Multifamily

Cushman & Wakefield Arranges $57.8M Sale of Apartment Complex in Metro Charlotte

by Alex Tostado July 16, 2019

LAKE WYLIE, S.C. — Cushman & Wakefield has arranged the $57.8 million sale of The Village at Lake Wylie, a 392-unit apartment complex situated about 20 miles southwest of downtown Charlotte in South Carolina. Bucci Development delivered the gated community in 2002 with communal amenities such as a clubhouse with a business center and fitness center, swimming pool with a modern sundeck, outdoor fire pit, grilling patio, lake access, complimentary boat parking, professional-size tennis court, putting green, paved walking trail, playground and a car care center. Jordan McCarley, Tai Cohen and Marc Robinson of Cushman & Wakefield represented Bucci Development in the transaction. Southwood Realty/Triangle Real Estate acquired the property.

July 16, 2019

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Negotiates $17.7M Sale of Multifamily Complex in Downtown Louisville

by Alex Tostado July 16, 2019

LOUISVILLE, KY. — Marcus & Millichap has arranged the $17.7 million sale of Kentucky Towers, a 276-unit multifamily complex in downtown Louisville. The property is located at 430 W. Muhammad Ali Blvd. The buyer was not disclosed, however, multiple media outlets report TEG The Flats on Fifth LLC acquired the property and will rebrand the 94-year-old building as The Flats on Fifth. Kentucky Towers offers studio through three-bedroom floor plans and communal amenities such as a fitness center, swimming pool, on-site retail and maid services. Colby Haugness, Jordan Dickman, J.D. Schmerge and Nicholas Andrews of Marcus & Millichap represented the buyer in the transaction. The seller was not disclosed.

July 16, 2019

Acquisitions Loans Multifamily Southeast Virginia

M&T Realty Capital Provides $16.1M Green Acquisition Loan for Townhome Community in Richmond

by Alex Tostado July 16, 2019

RICHMOND, VA. — M&T Realty Capital Corp. has provided a $16.1 million Freddie Mac acquisition loan for Berkeley & Warwick Place, a 265-unit townhome community in Richmond. The borrower, Walde Enterprises, plans to improve the property’s energy and water usage as part of Freddie Mac’s Optigo Green Up program. Details of the improvement plan were not disclosed. The 10-year loan is structured with three years of interest-only payments and a 30-year amortization schedule. Berkeley & Warwick Place offers one-, two- and three-bedroom townhomes for rent. Communal amenities include package services, laundry services and a playground. Matthew Hodson and Debra Goldstein of M&T Realty Capital arranged the loan on behalf of Walde Enterprises. The seller was not disclosed.

July 16, 2019

Hospitality Loans Massachusetts Multifamily Northeast

Madison Realty Capital Provides $314M Construction Loan for Boston Hotel Project

by Taylor Williams July 16, 2019

BOSTON — Madison Realty Capital has provided a $314 million construction loan for the development of Raffles Boston Back Bay Hotel & Residences. Trinity Stuart LLC, a partnership between two Boston-based entities, Saunders Hotel Group and The Noannet Group, is leading development of the project, which will consist of 147 hotel rooms and 146 residential units. Cain International is also providing joint venture equity to develop the project, which has a total price tag of more than $400 million, with Trinity Stuart. Riaz Cassum and Anthony Cutone of JLL placed the debt and equity on behalf of the developer. A construction timeline was not released.

July 16, 2019

Acquisitions Multifamily Texas

NorthMarq Arranges Sale of 548-Unit Apartment Community in Irving

by Taylor Williams July 16, 2019

IRVING, TEXAS — NorthMarq has arranged the sale of MacArthur Place Apartments, a 548-unit multifamily community in Irving. Built in 1964 and renovated in 2002, the property offers one-, two- and three-bedroom units and amenities such as two pools, a sports court and onsite laundry facilities. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented the seller and the buyer in the transaction. In addition, Stephen Whitehead of NorthMarq arranged an undisclosed amount of acquisition financing through a life company for the new owner.

July 16, 2019

Acquisitions Colorado Multifamily Western

Jupiter Equities Acquires 140-Unit Caliber at Cornerstar Apartment Complex in Colorado for $40.7M

by Amy Works July 16, 2019

AURORA, COLO. — Jupiter Equities has purchased Caliber at Cornerstar, a newly built apartment complex located at 15930 E. Briarwood Circle in Aurora. The Garrett Cos. sold the property for $40.7 million. Situated on 4.6 acres, Caliber at Cornerstar features 140 units in a mix of one-, two- and three-bedroom layouts with premium finishes, walk-in closets, full-size washers/dryers, granite or quartz countertops and nine-foot ceilings. Community amenities include a fitness center, attached and detached garages, a clubhouse and a resort-inspired pool. The three-building property was built in 2018. David Potarf, Dan Woodward and Matthew Barnett of CBRE represented the seller in the transaction.

July 16, 2019

Development Multifamily Oregon Western

Wood Partners Breaks Ground on 314-Unit Alta Art Tower in Portland, Oregon

by Amy Works July 16, 2019

PORTLAND, ORE. — Wood Partners has broken ground on Alta Art Tower, a Class A multifamily property located at 1516 SW Alder St. in Portland. The high-rise tower will feature 314 units in a mix of studio, one-, two- and three-bedroom floor plans. Units will feature quartz kitchen countertops; stainless steel Energy Star appliances, including gas cooking ranges; vinyl-wood flooring; en-suite master baths with custom-framed mirrors; tile shower surrounds and soaking tubs; walk-in closets; and solar shades. The community is central to a variety of art, cultural and retail in the Portland neighborhoods of Downtown, Pearl District, West End, Goose Hollow and Alphabet District.

July 16, 2019

Acquisitions Illinois Midwest Multifamily

Monument Capital Management Acquires 176-Unit Multifamily Property in Woodbridge, Illinois

by Kristin Harlow July 16, 2019

WOODBRIDGE, ILL. — Monument Capital Management, an A-Rod Corp. company, has acquired Townhomes at Highcrest in Woodbridge for an undisclosed price. Monument plans to make approximately $1.5 million in capital improvements, including the installation of new flooring, modern appliances, new landscaping and the addition of a fitness center. Built in 1968, the property includes a pool and laundry facilities. This is Monument’s third property in the Chicago area and is part of Monument Opportunity Fund IV, which was launched earlier this year. Highcrest Apartments LLC was the seller.

July 16, 2019

Acquisitions Georgia Multifamily Southeast

GPC Partners Acquires Multifamily Community on Atlanta BeltLine for $66.3M

by Alex Tostado July 15, 2019

ATLANTA — GPC Partners has acquired Alexan on Krog, a 222-unit multifamily community situated along the Atlanta BeltLine’s Eastside Trail and near Krog Street Market. Rule Joy Trammell Rubio (RJTR) developed the property, which opened in 2015. Located at 44 Krog St. NE in Atlanta’s Inman Park neighborhood, the property offers one- and two-bedroom floor plans, as well as communal amenities such as a clubhouse, business center, bark park, rooftop terrace, courtyard, pet washing station and a saltwater pool. GPC Partners will rebrand the property as Ayla on Krog. An undisclosed insurance company provided Miami-based GPC with a $42 million acquisition loan. JLL represented the borrower in obtaining the loan. The seller was not disclosed.

July 15, 2019

Acquisitions Multifamily South Carolina Southeast

SYNCO Properties Sells Two Apartment Complexes in North Carolina for $49.5M

by Alex Tostado July 15, 2019

GREENVILLE, N.C. — SYNCO Properties Inc. has sold two apartment complexes totaling 645 units in Greenville for $49.5 million. The two properties are The Madison and Southgate. The Madison offers one- and two-bedroom floor plans with communal amenities such as a 24-hour fitness center, swimming pool, clubhouse, pet park and a cyber café. Southgate offers one-, two- and three-bedroom floor plans. Communal amenities at Southgate include a fitness center, clubhouse, swimming pool, pet park and a grilling and picnic area. Watson Bryant, Jordan McCarley and Paul Marley of Cushman & Wakefield represented the Charlotte-based seller in the transaction. Monarch Investment & Management acquired the properties.

July 15, 2019

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