Multifamily

Kennedy Wilson Acquires 188-Unit Cottonwoods Apartments in Boise for $24M

by Amy Works November 26, 2018

BOISE, IDAHO — Kennedy Wilson has acquired Cottonwoods Apartments, a multifamily community in Boise, for $24 million. The company invested approximately $11 million of equity, including closing costs, and secured a $14 million loan from Freddie Mac at a fixed rate of 4.33 percent for 10 years. A private seller sold the property in an off-market transaction. Kennedy Wilson plans to immediately initiate a large-scale renovation and rebranding of the 188-unit property. The company plans to invest more than $6 million to upgrade the unit interiors, improve the clubhouse, fitness center and pool, and address deferred maintenance projects. Upon completion the apartment community, which was built in 1986, will be renamed Reedhouse. This transaction is Kennedy Wilson’s fifth significant purchase in the Boise market since the company started investing in the region in 2014. Kennedy Wilson’s other assets include Whitewater Park, Edgewater, River Pointe and Rosewood Apartments.

November 26, 2018

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $8M Sale of 100-Unit Park View Apartments in Victorville, California

by Amy Works November 26, 2018

VICTORVILLE, CALIF. — Marcus & Millichap has negotiated the sale of Park View Apartments, a multifamily property located at 16366 Pebble Beach Drive in Victorville. A limited liability company acquired the property for $8 million. Chuck Shillington of Marcus & Millichap’s Ontario, Calif., represented the seller, another limited liability company, while Bruce Rajaee, also of Marcus & Millichap’s Ontario office, represented the seller in the deal. Park View Apartments has 100 units in a mix of 50 two-bedroom/two-bath units, 25 two-bedroom/one-bath units and 25 one-bedroom/one-bath units. On-site amenities include covered and open parking, drought resistant landscaped garden areas, laundry facilities and a swimming pool.

November 26, 2018

Development Illinois Midwest Multifamily

Related Midwest Opens 70-Story Apartment Tower in Chicago’s Streeterville Neighborhood

by Kristin Harlow November 26, 2018

CHICAGO — Related Midwest has opened One Bennett Park in Chicago’s Streeterville neighborhood. The 70-story apartment tower is the first residential tower designed by Robert A.M. Stern Architects. The property is anchored by Bennett Park, a 1.7-acre green space designed by Michael Van Valkenburgh Associates set to open in summer 2019. The tower includes 279 apartment units, located on floors four through 39. Four-bedroom penthouses are located on the top three floors. Monthly rents start at $3,705. One Bennett Park also includes 69 condominiums, which are located on floors 41 through 66. Purchase prices start at $2 million. The condos are slated for completion in spring 2019. Floors three and four include 7,000 square feet of fitness facilities, a 60-foot indoor pool, 10,000-square-foot outdoor deck, children’s play suite, lounge area and entertainment suite.

November 26, 2018

Loans Midwest Multifamily Ohio

KeyBank Provides $15.5M in Development Financing for Mixed-Income Property in Cleveland

by Kristin Harlow November 26, 2018

CLEVELAND — KeyBank Community Development Lending & Investment has provided $15.5 million for the development of Glenville Circle North in Cleveland. KeyBank provided $5 million in New Market Tax Credit (NMTC) equity in addition to a $10 million leverage loan and a $456,000 project loan. Cleveland Development Advisors and Enterprise Community Investments supplied the NMTC allocation. Glenville Circle North will offer 63 mixed-income units as well as 13,950 square feet of retail and commercial space. Sixteen of the units will be set aside as affordable housing, while the remaining units will be rented at market rate. The Cleveland Citywide Development Corp. plans to lease approximately 4,275 square feet of the commercial space to minority-owned startups at little or no fixed rent to help spur additional investment in the surrounding community. The developer, The Finch Group, will use the remaining 9,675 square feet to launch an “accelerator” space for small business incubation. Kyle Kolesar and Ryan Olman of KeyBank originated the financing.

November 26, 2018

Development Illinois Midwest Multifamily

Holladay Properties Opens 89-Unit Apartment Complex in Downers Grove, Illinois

by Kristin Harlow November 26, 2018

DOWNERS GROVE, ILL. — Holladay Properties has opened Burlington Station, an 89-unit luxury apartment complex in Downers Grove. The site, located at 5100 Forest Ave., previously housed a bank building. The property features an 8,000-square-foot outdoor amenity deck in addition to a fitness center, cyber café and covered parking. Monthly rents start at approximately $1,600.

November 26, 2018

Indiana Loans Midwest Multifamily

Dougherty Provides $5M Fannie Mae Loan for Acquisition of Multifamily Property in Indiana

by Kristin Harlow November 26, 2018

KOKOMO, IND. — Dougherty Mortgage has provided a $5 million Fannie Mae loan for the acquisition of First Flats in Kokomo. The multifamily property includes 121 units. Durham Hill Capital LLC served as a partner in arranging the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

November 26, 2018

Acquisitions Maryland Southeast Student Housing Top Stories

Greystar, Rockpoint Group Sell Student Housing Community Near University of Maryland for $235M

by John Nelson November 26, 2018

COLLEGE PARK, MD. — Joint venture partners Greystar Real Estate Partners LLC and Rockpoint Group have sold University View, a 1,573-bed student housing community located adjacent to the University of Maryland in College Park. The $235 million sale marks the largest single-asset student housing trade in U.S. history, according to Greystar. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE National Student Housing, along with William Roohan and Michael Muldowney of CBRE’s Washington, D.C., office, represented Greystar and Rockpoint in the sale. The buyer was undisclosed. Charleston, S.C.-based apartment management and investment firm Greystar and Boston-based real estate private equity firm Rockpoint Group purchased University View in 2016 and have since upgraded the interiors of all 507 units, as well as the property’s common areas. “The acquisition, investment in and sale of University View exemplify the power of Greystar’s value-add strategy,” says Kevin Kaberna, executive director and leader of Greystar’s U.S. Investment platform. “We were able to perform considerable interior upgrades while maintaining affordable rents for students.” University View is connected to the University of Maryland via a pedestrian bridge crossing Paint Branch, a 14-mile tributary of the Northeast Branch that flows to the Anacostia River. The property also features …

November 26, 2018

The-Hamlins-at-Cedar-Creek-Lake-Kemp-Texas

Loans Multifamily Texas

Dougherty Closes $12.6M Acquisition Loan for Apartment Property in Kemp, Texas

by Taylor Williams November 21, 2018

KEMP, TEXAS — Dougherty Mortgage LLC has closed a $12.6 million Fannie Mae acquisition loan for The Hamlins at Cedar Creek Lake, a 208-unit multifamily property in Kemp, about 50 miles southeast of Dallas. The community offers one- and two-bedroom units and amenities such as a resort-style pool, resident clubhouse, fitness center, business center and package handling service. The loan, which was arranged through a partnership with Old Capital Lending on behalf of the borrower, TFG Hamlins LLC, featured a 12-year term and 30-year amortization schedule.

November 21, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Brokers $48M Sale of Apartment Community in Washington Heights

by David Cohen November 21, 2018

NEW YORK CITY — Rosewood Realty Group has brokered the $48 million sale of an apartment community in the Washington Heights neighborhood of Manhattan. Located at 80 and 86 Fort Washington Ave., the two building community totals 138,228 square feet. The building at 80 Fort Washington Ave. was built in 1920 and 86 Fort Washington Ave. was built in 1930. Aaron Jungreis of Rosewood represented the buyer, RCR Management. David Berger of Rosewood represented the seller, a group of investors including Mike Spira and the estate of Josh Sternhell.

November 21, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $6.7M Sale of Multifamily Building in New Jersey

by David Cohen November 21, 2018

PATERSON, N.J. — Marcus & Millichap has negotiated the $6.7 million sale of Park Ave Apartments, a multifamily building in Paterson. The property is located at 61 Park Ave. Daniel Aviles and Greg Babaian of Marcus & Millichap’s New Jersey office represented the seller, a developer, in the transaction. The buyer was a limited liability company.

November 21, 2018

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