Multifamily

Lake-Houston-Seniors-Housing-Atascocita-Texas

TNRG, MedCore Acquire 7 Acres for Seniors Housing Development Near Houston

by Taylor Williams April 4, 2018

ATASCOCITA, TEXAS — Houston-based The National Realty Group (TNRG) and Dallas-based MedCore Partners have acquired seven acres in the Houston suburb of Atascocita, with plans to build an independent living, assisted living and memory care community on the site. The project will feature 186 units located near the shores of Lake Houston. Integral Senior Living will operate the community upon completion. Design is scheduled for completion by November of this year, followed immediately by construction. The developers plan to deliver the completed community in March 2020.

April 4, 2018

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Negotiates $18.8M Sale of 180-Bed Skilled Nursing Facility in Pennsylvania

by David Cohen April 4, 2018

LEHIGH VALLEY, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 180-bed skilled nursing facility located in the Lehigh Valley region of eastern Pennsylvania. A regional owner-operator acquired the property for $18.8 million, or approximately $104,000 per bed. The seller was looking to restructure its regional portfolio. Michael Segal and Ben Firestone of Blueprint negotiated the transaction.

April 4, 2018

Acquisitions Multifamily Texas

Vanguard Brokers Sale of 104-Unit Apartment Community in Oklahoma City

by Taylor Williams April 4, 2018

OKLAHOMA CITY — Dallas-based Vanguard Real Estate Advisors has brokered the sale of Spring Hill Apartments, a 104-unit multifamily property in Oklahoma City. Built in 1984, the pet-friendly community offers studio, one- and two-bedroom units. Jordan Cortez of Vanguard represented the seller, Chicago-based AMG Cherry Hill LLC, in the all-cash transaction. Cortez also procured the buyer, a private investor based in North Texas that acquired the property via a 1031 exchange.

April 4, 2018

Acquisitions Multifamily New York Northeast

TerraCRG Brokers $2.7M Sale of Apartment Building in Brooklyn

by David Cohen April 4, 2018

NEW YORK CITY — TerraCRG has arranged the sale of a vacant, six-unit apartment building in the Bushwick neighborhood of Brooklyn. Located one block from the Jefferson Street L subway station at 1271 Willoughby Ave., the 5,000-square-foot property is situated in a popular retail corridor. Matt Cosentino, Fred Bijou and Eric Satanovsky of TerraCRG brokered the deal. TerraCRG represented the seller, Bushwack LLC, which purchased the property in 2014. The brokerage firm also represented the buyer, Cycamore Capital, an investment firm based in Brooklyn.

April 4, 2018

The-Fountains-Apartment-Homes-San-Antonio

Acquisitions Multifamily Texas

Michaelson, Partners Acquire 101-Unit Apartment Community in San Antonio

by Taylor Williams April 4, 2018

SAN ANTONIO — Florida-based Michaelson Real Estate Group and its private equity partners have acquired The Fountains Apartment Homes, a 101-unit multifamily community in San Antonio. Built in 1973, the property is located in northwest San Antonio, near the University of Texas at San Antonio (UTSA), San Antonio International Airport and Hulu’s 60,000-square-foot viewer operations center. Amenities include a pool, picnic/grilling area and on-site laundry facilities. The seller was not disclosed.

April 4, 2018

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $30.3M Sale of Multifamily Community in Coastal North Carolina

by Camren Skelton April 4, 2018

WILMINGTON, N.C. — Cushman & Wakefield has brokered the $30.3 million sale of Myrtle Landing, a 144-unit apartment community in the coastal North Carolina town of Wilmington. Jordan McCarley, Watson Bryant and Paul Marley of Cushman & Wakefield arranged the transaction on behalf of the seller, Tribute Cos. Spyglass Capital Partners acquired the property. The townhome-style community includes two- and three-bedroom floor plans and features a dog park, outdoor grilling kitchen, fitness center, pool and onsite maintenance. In addition, the property is located roughly five miles from Carolina Beach.

April 4, 2018

Loans Multifamily Northeast Pennsylvania

Cross Properties Secures $40M for Renovation of Historic Apartment Community in West Philadelphia

by David Cohen April 3, 2018

PHILADELPHIA — Developer and investment firm Cross Properties has secured a $40 million construction loan for the renovation of The Dane, a historic, 241-unit apartment community in West Philadelphia at the Wynnefield train stop. The lender was a syndicate led by Univest Bank. The property, which was built in 1960, is listed on the National Register of Historic Places. Renovation is now underway to transform the property into a class A apartment building. The project is slated for completion in early 2019.

April 3, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $16.8M Sale of 107-Unit Multifamily Portfolio in Manhattan

by David Cohen April 3, 2018

NEW YORK CITY — Marcus & Millichap has arranged the sale of a six-building, 107-unit multifamily portfolio in Manhattan for $16.8 million. The West Bridge Associates Portfolio is located on 151st and 152nd streets between Broadway and Amsterdam Avenue in Upper Manhattan. Seth Glasser, Peter Von Der Ahe, Joe Koicim and Jacob Kahn of Marcus & Millichap represented the seller, a private investor, and procured the buyer, also a private investor.

April 3, 2018

Colorado Multifamily Western

Security Properties Buys 220-Unit Apartment Complex in Colorado Springs for $41M

by Nellie Day April 3, 2018

COLORADO SPRINGS, COLO. — Security Properties has purchased the 220-unit Willows at Printers Park apartment complex in Colorado Springs for $41 million. The community is located at 2205 Willow Tree Grove, two miles east of downtown. Willows at Printers Park contains one- to three-bedroom apartments with well-appointed kitchens, walk-in closets, in-unit full-size washers and dryers, and private patios/balconies. Amenities include a swimming pool, clubhouse with a small kitchen and attached business center, playground, and fire pit gazebo. Security Properties plans to upgrade the property, continuing the unit renovations initiated by prior ownership, adding aesthetic upgrades to the clubhouse and expanding the amenity offerings. Security Properties-affiliate Security Properties Residential will manage the property.

April 3, 2018

Acquisitions Multifamily North Carolina Southeast

HFF Brokers $42.1M Sale of Multifamily Asset in Durham

by Camren Skelton April 3, 2018

DURHAM, N.C. — HFF has brokered the $42.1 million sale of Altera North Pointe, a 320-unit apartment community located at 2335 Broad St. in Durham. Allan Lynch, Justin Good and Jeff Glenn of HFF arranged the transaction on behalf of the seller, Atlanta-based Wood Partners, and procured the buyer, a partnership between McCann Realty Partners and LEM Capital. Wood Partners originally acquired the asset in 2015 for $36.4 million, according to the Triangle Business Journal. The property is located adjacent to North Pointe Shopping Center and will soon offer direct pedestrian access to the Ellerbe Creek Greenway, which is nearing completion. Completed in 2001, the property was recently renovated and features two swimming pools, tennis courts, a volleyball court, playground, grilling areas, dog park, fitness center, clubhouse, game room with billiards and a car care center. The community offers a mix of one- to three-bedroom floor plans averaging 977 square feet.

April 3, 2018

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