BRIDGEPORT, CONN. — Northeast Private Client Group (NPCG) has negotiated the $3.6 million sale of a pair of multifamily assets in Bridgeport, located on Connecticut’s southern coast. The properties total 44 units. Brad Balletto, Rich Edwards and Jeff Wright of NPCG represented the seller, a local owner-operator, and procured the buyer, a Connecticut-based investor. The deal closed at a capitalization rate of roughly 7 percent.
PEARLAND, TEXAS — California-based Drever Capital Management has broken ground on Larkspur at Shadow Creek, a 257-unit multifamily community in the southwestern Houston suburb of Pearland that will be marketed to seniors age 55 and above. The property will be situated on 12 acres and consist of a 215-unit primary apartment building with 18,000 square feet of amenity space, as well as 42 private cottages. The first units are expected to be complete in the second half of 2020. Drever also recently completed Larkspur at Twin Creeks, a 243-unit age-restricted community in metro Dallas, and is planning another age-restricted project in New Braunfels, a suburb of San Antonio.
IRVING, TEXAS — Berkadia has provided a $48 million acquisition loan through Freddie Mac for The Brandt, a 504-unit multifamily community in Irving. The property offers a variety of one- and two-bedroom floor plans ranging from 632 square feet to 1,045 square feet. Amenities include three pools, a fitness center, a dog park and a clubhouse. Andy Hill and Tyler Nowlin of Berkadia arranged the financing on behalf of the borrower, Western Wealth Capital, which will implement a value-add program that will upgrade unit interiors. The adjustable-rate loan carried a seven-year term and three years of interest-only payments.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Havenwood Apartments, a 316-unit community in Fort Worth. The property was built in 1985 and features one- and two-bedroom units averaging approximately 850 square feet, as well as two pools, a tennis and racquetball court and outdoor courtyard space. Al Silva of Marcus & Millichap represented the seller, a Florida-based investment firm, in the transaction. Silva also secured the buyer, a Dallas-based private investment firm that will implement a value-add program to the unit interiors, building exteriors and common area amenities.
PHOENIX — George Smith Partners has secured $67.2 million in senior construction financing for the ground-up development of a multifamily property in Phoenix. Located immediately north of Phoenix’s central business district, the 17-story high-rise will feature 254 apartments. The non-recourse loan represents 80 percent of the total project cost. Scott Meredith and John Thrall of George Smith Partners advised the undisclosed borrower in the financing.
PHOENIX — Newmark Knight Frank (NKF) Multifamily has arranged the sale of The Colony Apartments, a garden-style asset located at 4337 N. 53rd Lane in Phoenix. Vancouver, Canada-based Western Wealth Capital acquired the value-add property for $25.1 million, or $106,355 per unit. Built in 1979, The Colony Apartments features 236 units spread across 41 one- and two-story buildings. Brett Polachek, Brad Goff and Chris Canter of NKF Multifamily represented the seller, San Diego-based CALCAP Advisors, in the transaction.
NEW YORK CITY — A partnership between privately owned investment firm Harbor Group International and Image Capital LLC has acquired The Frederick, a multifamily property in Brooklyn, for $117 million. The Class A property, which was built in 2017, offers 193 units equipped with high-end kitchens and appliances. Amenities include a fitness center and a tenant lounge. The Frederick is located near Prospect Park, as well as several mass transit lines and retail options. Westwood Realty Associates brokered the deal. The seller was Heritage Equity Partners.
CLIFFSIDE PARK, N.J. — General contractor Legacy Builders has completed the renovation of Apogee Co-Op, a 30-story multifamily high-rise at 250 Gorge St. on New Jersey’s Gold Coast. The property includes 315 units. As part of the facelift, Legacy overhauled and modernized the aesthetics of the entranceway, lobby and amenities of the property, which was originally built in 1972. Rental prices have appreciated more than 20 percent since renovations began in 2014. New York City-based Steven Kratchman Architect served as the project designer.
EAST RUTHERFORD, N.J. — Local developer Diversified Properties LLC has broken ground on a 480 Flatz, a 35-unit multifamily property in East Rutherford. The four-story property will offer one-, two- and three-bedroom apartments that will range in size from 700 to 1,100 square feet. Units will feature quartz countertops and stainless steel appliances, as well as proximity to public transit lines and retail hubs. Thomas J. Brennan Architects is designing the project.
WASHINGTON, D.C. — Commercial real estate loan originations rose 12 percent in the first quarter of 2019 compared with the same period a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The industrial sector climbed 73 percent in loan originations, followed by healthcare (41 percent) and hotels (14 percent). Retail and multifamily both saw increases (9 percent each), while the dollar volume of office property loans was unchanged. “The momentum seen in 2018’s record year of borrowing and lending continued in the first quarter of this year,” said Jamie Woodwell, MBA’s vice president of commercial real estate research. “First-quarter volumes were higher for nearly every property type, and double-digit growth in loan volume for Fannie Mae and Freddie Mac led the increase among capital sources. Low interest rates and strong property values continue to make commercial real estate an attractive market for borrowers.” While loan volumes ticked up, acquisitions across the four major property types fell 9 percent, says MBA. Apartment sales were roughly flat from last year, while office, retail and industrial property sales fell from 14 to 16 percent. The capitalization rates were flat from 2018 for industrial, retail and …