Multifamily

Newmark Knight Frank Brokers $45.7M Sale of Apartment Complex in Central Florida

by Alex Tostado December 10, 2018

SANFORD, FLA. — Newmark Knight Frank Multifamily (NKF) has brokered the $45.7 million sale of Solara, a multifamily community in Sanford, about 20 miles north of Orlando. Scott Ramey, Kevin Judd and Patrick Dufour of NKF represented the seller, a multifamily investment company based in Montgomery, Ala. The buyer was Tampa- and Boston- based Robbins Property Associates. The 272-unit Solara was built in 2014 and features amenities such as a saltwater pool, lounge areas and a club lounge, featuring a billiards table and full bar with catering kitchen.

December 10, 2018

Acquisitions Multifamily North Carolina Southeast

Lantower Residential Acquires Multifamily Community in Charlotte for reported $84M

by Alex Tostado December 10, 2018

CHARLOTTE, N.C. — Dallas-based Lantower Residential has acquired Lantower Waverly, a 375-unit apartment community in Charlotte’s Ballantyne neighborhood. Charlotte Business Journal reports that the property sold for more than $84 million. The complex is located about 13 miles south of downtown Charlotte, and amenities include a saltwater pool, fitness center, dog park, electric car charging stations and a media center/movie theater. The seller was undisclosed.

December 10, 2018

Loans Multifamily Southeast Tennessee

Money360 Provides $4.7M Loan for Refinancing of Memphis Apartment Complex

by Alex Tostado December 10, 2018

MEMPHIS, TENN. — Money360 has provided a $4.7 million bridge loan to an undisclosed borrower for the Winbranch Apartments in Memphis. The 24-month, non-recourse refinance loan was structured with an 8.5 percent interest rate. Amenities at Winbranch include a swimming pool, tennis court, playground and a clubhouse.

December 10, 2018

Loans Maine Multifamily Northeast Seniors Housing

PGIM Provides $9.9M HUD Financing Package for Retirement Campus in Maine

by David Cohen December 10, 2018

FALMOUTH, MAINE — PGIM Real Estate Finance has originated a financing package totaling $9.9 million for OceanView at Falmouth, an 80-acre seniors housing campus in the Portland suburb of Falmouth. Sea Coast Management Co. owns the property, which features 42 custom-designed homes, 57 cottages, 118 independent living apartments and a 30-bed memory care facility. The financing includes two HUD healthcare loans and each is for a different property on the campus. A $4.4 million loan will be used for the construction of a two-story expansion to the assisted living portion of the campus, as well as renovations to the existing common areas. A $5.5 million loan will refinance the memory care portion of the campus, extending the loan term and converting from a floating rate to a fixed rate. The memory care wing was built in 2014 and has maintained 100 percent occupancy with a waiting list since its construction.

December 10, 2018

Illinois Loans Midwest Multifamily

CIBC Provides $31.1M Construction Financing for Condominium Development in Chicago’s Wicker Park

by Kristin Harlow December 10, 2018

CHICAGO — CIBC Bank USA has provided $31.1 million in construction financing for 43 luxury condominium units and 12 townhomes in Chicago’s Wicker Park. The development is named Alcove M.D.P. for its proximity to Milwaukee Avenue, Division Street and Paulina Street. Vermilion Development is the developer. The seven-story condominium building will include units averaging almost 2,000 square feet. Units start at $600,000. The 12 four-bedroom townhomes, each attached with garages, are sized between 3,000 and 3,500 square feet. The townhomes start at $1 million. Vermilion is expected to break ground on the project in the first quarter of 2019, but a timeline for completion was not disclosed. Christopher Knight of HFF arranged the financing.

December 10, 2018

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Arranges Sale of 151-Unit Apartment Property in Indianapolis

by Kristin Harlow December 10, 2018

INDIANAPOLIS — Cushman & Wakefield has arranged the sale of The Coil Apartments in Indianapolis for an undisclosed price. The 151-unit apartment property, located at 6349 N. College Ave., includes a 33,500-square-foot retail space occupied by Fresh Thyme Farmers Market. Todd Stofflet, Jason Stevens and Susan Tjarksen of Cushman & Wakefield represented the sellers, Sheehan Cos. and Browning Investments. RDG Funds purchased the asset.

December 10, 2018

Acquisitions Illinois Midwest Multifamily

Essex Brokers Sale of Apartment Building in Chicago for $24.5M

by Kristin Harlow December 10, 2018

CHICAGO — Essex Realty Group Inc. has brokered the sale of The Northland Apartments in Chicago’s Old Town neighborhood for $24.5 million. The luxury apartment building comprises 60 units and one restaurant, Two Lights Seafood & Oyster. Amenities include a dog run and rooftop deck. Monthly rents start at $1,700. Jim Darrow and Jordan Gottlieb of Essex represented the seller, local developer JAB Real Estate. Kate Verde of Essex represented the out-of-state buyer who was completing a 1031 tax-deferred exchange.

December 10, 2018

Acquisitions Multifamily North Carolina Southeast

Hudson Capital Properties Acquires Apartment Community in Raleigh-Durham Area for $55M

by Alex Tostado December 7, 2018

CARY, N.C. — Hudson Capital Properties has acquired Cornerstone, a 302-unit apartment community in Cary, for $55 million. Hudson Capital plans to renovate all 302 studio- and townhome-style units and improve the property’s amenity offerings. Cornerstone is located about 17 miles west of Raleigh and about 16 miles south of Durham. The seller was undisclosed.

December 7, 2018

Acquisitions Multifamily North Carolina Southeast

Artesia Real Estate Sells Apartment Complex in Metro Raleigh for $19.6M

by Alex Tostado December 7, 2018

GARNER, N.C. — Artesia Real Estate has sold Greenbrier, a 223-unit apartment complex in Garner, to EBEX Holdings and FriedLam Partners for $19.6 million. Greenbrier, located about six miles south of Raleigh, offers studio, one- and two-bedroom floor plans. Amenities include a pool, playground and extra storage. Watson Bryant, Paul Marley and Brooks Colquitt of Cushman & Wakefield represented the seller.

December 7, 2018

Acquisitions Multifamily North Carolina Southeast Student Housing

FourPoint Brokers Sale of 328-Bed Student Housing Community Near Wake Forest University

by Alex Tostado December 7, 2018

WINSTON-SALEM, N.C. — FourPoint Student Housing Investments has arranged the sale of Deacon Place, a 328-bed student housing community located near Wake Forest University in Winston-Salem. The property opened in 2017 and offers suite- and townhome-style units. Community amenities include a resort-style swimming pool, fitness center, study lounge and a putting green. Chris Epp, Chris Bancroft, Meredith Wolff and Craig Miller of FourPoint arranged the sale on behalf of the seller, Signet Real Estate Group. The buyer and terms of the transaction were not disclosed.

December 7, 2018

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