Multifamily

Thalhimer Realty Purchases Apartment Complex in Richmond for $23.5M

by Alex Tostado February 8, 2019

RICHMOND, VA. — Thalhimer Realty Partners has acquired Towers on Franklin Apartments, a two-building, 332-unit apartment complex in Richmond, for $23.5 million. The buildings are situated at 104 and 311 W. Franklin St., in the heart of Virginia Commonwealth University’s campus. Amenities include a clubhouse, two fitness centers, media lounge, swimming pool and underground parking. Thalhimer has significant renovations planned, including full interior unit renovations to the 311 building. A timeline for the renovations was not disclosed. C&F Bank provided acquisition financing.

February 8, 2019

Development Loans Multifamily New York Northeast

Madison Realty Capital Provides $52.5M Construction Loan for Apartment Building in Washington Heights

by Jeff Shaw February 8, 2019

NEW YORK CITY — Madison Realty Capital has provided a $52.5 construction loan for a mixed-use development in the Washington Heights neighborhood of Manhattan. Located at 4452 Broadway, the seven-story, 134,475-square-foot project will include 129 residential units and 11,000 square feet of retail space. The project is being built under the Affordable New York program and will include a mix of 70 percent market-rate units and 30 percent reserved for those making a certain percentage of area median income. The property site consists of two adjacent lots totaling 24,280 square feet with 75 feet of frontage on Broadway and 303 feet on Fairview Avenue. The borrower, HAP Investment Developers, acquired the property in 2013.

February 8, 2019

Development Loans Mixed-Use Multifamily New York Northeast Retail

JLL Arranges $36.7M Development Financing for Mixed-Use Project in Manhattan

by Jeff Shaw February 8, 2019

NEW YORK CITY — JLL Capital Markets has arranged a $36.7 million construction loan for a mixed-use project on the border of the Chelsea and Flatiron neighborhoods of Manhattan. Located at 128-130 W. 23rd St., the 37,752-square-foot, 15-story project will include 30 residential units and 3,673 square feet of retail space. The property will also feature 2,500 square feet of amenity space including a fitness center and rooftop space. Jonathan Schwartz, Max Herzog, Brett Rosenberg and Chris Byrns of JLL Capital Markets secured financing for the borrowers, Pan-Brothers Association and Valyrian Capital. The lender was CapitalSource. Terms of the financing were not disclosed.

February 8, 2019

Acquisitions Multifamily Student Housing Texas

Preiss, Crow Holdings Acquire 694-Bed Student Housing Community in San Antonio

by Alex Tostado February 8, 2019

SAN ANTONIO — Raleigh, N.C.-based The Preiss Co., in a joint venture with a fund advised by Crow Holdings Capital, has acquired Luxx, a 694-bed student housing community in San Antonio. The property serves the University of Texas at San Antonio and features a pool with a swim-up bar, outdoor cabanas, grilling areas, a cyber lounge and a two-story fitness center. Preiss will undertake a multimillion-dollar capital improvement plan to certain amenity spaces, including the clubhouse and the dog park. The seller was not disclosed.

February 8, 2019

Acquisitions Multifamily Texas

Vanguard Brokers Sale of 360-Unit Apartment Property in Wichita Falls, Texas

by Alex Tostado February 8, 2019

WICHITA FALLS, TEXAS — Dallas-based Vanguard Real Estate Advisors has brokered the sale of Arbor Creek Apartments, a 360-unit multifamily property in Wichita Falls, about 140 miles northwest of Dallas. The Class B community, which was 94 percent occupied at the time of sale, was built in phases in 1977 and 1980. Floorplans feature one-, two- and three-bedroom units and amenities include a pool and a fitness center. Jordan Cortez of Vanguard marketed the property on behalf of the seller, Maven Management, and procured the undisclosed buyer.

February 8, 2019

Acquisitions Multifamily Texas

HFF Negotiates Sale of 164-Unit Multifamily Community in Southwest Houston

by Alex Tostado February 8, 2019

HOUSTON — HFF has negotiated the sale of Vanderbilt Court, a 164-unit multifamily community in southwest Houston. Built in 1983, the property offers one- and two-bedroom units averaging 835 square feet. Amenities include two pools, a fitness center, clubhouse, business center and outdoor dining space. Joey Rippel and Chris Young of HFF represented the seller, Virginia-based 37th Parallel Properties, and procured the buyer, Indus Management Group.

February 8, 2019

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $2.4M Sale of Multifamily Building in Rahway, New Jersey

by David Cohen February 8, 2019

RAHWAY, N.J. — Marcus & Millichap has brokered the $2.4 million sale of Heritage House, a 21-unit multifamily building in Rahway. Located at 1909 Church St., the property is approximately one mile from the Rahway Train Station and two miles from the Linden Train Station as well as 22 miles southeast of New York City. Fahri Ozturk, Richard Gatto and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.

February 8, 2019

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Negotiates $9.5M Sale of Apartment Community in North Jersey

by David Cohen February 8, 2019

SUSSEX, N.J. — Redwood Realty Advisors has negotiated the $9.5 million sale of Wilson Manor, a 68-unit apartment community in Sussex. Located at 1 Wilson Road, the seven-building property was built in the 1960s. Each building at the nearly 7-acre community is two-stories. Kevin McCrann and Jeremy Wernick of Redwood Realty represented the seller, a long-term owner, in the transaction. The buyer was undisclosed.

February 8, 2019

Affordable Housing Illinois Loans Midwest Multifamily

NHP Foundation Receives $53M Financing for Renovation of Affordable Housing Property in Chicago

by Kristin Harlow February 8, 2019

CHICAGO — The NHP Foundation has received $53 million for the renovation of the 90-year-old Mark Twain Hotel, a single-room occupancy property in Chicago that the organization acquired in 2016. Single-room occupancy is a form of housing that is typically aimed at residents with low incomes who rent small, furnished rooms. Upon renovation, the property will include 148 studio apartments and seven retail stores. The $53 million recapitalization was made possible by Bellwether Enterprise, Chicago Community Loan Fund, city of Chicago, ComEd, Enterprise Community Investment, The Chicago Housing Authority and NHP. The Mark Twain Hotel was originally built in 1932 and was added to the National Register of Historic Places in 2017. Renovation plans call for the addition of private kitchenettes, a new elevator, new plumbing and electrical work, a roof deck, handicap accessibility and restoration of the building’s façade and common areas. Upgrades will also be made to the building’s ground-floor retail space. Upon completion, the residential units will be income-restricted. The development team includes Weese Langley Weese Architects Ltd. and Linn-Mathes Inc. Heartland Housing Property Management is the property manager. Completion is slated for the end of this year.

February 8, 2019

Acquisitions Indiana Midwest Multifamily

Emma Capital Purchases Two Apartment Properties in Indianapolis for $38.5M

by Kristin Harlow February 8, 2019

INDIANAPOLIS — Emma Capital Investments Inc. has acquired Courts I and Courts II in Indianapolis for $38.5 million. Courts I is a 148-unit apartment property located at 2000 W. 79th St. and Courts II is a 336-unit community located at 8002 Harcourt Road. The properties were built in 1967 and 1973, respectively. The buildings, which are adjacent to each other, are currently being operated as one property. However, Emma Capital intends to run each of the communities separately. Each property features a swimming pool, playground, pet park and fitness center. The seller was not disclosed.

February 8, 2019

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