Multifamily

Bell Partners Acquires Multifamily Community in Broward County for $67M

by Alex Tostado November 20, 2018

PLANTATION, FLA. — Bell Partners has purchased Broadstone Plantation, a 250-unit community located about eight miles from Fort Lauderdale in Plantation. Triad Business Journal reports the sales price was $67 million. The complex has been renamed Bell at Plantation and will be managed by Greensboro, N.C.-based Bell Partners. Bell at Plantation comprises five-story midrise buildings and three-story garden buildings with one- , two- and three-bedroom options. Amenities include a clubhouse, theater room, fitness center and a pool. The seller was undisclosed.

November 20, 2018

Acquisitions Multifamily South Carolina Southeast

Berkadia Negotiates $42.2M Sale of Loft Apartment Community in Greenville

by Alex Tostado November 20, 2018

GREENVILLE, S.C. — Berkadia has negotiated the sale of West Village Lofts at Brandon Mill in Greenville for $42.2 million. West Village Lofts was redeveloped in 2017 and offers one- , two- and three-bedroom floor plans. Amenities include a dog park, pool, fitness center, wine cellar and a clubroom. The buyer and seller were undisclosed.

November 20, 2018

Loans Louisiana Multifamily Southeast

Greystone Provides $29.5M in Bridge Financing for Multifamily Portfolio in Baton Rouge

by Alex Tostado November 20, 2018

BATON ROUGE, LA. — Greystone & Co. Inc. has provided two bridge loans totaling $29.5 million for the acquisition of four apartment properties totaling 783 units in Baton Rouge. The first nonrecourse bridge loan totals $16.9 million, while the second totals $12.6 million. Leor Dimant of Greystone originated the short-term bridge loans on behalf of the undisclosed borrower, with plans for a permanent exit to long-term, low-rate HUD-insured financing.

November 20, 2018

Loans Multifamily New York Northeast

NKF Secures $23.5M Refinancing for Apartment Property in Manhattan

by David Cohen November 20, 2018

NEW YORK CITY — Newmark Knight Frank has secured a $23.5 million loan to refinance a multifamily property in Manhattan. Located at 16 E. 18th St., the 10-story property includes eight full-floor units as well as ground-floor retail space occupied by Paragon Sports. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm and Josh Egert of NKF secured the financing on behalf of real estate investment firm Stone Street Properties. The lender was undisclosed.

November 20, 2018

Acquisitions Multifamily New York Northeast

AMS Acquisitions Purchases Multifamily Development Site in Yonkers for $18.3M

by David Cohen November 20, 2018

YONKERS, N.Y. — AMS Acquisitions has purchased a 50,000-square-foot development site in Yonkers for $18.3 million. The property is located at 55 Buena Vista Ave. AMS plans to build a 400,000-square-foot, 24-story, 361-unit residential building at the site, which is the former Teutonia Music Hall. AMS acquired the property from seller Kohl Construction. The AMS portfolio includes approximately two million square feet of retail, residential and office space in the tri-state region.

November 20, 2018

Acquisitions Illinois Midwest Multifamily

Draper and Kramer Acquires 180-Unit Apartment Community in Schaumburg, Illinois

by Kristin Harlow November 20, 2018

SCHAUMBURG, ILL. — Draper and Kramer has acquired North 680, a 180-unit apartment community in Schaumburg, a northwest suburb of Chicago. The purchase price was not disclosed. Draper and Kramer purchased the property as part of a 1031 tax-deferred exchange following the firm’s sale of Fieldpointe of St. Louis, a 318-unit community in suburban St. Louis. Located at 680 E. Algonquin Road, North 680 is comprised of 176 apartment units and four townhomes. Units range from 665 to 1,588 square feet. Amenities include a heated pool, dog park, clubhouse and fitness studio. Draper and Kramer plans to make select renovations to the property over time as needed.

November 20, 2018

Loans Michigan Midwest Multifamily

SunTrust Provides $64.1M Refinancing for Manufactured Housing Portfolio in Suburban Detroit

by Kristin Harlow November 20, 2018

DETROIT — SunTrust Banks Inc. has provided a $64.1 million loan for the refinancing of a three-property manufactured housing community located north of Detroit. The portfolio includes a total of 1,403 manufactured home sites. Two of the properties were built in the early 1970s and the other was constructed in 1989. Chris San Jose of Yale Realty & Capital Advisors arranged the loan on behalf of the local borrower. The fixed-rate loan features a 10-year term.

November 20, 2018

Acquisitions California Multifamily Western

Decron Properties Buys 208-Unit Multifamily Community in San Jose for $84.6M

by Amy Works November 20, 2018

SAN JOSE, CALIF. — Decron Properties has acquired Willow Creek, a multifamily property located at 935 Willowleaf Drive in San Jose. An undisclosed seller sold the property for $84.6 million. Built in 1985, Willow Creek features 208 apartments in a mix of one- and two-bedroom floor plans. All units include full-size washers and dryers, central heating and air conditioning, walk-in closets, patios or balconies, and enclosed garages or covered parking. Community amenities include two resort-style pools and spas with poolside Wi-Fi access, a health and fitness center, a lighted tennis court, a children’s play area and landscaped courtyards. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of Institutional Property Advisors’ Palo Alto, Calif., office represented the seller in the transaction.

November 20, 2018

Acquisitions Multifamily Utah Western

Gelt Sells 247-Unit Monaco Apartments in Salt Lake City to Bridge Investment Group

by Amy Works November 20, 2018

SALT LAKE CITY — Los Angeles-based Gelt Inc. has completed the sale of Monaco Apartments, a multifamily property located at 4115 S. 430 East in Salt Lake City. Bridge Investment Group acquired the property for an undisclosed price. Built in two phases in 1973 and 1978, the property is situated on 10.5 acres and features 23 three-story buildings offering 247 units in a mix of one- and two-bedroom layouts. Units features stainless steel appliances, walk-in closets and private balconies/patios. Additionally, select units offer fireplaces and washers/dryers. On-site amenities include a sport court and dog park, leasing office, clubhouse and fitness center. Gelt acquired the property in 2014 and made significant improvements to the asset, including rebranding the property with a new name and signage. Danny Shin and Brock Zylstra of Marcus & Millichap represented the buyer and seller in the deal.

November 20, 2018

Acquisitions Florida Multifamily Southeast

Jefferson Apartment Group Sells Orlando Multifamily Community for $43.3M

by Alex Tostado November 19, 2018

ORLANDO, FLA. — Jefferson Apartment Group has sold Azul Baldwin Park, a 178-unit multifamily community in Orlando, to Palm Heights LLC for $43.3 million. Built in 2004, Azul Baldwin Park features a clubhouse, business center, pool, fitness center and an outdoor kitchen/grilling area. The community is located next to Baldwin Park and Lake Baldwin. Peter Sherman and Rosendo Caviero of Avison Young represented Palm Heights, and Walker & Dunlop represented Jefferson Apartment Group in the sale.

November 19, 2018

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