Multifamily

CAPREIT Purchases Two Apartment Communities in Suburban St. Louis

by Kristin Harlow November 9, 2018

O’FALLON AND WENTZVILLE, MO. — CAPREIT has purchased two apartment communities in St. Charles County within suburban St. Louis. The purchase price was $45 million, according to the St. Louis Business Journal. The properties include the 256-unit Peine Lakes in Wentzville and the 266-unit O’Fallon Lakes in O’Fallon. Peine Lakes is home to 205 affordable housing units and 5 market-rate units. Both properties feature units that range in size from 802 to 1,157 square feet. The seller was not disclosed.

November 9, 2018

Acquisitions California Multifamily Western

Nahla Capital Divests 30 Apartment Buildings in San Francisco for $260M

by Amy Works November 8, 2018

SAN FRANCISCO — Nahla Capital has completed the sale of 30 rental apartment buildings in San Francisco. An undisclosed buyer acquired the assets for $260 million. Carl Schwartz, Matt Scoville, Michal Baum and Ida Phair of Hunton Andrews Kurth LLP advised Nahla Capital in the transaction.

November 8, 2018

Acquisitions California Multifamily Western

Olympus Property Buys 280-Unit Multifamily Property in Irvine, California

by Amy Works November 8, 2018

IRVINE, CALIF. — Olympus Property has purchased Fusion, a multifamily property located in Irvine, for an undisclosed price. The name of the seller was not released. Completed in 2018 and designed by Withee Malcolm, the property features 280 apartments with quartz countertops, stainless steel appliances, wood-style plank flooring, tile backsplashes, gourmet kitchens, full-size stackable washer/dryer sets, private patios/balconies, USB charging outlets and ceiling fans. Community amenities include a rooftop saltwater pool with an indoor/outdoor clubhouse, a spa, pool-side cabanas and a fitness center. Additionally, amenities include a Zen garden, koi pond, fire features, waterfalls, children’s play areas, skyline views, community kitchen with commercial grade appliances and temperature controlled wine refrigerator, outdoor seating and hammocks.

November 8, 2018

Development Multifamily Texas

Hines Breaks Ground on 39-Story Residential Tower in Dallas’ Victory Park

by Taylor Williams November 8, 2018

DALLAS — Hines has broken ground on The Victor, a 39-story residential tower that will be located within the Victory Park mixed-use development in Dallas. According to culturemap.com, the project carries a price tag of $150 million. The for-rent property will consist of 344 units featuring 10-foot ceilings, private balconies and floor-to-ceiling windows. Amenities will include a resort-style pool, a fitness center, coworking and conference spaces, social lounges with complimentary beverage and coffee bars, a pet spa, bike shop and 9,500 square feet of street-level retail space. Munoz + Albin designed the building, which is slated for a second-quarter 2021 completion. Preleasing will begin in fall 2020.

November 8, 2018

Acquisitions Florida Multifamily Southeast

Jefferson Apartment Group Sells Multifamily Community in Orlando for $43M

by Amy Works November 8, 2018

ORLANDO, FLA. — Jefferson Apartment Group (JAG) has completed the sale of Azul Baldwin Park, an apartment property located at 4460 Lower Park Road in Orlando. An undisclosed buyer acquired the asset for $43 million. Developed by JAG and Pacolet Milliken Enterprises, the property features 178 apartments. On-site amenities include a spa, resort-style pool with sundeck and an outdoor kitchen, as well as a grilling area, fitness center and clubroom.

November 8, 2018

Loans Mixed-Use Multifamily Office Retail South Carolina Southeast

Eyzenberg & Co. Arranges $26M Bridge Loan for Mixed-Use Property in Myrtle Beach

by Amy Works November 8, 2018

MYRTLE BEACH, S.C. — Eyzenberg & Co. has secured a $26 million first mortgage bridge loan to replace a $22.6 million construction loan for THEBlvd, a mixed-use property in Myrtle Beach. Land South of MB LLC is the borrower and retained Eyzenberg & Co. last year as its financial advisor for the development of THEBlvd. David Eyzenberg, Jeff Conti and Anastasia Vladislavova of Eyzenberg & Co. arranged the loan, which was provided by Rialto Capital Management. Located at 1410 N. Ocean Blvd., the 42,000-square-foot property features live entertainment, restaurant and retail space. At the time of financing, the recently completed property was 70 percent leased to tenants, including Tin Roof, Banditos Cantina, BurgerFi and Starbucks Coffee.

November 8, 2018

Loans Massachusetts Multifamily Northeast

CBRE Secures $120.2M Refinancing for Multifamily Community in Cambridge

by David Cohen November 8, 2018

CAMBRIDGE, MASS. — CBRE has secured a $120.2 million loan for the refinancing of Zinc Apartments, a 392-unit multifamily property in Cambridge. Located at 22 Water St., the high-rise community features an outdoor resident lounge, a 15,000-square-foot garden terrace, fitness center and 24-hour concierge service. Nate Sittema and Kristen Reilley of CBRE represented the borrower, Greystar Real Estate Partners, in securing a 10-year, fixed-rate loan through Freddie Mac.

November 8, 2018

Acquisitions Multifamily New York Northeast

Brax Realty Negotiates $12.2M Sale of Two-Building Multifamily Property on Upper East Side

by David Cohen November 8, 2018

NEW YORK CITY — Brax Realty has negotiated the $12.2 million sale of a two-building multifamily property on the Upper East Side of Manhattan. Located at 432- 434 E. 89th St., the properties were built in 1910 and are comprised of 41 units. Alan Stenson of Brax Realty represented the buyer, S.W. Management, in the transaction. The seller was H.S. Realty Associates Inc.

November 8, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Orchestrates $3.2M Sale of Apartment Building in Long Island

by David Cohen November 8, 2018

CEDARHURST, N.Y. — Rosewood Realty has arranged the $3.2 million sale of a three-story apartment building in Cedarhurst, Long Island. Located at 488 Central Ave., the 12,000-square-foot property was built in 1924 and includes eight apartments as well as two ground-floor retail spaces. The retail spaces include a restaurant and a children’s clothing store. Michael Guttman of Rosewood Realty represented both the buyer, PD Central LLC, and the seller, 488 Central Avenue LLC, in the transaction.

November 8, 2018

Loans Multifamily Seniors Housing Southeast Tennessee

Greystone Provides $20.9M HUD Financing for Skilled Nursing Portfolio in Jackson, Tennessee

by Amy Works November 8, 2018

JACKSON, TENN. — Greystone has funded a total $20.9 million in HUD-insured loans to refinance a two-facility skilled nursing portfolio in Jackson. Fred Levine of Greystone’s Monsey, N.Y., office originated the financing for the undisclosed borrower. The two loans both carry a 30-year term and amortization period. The financing is a permanent exit from the interim bridge loans that Greystone previously arranged for the facilities.

November 8, 2018

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