Multifamily

Village Properties Acquires 54-Unit Multifamily Community in Seattle

by Amy Works December 19, 2019

SEATTLE — Village Properties has purchased The Gilbert, a multifamily community located in Seattle’s Upper Queen Anne neighborhood. LaSalle Investment Management sold the asset for an undisclosed price. Constructed in 2005, The Gilbert features 54 recently renovated apartments, 10,577 square feet of retail space and a subterranean parking garage with more than 70 parking stalls. Jaime Oneill Salon, La Pasta, Chaco Canyon Café and Desert Sun Tanning Salon occupy the fully leased retail space. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

December 19, 2019

Acquisitions Multifamily Washington Western

Summerfield Commercial Brokers $20.9M Sale of Rylee Ann Apartments in Washington

by Amy Works December 19, 2019

EAST WENATCHEE, WASH. — Summerfield Commercial has facilitated the sale of Rylee Ann Apartments, a multifamily asset located at 339 Ninth St. NE in East Wenatchee. Two entities — Richland Spoerl Apartments LLC and Richland Armstrong Apartments LLC — acquired the community from Rylee Ann LLC for $20.9 million, or $199,048 per unit. Originally built in two phases in 2015 and 2016, the garden-style community features 93 two-bedroom units and 12 three-bedroom units, with an average unit size of 1,153 square feet. Apartments offer an open floor plan with stainless steel appliances, granite countertops, private patio or balcony with storage, and in-unit washers/dryers. Common amenities include a clubhouse with resident lounge and ping-pong table, swimming pool, fitness center, outdoor barbecue area, a fenced basketball court and gated dog park. Additionally, the property features an on-site maintenance shop, additional for-rent storage lockers, 106 carports and 132 uncovered parking stalls. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the deal.

December 19, 2019

Acquisitions Multifamily Northeast Rhode Island

Edgewood Group Acquires 42-Unit Multifamily Property in North Providence, Rhode Island

by Alex Patton December 19, 2019

NORTH PROVIDENCE, R.I. — Edgewood Group has acquired Smithfield Manor, a 42-unit multifamily property in North Providence, for $3.1 million. The community has since been rebranded as The Belmore and is located in close proximity to Providence College, Rhode Island College, Our Lady of Fatima Hospital and downtown Providence. Edgewood plans to renovate the property, which was built in 1968, with interior and exterior upgrades as well as new signage and landscaping. The seller was undisclosed.

December 19, 2019

Acquisitions Georgia Multifamily Southeast

NAP Sells New Mixed-Use Development Along Atlanta BeltLine to Connor Group for $110M

by Alex Tostado December 18, 2019

ATLANTA — North American Properties (NAP) has sold Edge, a mixed-use development that the firm recently delivered along the Atlanta BeltLine’s Eastside Trail, to The Connor Group, a multifamily owner based in Ohio. According to Atlanta Business Chronicle, Connor Group acquired Edge for $110 million. Located at 670 DeKalb Ave. NE in Atlanta’s Inman Park, Edge straddles both sides of the BeltLine’s Eastside Trail. The development offers studio, one-, two-, and three-bedroom apartments, as well as a pool, fitness center, parking garage and a clubhouse. The apartments are adjacent to Interstate 85 and the MARTA King Memorial station. The development also offers 29,000 square feet of retail, dining and loft office space. Current tenants include Shake Shack, Cold Beer and Rukus Cycling Studios. The property is less than two miles from Ponce City Market and less than one mile from Krog Street Market. Cincinnati-based NAP partnered with Atlanta BeltLine Inc. (ABI) and The Conservation Fund to transform the environmentally contaminated site.

December 18, 2019

Alabama Development Multifamily Southeast

Doster Breaks Ground on 279-Unit Eclipse Apartment Building in Downtown Huntsville

by Alex Tostado December 18, 2019

HUNTSVILLE, ALA. — Birmingham-based Doster Construction Co. Inc. has broken ground on Eclipse, a new 279-unit apartment development in downtown Huntsville. The multifamily project is the latest addition to the CityCentre development overlooking Big Spring Park. New Jersey-based Spring Bay Property Co. LLC is the lead developer in the residential component of CityCentre, which is being master developed by RCP Cos. Wakefield Beasley & Associates designed the five-story community, which will include an upscale restaurant and retail space on the ground floor. Doster Construction expects to deliver Eclipse in late 2021.

December 18, 2019

Acquisitions Multifamily New York Northeast

Trinity Place, TF Cornerstone to Acquire 234-Unit Apartment Building in Brooklyn

by Alex Patton December 18, 2019

NEW YORK CITY — Trinity Place Holdings and TF Cornerstone have entered into a joint venture agreement to acquire 250 North 10th Street, a 234-unit luxury apartment building in the Williamsburg neighborhood of Brooklyn. The six-story, 150,000-square-foot building features a mix of studio, one- and two-bedroom units and amenities such as a roof deck and fitness center. LCOR Inc. and the California State Teachers Retirement System developed the property in 2014 and sold it to Nuveen Real Estate in May 2015 for $169 million. A JLL team represented Nuveen Real Estate in the December 2019 acquisition agreement. The deal is expected to close by February 2020.

December 18, 2019

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Brokers Sale of 154-Unit Multifamily Community on Long Island

by Alex Patton December 18, 2019

FARMINGDALE, N.Y. — Cushman & Wakefield has brokered the sale of The Jefferson at Farmingdale Plaza, a 154-unit multifamily community located in the western Long Island city of Farmingdale. Built in 2015, the property features two three-story buildings at 148 South Front St., adjacent to the Farmingdale LIRR rail station. Amenities include a health club with a yoga studio and aerobics center, business lounge, billiards room and a media center with a movie theater. The property also features 20,000 square feet of retail space leased to tenants including Starbucks, TAO Asian Bistro and Eastern Breeze spa. Kevin Donner and Brian Whitmer led the Cushman & Wakefield team that represented the seller, a joint venture between H.I.G. Realty Partners and JPI Cos. The team also procured the buyer, Fairfield Properties. The sales price was undisclosed.

December 18, 2019

Development Multifamily North Carolina Southeast

Middleburg Breaks Ground on 250-Unit Apartment Complex in Wilmington, North Carolina

by Alex Tostado December 18, 2019

WILMINGTON, N.C. — Middleburg Communities has broken ground on Mosby at Riverlights, a planned 250-unit apartment community in Wilmington. The complex will offer communal amenities such as a 7,500-square-foot clubhouse, pool, dog park, pet spa, grilling stations, fire pit, package locker concierge and a fitness center. The community will also be linked via walking trails to Marina Village, a mixed-use town center with a new riverfront park and boardwalk, as well as 20,000 square feet of retail and restaurants. Mosby at Riverlights will feature one-, two- and three-bedroom floor plans. Unit interiors will include Nest thermostats, stainless steel Energy Star-rated appliances, granite countertops, 9-foot ceilings, walk-in closets and Bluetooth keyless entry. The design team includes interior designer and landscape architect Cline Design Associates, general contractor Middleburg Construction and civil engineer McKim & Creed. Vienna, Va.-based Middleburg Communities expects to begin leasing at the community in late 2020.

December 18, 2019

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Arranges $40.7M Sales of Two Multifamily Properties in Metro Atlanta

by Alex Tostado December 18, 2019

ATLANTA — Berkadia has arranged the sales of The Reserve in Lithonia and Friendly Hills Apartments in Decatur. Texas-based Praxis Capital acquired both communities for a combined $40.7 million. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia represented the seller, Atlanta-based Benimax, in both transactions. The Reserve, which sold for $23.9 million, is a garden-style community offering studio through three-bedroom floor plans. Community amenities include a swimming pool, playground, picnic area and a fitness center. The property is located at 5650 Hillandale Drive, 17 miles east of downtown Atlanta. Jackson Cloak of Berkadia arranged a $19.8 million acquisition loan through Bridge Investment Group on behalf of Praxis for The Reserve. Friendly Hills Apartments is also a garden-style community that offers two- and three-bedroom floor plans. Community amenities include a basketball court, laundry facilities, swimming pool and a playground. Friendly Hills is located at 10 Friendly Hills Drive, 13 miles east of downtown Atlanta. Cloak originated a $12.3 million Freddie Mac loan on behalf of Praxis for Friendly Hills.

December 18, 2019

Development Multifamily Texas

Nitya Capital, Tema Development to Build 32-Story Apartment High-Rise in Houston

by Taylor Williams December 18, 2019

HOUSTON — A partnership between two locally based developers, Nitya Capital and Tema Development, will build Two Hermann Place, a 32-story multifamily high-rise building that will be located in Houston’s Museum District. The property will offer 295 units in 13 different floor plans that will feature quartz countertops and backsplashes, walk-in closets and smart thermostats. The average unit size will be 1,076 square feet. Amenities will include a pool with cabanas, sky lounge, café bar, dog park and a fitness center. The groundbreaking is scheduled for the first quarter of 2020, and completion is slated for winter 2022.

December 18, 2019

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