Multifamily

ARA Newmark Arranges Sale of 864-Bed Student Housing Asset Near Texas A&M, Blinn College

by Taylor Williams August 9, 2018

BRYAN, TEXAS — ARA Newmark has arranged the sale of Z Islander, an 864-bed student housing community in Bryan that serves Texas A&M University and Blinn College. The community totals 380 units in one-, two-, three- and four-bedroom configurations. Amenities include a pool, fitness center, outdoor fire pits, spa and sauna, theater room, volleyball and basketball courts, game room and community car wash stations. Ryan Lang and Brandon Buell of ARA Newmark represented the seller, Virginia-based ILM Capital, in the transaction. Florida-based Waypoint Residential purchased the asset for an undisclosed price.

August 9, 2018

Acquisitions Massachusetts Multifamily Northeast

Colliers Negotiates $42.5M Sale of Apartment Community in Boston

by David Cohen August 9, 2018

BOSTON — Colliers International has negotiated the $42.5 million sale of Trac 75, an 80-unit apartment community in Boston’s Allston neighborhood. Located at 75 Braintree St., the property consists of a mix of studio, one-, two- and three-bedroom units. Colliers represented the seller, a joint venture between affiliates of The Grossman Cos. and The Waypoint Cos. Coldwell Banker Residential Brokerage represented the buyer, a private family office. Dolben will continue to manage Trac 75.

August 9, 2018

Acquisitions Multifamily New York

Greystone Arranges $54.8M Freddie Mac Loan for Multifamily Building in Brooklyn

by David Cohen August 9, 2018

NEW YORK CITY — Greystone has arranged a $54.8 million Freddie Mac loan for The Dean, a 120-unit multifamily community in the Crown Heights neighborhood of Brooklyn. Located at 1040 Dean St., the eight-story property features a roof deck, lounge, fitness center and onsite parking. Anthony Cristi of Greystone arranged the 10-year, fixed-rate Freddie Mac CME loan, which is designed for new construction assets nearing stabilization. Yoel Goldman of All Year Holdings owns the building.

August 9, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Secures $7.5M Refinancing for Multifamily Community in Boston

by David Cohen August 9, 2018

BOSTON — Cornerstone Realty Capital has secured a $7.5 million refinancing for a four-building, 64-unit multifamily community in Boston. The properties are located on Pleasant Street in Melrose, approximately 8 miles north of Boston. Cornerstone secured a fixed-rate loan through a correspondent lender with 24 months of interest-only payments followed by a 30-year amortization. The borrower was undisclosed.

August 9, 2018

Acquisitions Multifamily North Carolina South Carolina Southeast

Berkadia Arranges Sales of Two Multifamily Assets in Carolinas for $47.7M

by Camren Skelton August 9, 2018

BELMONT, N.C. AND NORTH CHARLESTON, S.C. — Berkadia has arranged the sales of two multifamily communities located in Belmont and North Charleston. In Belmont, roughly 14 miles west of Charlotte, Berkadia arranged the $16.7 million sale of Abbey Court, a 176-unit community. Texas-based Napali Capital LLC acquired the asset from Raleigh-based American Residential Investment Management. The community includes one- and two-bedroom units and features a pool, playground, grilling and picnic area and a laundry facility. In North Charleston, Berkadia arranged the $31 million sale of Legends at Charleston Park, a 232-unit community that includes a mix of one- to three-bedroom units. Memphis, Tenn.-based Fogelman Properties acquired the asset from Macon, Ga.-based United Residential Properties. The community features a playground, barbecue station, clubhouse, fitness center, pool and garages. Mark Boyce and Blake Coffey of Berkadia represented the sellers in both transactions.

August 9, 2018

Acquisitions Illinois Midwest Multifamily

CIM, Golub Sell 40-Story Apartment Tower in Chicago’s South Loop

by Kristin Harlow August 9, 2018

CHICAGO — CIM Group and Golub & Co. have sold a 40-story apartment tower located at 1001 S. State St. in Chicago’s South Loop neighborhood. The companies jointly developed the 397-unit building, which was completed in August 2016. Amenities include a communal workspace, game room, outdoor pool, fitness center, yoga studio, dog run and services such as dry cleaning. Neither the sales price nor the buyer was disclosed, but Crain’s Chicago Business reports that an investment arm of the Mormon church was the buyer.

August 9, 2018

Iowa Loans Midwest Multifamily

NorthMarq Arranges $4.5M Refinancing of Apartment Property in Iowa

by Kristin Harlow August 9, 2018

INDIANOLA, IOWA — NorthMarq Capital has arranged a $4.5 million loan for the refinancing of Linden West Apartments in Indianola, about 20 miles south of Des Moines. The 96-unit apartment property is located at 1203 W. 2nd Ave. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

August 9, 2018

Acquisitions Colorado Multifamily Western

Oak Coast Properties, BMC Investments Buy St. Mortiz Apartments in Metro Denver for $78M

by Amy Works August 9, 2018

LAKEWOOD, COLO. — Oak Coast Properties and BMC Investments have acquired St. Mortiz Apartments, a multifamily property located adjacent to the Colfax Retail Corridor in Lakewood, a suburb of Denver. The partnership acquired the property for $78 million. Built in 1986, St. Mortiz Apartments features 360 units, a dog park, pool and spa, gas fire pits, fitness center, basketball court, putting green and business center. The buyers plan to renovate the community, including the common areas and amenities. BLDG Management will manage the property. Charles Halladay, Brock Yaffe and Rick Salinas of HFF’s debt placement team assisted in securing a $55 million acquisition loan for the buyers through Freddie Mac’s CME Program. Shane Ozment of ARA Newmark in Denver represented the buyers in the deal.

August 9, 2018

Acquisitions Multifamily Northeast Pennsylvania

Southern Land Co., Redwood Capital Sell Residential Tower in Philadelphia for $140M

by David Cohen August 8, 2018

PHILADELPHIA — Southern Land Co. and project partner Redwood Capital Investments have sold 3601 Market, a 28-story, 363-unit apartment tower in Philadelphia for $140 million. FPA Core Plus Fund IV purchased the property. The LEED Silver-certified project opened in 2015 and features a rooftop pool and 13,600 square feet of restaurant and retail space.

August 8, 2018

Connecticut Loans Multifamily

Marcus & Millichap Arranges $7.6M Refinancing for Mixed-Use Property in Connecticut

by David Cohen August 8, 2018

SHELTON, CONN. — Marcus & Millichap Capital Corp. has secured a $7.6 million cash-out refinancing for Bridge Street Commons, a mixed-use property located at 50 Bridge St. in Shelton. The building consists of 43 residential units and 7,000 square feet of commercial space. Robert Bhat of Marcus & Millichap Capital Corp. secured a 15-year loan with a fixed rate of 5 percent for the undisclosed borrower. The lender was Fannie Mae.

August 8, 2018

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