Multifamily

Capstone Negotiates Sale of Multifamily Community Made of Shipping Containers Under Construction in Nashville

by Alex Tostado June 22, 2020

NASHVILLE, TENN. — Capstone Apartment Partners has negotiated the sale of 83 Freight, a planned 83-unit multifamily community being built using shipping containers in Nashville. When complete, the community will offer rooftop balconies, as well as studio, one- and two-bedroom floor plans ranging in size from 320 to 1,280 square feet. The property is situated within Nashville’s Wedgewood-Houston neighborhood, which was historically an industrial district. Now the area is being reimagined and will include the 27,500-seat soccer stadium for the MLS’ Nashville SC. The seller, FMBC Investments, expects to deliver 83 Freight this summer. Adam Klenk, Jonathan Hawks, Tyler Mayo and Austin Heithcock of Capstone represented the seller in the transaction. The undisclosed buyer acquired the property for more than $11 million.

June 22, 2020

Development District of Columbia Multifamily Southeast

Jefferson Apartment Group, Stars REI Deliver 132-Unit Multifamily Community in D.C.

by Alex Tostado June 22, 2020

WASHINGTON, D.C. — Jefferson Apartment Group and Stars REI have delivered J Linea, a 132-unit apartment community in Washington, D.C.’s Shaw neighborhood. The property is situated at 2009 8th St., less than two miles from downtown D.C. J Linea offers studio, one- and two-bedroom floor plans, each featuring stainless steel appliances, quartz countertops and backsplashes, kitchen islands, plank flooring and floor-to-ceiling windows. Communal amenities include a fitness center, rooftop terrace, coworking booths, 24/7 Amazon Hub package system and 16,000 square feet of ground-floor retail space. The joint venture acquired the site in 2016.

June 22, 2020

Development Indiana Midwest Multifamily

Cornerstone Group Underway on 96-Unit Luxury Apartment Project in Clarksville, Indiana

by Kristin Harlow June 22, 2020

CLARKSVILLE, IND. — Cornerstone Group is underway on the development of Bolt + Tie, a 96-unit luxury apartment community in Clarksville, just north of Louisville, Ky. Nestled along the Ohio River, the community is expected to open in spring 2021. Monthly rents have yet to be disclosed for the units, which range from 577 to 1,451 square feet. The four-story development will also feature Elevate Office Suites, a mix of 46 office suites, 23 salon suites, 12 micro commercial spaces and a coworking space on the ground floor. In addition to a rooftop terrace, Bolt + Tie will include shared professional spaces such as conference rooms, a pitch presentation area, mailroom and package lockers. Envoy Inc. is a project partner. Bolt + Tie is the latest development at Water Town Square, a 28-acre business park.

June 22, 2020

Kansas Loans Midwest Multifamily

Arbor Provides $1.8M Refinancing for Apartment Community in Wichita

by Kristin Harlow June 22, 2020

WICHITA, KAN. — Arbor Realty Trust Inc. has provided a $1.8 million loan for the refinancing of Carter Apartments in Wichita. Built in 1973, the 46-unit apartment community features a playground and basketball court. It is a short distance from Friends University. Austin Walker of Arbor originated the loan on behalf of the undisclosed borrower.

June 22, 2020

Development Multifamily New Jersey Northeast

Sterling Properties, Willton Investment Group Open 208-Unit Multifamily Community in East Rutherford, New Jersey

by Alex Patton June 22, 2020

EAST RUTHERFORD, N.J. — A partnership between New York-based developer Sterling Properties and Willton Investment Group has opened Central & Oak, a 208-unit luxury multifamily community in East Rutherford, a northwestern suburb of New York City. Located at 80 Oak St., the seven-building property features one- and two-bedroom units and amenities including a resident clubhouse, outdoor terrace, green space and a fitness center. Residences range in size from 724 to 1,308 square feet. The property offers convenient access to the Rutherford Trail Station, MetLife Stadium and the American Dream shopping and entertainment destination.

June 22, 2020

Acquisitions Multifamily New York Northeast

GFI Realty Brokers $7.2M Sale of Multifamily Building in Brooklyn

by Alex Patton June 22, 2020

BROOKLYN, N.Y. — GFI Realty Services LLC has brokered the $7.2 million sale of a four-story, 30-unit multifamily building in the Bath Beach neighborhood of Brooklyn. The 30,960-square-foot building is located at 8678 Bay Parkway and was constructed in 1915. The building is also situated near Bensonhurst Park and offers convenient access to the Bay Parkway transit station. Shlomo Antebi of GFI Realty represented the buyer, the Ragosta family, in the transaction. Erik Yankelovich, also of GFI Realty, represented the seller, Meridian Properties.

June 22, 2020

Arizona Development Multifamily Western

Leon Capital Selects McShane Construction to Build 202-Unit Kierland Apartments in Scottsdale

by Amy Works June 22, 2020

SCOTTSDALE, ARIZ. — Leon Capital Group has selected McShane Construction Co. to build Kierland Apartments, a multifamily property in Scottsdale. Situated on 1.7 acres at 7111 E. Tierra Buena Lane, Kierland Apartments will feature five stories of wood-frame construction over a two-story concrete podium with one sub-grade level. The exterior façade will consist of a mix of stucco, stone and metal panels with wire and glass railings on the balconies. The 202 apartments will offer high-end finishes, beverage centers and premium appliances, with some units featuring NanaWall folding glass door systems that lead to private balconies. Floors three through six will offer a mix of studio, one-, two- and three-bedroom layouts, while the top floor will consist of penthouse suites with upgraded finishes. Community amenities will include underground parking for residents; bicycle storage; a clubhouse with a poker room and community kitchen; and a deck with a saltwater swimming pool, spa and barbeque area. Completion of the property, which Design Studio Architects designed, is slated for August 2022.

June 22, 2020

Acquisitions Colorado Multifamily Western

Campus Apartments Sells 20-Unit Multifamily Community in Colorado for $2.7M

by Amy Works June 22, 2020

ENGLEWOOD, COLO. — Campus Apartments has completed the sale of Nicole Apartments, a multifamily property in Englewood. 3444 Marion LLC acquired the asset for $2.7 million. Built in 1970, Nicole Apartments consists of a three-story, walk-up building featuring 16 one-bedroom/one-bath units and four two-bedroom/two-bath units. On-site amenities include laundry facilities and off-street parking. Matthew Beverly, Boomer Beatty and Peter Standley of Marcus & Millichap’s Denver office represented the seller and buyer in the deal.

June 22, 2020

Development Multifamily New York Northeast Top Stories

Silverback Development Plans $250 Million Condominium Tower Project in Midtown Manhattan

by Alex Patton June 19, 2020

NEW YORK CITY — Silverback Development, a New York City-based developer, has released its plans for a $250 million condominium building in midtown Manhattan. Located at 131 E. 47th St., the 200-unit building will rise 500 feet and will feature 5,000 square feet of ground-floor retail space as well as several landscaping features and sky lounges. Silverback Development is undertaking the project in partnership with Hong Kong-based Hopson Development Holdings. The property is situated four blocks southeast of Rockefeller Center. The developers plan to include a technologically advanced management system, advanced digital security systems and fully integrated home automation. “The market in midtown Manhattan will see continued demand as it is at the epicenter of corporate headquarters, national landmarks, renowned cultural institutions and Michelin-starred eateries,” says Josh Schuster, managing principal at Silverback Development. Hopson Development Holdings (SEHK: 754) acquired the building site from New Empire Real Estate Development late last year. New Empire had previously planned to construct a 122-unit multifamily project on the site, but plans stalled after the existing buildings were demolished in 2016. The site has been vacant since then. Hopson has more than 70 commercial real estate projects, manages more than 10 large urban complexes, and …

June 19, 2020

Acquisitions Multifamily New York Northeast Seniors Housing

Tryko Partners Acquires 173-Unit Seniors Housing Property in Springfield, Pennsylvania

by Alex Patton June 19, 2020

SPRINGFIELD, PA. — Tryko Partners has acquired Harlee Manor and Springfield Commons, a two-building seniors housing campus totaling 173-units in Springfield, a western suburb of Philadelphia. Located on more than six acres at 463 West Sproul Road, the property will be renamed Springfield Enhanced Senior Living. Tryko will invest $2.5 million in renovations and specialty care programming enhancements. The skilled nursing and personal care components will be known as Springfield Rehabilitation & Healthcare Center and Springfield Crossings, respectively. The campus offers convenient access to Springfield Hospital, Delaware County Memorial Hospital, Taylor Hospital and Crozer-Chester Medical Center. M&T Bank provided acquisition financing. The seller was undisclosed.

June 19, 2020

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