Multifamily

FCP, High Real Estate Sell Apartment Community in Charlotte for $31.7M

by Alex Tostado May 28, 2019

CHARLOTTE, N.C. — FCP and High Real Estate Group have sold York Ridge, a 240-unit apartment community in Charlotte. New York-based White Eagle Property Group bought the property for $31.7 million. York Ridge is situated in southwest Charlotte and offers one-, two- and three-bedroom floor plans. Communal amenities include a car care center, fitness center, swimming pool, playground, tennis court, clubhouse and grilling areas. Marc Robinson, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the sellers in the transaction.

May 28, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges $1.1M Sale of Chicago Apartment Buildings

by Kristin Harlow May 28, 2019

CHICAGO — Marcus & Millichap has arranged the $1.1 million sale of two apartment buildings spanning 25 units in Chicago’s Chatham neighborhood. The buildings are located at 700 E. 81st St. and 8055 S. Langley Ave. James Ziegler and KJ Zelenika of Marcus & Millichap marketed the properties on behalf of the seller. The pair also represented the buyer.

May 28, 2019

Acquisitions California Multifamily Western

Colliers Negotiates $46M Sale of The Gershwin Apartments in Hollywood

by Amy Works May 28, 2019

LOS ANGELES — Colliers International has facilitated the sale of The Gershwin Apartments, a landmark mixed-use property located at 5533 Hollywood Blvd. in Los Angeles’ Hollywood neighborhood. A local development, management and investment firm acquired the property for $46 million in an all-cash transaction. Kitty Wallace of Colliers represented the buyer and seller, a private real estate investment company, in the deal. Built during the 1920s and originally known as the St. Francis Hotel, the five-story building was renovated over the years and transformed into a mixed-use asset with 163 residential units, nine neighboring bungalows, a 17,000-square-foot surface parking lot and 10,565 square feet of ground-floor retail space. The apartments feature a mix of layouts from micro lofts with kitchenettes to two-bedroom bungalows with private yards. A total of 119 of the units have been completely renovated.

May 28, 2019

Acquisitions Multifamily Washington Western

Pathfinder Partners Acquires 132-Unit Creekside Village Apartments in Washington for $29M

by Amy Works May 28, 2019

VANCOUVER, WASH. — San Diego-based Pathfinder Partners has purchased Creekside Village Apartments, a 132-unit multifamily property located in Vancouver. An affiliate of ConAm Group sold the asset for $29 million. Situated on 12 acres at 3100 Falk Road, Creekside Village consists of 15 two-story residential townhome buildings, four three-story residential buildings and a one-story building that houses the clubhouse, leasing office and fitness center. Constructed in 1992, the property features 48 two-bedroom/two-bath units, 12 two-bedroom/two-and-one-half bath townhome units and 72 three-bedroom/two-and-one-half bath townhome units averaging 1,293 square feet. The property also features covered parking, hot tub, swimming pool, direct access garages in 84 townhomes units and a children’s playground. Pathfinder Partners plans various upgrades and improvements for the asset. Brian Eisendraft and Cameron Chalfant of CBRE Capital Markets arranged financing for the acquisition.

May 28, 2019

Acquisitions California Multifamily Western

Calvera Partners Buys 52-Unit Bay Area Apartment Building for $15.9M

by Amy Works May 28, 2019

ALAMEDA, CALIF. — Calvera Partners has acquired a 52-unit apartment building, located at 430 and 450 Buena Vista Ave. in Alameda, from an undisclosed seller for $15.9 million. As the final acquisition for the company’s current discretionary investment fund, the purchase is part of the firm’s ongoing plan to reposition vintage multifamily properties in the Bay Area. Calvera plans to rebrand the three-story building, which was constructed in 1964, with new signage, refreshed landscaping and common areas, and comprehensive upgrades to individual units. Additionally, the property renovation will address deferred maintenance issues and structural improvements.

May 28, 2019

Development Massachusetts Multifamily Northeast Student Housing

Simmons University to Develop 1,100-Bed Student Housing Community in Boston

by Taylor Williams May 28, 2019

BOSTON — Simmons University has filed a 10-year plan with the city of Boston that outlines a series of campus upgrades, including the development of a 21-story, 1,100-bed residence hall on Avenue Louis Pasteur, according to reports by The Boston Globe. The newspaper notes that the school has been negotiating for at least a year with developers on a multi-phase plan that would include leasing its residential campus and funneling proceeds into the development of the new residential tower. The residence hall is still in the concept phase, according to the university, but plans are in motion to soon begin renovations to its main building and Lefavour Hall.

May 28, 2019

Acquisitions Georgia Multifamily Southeast

Middleburg Purchases Workforce Housing Portfolio in Atlanta

by Alex Tostado May 24, 2019

ATLANTA — Middleburg has purchased three workforce housing properties in Atlanta. The assets include The Grove, a 220-unit community located at 5100 Welcome All Road; Park at Bouldercrest, a 438-unit complex situated at 26 Bouldercrest Lane SE; and Majestic Park, a 298-unit property located at 1991 Delowe Drive SW. The Grove and Park at Bouldercrest were vacant, and Majestic Park was 15 percent occupied at the time of the sale. Middleburg is planning to renovate all three properties to improve physical assets and communal amenities.In addition, Middleburg will also rebrand the properties, with The Grove becoming Vesta Red Oak, Park at Bouldercrest becoming Vesta Bouldercrest and Majestic Park becoming Vesta Adams Park. The acquisition and renovations of all three properties are estimated to cost $91 million. Middleburg will provide responsive community programs to its residents and engage the local community through job fairs, afterschool programs and continuing education for adults. Acquisition financing was provided through Middleburg Workforce Housing Fund, a fund that was created in January and is now closed following this transaction. Middleburg also acquired Vesta Derby Oaks in Louisville, Ky., through the fund. Middleburg has partnered with KeyBank Real Estate Capital Community Development Lending and Investment (CDLI) and …

May 24, 2019

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Arranges $10.7M Sale of Tampa Bay Apartment Community

by Alex Tostado May 24, 2019

ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $10.7 million sale of Serenity Creek, a 90-unit apartment community in St. Petersburg. Serenity Creek is located at 4201 49th St., 20 miles southwest of downtown Tampa. The property was built in 1980 and was renovated in 2007. Serenity Creek offers one- and two-bedroom floor plans across seven two-story buildings. Community amenities include a swimming pool with sundeck, multiple outdoor lounge areas with fire pits and barbecue grilling areas, a central clubhouse, mail kiosk and leasing center and an on-site laundry center. Casey Babb, Luis Baez and Shawn Rupp of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.

May 24, 2019

Anthology-of King-of-Prussia-Pennsylvania

Development Multifamily Northeast Pennsylvania Seniors Housing

CA Ventures Breaks Ground on 192-Unit Seniors Housing Project in Suburban Philadelphia

by Taylor Williams May 24, 2019

WAYNE, PA. — CA Senior Living LLC, the seniors housing arm of Chicago-based CA Ventures, has broken ground on Anthology of King of Prussia, a 192-unit community in Wayne, Pennsylvania, a northwestern suburb of Philadelphia. The 11-story building, which is slated for a late 2020 completion, will be located within the 122-acre The Village at Valley Forge mixed-use development. New York-based Perkins Eastman designed the property, which will consist of 97 independent living, 63 assisted living and 32 memory care residences. The independent and assisted living apartments range from 410-square-foot studios to 1,200-square-foot, two-bedroom units, all featuring modern kitchens with quartz countertops, tile backsplashes, stainless steel appliances, washers and dryers and walk-in closets in select units. Wellness amenities include a fitness center, indoor pool, physical therapy room and spa with salon services, while residents will also have access to walking paths and outdoor gathering spaces. Lancaster, Pennsylvania-based Wohlsen Construction Co. is serving as general contractor.

May 24, 2019

Acquisitions Multifamily Northeast Pennsylvania

Counter Capital Management Buys Apartment Building in Philadelphia for $19.1M

by Taylor Williams May 24, 2019

PHILADELPHIA — Counter Capital Management LLC, a joint venture between Connecticut-based Dalzell Capital Partners LLC and Florida-based Morning Calm Management, has acquired a 29-unit apartment building located at 1501 Locust St. in the Center City neighborhood of Philadelphia. The sales price was $19.1 million. The property was originally built in 1947 as a 10-story office building. In 2010, it was converted into a 29-unit apartment building with 5,000 square feet of commercial space. Units average 1,009 square feet and feature granite countertops, stainless steel appliances, European cabinetry and washers and dryers. The new ownership will invest in a capital improvement program that upgrades the lighting and paint jobs, as well as implements keyless entry systems and smart thermostats to each unit. The seller was not disclosed.

May 24, 2019

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