Multifamily

Colliers Negotiates Sale of Manufacturing Facility in Kutztown, Pennsylvania

by David Cohen March 6, 2019

KUTZTOWN, PA. — Colliers International has negotiated the sale of a manufacturing facility in Kutztown. The sales price was undisclosed. Located at 207 Rail Road St., the 17,000-square-foot property was built in 1863 as the Haeffner-Dietrich Feed Mill. The property most recently served as headquarters and manufacturing facility for the RADIUS Toothbrush brand. Ryan Dietrick and Kelly Berfield of Colliers International’s Allentown office represented the seller, Radius USA, in the transaction. The buyer was undisclosed.

March 6, 2019

Acquisitions Multifamily Texas

Auerbach, Blue Magma Acquire Hurricane-Damaged Apartment Complex in Houston

by Taylor Williams March 6, 2019

HOUSTON — A partnership between New York-based Auerbach Funds and Tampa-based Blue Magma Residential has acquired Park Texas Apartments, a 587-unit multifamily complex located within a tax increment reinvestment zone in southeast Houston. Approximately 250 units have been damaged by hurricane activity and are currently uninhabitable. The new ownership will restore the damaged units, renovate the clubhouse, perform roofing and mechanical repairs and upgrade the landscaping and common areas. The seller was not disclosed.

March 6, 2019

Development Multifamily Texas

Stillwater Capital to Develop Two Apartment Properties Totaling 481 Units in Austin MSA

by Taylor Williams March 6, 2019

LEANDER AND AUSTIN, TEXAS — Dallas-based Stillwater Capital has broken ground on a multifamily project in the northern Austin suburb of Leander and acquired land for the development of a second apartment community in Austin’s Riverside area. The Leander project will deliver 259 units with stainless steel appliances, custom cabinetry and other custom finishes. The Riverside project, located within a designed opportunity zone, will deliver a four-level complex with surface parking and units that feature quartz countertops and wood-like floors. Both properties will offer pools, outdoor grilling stations and fitness centers. The Leander project is slated to open in late 2019, and the Riverside project is set to open in fall 2020.

March 6, 2019

Acquisitions Multifamily Texas

DIJ Properties Purchases 246-Unit Multifamily Asset in Metro Fort Worth

by Taylor Williams March 6, 2019

HALTOM CITY, TEXAS — Miami-based DIJ Properties has purchased Rio Vista, a 246-unit multifamily asset in Haltom City, located northeast of downtown Fort Worth. The property was built in 1968. DIJ will implement a capital improvement program that will renovate the unit interiors and upgrade the amenity spaces, including the addition of a soccer court, playground and tutoring center for children. The seller was not disclosed.

March 6, 2019

Colorado Loans Multifamily Western

Hunt Real Estate Capital Provides $5.2M Refinancing for Dillon Ridge Apartments in Colorado

by Amy Works March 6, 2019

DILLON, COLO. — Hunt Real Estate Capital has provided a $5.2 million conventional Freddie Mac multifamily loan for the refinancing of Dillon Ridge Apartments, a multifamily property in Dillon. The borrower is Dillon Ridge Apartments LLC. The loan features a 10-year term that will amortize over 30 years. Built in 2018, the three-building community features 36 two-bedroom apartments, 30 of which are area median income controlled, and 73 parking spots.

March 6, 2019

Development Midwest Minnesota Multifamily

Norhart to Open 91-Unit Apartment Community in Forest Lake, Minnesota

by Kristin Harlow March 6, 2019

FOREST LAKE, MINN. — Norhart has unveiled plans to open Encore Apartments, a 91-unit apartment community in Forest Lake, about 30 miles north of Minneapolis. The four-story property will be located at the corner of 4th Street and 11th Avenue. Amenities will include an Internet café, fitness center, sky lounge, community room, outdoor firepit and dog run. Prospective residents will be able to tour the apartment at their convenience through a mobile app. Residents will also be able to monitor their energy usage and control lights and thermostats remotely through an app. Encore Apartments, slated to open in summer 2020, will also be home to the new corporate office of Norhart.

March 6, 2019

Acquisitions Illinois Midwest Multifamily

Essex Brokers $5.7M Sale of Apartment Building in Chicago’s Edgewater Neighborhood

by Kristin Harlow March 6, 2019

CHICAGO — Essex Realty Group Inc. has brokered the sale of a 43-unit apartment building in Chicago’s Edgewater neighborhood for $5.7 million. The property, located at 6031-6043 N. Paulina St., has been owned by the same family for more than 50 years. The building includes 37 one-bedroom units and six two-bedroom units. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. Brad Desent and his siblings sold the asset to a private investor completing a 1031 tax-deferred exchange. Records indicate the property was purchased in 1965 for $260,000.

March 6, 2019

Acquisitions Multifamily New York Northeast

Meridian Negotiates $8.6M Sale of Apartment Building in the Bronx

by David Cohen March 5, 2019

NEW YORK CITY — Meridian Investment Sales has negotiated the $8.6 million sale of an apartment building in the Bedford Park neighborhood of the Bronx. Located at 215 E. 197th St., the five-story property was built in 1923 and contains 52 apartments. Amit Doshi and Shallini Mehra of Meridian represented the undisclosed seller in the transaction. The buyer was also undisclosed.

March 5, 2019

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $2.4M Sale of Multifamily Building Near Boston

by David Cohen March 5, 2019

DORCHESTER, MASS. — Marcus & Millichap has brokered the $2.4 million sale of a multifamily building in Dorchester. Located at 12 Lyndhurst St., the 12-unit property consists of six one-bedroom and six two-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. The buyer was also undisclosed.

March 5, 2019

Acquisitions Mixed-Use Multifamily Nevada Retail Western

Colliers Arranges $130M Sale of 60-Acre Parcel Near Las Vegas Strip for Mixed-Use Development

by Amy Works March 5, 2019

LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a land parcel located on the corner of Harmon Avenue and Koval Lane in Las Vegas. Nevada Development Associates VI LP acquired the asset from an undisclosed seller for $130 million. Situated near the Las Vegas Strip, the 60-arce site includes the Harbor Island apartment complex, which is adjacent to the Hard Rock Hotel & Casino. The site is poised for a mix of high-density residential, retail and/or gambling/resort development. Mike Mixer of Colliers’ Las Vegas office represented the seller in the deal.

March 5, 2019

Newer Posts

Older Posts

Upcoming Events

May
07