Multifamily

Valhalla Holdings Sells Stone Mountain Apartment Homes in Colorado for $83M

by Amy Works May 8, 2020

NORTHGLENN, COLO. — Boulder, Colo.-based Valhalla Holdings has completed the disposition of Stone Mountain Apartment Homes, a 15-building multifamily community located at 11625 Community Center Drive in Northglenn. West Palm Beach, Fla.-based Priderock Capital Partners acquired the asset for $83 million. Built in 2001, the 282,948-square-foot property features 320 units in a mix of one- and two-bedroom layouts. Community amenities include a clubhouse; year-round heated pool and spa with a poolside kitchen; 24/7 fitness center; pet wash stations; bicycle repair station; community garden with free individual plots; electric vehicle charging stations; lit private garages with workshop space available; and a nine-hole putting garden. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller in the transaction.

May 8, 2020

Arizona Development Lee & Associates Multifamily Western

Pride Ventures Buys Development Site for 200-Unit Multifamily Asset in Mesa

by Amy Works May 8, 2020

MESA, ARIZ. — California-based Pride Ventures LLC II has purchased an approximately four-acre site, located at 1830 W. Main St. in Mesa. Sycamore Station Fund LLC sold the asset for $3.8 million. The property is Parcel 1 of Sycamore Station, a transit-oriented, mixed-use project currently underway. Pride Ventures plans to develop a 200-unit multifamily community at the site, which offers convenient access to the light rail train line on Main Street. Kimberly Rollins and Dallan Randall of the Commercial Properties / CORFAC International Multifamily team, along with Jeff Hays of the corporate services team and Tate Gunning of Commercial Properties Inc., represented the buyer. Lee & Associates represented the seller in the deal.

May 8, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Arranges $49M Sale of Multifamily Community in Greensboro, North Carolina

by Alex Tostado May 7, 2020

GREENSBORO, N.C. — Newmark Knight Frank (NKF) has arranged the $49 million sale of Brassfield Park, a 336-unit multifamily community in Greensboro. The community comprises 326,828 square feet and was built in 1997. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool with gazebo area, outdoor grill and kitchen area, 24-hour package receiving lockers, pet care stations, dog park, tennis court and a playground. Brassfield Park is situated at 1921 New Garden Road, seven miles northwest of downtown Greensboro. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Raleigh, N.C.-based Chaucer Creek Capital, in the transaction. Josh Davis and Chris Caison of NKF originated a $39.1 million Freddie Mac acquisition loan on behalf of the buyer, Viola, N.Y.-based White Eagle Property Group.

May 7, 2020

Multifamily New Jersey Northeast

Mack-Cali Reports 96.7 Percent Multifamily Rent Collection in April

by Alex Patton May 7, 2020

JERSEY CITY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI), a Jersey City-based REIT, reports that it collected 96.7 percent of multifamily rent payments due for April at its multifamily properties across the country despite the COVID-19 outbreak. Many multifamily tenants across the country have been unable to work due to temporary business closures and employee layoffs and furloughs, raising questions as to whether they would be able to pay their April rents. Mack-Cali’s 6,524-unit multifamily portfolio, operated by its subsidiary Roseland Residential Trust, was 95.7 percent occupied as of the end of 2019 with an average rent of $3,028 per unit. The company recently opened The Emery at Overlook Ridge, a 140-unit property in Malden, Massachusetts, with 52 percent of units preleased. Including The Emery, Mack-Cali had five multifamily developments totaling 1,942 units under construction at the end of the quarter. The portfolio is located in Massachusetts, New Jersey, New York, Virginia and Washington, D.C. Mack-Cali’s stock price closed at $14.82 per share on May 6, compared with $22.92 per share at the same time last year.

May 7, 2020

Development Loans Multifamily Retail Washington Western

NorthMarq Arranges $45M in Opportunity Zone Equity for Multifamily Project in Seattle

by Amy Works May 7, 2020

SEATTLE — NorthMarq has secured $45 million in joint-venture equity through Bridge Investment Group for the development of 12th & Yesler, a multifamily property in Seattle. Jake Leibsohn and Ron Peterson of NorthMarq’s Seattle-based regional office secured the equity for the borrowers, Trent Development and Atlanta-based Hatteras Sky. Situated at the corner of 12th Avenue South and East Yesler Way, the property will feature 274 apartments in a mix of 37 studio units, 172 open one-bedroom layouts, 45 one-bedroom units, five live/work units and 15 two-bedroom layouts. Apartments will offer stainless steel appliances, quartz countertops, in-unit washers/dryers and air conditioning, among other amenities. Additionally, the property will feature 8,142 square feet of ground-floor retail space and 133 parking stalls. Community amenities will include a rooftop deck, community barbecues, a business center, community clubhouse, controlled access, bike storage and repair room and a dog wash area. The project is located in an Opportunity Zone, giving it certain tax advantages. The developers will also participate in Seattle’s Multifamily Tax Exemption program, under which 20 percent of the units (54 units) will be dedicated to workforce housing.

May 7, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Federal Realty Investment Sells Historic Pottery Barn Building in Old Pasadena for $16.1M

by Amy Works May 7, 2020

PASADENA, CALIF. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the more than 20 years, and last year executed a lease extension at the property. Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, while Rob Ippolito, Glenn Rudy and Pete Bethea of Newmark Knight Frank Capital Markets represented the buyer in the transaction.

May 7, 2020

Loans Multifamily Texas

Berkadia Provides Permanent Financing for 260-Unit Multifamily Asset in Metro Dallas

by Taylor Williams May 7, 2020

LEWISVILLE, TEXAS — Berkadia has provided an undisclosed amount of Fannie Mae permanent financing for Wellington Park, a 260-unit multifamily asset in the northern Dallas suburb of Lewisville. Built in 2005, the community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a playground. Charles Christensen, Vincent Punzi and Lowell Takahashi of Berkadia originated the loan on behalf of the undisclosed, California-based borrower.

May 7, 2020

Acquisitions Multifamily Texas

JLL Negotiates Sale of 252-Unit Apartment Community in Longview, Texas

by Taylor Williams May 7, 2020

LONGVIEW, TEXAS — JLL has negotiated the sale of Summer Lake, a 252-unit apartment community in Longview, about 100 miles east of Dallas. The property features one- and two-bedroom units averaging 852 square feet and amenities such as two pools, an outdoor grilling area, sports court, fishing lake and a dog park. Greg Toro and Steven Hahn Jr. of JLL represented the seller, Little Rock, Ark.-based BSR REIT, in the transaction. Mark Brandenburg and Chad Russell of JLL arranged acquisition financing on behalf of the buyer, Dallas-based Saxony Capital Management.

May 7, 2020

Loans Midwest Minnesota Multifamily Student Housing

Grandbridge Arranges $35.4M Refinancing for 199-Unit Multifamily Community Near University of Minnesota

by Kristin Harlow May 7, 2020

MINNEAPOLIS — Grandbridge Real Estate Capital has arranged a $35.4 million refinancing for The Arrow Apartments, a 199-unit multifamily community located near the University of Minnesota in Minneapolis. Chris Perry, Brett Olson and Joe Lindberg of Grandbridge originated the permanent, fixed-rate loan, which was funded through an undisclosed credit union. The financing offers an initial period of interest-only payments with a five-year term and 30-year amortization schedule. The Arrow Apartments offers shared amenities including a fitness center, multiple study rooms, a printing center, rooftop deck and a 24-hour fitness center.

May 7, 2020

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of 56-Unit Apartment Property in Geneva, Illinois

by Kristin Harlow May 7, 2020

GENEVA, ILL. — Marcus & Millichap has brokered the sale of Geneva Park Apartments in Geneva, a western suburb of Chicago. The sales price was undisclosed. The 56-unit apartment property is located at 7 Simpson St. All of the community’s units are two-bedroom floor plans. Andrean Angelov and Ryan Engle of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.

May 7, 2020

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