Multifamily

EagleBridge Capital Arranges $12.6M Loan for Apartment Building in Rhode Island

by Amy Works February 22, 2018

PROVIDENCE, R.I. — EagleBridge Capital has arranged $12.6 million in financing for 95 Lofts, a 59-unit apartment building located at 95 Chestnut St. in downtown Providence. Brian Sheehan and Ted Sidel of EagleBridge secured the loan, provided by a Massachusetts financial institution, for the undisclosed borrower. The property is a six-story, 58,500-square-foot residential building featuring 33 one-bedroom units, 17 two-bedroom units and nine studio units, as well as 2,500 square feet of ground-floor commercial space.

February 22, 2018

Multifamily New York Northeast

Stellar Management Acquires 42-Unit Apartment Building in Manhattan

by Amy Works February 22, 2018

NEW YORK CITY — Stellar Management has purchased a residential building located at 3505 Broadway in Manhattan’s Hamilton Heights. The estate of Harriet Okun sold the property for an undisclosed price. Built in 1907, the six-story property features 42 apartment units and five occupied retail storefronts. Stellar has a capital improvement program planned for the property, including an extensive lobby and hallway renovation. Peter Vanderpool and Lazer Sternhell of Signature Realty brokered the transaction.

February 22, 2018

Loans Midwest Minnesota Multifamily

High Street Residential Receives $34.2M in Construction Financing for Apartment Project in Edina, Minnesota

by Kristin Harlow February 22, 2018

EDINA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has received $34.2 million in financing for the construction of a 165-unit apartment building in Edina. The age-restricted property for persons 55 or older will feature a mix of one- and two-bedroom units with an average unit size of 900 square feet. Construction will also include a 212-space parking garage. The site was formerly home to buildings and parking space used by Edina Public Schools. Completion is slated for spring 2019. Associated Bank provided $19.2 million of the loan with $15 million syndicated to Great Southern Bank. Ted Notz of Associated Bank managed the loan and closing.

February 22, 2018

Midwest Ohio Student Housing

Triad Negotiates Sale of 536-Bed Student Housing Property Near Ohio University

by Kristin Harlow February 22, 2018

ATHENS, OHIO — Triad Real Estate Partners has negotiated the sale of Carriage Hill Apartments near Ohio University in Athens for an undisclosed price. Built in two phases between 1967 and 1970, the student housing property features 536 beds within 337 units. The buyer, Emet Capital Management, plans to complete a substantial renovation and rebranding of the property. Columbus-based Wallick Communities was the seller.

February 22, 2018

Illinois Midwest Multifamily

Interra Brokers $3.2M Sale of Multifamily Building in Chicago

by Kristin Harlow February 22, 2018

CHICAGO — Interra Realty has brokered the sale of a 33-unit multifamily building in Chicago for $3.2 million. The property, located at 5001 S. Drexel Blvd., features a mix of one-, two-, three- and four-bedroom units. The buyer, EquityBuild, plans to rehab the property, which was built in 1906. Brad Feldman and Adam Saxon of Interra represented the buyer. Brian DiBasilio, along with Feldman and Saxon, represented the seller, Cedar Street.

February 22, 2018

Arizona Multifamily Western

Western Wealth Capital Purchases 150 Apartment Units in Tempe for $17.3M

by Nellie Day February 21, 2018

TEMPE, ARIZ. — Western Wealth Capital has acquired the 150-unit Villatree apartments in Tempe for $17.3 million. The community is located at 1750 S. Price Road. Villatree was built in the 1980s, providing the new owner with a value-add opportunity. Steve Gebing and Cliff David represented both the buyer and the seller, PEM Real Estate Group, in this transaction.

February 21, 2018

California Multifamily Western

Keely Partners Acquires 22-Unit Apartment Complex in Long Beach for $8M

by Nellie Day February 21, 2018

LONG BEACH, CALIF. — Keely Partners has acquired the 22-unit Anaheim Road Apartments in Long Beach for $8 million. The community is located at 5401 E. Anaheim Road. It was built in 1987. The community contains 22 two-bedroom/two-bathroom units. Robert Stepp and Michael Toveg of Stepp Commercial represented both buyer and the seller, a private trust, in this transaction.

February 21, 2018

Multifamily Texas

Marcus & Millichap Brokers Sale of 176-Unit Apartment Complex in Fort Worth

by Taylor Williams February 21, 2018

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Woodway on the Green, a 176-unit multifamily complex in Fort Worth, for an undisclosed price. The property is located near Harris Hospital and Hulen Mall. Al Silva, Mark McCoy and Ford Braly of Marcus & Millichap represented the seller, a private investor who developed the property in 1979. Lubbock-based Madera Residential purchased the complex and will implement a capital improvement plan.

February 21, 2018

Loans Multifamily New Jersey Northeast

HFF Arranges $24.8M in Financing for Condominium Development in Morristown, New Jersey

by Amy Works February 21, 2018

MORRISTOWN, N.J. — HFF has secured $24.8 million in financing for the development of 30 Court, a condominium community located in downtown Morristown. The borrower is DRA 30 Court LLC, a joint venture between Diversified Realty Advisors and a private investor. Michael Klein and Jon Mikula of HFF arranged the 30-month construction loan with Investors Bank for the borrower. Slated for completion in 2019, the property will features for-sale two-bedroom homes ranging from 1,276 square feet to 1,939 square feet. Units will feature kitchens with granite countertops, wood cabinetry, central air conditioning, hardwood floors and in-house washers and dryers. Additionally, the property will feature a two-story, 131-space parking garage and a half-acre outdoor recreational space.

February 21, 2018

Mixed-Use Multifamily Northeast Pennsylvania Retail

Marcus & Millichap Negotiates $16.6M Sale of Apartment Building in Philadelphia

by Amy Works February 21, 2018

PHILADELPHIA — Marcus & Millichap has arranged the sale of Dynasty Court Apartments, an apartment building located at 1003-1011 Race St. in the Chinatown neighborhood of Philadelphia. A local partnership sold the property to a local development company for $16.6 million. The property features 56 apartments, five retail storefronts on Race Street and 21 parking spaces. Andrew Townsend, Ridge McLaren and Clarke Talone of Marcus & Millichap represented the seller, while Townsend, McLaren, Talone and Philip Sharrow, also of Marcus & Millichap, represented the buyer in the deal. Additionally, Matthew Rosenberg of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.

February 21, 2018

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