartments in Springfield for $1.8 million. The 106-unit apartment community is located at 2473 Ladley Court. It is situated on 6.4 acres and consists of 24 buildings. An on-site leasing and maintenance office spans approximately 1,200 square feet. Bryan Kunze and Scott Harris of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the …

March 27, 2020Acquisitions, Illinois, Midwest, Multifamily

JLL Brokers $13.8M Sale of Two Multifamily Properties in Manhattan

NEW YORK CITY — JLL has brokered the $13.8 million sale of two multifamily buildings in the Lennox Hill neighborhood of Manhattan. The five-story building at 1364 York Ave. is a 9,180-square-foot property that features 18 residences and two ground-floor retail spaces totaling 608 square feet, which are occupied by Orlando News and Jamil Liquors. The five-story building at 1368 York Avenue is a 11,191-square-foot property that features 19 residences and two ground-floor retail spaces totaling …

March 26, 2020Acquisitions, Multifamily, New York, Northeast

ABS Arranges $13M Refinancing Loan for Apartment Building in Manhattan

NEW YORK CITY — ABS Altman Warwick, a division of ABS Partners Real Estate, has arranged a $13 million refinancing loan for an apartment building in Manhattan. An undisclosed life insurance company provided the nonrecourse loan, which features interest-only payments for 10 years. Located at 232 East 12th St., the 10-story building includes 68 apartment units and also houses two medical offices on the ground floor. Morris Dweck of ABS arranged the loan on behalf of the borrower, Capri …

March 26, 2020Loans, Multifamily, New York, Northeast

Summit Contracting Breaks Ground on Multifamily Community in Upstate South Carolina

MAULDIN, S.C. — Summit Contracting Group has broken ground on Novo Mauldin, a planned 330-unit multifamily community in Mauldin. The property is situated on Main Street, 10 miles south of Greenville. Planned amenities include a clubhouse, fitness center and a pool. The complex will comprise 11 three-story buildings and nine private, five-bay garage buildings. Construction is scheduled to be complete in November 2021. Atlanta-based Shelton McNally Real Estate Partners is developing Novo …

March 26, 2020Development, Multifamily, South Carolina, Southeast

PLC Enters Colorado Market with $21.9M Acquisition of The Centre Apartments

COLORADO SPRINGS, COLO. — Newport Beach, Calif.-based PLC Apartments has acquired The Centre Apartments, located at 1921 E. Van Buren St. in Colorado Springs. Locally based Skyline Real Estate Investments sold the community for $21.9 million. Built in 1952, The Centre Apartments features 168 units in a low-density, park-like setting. Community amenities include a clubhouse and fitness center. The buyer plans to continue ongoing interior unit renovations. Bill Morkes and Craig Stack of …

March 26, 2020Acquisitions, Colorado, Multifamily, Western

NKF Arranges $14.3M Sale of Royal Palms Apartment Asset in Glendale, Arizona

GLENDALE, ARIZ. — Newmark Knight Frank (NKF) Multifamily has brokered the sale of Royal Palms, a multifamily property in Glendale. An undisclosed buyer acquired the community from 5902 Royal Palms LP for $14.3 million. Brett Polacheck, Chris Canter and Brad Goff of NKF Multifamily represented the seller in the transaction. Located at 5902 W. Royal Palm Road, the 1970s-vintage property features 138

March 26, 2020Acquisitions, Arizona, Multifamily, Western

Berkshire Residential Investments Divests of 438-Unit Multifamily Asset in Los Angeles

Muss Development Acquires Multifamily Building in Scarsdale, New York, for $29.2M

JLL Arranges $17.5M Construction Loan for Apartment Project in New Jersey

NKF Negotiates Sale of 284-Unit Hawthorne at the District Apartments in Austin

Marcus & Millichap Arranges $1.8M Sale of Apartment Community in Springfield, Illinois

JLL Brokers $13.8M Sale of Two Multifamily Properties in Manhattan

ABS Arranges $13M Refinancing Loan for Apartment Building in Manhattan

Summit Contracting Breaks Ground on Multifamily Community in Upstate South Carolina

PLC Enters Colorado Market with $21.9M Acquisition of The Centre Apartments

NKF Arranges $14.3M Sale of Royal Palms Apartment Asset in Glendale, Arizona

Recent Features

CBRE Predicts 60 Percent Drop in Hotel RevPAR in Second Quarter Due to Pandemic

COVID-19 Webinar Recap: Student Housing Owners, Operators Talk Best Practices, Industry Impact

COVID-19 and Commercial Real Estate: What We Know, What We Don’t

Charlotte Surges into the First Rank of U.S. Growth Markets

Market Reports

Placemaking, Integration Define Mixed-Use Projects in Texas

How Can Minnesota Apartment Developers Access Capital While Minimizing Risk? Structured Finance

Fort Worth Rises on Multifamily Investors’ Radars

Top Stories

L.A. Clippers Owner Agrees to Acquire The Forum for $400M, Propelling New Arena Plans

Starwood REIT Acquires 60 State Street in Downtown Boston for $614M

Freddie Mac, Fannie Mae Enact 90-Day Financial Relief Plan for Multifamily Borrowers, Tenants

Read the Digital Editions