Multifamily

IPA Negotiates $50M Sale of Two-Property Multifamily Portfolio in Fairfield, California

by Amy Works March 12, 2018

FAIRFIELD, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property multifamily portfolio located in Fairfield. Jackson Square Properties purchased the portfolio from Fairfield Quail Terrace and Fairfield Sheffield Greens for $50 million, or $185,450 per unit. The 268-unit portfolio consists of Avery Park Apartments and Bennington Apartments. Constructed in 1986, both properties feature park-like settings with landscaped greenbelts. Avery Park Apartments and Bennington Apartments offer one- and two-bedroom floor plans with average unit sizes of 884 square feet and 864 square feet, respectively. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the sellers in the transaction.

March 12, 2018

988-El-Camino-Real-South-San-Francisco-CA

California Mixed-Use Multifamily Retail Western

SummerHill Apartment Communities Receives Approval for Mixed-Use Project in South San Francisco

by Amy Works March 12, 2018

SOUTH SAN FRANCISCO, CALIF. — The City Council of South San Francisco has approved SummerHill Apartment Communities’ plans for a mixed-use community at 988 El Camino Real in South San Francisco. Serving as the gateway to the city’s El Camino Real/Chestnut Area, the development is located across from the future site of the Community Civic Campus, adjacent to Centennial Way Trail and near the Bay Area Rapid Transit station. KTGY Architecture + Planning designed the six-story project featuring 172 apartments ranging in size from studios to two-bedroom units and 11,000 square feet of ground-floor retail space. On-site amenities will include a lounge, fitness studio, bike hub, dog park, club room, two resort-style courtyards with spa, fire pits, outdoor kitchen and dining areas, lounge areas, and spur trail connecting to Centennial Way Trail. Additionally, the project will feature commercial and visitor parking at the ground level, a 212-space underground parking garage for residents, 130 bike parking spaces and electric vehicle charging stations.

March 12, 2018

Multifamily Texas

StreetLights Residential to Develop $50M Apartment Community in Austin

by Taylor Williams March 12, 2018

AUSTIN, TEXAS — Dallas-based StreetLights Residential will develop a 373-unit multifamily community within the 129-acre Austin Presidio development situated on Austin’s northwest side. The property, which has roughly $50 million in project costs, will be situated on 8.5 acres at the corner of Lakeline Mall Boulevard and Lyndhurst Street. The new community will be StreetLights’ second at Austin Presidio following The Michael, a 415-unit community that was completed in September 2016 and is approaching full occupancy. Steve Williamson of Transwestern represented StreetLights Residential in the land sale. Williamson also represented the seller, Austin 129 LLC, in that transaction.

March 12, 2018

Multifamily Texas

IPA Negotiates Sale of 448-Unit Apartment Community in North Dallas

by Taylor Williams March 12, 2018

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Churchill on the Park, a 448-unit multifamily community located near the Interstate 635/U.S. Highway 75 interchange in north Dallas. The property offers one- and two-bedroom units and amenities such as a resort-style pool, fitness center with classes, access to jogging and biking trails, outdoor cabanas with fireplace and grills and a billiards room. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, a New York-based pension fund advisor, in the transaction. The IPA team also procured the buyer, TH Real Estate, a global investment firm.

March 12, 2018

Multifamily Texas

Berkadia Arranges Sale of 311-Unit Apartment Community in San Antonio

by Taylor Williams March 12, 2018

SAN ANTONIO — Berkadia has arranged the sale of Legacy Flats, a 311-unit apartment community located in western San Antonio. Developed and built by White-Conlee Builders in 2016, the Class A property consists of one-, two- and three-bedroom units. Amenities include a 4,800-square-foot clubhouse, internet café, fitness center and an outdoor pool and kitchen area. Ryan Epstein, Will Caruth, Mike Miller, Cody Courtney, Wes Breeding and Scott Bray of Berkadia represented the seller, Legacy Flats Ltd., in the sale. Berkadia also represented the buyer, PEM Real Estate Group, an Arizona-based investment and management firm.

March 12, 2018

Illinois Midwest Multifamily

Interra Arranges $1.5M Sale of Multifamily Building in Berwyn, Illinois

by Kristin Harlow March 12, 2018

BERWYN, ILL. — Interra Realty has arranged the $1.5 million sale of a 24-unit multifamily building in Berywn, a western suburb of Chicago. The property is located at 1941 Kenilworth Ave. The three-story building, originally constructed in 1917, includes 22 one-bedroom units and two studios. Patrick Kennelly of Interra represented the private buyer, who plans to extensively renovate the building.

March 12, 2018

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Is Nashville’s Multifamily Market Overbuilt? Maybe, But Not for Long

by John Nelson March 12, 2018

Nashville has set several notable records in recent years for job growth, rent growth, population growth, tourism and tax revenue, among others. But for the multifamily industry, the most notable benchmarks lately have been related to the amount of inventory that has been delivered. However, the more interesting and less obvious data point is the record level of renter demand that Nashville is currently experiencing. As of third-quarter 2017, Nashville led the country in relative net absorption, with 4.9 percent of the existing inventory being absorbed. This equates to approximately 6,300 units. This demand is fueled by incredibly resilient job creation, as Nashville has increased its employed labor force by 20 percent over the last five years — more than 160,000 jobs. With that as the backdrop, the big question on everyone’s mind is the impact of new supply. In short, yes, there are pockets of oversupply, with approximately 8,500 units delivered in 2017 compared with net renter demand of roughly 6,300. However, with urban deliveries projected to drop off 40 percent in 2018, and 80 percent in 2019, and no slowdown in renter demand on the horizon, the current imbalance is likely to correct itself in relatively short order. …

March 12, 2018

Multifamily Utah Western

Olympus Property Acquires 315-Unit Apartment Community in South Jordan, Utah

by Nellie Day March 9, 2018

SOUTH JORDAN, UTAH — Olympus Property has acquired the 315-unit Crossing at Daybreak in South Jordan for an undisclosed sum. The community is located at 4950 W. Frogs Leap Drive. Olympus plans to rebrand the asset as Olympus at Daybreak. The Class A community features a mix of one- to three-bedroom units with an average unit size of 1,110 square feet. Community amenities include 25 parks with sport courts, pavilions, ball fields, playground equipment, and community gardens and 30 miles of walking and hiking trails throughout the community. Oquirrh Lake offers 70 acres of kayaking, canoeing, paddle boarding, sailing and fishing.

March 9, 2018

Loans Mixed-Use Multifamily New York Northeast Office Retail

MRC Provides $37.5M Loan for Mixed-Use Development Site, Commercial Buildings in Queens

by Amy Works March 9, 2018

NEW YORK CITY – Madison Realty Capital (MRC) has provided a $37.5 million first mortgage loan collateralized by a mixed-use development site and two adjacent commercial buildings in the Ridgewood neighborhood of Queens. The borrower, AB Capstone, used the loan proceeds to buy out an existing partner, complete the acquisition of the two commercial properties, pay off previous financing on the development site and fund construction of the new building’s foundation. Located along Myrtle Avenue, St. Nicholas Avenue and Palmetto Street, the proposed development will feature a 17-story, 234,623-square-foot mixed-use building containing 129 residential units, 90,000 square feet of commercial space, 3,300 square feet of community facility space and 352 parking spaces. The two adjacent commercial buildings, totaling 12,170 square feet of space, are currently occupied by retail, office and medical office users.

March 9, 2018

Mixed-Use Multifamily New York Northeast Restaurant Retail

Cushman & Wakefield Arranges $5.1M Sale of Mixed-Use Building in Manhattan

by Amy Works March 9, 2018

NEW YORK CITY – Cushman & Wakefield has arranged the sale of a mixed-use property located at 217 E. Third St. in Manhattan’s East Village neighborhood. An undisclosed buyer acquired the property from the estate of Michael Mendez for $5.1 million. The mixed-use property consists of a vacant turn-key restaurant space on the ground floor and three free-market, floor-through apartments. The property is approximately 4,160 square feet above grade, not including a one-story structure situated at the rear of the site and separated by a small courtyard area. Additionally, the property includes 4,700 square feet of air rights and a useable basement that houses mechanicals and a storage area. Michael DeCheser of Cushman & Wakefield represented the seller in the transaction.

March 9, 2018

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