Multifamily

Westmount Purchases 200-Unit Apartment Community in San Antonio

by Taylor Williams February 11, 2019

SAN ANTONIO — Dallas-based Westmount Realty Capital has acquired The Place at Houston Street, a 200-unit apartment community in San Antonio. Built in 2003, the property offers two- and three-bedroom residences and amenities such as a pool, fitness center, business center, resident clubhouse and a playground. Westmount will upgrade the property’s amenity spaces, landscaping and signage. Following this transaction, the seller in which was not disclosed, Westmount’s San Antonio portfolio consists of three properties totaling 684 units.

February 11, 2019

Acquisitions Multifamily Texas

Multifamily Property Group Buys 192-Unit Asset in Dallas

by Taylor Williams February 11, 2019

DALLAS — Multifamily Property Group has purchased Smith Creek Apartment Homes, a 192-unit market-rate asset in Dallas. Built in 1983, the community offers amenities such as a pool, playground and onsite laundry facilities. Minneapolis-based Dougherty Mortgage LLC arranged a 12-year acquisition loan through a partnership with Old Capital Lending on behalf of Multifamily Property Group. Chris Deuillet and Chandler Sims of CBRE represented the undisclosed seller in the transaction. Smith Creek was 93 percent occupied at the time of sale.

February 11, 2019

Acquisitions Multifamily Texas

Pearlmark, Sinatra Acquire 159-Unit Workforce Housing Property in Metro Dallas

by Taylor Williams February 11, 2019

LANCASTER, TEXAS — A partnership between Chicago-based investment firm Pearlmark and Buffalo, N.Y.-based Sinatra & Co. Real Estate has acquired Pleasant Creek, a 159-unit workforce housing community in Lancaster, a southern suburb of Dallas. The property was 98 percent occupied at the time of sale. Marcus & Millichap represented the seller, NAPA Ventures, in the transaction. Greystone provided acquisition financing for the deal through Fannie Mae.

February 11, 2019

Development Loans Multifamily New York Northeast Uncategorized

HFF Secures $165M Construction Loan for Condo Development in Brooklyn

by David Cohen February 11, 2019

NEW YORK CITY — HFF has secured a $165 million construction loan for One Boerum Place, a 21-story, mixed-use condominium development in Brooklyn. Located in Brooklyn’s Borough Hall district, the 122-unit project will include a two-story fitness center, entertainment lounge, children’s playroom, landscaped rooftop, 24/7 doorman and concierge service, as well as a fully automated parking garage. The project is slated for completion in the first quarter of 2021. Christopher Peck, Graham Stephens, Peter Rotchford and Alex Staikos of HFF secured the floating-rate construction loan on behalf of One Boerum Development Partners LLC. The lender was a foreign pension fund.

February 11, 2019

Development Loans Multifamily Northeast Pennsylvania

Pembrook Provides $9.1M Loan for Construction of Multifamily Development in Philadelphia

by David Cohen February 11, 2019

PHILADELPHIA — Pembrook Capital Management has provided a $9.1 million loan for the construction of a 70-unit multifamily project in the Kensington neighborhood of Philadelphia. Located at 1427 Germantown Ave., the 53,575-square-foot property will also include ground-floor retail. Pembrook provided the financing to the undisclosed borrower, who plans to build smaller, more affordable rental housing at the project than is common in the nearby Northern Liberties and Fishtown neighborhoods.

February 11, 2019

Acquisitions Multifamily New York Northeast

GFI Realty Brokers $10.4M Sale of Two Apartment Buildings in Brooklyn

by David Cohen February 11, 2019

NEW YORK CITY — GFI Realty Services has brokered the $10.4 million sale of two apartment buildings in the Midwood section of Brooklyn. Located at 2031 and 2233 Ocean Ave., the pre-war properties comprise 47 units and a total of 33,040 square feet. Both properties are four-story walk-up buildings. Erik Yankelovich of GFI represented both the buyer and seller in the transaction, both local investors.

February 11, 2019

Company News Multifamily New Jersey Northeast Office

Madison International Realty Acquires 5 Percent Stake in Mack-Cali Realty Corp.

by David Cohen February 11, 2019

JERSEY CITY, N.J. — Madison International Realty has acquired a 5 percent ownership stake in Mack-Cali Realty Corp. The stake equates to approximately 4.5 million shares. Based in Jersey City, Mack-Cali is an owner, manager and developer of five million square feet of office space and 4,400 multifamily units on the New Jersey waterfront. Ronald Dickerman, president of Madison International Realty, said that the company is transitioning to a ‘focused play on prime office and multifamily residential properties on the New Jersey waterfront.’ Madison International Realty specializes in acquiring private ownership stakes, joint venture positions, and listed property shares in properties and portfolios in major markets in the U.S., U.K. and Western Europe.

February 11, 2019

Acquisitions California Multifamily Seniors Housing Western

IPA Brokers Sale of Seniors Housing Asset in Northern California

by Amy Works February 11, 2019

ORANGEVALE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Almond Heights Senior Living, an assisted living and memory care facility in Orangevale. A family company sold the asset to an owner-operator for an undisclosed price. Located approximately 17 miles northeast of Sacramento, the 117-unit property features 85 assisted living units and 32 memory care units. Mark Myers and Joshua Jandris of IPA represented the seller and procured the buyer in the deal. Adam Christofferson of Marcus & Millichap’s broker of record in California.

February 11, 2019

Acquisitions Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $48.4M Sale of Seniors Housing Portfolio in Upstate South Carolina

by Alex Tostado February 8, 2019

GREENVILLE, S.C. — Cushman & Wakefield has arranged the $48.4 million sale of a seniors housing portfolio in Upstate South Carolina. Atlas Senior Living acquired the three-property portfolio totaling 198 units in metro Greenville. The assets include Spring Park, a 66-unit community constructed in 2014 in Travelers Rest; Fairview Park, a 66-unit community delivered in 2015 in Simpsonville; and Oakview Park, a 66-unit community built in 2016 in Powdersville. Paul Carr, David Kliewer and Allen McCutry of Cushman & Wakefield represented the seller, Tampa, Fla.-based Graycliff Capital Senior Housing LLC, in the transaction.

February 8, 2019

Florida Loans Multifamily Southeast

Hunt Real Estate Provides $35.6M Acquisition Loan for Multifamily Complex in Jacksonville

by Alex Tostado February 8, 2019

JACKSONVILLE, FLA. — Hunt Real Estate Capital has provided a $35.6 million loan to an affiliate of EBSCO Income Properties LLC for the purchase of Integra River Run, a 300-unit apartment complex in Jacksonville. The non-recourse Fannie Mae loan has a 10-year term with five years of interest-only payments, as well as a 30-year amortization schedule. The garden-style community comprises 12 two- and four-story buildings. Amenities include a fitness studio, spin bikes with virtual trails, cyber café, valet trash pickup, clubhouse, coffee bar, gaming room, resort-style outdoor lounge, fire pit, outdoor grills, swimming pool and a dog park. Integra River Run LLC was the seller.

February 8, 2019

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