Multifamily

Rock Apartment Advisors Arranges $14.9M Sale of Multifamily Complex in Florida Panhandle

by Alex Tostado May 29, 2019

CRESTVIEW, FLA. — Rock Apartment Advisors has arranged the $14.9 million sale of Pinnacle Pointe Apartments, a 150-unit multifamily complex in Crestview. The three-story, garden-style apartment development was built in 2010 and offers one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, clubhouse, fitness center, outdoor grilling stations, garage, storage units and a dog park. Boston-based Stratford Management Co. acquired the property. Donald Gambril of Rock Apartment Advisors represented the undisclosed seller in the transaction.

May 29, 2019

Acquisitions Multifamily Southeast Virginia

Colliers Brokers $9M Sale of Apartment Complex in Charlottesville

by Alex Tostado May 29, 2019

CHARLOTTESVILLE, VA. — Colliers International has arranged the $9 million sale of Carrollton Terrace Apartments, a 24-unit multifamily property in Charlottesville. The community offers two-, three- and four-bedroom floor plans, was built in 2005 and is situated one mile from the University of Virginia off Jefferson Park Avenue. Charles Wentworth, Hank Hankins, Rawles Wilcox, Victoria Pickett, Clay Ellis and Will Mathews of Colliers represented the seller, BRJ Virginia LLC, in the transaction. Carrollton Terrace LLC, an affiliate of Flag Holding LLC, purchased the property.

May 29, 2019

Affordable Housing Development Hawaii Multifamily Top Stories Western

State of Hawaii, Standard Communities Unveil $223.9M Plan to Rehabilitate 1,221 Affordable Housing Units

by Kristin Harlow May 29, 2019

HAWAII — Standard Communities, in partnership with the State of Hawaii and Honolulu-based Stanford Carr Development, has unveiled a $223.9 million public-private partnership that will reposition 1,221 affordable housing units across six properties on the islands of Oahu, Hawaii and Maui. “Leveraging private funds through partnerships like this is a more efficient use of state resources,” says Gov. David Y. Ige. “It’s more cost effective to sell the leasehold interest and have Standard Communities and Stanford Carr Development bring private capital to pay for renovations and other capital improvements through the sale.” In the first transaction, Standard Communities acquired five of the six properties for a total of 995 units. The sixth is expected to close in the coming months. The seller was Hawaii Housing Finance and Development Corp. (HHFDC), a state-run agency. The new partnership preserves all the units as affordable housing for the long-term, though the exact length of that deal was not disclosed. The portfolio will undergo an $85 million rehabilitation. Residents will receive project-based rental assistance. As part of the rehabilitation, unit interiors will be renovated, building systems will be modernized and the common areas will be updated to house a comprehensive offering of services and …

May 29, 2019

Market Reports Multifamily New York Northeast Northeast Market Reports

New York City Multifamily Market to Experience Reduced Supply in 2020

by Kristin Harlow May 29, 2019

As the second-largest city economy in the world, New York City continually retains its reputation as one of the most desirable locations for long-term real estate capital appreciation, both nationally and globally. In turn, increasing rent growth and decreasing vacancies have characterized the New York City multifamily market as the influx of supply in 2018 quickly gets absorbed. In the next 24 months, the city will see a dramatic reduction in the new supply of rentals, with current projections for 2019 to 2020 estimating 12,000 units to come on line. This figure represents a substantial decrease from the 20,680 units that were delivered in 2018. Of those 20,680 units, Queens and Brooklyn accounted for more than 50 percent of the new supply. Despite these deliveries, effective rent grew in 2018 by 2.9 percent in Manhattan, 2.2 percent in Brooklyn and 3 percent in Queens. Total multifamily sales volume in Manhattan for 2018 was $6.8 billion, an 83 percent increase from 2017’s total transaction volume of $3.7 billion. With 181 total transactions, properties that traded for more than $50 million made up 65 percent of the volume in 2018 across 22 trades. Similarly, sales in Brooklyn hit a record volume of …

May 29, 2019

Acquisitions Multifamily Texas

Limited Liability Company Acquires 254-Unit Apartment Community in Kyle, Texas

by Taylor Williams May 28, 2019

KYLE, TEXAS — SPI Oaks 254 LLC has acquired Oaks on Marketplace, a 254-unit multifamily community located in the Central Texas city of Kyle. The property features one-, two- and three-bedroom units with hardwood-style floors, private patios or balconies and individual washer and dryer connections. Amenities include a pool, fitness center, media room and outdoor kitchen. Dougherty Mortgage arranged an undisclosed amount of acquisition financing for the deal. That loan carried a 10-year term and a 30-year amortization schedule. The seller and sales price were not disclosed.

May 28, 2019

Florida Loans Multifamily Southeast Student Housing

Rosemurgy, Giles Capital Receive $38.8M Financing for Two Student Housing Communities Near University of Florida

by Alex Tostado May 28, 2019

GAINESVILLE, FLA. — Park Partners Residential, a joint venture between Rosemurgy Properties and Giles Capital Group, has received $38.8 million in financing for two student housing communities near the University of Florida in Gainesville. Värde Partners has provided a $27.3 million loan for The Niche community and an $11.5 million loan for The Nook. Both properties recently underwent renovations and offer a combined total of 1,356 beds. Elliott Throne and Jesse Wright of HFF worked to place the financing on behalf of the borrower.

May 28, 2019

Acquisitions Multifamily North Carolina Southeast

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

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