Multifamily

Allied Orion Acquires 312-Unit Apartment Community in Houston

by Taylor Williams April 2, 2019

HOUSTON — Allied Orion Group has acquired Ashford Apartments, a 312-unit multifamily community located at 1200 N. Dairy Ashford Road in Houston. Built in 2017, the Class A property offers one- and two-bedroom units featuring granite countertops, custom backsplash options, upgraded cabinetry and built-in washers and dryers. Communal amenities include a pool, a two-story fitness center, outdoor grilling area, dog park, package lockers and electric vehicle charging stations. The seller was Trammell Crow Residential.

April 2, 2019

Development Illinois Midwest Multifamily

Hines, McCaffery Interests Open 538-Unit Apartment Property in Chicago

by Kristin Harlow April 2, 2019

CHICAGO — Hines and McCaffery Interests have opened The Apartments at Lincoln Common, a 538-unit apartment property on Lincoln Avenue in Chicago. Skidmore, Owings and Merrill and Antunovich Associates designed the two-tower property, which features one-, two- and three-bedroom units as well as penthouses. Amenities include a coworking lounge, game room, clubroom, fitness center, yoga studio, 20th-floor rooftop lounges and concierge services. Monthly rents start at $1,814 for studios.

April 2, 2019

Acquisitions Multifamily Northeast Pennsylvania

One Wall Partners Purchases 996-Unit Apartment Portfolio in Lehigh Valley

by David Cohen April 2, 2019

LEHIGH VALLEY, PA. — One Wall Partners has acquired a portfolio of 996 rental apartments in the Lehigh Valley of Pennsylvania for an undisclosed price. The portfolio, which is currently 98 percent occupied, features garden-style complexes as well as a rental townhome community. Amenities include outdoor pools, fitness centers and clubhouses. One Wall Partners plans to spend more than $500,000 on energy efficient upgrades and deferred maintenance on the properties. One Wall Partners was represented in-house, in the transaction. The undisclosed seller was represented by CBRE.

April 2, 2019

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Brokers $6.1M Sale of Multifamily Property in Queens

by David Cohen April 2, 2019

NEW YORK CITY — Cushman & Wakefield has brokered the $6.1 million sale of a 16-unit multifamily property in the Bayside neighborhood of Queens. Located at 191-02 35th Ave., the property consists of one- and two-bedroom duplex units as well as three-bedroom triplex units. The two-story property in located nearby the Auburndale Long Island Rail Road station. Daniel Abbondandolo and Dimitri Mastrogiannis of Cushman & Wakefield represented the seller, The DiNoto Group, in the transaction. The property was purchased by Fairfield Properties.

April 2, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 246-Unit Apartment Community in Haltom City, Texas

by Taylor Williams April 1, 2019

HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of Rio Vista, a 246-unit multifamily community in Haltom City, located northwest of downtown Fort Worth. The property was built in 1969 and features amenities such as a pool, playground, picnic area and volleyball court. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a California-based private investment group, in the transaction. The duo also procured the buyer, a Florida-based investment firm. The new ownership will invest $2.5 million in capital upgrades to the property.

April 1, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Multifamily Complex in Atlanta for $23.1M

by Alex Tostado April 1, 2019

ATLANTA — FCP has acquired Ashford Gardens, a 164-unit garden-style apartment community in Atlanta, for $23.1 million. Ashford Gardens offers one-, two- and three-bedroom floor plans and community amenities such as a swimming pool, barbecue and picnic area and a playground. Situated at 2203 Plaster Road NE in northeast Atlanta, FCP will rebrand the property as Mirador at Peachtree. Andrew Mays and Matt White of Berkadia represented the undisclosed seller in the transaction.

April 1, 2019

Acquisitions Connecticut Multifamily Northeast Student Housing

Chozick Realty Negotiates $14.3M Sale of Student Housing Complex at University of Connecticut

by David Cohen April 1, 2019

HARTFORD, CONN. — Chozick Realty has arranged the $14.3 million sale of Willington Oaks, a 128-unit student housing complex at the University of Connecticut in Hartford. The property includes 64 one-bedroom flats and 64 two-bedroom townhouses. Willington Oaks has recently undergone extensive updates including new boilers, roofs, windows, septic systems and connection to municipal water. The property routinely maintains occupancy close to 100 percent. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, Willington Oaks LLC, in the transaction. The buyer was TC NY Associates LLC.

April 1, 2019

Acquisitions Development Multifamily New Jersey Northeast Seniors Housing

NAI Hanson Brokers $6.6M Sale of Office Building in Harrington Park, New Jersey

by David Cohen April 1, 2019

HARRINGTON PARK, N.J. — NAI James Hanson has brokered the $6.6 million sale of an office building in Harrington Park. Located at 200 Old Hook Road, the asset is the former headquarters of water service company United Water, which vacated the building in 2014. The property was constructed in 1977. Andrew Somple and Greg James of NAI James Hanson represented the seller, SUEZ Water, formerly United Water, in the transaction. Allegro Senior Living acquired the property and plans to reposition the property as a senior living facility. The location will be Allegro’s first facility in New Jersey. Allegro and joint venture partner, United Way, have received approvals to construct 83 independent living apartments and 92 assisted living units, of which 25 are memory care units.

April 1, 2019

Loans Michigan Midwest Multifamily

Greystone Provides $11.2M Refinancing for Multifamily Property in Ypsilanti, Michigan

by Kristin Harlow April 1, 2019

YPSILANTI, MICH. — Greystone has provided an $11.2 million Fannie Mae loan for the refinancing of Ranches of Rosebrook in Ypsilanti. The 302-unit multifamily property features 650-square-foot two-bedroom units. Cary Belovicz of Greystone sourced the loan, while John Marr of Greystone originated the loan. Terms of financing were not disclosed.

April 1, 2019

California Development Multifamily Western

Holland Partner Group, MVE+Partners Complete Two Residential Towers in Downtown Los Angeles

by Amy Works April 1, 2019

LOS ANGELES — Holland Partner Group, as developer, and MVE+Partners, as architect, designer and planner, have completed the development of The Griffin and The Grace on Spring. The two 24-story residential towers are located at the intersection of Eight and Spring streets in downtown Los Angeles. The Griffin on Spring features 275 apartments above 9,000 square feet of ground-floor retail space, while The Grace on Spring consists of 300 units above 7,500 square feet of ground-floor retail space. Both towers include a mix of studio, one-, two- and three-bedroom apartments, as well as observatory rooftop lounges, a fitness center with separate yoga studio, business center, conference rooms, swimming pool, and entertainment lounge with kitchen, bar, media and billiards.

April 1, 2019

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