Multifamily

Contegra Breaks Ground on $26M Apartment Complex in Shiloh, Illinois

by Kristin Harlow June 12, 2018

SHILOH, ILL. — Contegra Construction Co. has broken ground on a $26 million apartment development in Shiloh, about 20 miles east of St. Louis. Known as Thirteen01 at Hartman Lakes, the property will include 216 units on 17 acres. The first of nine apartment buildings in Phase I is scheduled to be available for lease by November. The entire community is slated for completion in July 2019. Community amenities will include a fitness room, pool, fire pit, walking trail and two lakes. One-bedroom apartment rents will start at $950 per month and two-bedroom units at $1,250 per month. Greenmount Retail Center LLC is the developer.

June 12, 2018

Acquisitions Midwest Missouri Multifamily

City Club Apartments Sells 401-Unit Asset in St. Louis, Plans Development in Cleveland

by Kristin Harlow June 12, 2018

ST. LOUIS — City Club Apartments has sold the 401-unit Central West End City Club Apartments in St. Louis, marking the company’s exit from the market. The sales price was not disclosed. City Club Apartments says that it has sold the community to focus on development in Cleveland and other Midwest and East Coast markets. This year, City Club Apartments has broken ground on communities in Detroit, Minneapolis and Cincinnati. All of the communities will feature retail space. “We have a responsibility to our investors, lenders and partners to perform at the highest level and we are reallocating our financial and human capital to several accelerating markets, including Cleveland,” says Jonathan Holtzman, CEO of City Club Apartments.

June 12, 2018

Georgia Loans Multifamily Southeast

Arbor Provides $21.7M Fannie Mae Loan for Apartment Community South of Atlanta

by Camren Skelton June 12, 2018

EAST POINT, GA. — Arbor Realty Trust Inc. has provided a $21.7 million Fannie Mae loan for the refinancing of Parkside at Camp Creek Apartments, a 486-unit multifamily community in East Point, roughly eight miles south of downtown Atlanta. Ryan Duff of Arbor originated the loan, which features a 30-year amortization schedule. Constructed in 1970, Parkside at Camp Creek includes a mix of two- and three-bedroom floor plans and features a clubhouse, laundry facility, two swimming pools, a fitness center, playgrounds and a basketball court.

June 12, 2018

Acquisitions Massachusetts Multifamily Northeast

NAI Hunneman Arranges $3.7M Sale of Apartment Community in Fall River, Massachusetts

by David Cohen June 12, 2018

FALL RIVER, MASS. — NAI Hunneman has arranged the sale of a 50-unit apartment community in Fall River for $3.7 million. The 37,824-square-foot property, which is located at 655-735 North Main St., contains four separate brick apartment buildings with 40 two-bedroom and 10 one-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Ferris Apartments Inc., in the transaction. The buyer was 655-735 North Main Street Realty Trust.

June 12, 2018

Affordable Housing California Development Multifamily Western

Meta Housing Breaks Ground on $38.6M Affordable Housing Community in East Los Angeles

by Amy Works June 12, 2018

LOS ANGELES — Los Angeles-based Meta Housing Corp. has broken ground on Whittier & Downey SE, an affordable housing community located at 4200-4224 Whittier Blvd in East Los Angeles. Slated for completion in fall 2019, the property will feature 71 units in a mix of one-, two- and three-bedroom floorplans. On-site amenities will include an outdoor barbecue area, edible container garden, large courtyard, community room, tot lot, bicycle storage, on-site laundry and a gym. Located adjacent to the Los Angeles Metro Line 18, the property will also feature 3,400 square feet of retail space. As an affordable housing property, the project will reserve 35 of the 71 affordable units as permanent supportive housing. Financing for the $38.6 million project is being provided by the California Tax Credit Allocation Committee, California Housing Finance Agency, Community Development Commission of the County of Los Angeles, Los Angeles County Departments of Health Services and Mental Health, Brilliant Corners and Bank of America Merrill Lynch. The development is part of a two-phase project, with the second phase located at the northeast corner of Whittier Boulevard and Downey Road. The second phase is scheduled to begin construction in spring 2019.

June 12, 2018

Acquisitions California Multifamily Western

Stepp Commercial Facilitates $4.9M Sale of 20-Unit Apartment Building in Long Beach, California

by Amy Works June 12, 2018

LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of San Antonio Apartments, an apartment community located at 1090 E. San Antonio Drive in the Bixby Knolls submarket of Long Beach. A private limited liability company sold the property to a private investor for approximately $4.9 million, or $245,000 per unit. Built in 1948, the 22,247-square-foot building features 16 one-bedroom/one-bath units and four studio units. Additionally, the property features balconies, landscaped grounds and 11 private parking garages. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller in the transaction.

June 12, 2018

Features Heartland Feature Archive Midwest Multifamily

Midwest Apartment Demand Isn’t Dropping Anytime Soon, Says JVM Realty CEO

by Kristin Harlow June 12, 2018

Apartment rents in Detroit are now the fastest rising in the United States among the nation’s largest cities, growing at an annual rate of 5.3 percent as of May 2018, according to Yardi Matrix and RENTCafé. Across the Midwest, the apartment market remains very strong with high demand and therefore increasing rents. Jay Madary, president and CEO of Oak Brook, Ill.-based JVM Realty, spoke with REBusinessOnline to discuss the state of the market, including the pace of investment sales. JVM owns and operates Class A and B apartment communities in Midwest markets such as Cleveland, Indianapolis, Kansas City and suburban Chicago. REBusinessOnline: How would you assess the overall state of the apartment market in the Midwest? Jay Madary: I think it’s really strong. In general, supply and demand remain balanced. We’ve certainly seen a surge of new construction in most Midwestern markets, and those new units coming online have cooled rent growth a bit. Whereas we were seeing growth of 5 to 6 percent a couple of years ago, now 2 to 4 percent is more typical. But the robust job growth in the region and the historically low unemployment rates have kept demand high, and those new units are largely being …

June 12, 2018

Acquisitions Multifamily Northeast Pennsylvania

IPA Negotiates $61M Sale of Apartment Community in Metro Pittsburgh

by Jeff Shaw June 11, 2018

WEXFORD, PENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $61 million sale of Ascent Four Thirty, a 319-unit apartment community located in Wexford, roughly 15 miles north of Pittsburgh. A joint venture between Buligo Capital and Graycliff Capital acquired the asset from The NRP Group. Constructed in 2014, Ascent Four Thirty includes 17 three-story buildings and features a fitness center, resort-style swimming pool with a sundeck and a conference room. Joshua Wintermute, Michael Barron, Daniel Burkons and Victor Nolletti of IPA arranged the transaction on behalf of the seller, and procured the buyer.

June 11, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $45M Sale of Multifamily Portfolio in White Plains, New York

by Jeff Shaw June 11, 2018

WHITE PLAINS, N.Y. — Marcus & Millichap has arranged the sale of a three-property, 104-unit multifamily portfolio in White Plains. A Westchester-based investor acquired the properties for $45 million, or $433,000 per unit. Victoria Fisher of Marcus & Millichap’s Westchester office represented the sellers, Lighthouse Living and The Daten Group, which originally developed the properties. All three communities were completed in 2015 in downtown White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; The Reed, a three-story building located at 115 N. Broadway. The new owner plans to hold the properties for the long term, according to Marcus & Millichap.

June 11, 2018

Acquisitions Maryland Multifamily Southeast

FCP Sells 170-Unit Apartment Community in Suburban Maryland for $24.5M

by Camren Skelton June 11, 2018

FORT WASHINGTON, MD. — Federal Capital Partners (FCP) has sold River Pointe, a 170-unit apartment community located at 8340 Indian Head Highway in Fort Washington, about 19 miles south of Washington, D.C. Aulder Capital purchased the property for $24.5 million. River Pointe includes a new playground, picnic area, central courtyard, pet walk and on-site maintenance and management. Robin Williams, Dean Sigmon and Justin Shay of Transwestern’s Mid-Atlantic Multifamily Group brokered the transaction on behalf of FCP.

June 11, 2018

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