Multifamily

Marcus & Millichap Negotiates $29.2M Sale of Two Multifamily Assets Near West Virginia University

by Camren Skelton August 3, 2018

MORGANTOWN, W.VA. — Marcus & Millichap has arranged the $29.2 million sale of two multifamily communities in Morgantown. The sale included Bon Vista and The Villas, a 350-unit complex located on Stewartstown Road, and the 59-unit Barrington North, located roughly two miles away on Wedgewood Drive. Both properties are near West Virginia University and the 1,000-acre WestRidge Business Park development. Community amenities across the properties include basketball and tennis courts, covered parking, swimming pools and private balconies. The transaction was handled in partnership with Jane Scott of Old Spruce Realty. Scott is Marcus & Millichap’s broker of record in West Virginia. The names of the buyer and seller were not disclosed.

August 3, 2018

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $28.6M Refinancing for Apartment Property in Omaha

by Kristin Harlow August 3, 2018

OMAHA — NorthMarq Capital has arranged a $28.6 million Freddie Mac loan for the refinancing of Broadmoor Hills Phase I in Omaha. The 299-unit apartment property is located at 18510 Capitol Court. Community amenities include a fitness center, indoor basketball court, resident movie theater, onsite restaurant, business center and community clubhouse. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

August 3, 2018

Acquisitions Illinois Midwest Multifamily

Monument Capital Management Acquires 222-Unit Apartment Property in Mount Prospect, Illinois for $24.1M

by Kristin Harlow August 3, 2018

MOUNT PROSPECT, ILL. — Monument Capital Management has acquired The Residences at 1450 in Mount Prospect for $24.1 million. Located at 1450 Busse Road, the nine-building property comprises 222 garden-style units. Some units feature private entrances and patios. Amenities include a clubhouse, pool, grill area, playground, dog park, volleyball court, fitness center and business center. The seller was not disclosed. The buyer plans to implement a value-add program and update the unit interiors.

August 3, 2018

Kansas Loans Midwest Multifamily

Dougherty Provides $3.4M Fannie Mae Loan for Refinancing of Multifamily Property in Lawrence, Kansas

by Kristin Harlow August 3, 2018

LAWRENCE, KAN. — Dougherty Mortgage has provided a $3.4 million Fannie Mae loan for the refinancing of Rohan Ridge Apartments in Lawrence. The 72-unit multifamily property features one-, two- and three-bedroom units as well as a swimming pool and playground. The 10-year loan features a 30-year amortization schedule. Wenson-Bear Creek Westgate LLC was the borrower.

August 3, 2018

Acquisitions Arizona Multifamily Western

Kasten Long Commercial Facilitates $38.2M Sale of 387-Unit Multifamily Property in Phoenix

by Amy Works August 3, 2018

PHOENIX — Kasten Long Commercial Group has arranged the sale of Azura, a 387-unit apartment complex located at 2800 W. Sahuaro Drive in Phoenix. An undisclosed buyer acquired the asset for $38.2 million, or $139.84 per square foot. Built in 1980, the property features 43 studio/one-bath units, 232 one-bedroom/one-bath apartments, 24 two-bedroom/one-bath units and 88 two-bedroom/two-bath layouts. The average unit size is 706 square feet. Linda Fritz-Salazar and Scott Trevey of Kasten Long Commercial Group handled the transaction.

August 3, 2018

Development Loans Multifamily Washington Western

NBS Financial Secures $22M in Construction Financing for 80-Unit Apartment Complex in Seattle

by Amy Works August 3, 2018

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $22 million in financing for the development of Stream Dexios Apartments, located in the Westlake neighborhood of Seattle. The borrower is Stream Real Estate. Mike Wood and Colin Ceithaml of NBS Financial secured the construction/permanent loan financing, which was structured with a 13-year term and a 30-year amortization. State Farm Life Insurance Co., a life company correspondent of NBS Financial, provided the funding. When completed in 2019, the five-story, 80,800-square-foot property will feature 80 apartment units, 3,900 square feet of ground-floor retail space and 54 parking stalls. On-site amenities will include a rooftop deck with views of Lake Union, Capitol Hill and the Cascade Mountains.

August 3, 2018

Acquisitions Multifamily Utah Western

Alpha Wave Investors Acquires 94-Unit Multifamily Property in Metro Salt Lake City

by Amy Works August 3, 2018

MIDVALE, UTAH — Alpha Wave Investors has purchased Park Station Apartments, a multifamily property located at 7155 High Tech Drive #3 in Midvale, a suburb of Salt Lake City. A Northern California-based private investor sold the property for an undisclosed price in an off-market transaction. Constructed in 1974, Park Station Apartments features 94 two-bedroom/one-bath apartment units. Alpha Wave plans to invest $1.5 million in capital improvements at the property. Renovations will include the addition of a swimming pool, fitness center and leasing office. The company will also address deferred maintenance and renovate exteriors and interiors, including adding washers and dryers to each unit. Brock Zylstra and Danny Shin of Marcus & Millichap represented the buyer and seller in the deal. David Walkin of Meridian Capital Group arranged acquisition financing, provided by Texas-based ReadyCap, for the buyer.

August 3, 2018

Colorado Loans Multifamily Western

HFF Arranges $7.7M in Financing for Two Apartment Properties in Colorado Springs

by Amy Works August 3, 2018

COLORADO SPRINGS, COLO. — HFF has arranged $7.7 million in financing for two apartment properties — Alvarado Place and Solar Vista, both located in Colorado Springs. The borrower is Radford Investment Properties. Brock Yaffe of HFF arranged two separate fixed-rate loans through the Freddie Mac Small Balance Loan program for the borrower. Proceeds from the loan for Alvarado Place refinanced a floating-rate loan the HFF team sourced for the borrower in 2016, while proceeds from the loan for Solar Vista were used to acquire the property. Located at 1465 Alvarado Drive, Alvarado Place features 99 units in a mix of studio, one- and two-bedroom apartments averaging 519 square feet. Solar Vista, located at 1535 S. Eighth St., features 28 apartments in a mix of one- and two-bedroom layouts averaging 563 square feet.

August 3, 2018

Loans Multifamily New York Northeast

Avison Young Arranges $31.5M Refinancing for Apartment Community in White Plains

by David Cohen August 2, 2018

WHITE PLAINS, N.Y. — Avison Young has arranged a $31.5 million refinancing for The Metro, a 124-unit apartment community in White Plains. The 12-story property is located in downtown White Plains at 34 S. Lexington Ave. David Krasnoff and Ryan Flannery of Avison Young arranged the financing package on behalf of the owner, Ginsburg Development Cos., a private real estate developer. The lender was undisclosed. Ginsburg recently acquired two buildings on the same block as The Metro and is currently redeveloping the area into a new project called City Square, which will include retail, office and residential space.

August 2, 2018

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Orchestrates $35M Sale of Multifamily Community in Stamford

by David Cohen August 2, 2018

STAMFORD, CONN. — Northeast Private Client Group has arranged the $35 million sale of The Moderne Apartments, a 116-unit, two-building multifamily community in Stamford. The sales price equates to a capitalization rate of 5.4 percent based on the first year of net operating income. Bradley Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, RMS Cos., in the transaction. The buyer was Navarino Acquisitions LLC.

August 2, 2018

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