Multifamily

Berkadia Provides $17.9M Acquisition Loan for Multifamily Community in Fayetteville, North Carolina

by Alex Tostado June 23, 2020

FAYETTEVILLE, N.C. — Berkadia has provided a $17.9 million Fannie Mae acquisition loan for Ardmore Pointe, a 291-unit multifamily community in Fayetteville. The 10-year loan features a fixed 3.01 percent interest rate and a 65 percent loan-to-value ratio. The property offers one-, two- and three-bedroom floor plans averaging 1,051 square feet. Communal amenities include a clubhouse, pool, dog park, fitness center and a car wash area. The asset is situated at 3325 Oak Forest Drive, eight miles west of downtown Fayetteville. Mitch Sinberg and Brad Williamson of Berkadia originated the loan on behalf of the buyer, One Real Estate Investments. The seller and sales price were not disclosed.

June 23, 2020

Acquisitions Multifamily New York Northeast

Avison Young Brokers $22.2M Sale of Adjacent Apartment Buildings in Manhattan

by Alex Patton June 23, 2020

NEW YORK CITY — Avison Young has brokered the $22.2 million sale of two adjacent apartment buildings in the Greenwich Village neighborhood of Manhattan. Located at 103 and 105 MacDougal St., the two seven-story buildings total 72 multifamily units with one- and two-bedroom floor plans. The properties span 39,000 square feet, and one building includes a 5,000-square-foot retail space. James Nelson, Brandon Polakoff, Alexandra Marolda and David Shalom represented the undisclosed seller in the transaction. Davean Holdings was the buyer.

June 23, 2020

Arizona Development Multifamily Western

Watermark Residential Buys Development Site for $43M Multifamily Community Near Phoenix

by Amy Works June 23, 2020

GILBERT, ARIZ. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired a 10-acre land site located in Gilbert for the development of The Wyatt by Watermark, a $43 million apartment project located at 1205 S. Gilbert Road. Slated for completion in late 2021, The Wyatt will feature 216 one-, two- and three-bedroom apartments averaging 978 square feet. Units will include a gourmet bar-kitchen with granite countertops, stainless steel appliance packages, walk-in closets and full-size washers/dryers. Community amenities will include a clubhouse, 24-hour fitness center, swimming pool with cabana, pet-friendly park and dog spa. The Wyatt is the third of six developments to be funded by the Watermark 3G Development Fund II, which closed in late 2019. Watermark also owns the 250-unit Watermark at Gateway Place in Gilbert.

June 23, 2020

Acquisitions California Multifamily Western

Levin Johnston Negotiates $24.7M Sale of Marymount Place Apartments in Santa Clara, California

by Amy Works June 23, 2020

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale Marymount Place Apartments, a multifamily property comprising three adjacent buildings in Santa Clara. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the undisclosed buyer and seller in the $24.7 million transaction. The portfolio includes: 1962 Bellomy St. — Built in 1961, the 37-unit property features a mix of studio, one-, two- and three-bedroom layouts. The community sold for $15.9 million. 1978 Bellomy St. — Developed in 1964, the 14-unit apartment building offers a mix of one-, two- and four-bedroom floor plans. The property sold for $6.1 million. 1972 Bellomy St. — Constructed in 1951, the eight-unit property features one-bedroom floor plans and sold for $2.7 million. The portfolio offers shared community amenities including on-site laundry facilities, a swimming pool and covered parking.

June 23, 2020

Acquisitions Multifamily Oregon Western

Marcus & Millichap Brokers $4.6M Sale of Two Apartment Properties in Roseburg, Oregon

by Amy Works June 23, 2020

ROSEBURG, ORE. — Marcus & Millichap has arranged the sale of West Vue and Poplar Apartments, two multifamily communities located in Roseburg. A private seller sold the assets to a limited liability company for $4.6 million. Located at 731 and 857 NE Alameda Ave., West Vue was built in 1956 and contains 50 units in a mix of two- and three-bedroom layouts, while Poplar Apartments was built in 1965 and features 13 two-bedroom flats. Danalee Corso, Nygel Drury and Whitney Rhoades of Marcus & Millichap’s Portland office represented the seller and buyer in the deal.

June 23, 2020

Development Illinois Midwest Multifamily

Wingspan Development, Integrated Capital Underway on $60M Apartment Community in Plainfield, Illinois

by Kristin Harlow June 23, 2020

PLAINFIELD, ILL. — Wingspan Development Group and Integrated Capital Management have formed a joint venture to develop Sixteen|30, a $60 million apartment community in Plainfield, about 40 miles southwest of Chicago. The 284-unit garden-style property is located at 14700 Wallin Drive. Amenities will include a clubhouse, swimming pool, fitness center, package room, bark park and bocce ball courts. The project will feature a mix of studio, one-, two- and three-bedroom units in a variety of floor plans. Construction has commenced with completion slated for spring 2021. “Sixteen|30 will provide much needed multifamily housing to the village of Plainfield, which has been a challenging submarket for developers to obtain entitlements for new multi-tenant residential product,” say the developers. “This high barrier to entry and scarcity of supply is further amplified by underserved demand resulting from Plainfield’s close proximity to multiple employment centers, high ranking school district and overall quality of life.”

June 23, 2020

Loans Midwest Minnesota Multifamily

JLL Arranges $28M Refinancing for Multifamily Property in Suburban Minneapolis

by Kristin Harlow June 23, 2020

MINNETONKA, MINN. — JLL Capital Markets has arranged a $28 million Fannie Mae loan for the refinancing of The Cliffs at Minnetonka in suburban Minneapolis. The 456-unit, garden-style multifamily property is located at 12300 Marion Lane in Minnetonka. Completed in 1988, the development includes six buildings on a 27.5-acre site. Brock Yaffe of JLL led the team representing the borrower, The Cliffs LP. The 10-year loan features a fixed rate.

June 23, 2020

Development Michigan Midwest Multifamily

Barbat Holdings Completes 41-Unit Apartment Conversion Project in Ann Arbor

by Kristin Harlow June 23, 2020

ANN ARBOR, MICH. — Barbat Holdings has completed Montgomery Houze, a multi-million-dollar renovation and conversion of the five-story Montgomery Ward building in Ann Arbor. The historic building, located at 212 S. 4th St., is now home to 41 apartment units with a new three-story addition. Amenities include rooftop terraces and the basement of the building now houses Ann Arbor Comedy Showcase. The building formerly served as the Montgomery Ward & Co. department store.

June 23, 2020

Loans Midwest Minnesota Multifamily

CounterpointeSRE Provides $5.5M C-PACE Financing for Apartment Development in Edina, Minnesota

by Kristin Harlow June 23, 2020

EDINA, MINN. — Counterpointe Sustainable Real Estate (CounterpointeSRE) has provided a $5.5 million Commercial Property Assessed Clean Energy (C-PACE) loan to support the development of a 227-unit apartment project in Edina within metro Minneapolis. Dakota Pacific and Luxe Residential are developing the project. Located at 3250 W. 66th St., the six-story development will be named Millennium Sixty Six. Sustainability features to reduce electricity consumption and greenhouse gas emissions qualify the project for PACE financing. The loan will be used for energy-efficient infrastructure investments, including building envelope, interior lighting, HVAC and low-flow fixtures. Completion of the project is slated for July 2021.

June 23, 2020

Development Loans Multifamily Texas

JLL Arranges Debt, Equity for 387-Unit Apartment Project in Fort Worth

by Taylor Williams June 23, 2020

FORT WORTH, TEXAS — JLL has arranged debt and equity financing for Stillwater Crystal Springs, a 387-unit apartment project in Fort Worth. The community will be situated on roughly seven acres along the Trinity River roughly three miles from the downtown area. Floor plans will consist of studio, one- and two-bedrooms units, and amenities will include a pool, fitness center, outdoor lounge, coworking space and a dog park. De’On Collins led a JLL team that placed a 40-year, floating-rate construction loan through Texas Capital Bank on behalf of the developer, Dallas-based Stillwater Capital. The team also delivered CrossHarbor Capital Partners as the equity investor. Construction is underway and expected to be complete in 2022.

June 23, 2020

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