Multifamily

Arbor Provides $55.3M Acquisition Loan for Multifamily Portfolio Near New York City

by Alex Patton November 13, 2019

HASBROUK HEIGHTS, N.J. — Arbor Realty Trust Inc. has provided a $55.3 million Fannie Mae acquisition loan for a multifamily portfolio totaling 388 units in Hasbrouk Heights, an eastern suburb of New York City. Skyline Apartments, built in 1950, comprises 124 one- and two-bedroom units. The Boulevard Apartments, built in 1951, consists of 214 one- and two-bedroom units. The loan carries a 12-year fixed interest rate with six years of interest-only payments. Stephen York of Arbor’s New York City office originated the loan. The borrower was undisclosed.

November 13, 2019

Development Multifamily New York Northeast Seniors Housing

E.W. Howell Completes Construction of 89-Unit Seniors Housing Community on Long Island

by Alex Patton November 13, 2019

WOODBURY, N.Y. — E.W. Howell Construction Group has completed Orchard Estate of Woodbury, an 89-unit assisted living and memory care community in Woodbury, a city on Long Island. Benchmark Senior Living is the developer and operator of the community. Orchard Estate of Woodbury is the second Benchmark project on Long Island, following Whisper Woods at Smithtown, which opened in 2018. E.W. Howell also served as general contractor on that project.

November 13, 2019

Acquisitions Multifamily Texas

Venterra Realty Sells 186-Unit Champions Woods Apartments in Northwest Houston

by Taylor Williams November 13, 2019

HOUSTON — Venterra Realty has sold Champions Woods Apartments, a 186-unit multifamily community in northwest Houston. The property features one- and two-bedroom units in various configurations that are equipped with garden tubs, built-in shelving, large walk-in closets and private balconies. Amenities include a swimming pool with waterfall, hot tub, outdoor entertainment pavilion with a grilling area, renovated fitness center and a cybercafé. Bob Heard, Chip Nash and Greg Austin of JLL handled the transaction on behalf of Venterra. James Brolan of JLL arranged a 10-year, floating-rate acquisition loan through Freddie Mac on behalf of the buyer, Haven Realty Capital.

November 13, 2019

Acquisitions Multifamily Southeast Virginia

Hamilton Zanze Buys 244-Unit Oasis at Montclair Apartments in Metro D.C.

by Alex Tostado November 12, 2019

DUMFRIES, VA. — Hamilton Zanze has bought Oasis at Montclair Apartments, a 244-unit multifamily community in Dumfries. The property is located at 16500 Stedham Circle, 31 miles south of downtown Washington, D.C., and 28 miles south of Amazon’s planned HQ2. The property offers one-, two- and three-bedroom floor plans averaging 1,016 square feet. Communal amenities include a fitness center, car wash, coffee bar, dog park, internet café, movie theater, clubhouse, outdoor fitness center, outdoor cabanas with grills, pool and a yoga room. Hamilton Zanze plans to renovate 219 units to include vinyl plank flooring, stainless steel appliances, new lighting and smart home technology. The company will also refresh all community amenities and replace the theater room and outdoor workout area. Mission Rock Residential will manage the property. The seller was not disclosed.

November 12, 2019

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 89-Unit Apartment Community Near Fort Worth

by Taylor Williams November 12, 2019

HALTOM CITY, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of acquisition financing for The Woods of Haltom Apartment Homes, an 89-unit multifamily community located north of Fort Worth. The loan, which carried a 12-year term and a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending for borrower Haltom Woods LLC.

November 12, 2019

Acquisitions Multifamily Washington Western

IPA Brokers Sale of Two Multifamily Assets Near Puget Sound in Washington

by Amy Works November 12, 2019

EVERETT AND EDMONDS, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two multifamily properties in metro Seattle. Hacienda Apartments in Everett sold for $5.3 million and North Haven Manor in Edmonds sold for $5.2 million. A private investor sold the assets to Curtis Capital Group. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller in the deal. Additionally, Ray Allen and Seth Heikkila of IPA secured acquisition financing for both acquisitions. Built in 1979, Hacienda Apartments features three buildings and offers a total of 36 apartments. North Haven Manor was built in 1977 and features 32 apartments.

November 12, 2019

Acquisitions Connecticut Multifamily Northeast

CBRE Arranges Sale of 168-Unit Apartment Community in Orange, Connecticut

by Alex Patton November 12, 2019

ORANGE, CONN. — CBRE has arranged the $35 million sale of Grand Reserve Orange, a 168-unit apartment community located in Orange, a western suburb of New Haven. Built in 2005, Grand Reserve Orange offers one-, two- and three-bedroom floor plans with amenities including a fitness center, resident clubhouse and pool. Jeffrey Dunne, Gene Pride, Eric Apfel, Simon Butler and Biria St. John of CBRE represented the seller, Fairfield Grand Reserve LLC. The team also procured the buyer, a private New Jersey investment firm.

November 12, 2019

Acquisitions Florida Multifamily Southeast

Olympus Property Acquires High-Rise Apartment Building in Tampa for $131.5M

by Alex Tostado November 11, 2019

TAMPA, FLA. — Olympus Property has acquired Icon Harbour Island, a 21-story, 340-unit multifamily property in Tampa, for $131.5 million. The seller, The Related Group, delivered the community in 2017. Olympus Property will rebrand the asset as Olympus Harbour Island. The property offers studio through three-bedroom floor plans. Communal amenities include a pool, cabanas, daybeds, clubhouse, catering kitchen, 24-hour fitness center, game room, billiards tables, game tables, wine cellar, movie theater, grilling and picnic area and a parking garage. Patrick Dufour, Richard Donnellan and Ryan Crowley of Newmark Knight Frank represented the seller in the transaction. The sales price was not disclosed.

November 11, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Negotiates $54.3M Sale of New Apartment Complex in West Midtown Atlanta

by Alex Tostado November 11, 2019

ATLANTA — Cushman & Wakefield has negotiated the $54.3 million sale of 464 Bishop, a 232-unit apartment complex in Atlanta’s West Midtown district. The RADCO Cos. acquired the property for $233,836 per unit and will rebrand it as Radius West Midtown. The asset was built in 2017 and offers one- and two-bedroom floor plans. Communal amenities include car charging stations, bike storage, a clubhouse, 24-hour fitness center, media room, internet café, business center, pool and a dog park. Situated at 464 Bishop St. NW, the property is less than a mile from Atlantic Station and five miles northwest of downtown Atlanta. Chris Spain, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller and developer, Newport Development Partners, in the transaction.

November 11, 2019

Loans Multifamily South Carolina Southeast

Berkadia Arranges $20.1M Acquisition Loan for Multifamily Community in Columbia, South Carolina

by Alex Tostado November 11, 2019

COLUMBIA, S.C. — Berkadia has arranged a $20.1 million acquisition loan for Arcadia’s Edge, a 204-unit multifamily community in Columbia. Berkadia originated the 10-year, fixed-rate loan with five years of interest-only payments. Arcadia’s Edge offers one-, two- and three-bedroom floor plans. Community amenities include a car care center, clubhouse, community garden, cyber café, swimming pool and a fitness center. The property is situated at 6837 N. Trenholm Road, seven miles northeast of downtown Columbia and eight miles northeast of the University of South Carolina. Charles Foschini and Christopher Apone of Berkadia arranged the loan on behalf of the borrower, West Shore Arcadia LLC, in the transaction. The Cushman & Wakefield team of Jordan McCarley, Tai Cohen and Marc Robinson represented the seller, Estates & Cos., in the sale.

November 11, 2019

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