NEW YORK CITY — Marcus & Millichap has arranged the sale of 934 Sterling Place, an eight-unit apartment property in Brooklyn. The sales price was $2.9 million. Shaun Riney of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor, in the transaction. The four-story property was built in 1905 and is located in the Crown Heights neighborhood of Brooklyn.
TALLAHASSEE, FLA. — Lloyd Jones has acquired The Westcott Apartments, a 444-unit multifamily community located at 3909 Reserve Drive in Tallahassee, for $57.8 million. The name of the seller was not disclosed. Constructed in 2000 and 2005, the community offers a mix of one-, two- and three-bedroom floor plans and features two swimming pools, two fitness center, playgrounds and tennis courts. Lloyd Jones plans to renovate The Westcott, which is the Miami-based private equity investor’s second acquisition in the Tallahassee area.
CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $39 million sale of 1420 Magnolia, a 204-unit apartment community in Charlotte. Jordan McCarley, Watson Bryant and Marc Robinson of Cushman & Wakefield arranged the transaction on behalf of the seller, Estates & Cos. Hudson Capital Properties acquired the asset. Constructed in 1999, 1420 Magnolia features a car care center, controlled access gates, dog park, fitness center, grilling and picnic areas, business center, yoga/Pilates room and a swimming pool.
CHICAGO — CRG, Clayco’s real estate development group, has broken ground on a 12-story apartment building in Chicago’s Uptown neighborhood. The development, located at the intersection of Sheridan Road and Wilson Avenue, will feature 149 units, 5,000 square feet of retail space and 29 parking spots. Amenities will include a 2,000-square-foot rooftop deck, coffee bar, exercise facility, business center and dog salon. Completion is slated for July 2019. Clayco is serving as the design-builder and its subsidiary, BatesForum, is the project architect. Capital partners include POB Capital and Principal Real Estate Investors.
Lending intermediaries are not seeing any slowdown in the availability of capital for the student housing sector in 2018. Many report that the sector is a favorite and a well-known quantity among lenders, one that they want to count among their specialties. “Historically, student housing was viewed only as a subset of multifamily, but we have seen a distinct departure from that mindset throughout the current cycle,” says Benjamin Roelke, senior vice president, debt and structured finance, CBRE Capital Markets. “Lenders are getting smarter about student housing and are asking the right questions more often than not.” “Our high volume construction lending relationships view student housing as a stand-alone product type and understand that each market should be evaluated on its own merits, but in uncertain times there are macro forces that can alter risk evaluation standards generally, with the effects trickling down to specialized product types,” says Tim Bradley, founder and CEO of TSB Capital Advisors. Student Housing — On Its Own Lenders increasingly view student housing as an attractive stand-alone asset class. Its strong performance during the Great Recession prompted many lenders to closely study and understand the sector, with many growing their lending platforms alongside strong developer …
DALLAS — The Legacy Senior Communities, a not-for-profit organization based in Plano, has broken ground on The Legacy Midtown Park, a $175 million seniors housing community in Dallas. Situated on 10 acres just off North Central Expressway, the property will consist of 184 independent living apartments, 50 assisted living units, 36 memory care residences and 54 suites for short-term rehabilitation or long-term care. Amenities will include multiple dining options and a fitness, aerobics and aquatic center. The project is expected to create approximately 350 jobs upon completion. The developer expects the community to begin opening for some services in fall 2019 with other levels of care becoming available in 2020. SunTrust Bank served as the lead lender for the project with Frost Bank as a participating lender.
OKLAHOMA CITY — A partnership between Denver-based developer Confluent Senior Living and Florida-based management firm Harbor Retirement Associates has broken ground on a 112-unit seniors housing community, HarborChase of South Oklahoma City. The property will be situated on six acres and feature 80 assisted living units and 32 memory care units. Amenities will include a full-service bistro, chapel, clubrooms, beauty salon, library and a fitness and wellness center. The community is scheduled to open in fall 2019.
PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $15.4 million sale of two apartment buildings in Plainfield. Stephen Tragash and Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller of Cornell Arms and Pingry Arms apartments, which are located a half-mile apart at 735 Park Ave. and 606 Crescent Ave., respectively. The buyer was also undisclosed. Comprised of 114 total units, the six-story mid-rise properties each feature a mix of studio and one-, two- and three-bedroom layouts. Amenities include elevators, laundry facilities and paved-surface parking.
MINNEAPOLIS — Doran Cos. and CSM Corp. have broken ground on The Expo, an apartment community in the St. Anthony Falls Historic District of downtown Minneapolis. The $100 million project calls for a 25-story, high-rise building that will include 199 units, and a lower-level building that will feature 157 apartment units and 12 townhome units. Amenities will include a pool, business center, fitness center, spa, game room, bike storage and entertainment suites. Design firm DLR Group will lead the interior design of the project. A grand opening is slated for late spring or early summer 2020.
ST. CHARLES, MO. — Cushman & Wakefield has arranged the sale of Sun Valley Lake in St. Charles, a suburb of St. Louis. Ascent Residential acquired the asset for an undisclosed amount. Built in 1986, the 680-unit apartment community is located along I-70. Amenities include two swimming pools, covered parking and a fitness center. Mike Kemether, Mike Hanrahan and Bobby Mills of Cushman & Wakefield represented the seller, Priderock Capital Partners.