Multifamily

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

Development Florida Multifamily Southeast

Roger B. Kennedy Construction Breaks Ground on $40M Apartment Community in Orlando

by Camren Skelton April 3, 2018

ORLANDO, FLA. — Roger B. Kennedy Construction has broken ground on Ecco on Orange, a 300-unit apartment community located at 3135 S. Orange Ave. in Orlando. An affiliate of LeCesse Development Corp. is developing the $40 million community, which will include two five-story and one four-story apartment buildings, along with a seven-story parking garage. Community amenities will include a rooftop pool, clubhouse and a fitness center. The Miami office of 5G Studio Collaborative, an architecture firm, is designing the project, which is slated for completion in November 2019.

April 3, 2018

Development Multifamily North Carolina Southeast

PointOne, Hathaway Start Construction on 316-Unit Multifamily Community in Triangle

by Camren Skelton April 3, 2018

HOLLY SPRINGS, N.C. — PointOne Holdings, in partnership with Hathaway Development, has started construction on the Exchange at Holly Springs, a 316-unit apartment community in Holly Springs, roughly 20 miles southwest of Raleigh. The gated community will feature a clubhouse, business center, fitness center, resort-style pool with outdoor grilling areas, a dog park, detached garages, package concierge services and bike storage. Units will feature granite countertops, designer cabinetry and hardwood style flooring. A construction timeline for the project was not disclosed.

April 3, 2018

Illinois Loans Midwest Multifamily

KeyBank Originates $92.7M Refinancing of Apartment Property in Chicago

by Kristin Harlow April 3, 2018

CHICAGO — KeyBank Real Estate Capital has originated a $92.7 million Freddie Mac loan for the refinancing of The Pavilion Apartments in Chicago. Built between 1968 and 1972, the property includes five buildings and 1,114 units. The apartment complex also features 7,891 square feet of retail and restaurant space. Tim Migchelbrink of KeyBank originated the fixed-rate loan through Freddie Mac’s Green Up program.

April 3, 2018

Acquisitions Multifamily Texas

Waterton Acquires 330-Unit Apartment Community in Metro Houston

by Taylor Williams April 3, 2018

CYPRESS, TEXAS — Chicago-based investment firm Waterton has acquired Carrington at Barker Cypress, a 330-unit multifamily community in Cypress, a northwestern suburb of Houston. The property offers one-, two- and three-bedroom units ranging in size from 830 to 1,567 square feet and amenities such as a pool with grilling areas, fitness center, business center and a game room. Waterton will invest in capital improvements to the interiors of the units. The seller was not disclosed.

April 3, 2018

Acquisitions Multifamily Texas

Cypressbrook Purchases 296-Unit Apartment Property in Bryan, Texas

by Taylor Williams April 3, 2018

BRYAN, TEXAS — Cypressbrook, an investment and brokerage firm based in the Houston area, has purchased Presidio, a 296-unit apartment property located in the central Texas city of Bryan. The property offers convenient access to Texas A&M University and Blinn College. Cypressbrook will upgrade the pool area to include an outdoor kitchen and add a dog park. Unit interiors will also be upgraded. The seller and sales price were not disclosed.

April 3, 2018

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