GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of 958 Fulton in Grand Rapids for an undisclosed price. The 13,400-square-foot property includes six retail bays on the first floor and nine apartment units on the second floor. Retailers include Mercury Head Frame Shop, Perrin’s Upholstery, Rinaldi’s Pizza and a party store. Russ Bono and Cameron Timmer of NAI Wisinski represented both the buyer, a group of local investors, and the seller, L&M Properties.
CHICAGO — Interra Realty has negotiated the sale of a 14-unit multifamily property in Chicago’s West Town neighborhood for $3.3 million. Built in 1889 and extensively renovated in 2017, the property is located at 1436 W. Erie St. and includes a mix of studio, one- and two-bedroom units. The property was fully leased at the time of sale. Brad Feldman and Adam Saxon of Interra represented both parties. The buyer plans to make further updates to the units.
HOUSTON — Wood Partners, a multifamily development and investment firm with offices around the country, has broken ground on Alta Med Main, a 338-unit multifamily property that will be located within the Texas Medical Center in Houston. The community will include a structured parking garage and amenities such as a pool, fitness center, communal office space, dog park and a courtyard. Completion is slated for spring 2020.
RICHMOND, VA. — Marcus & Millichap has arranged the $33.2 million sale of a 201-unit multifamily portfolio in Richmond. The sold portfolio includes Lofts at Franklin, a 67-unit complex situated in Richmond’s Shockoe Bottom neighborhood. The pet-friendly complex offers one- and two-bedroom floor plans and includes onsite security cameras and a furnished roof deck. The other property in the portfolio sale was Plant I, a 134-unit multifamily community situated just south of Shockoe Slip along the James River in the Manchester District, about two miles south of downtown Richmond. The pet-friendly community offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, furnished roof deck, onsite security cameras, valet trash pickup and assigned parking spaces. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented the seller, a privately owned development company, and procured the buyer, a Philadelphia-based privately owned investment and management entity.
RAHWAY, N.J. — HFF has negotiated the $34.9 million sale of Park Square, a 159-unit apartment complex in downtown Rahway. Park Square consists of two adjacent four-story buildings completed in 2009 and 2011. The property also includes 6,000 square feet of ground-floor retail space. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Mark Mahasky of HFF represented the seller, Roseland Residential Trust, in the transaction. The buyer was One Wall Partners.
LACEY, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $70 million in combined construction and permanent loan financing to AVS Communities. The funds are for development of The Reserve at Lacey, a 241-unit affordable housing property in Lacey, about 60 miles southwest of Seattle. Apartments will serve seniors age 55 or older who earn 60 percent or less of the area median income (AMI). KeyBank paired a $40 million construction loan with a $30 million private placement forward commitment permanent loan. Victoria Quinn of KeyBank’s CDLI team organized the financing.
SPENCER, IOWA — Dougherty Mortgage has provided a $6.9 million Fannie Mae loan for the refinancing of Windcrest Village in Spencer in northwestern Iowa. The 87-unit apartment property includes laundry facilities, a fitness center and children’s playground. The 12-year loan features a 30-year amortization schedule. Windcrest Village LLC was the borrower.
How many cities can boast a multifamily history that goes back 300 years? New Orleans can, as it is celebrating its Tricentennial. New Orleans is home to the first apartment building in the United States. Historians have noted the “oldest continuously rented” multifamily development in the country is the Pontalba Apartments. Built in 1849 by the wealthy Baroness Michaela Pontalba, the iconic apartment’s crown molding, sconces, iron railings and balconies are now synonymous with New Orleans architecture. The Pontalba Apartments occupies prime real estate at the east and west side of the historic Jackson Square in the French Quarter. And yes, there is a waiting list to lease a unit. Today the city that sits on the bend of the Mississippi River has a limited amount of land, which keeps the equilibrium between supply and demand in sync. Thus new development is confined to urban infill locations, adaptive reuse projects or the few submarkets with available land — primarily located to the north of Lake Pontchartrain. Households that have income levels necessary to support the rents required for new properties are fueling market-rate development. The NOLA metro market has an inventory of approximately 54,000 units situated in nine distinct submarkets. …
WASHINGTON, D.C. — A joint venture led by Urban Investment Partners (UIP) has purchased The Policy, a 62-unit apartment building in Washington, D.C., for $22 million. The partner and seller were not disclosed, though multiple media outlets report that the partner is Pacolet Milliken Enterprises and the seller was an affiliate of Goldman Sachs. The 90-year-old building is situated in the Adams Morgan historic district. UIP is expected to begin renovations in the first quarter of this year. UIP purchased The Policy in 2009 as part of a separate joint venture, performed a major renovation and sold the asset in 2014. The pet-friendly community offers studio, one- and two-bedroom floor plans, and amenities include bike storage and a clothes care center.
DALLAS AND FORT WORTH, TEXAS — Austin-based multifamily investment firm NAPA Ventures LLC has sold four communities totaling approximately 700 units in the Dallas-Fort Worth (DFW) area. The properties include Brandon Mill and Westwood in Dallas, Oates Creek in the eastern Dallas suburb of Mesquite and Ravenwood in Fort Worth. NAPA acquired the assets in 2016 and implemented value-add programs to the communities’ unit interiors and amenity spaces. The buyers were not disclosed.
