Multifamily

CA Ventures Begins Construction of 675-Bed Student Housing Property Near Purdue University

by Kristin Harlow March 22, 2018

WEST LAFAYETTE, IND. — CA Student Living, the student housing investment and development arm of Chicago-based CA Ventures, has begun construction of RISE on Chauncey near Purdue University in West Lafayette. The 16-story, 675-bed student housing property will be located at 100 S. Chauncey Ave. Slated to be the tallest building in West Lafayette, the project will feature 15 stories of residences atop 11,000 square feet of street-level retail space and three levels of underground parking. The property will include a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 350 to 1,300 square feet. Approximately 9,000 square feet of indoor amenity space will include a fitness center, yoga studio and study lounge. An outdoor rooftop deck will feature a pool, fire pit, grilling stations and seating. Brinkmann Constructors is the general contractor and Shepley Bulfinch is serving as architect. Completion is slated for summer 2019.

March 22, 2018

Acquisitions Multifamily North Carolina Southeast

Preferred Apartment Communities Sells Multifamily Asset in Triangle for $43.5M

by Camren Skelton March 22, 2018

APEX, N.C. — Preferred Apartment Communities (PAC) has sold Lake Cameron, a 328-unit apartment community in Apex, for $43.5 million. Tennessee-based Fogelman Properties acquired the asset through a joint venture with New York-based DRA Advisors. The property is located at 1000 Cameron Woods Drive, roughly 15 miles west of Raleigh. Constructed in 1997, Lake Cameron offers a mix of one-, two- and three-bedroom units. Community amenities include barbeque grills, a lake with jogging trails, gazebo, playground, swimming pool and a fitness center. The property was 95 percent occupied at the time of sale.

March 22, 2018

Development Midwest Minnesota Multifamily

Ryan Cos., Weidner to Develop Apartment Project in Minneapolis

by Kristin Harlow March 22, 2018

MINNEAPOLIS — A partnership between Ryan Cos. US Inc. and Weidner Apartment Homes is developing an apartment project in the Uptown neighborhood of Minneapolis. Sons of Norway, a financial services and international cultural organization, has sold its 60,000-square-foot headquarters building and land parcel to make way for the redevelopment project. Plans call for 15,000 square feet of first-floor office space that Sons of Norway will occupy at the apartment property. Keith Collins, Abe Appert, Ted Abramson and Brian Pankratz of CBRE represented Sons of Norway in the sale. John Lorence and Neil Kolatkar of CBRE represented Sons of Norway in its new lease at the project. The properties in the sale include 1455 W. Lake St., 3001 Humboldt Ave., 3015 Humboldt Ave., 3025 Humboldt Ave. and 3016 Holmes Ave.

March 22, 2018

Loans Multifamily South Carolina Southeast

Grandbridge Arranges $35.2M in Acquisition Financing for Two Apartment Properties in Greenville

by Camren Skelton March 22, 2018

GREENVILLE, S.C. — Grandbridge Real Estate Capital has arranged two acquisition loans totaling $35.2 million for Metropolitan Apartments and 2900 North Apartments in Greenville. Mike Ortlip and Josh Davis of Grandbridge arranged the non-recourse loans with an initial period of interest-only payments and a 30-year amortization schedule through its lending platform, BB&T Real Estate Funding. The Charlotte-based firm is a subsidiary of BB&T. The financing included a $21.6 million, first mortgage loan for Metropolitan Apartments, a 246-unit community located at 660 Halton Road, and a $13.6 million loan for 2900 North Apartments, a 172-unit community located at 2900 E. North St. The names of the borrowers were not disclosed. Both properties feature swimming pools, fitness centers and grilling stations.

March 22, 2018

Development Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Feldman Equities, Two Roads Development to Build 50-Story Mixed-Use Tower in Downtown Tampa

by Katie Sloan March 22, 2018

TAMPA, FLA. — A partnership between Feldman Equities and Two Roads Development has announced plans for Riverwalk Place, a 50-story, mixed-use development located on Ashley Drive in downtown Tampa. The building will be the tallest on the west coast of Florida, according to the development team. The property will include 10 floors of office space and 33 floors housing more than 200 luxury condominiums accessed by private elevators. The property will also feature an integrated parking structure connected by plaza with up to five waterfront restaurants and retail tenants. The development may also feature an adjacent marina for use by residents. An existing building on the property has been vacated, and will be demolished soon in preparation for construction. A timeline for the development was not disclosed, and a rendering has not yet been released. Both parties of the joint venture have invested significant capital into the project, which is currently in the pre-construction phase. The next phase of development will include taking reservations and deposits, followed by going to market for construction funding. Reid Boren, managing partner of Two Roads Development, has noted that several banks are willing to provide financing prior to reservations being taken, but the developer prefers …

March 22, 2018

Development Massachusetts Multifamily Northeast Seniors Housing

Castle Square, WinnDevelopment to Redevelop 102-Unit Senior Housing Community in South End.

by David Cohen March 21, 2018

BOSTON — Castle Square Tenants Organization and WinnDevelopment have been selected by the Boston Housing Authority to redevelop the Eva White Apartments, a 102-unit, low-income senior housing community at 440 Tremont St. in Boston’s South End. The 50-year-old, seven-story building includes 34 studio, 57 one-bedroom and 11 two-bedroom affordable apartments for seniors. As the majority owner, Castle Square will deliver programs and services to Eva White residents and will partner with WinnDevelopment on a two-year renovation project to upgrade apartment kitchens and baths as well as community spaces, mechanical systems and life-safety systems. A final project budget for renovations has not been set. Castle Square and WinnDevelopment first worked together in 1987 to purchase and renovate the 500-unit Castle Square Apartments in South End. The $50 million rehabilitation achieved a LEED Platinum rating from the U.S. Green Building Council.

March 21, 2018

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Negotiates Sale of 42-Unit Multifamily Building in Upper West Side for $18.3M

by David Cohen March 21, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of 410 West End Ave., a seven-story apartment building in the Riverside-West End Historic District on Manhattan’s Upper West Side. The sales price was $18.3 million. The 42-unit, 20,272-square-foot building contains 14 studios and 28 one-bedroom apartments. The property also retains 25,415 square feet of excess air rights. Hall Oster, Mitchell Levine and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction.

March 21, 2018

Acquisitions Multifamily New York Northeast

Besen & Associates Brokers Sale of 70,000 SF Apartment Building in Bronx for $11M

by David Cohen March 21, 2018

NEW YORK CITY — Besen & Associates has brokered the sale of 1422 Nelson Avenue in the Highbridge section of the Bronx for $11 million at a cap rate of 4.2 percent. The 70,500-square-foot, six-story building contains 72 apartments that are each 1,000 square feet. GF Financial, an experienced operator with an already established portfolio in the Bronx, purchased the property. The sellers, Steve Zervoudis & Richard Sica of Galaxy General, acquired the building in 1992 for $700,000. Currently, the property is operating under a regulatory agreement governed by the Low-Income Housing Tax Credit program. Jonathan Shainberg, Shallini Mehra, and Amit Doshi of Besen & Associates arranged the transaction.

March 21, 2018

Development Georgia Multifamily Southeast

Prestwick to Build Multifamily Community Along Chattahoochee River in Metro Atlanta

by Camren Skelton March 21, 2018

SMYRNA, GA. — Atlanta-based developer Prestwick Cos. has unveiled plans to build The Eddy at Riverview Landing, a 310-unit apartment community in Smyrna, roughly 17 miles north of downtown Atlanta. The community will be located along the Chattahoochee River within Riverfront Landing, an 82-acre mixed-use project under development by Ardent Cos. The Eddy is one of the first components to rise at the project. The community will offer one- to three-bedroom floor plans ranging in size from 632 to 1,435 square feet, and rents will start at $1,150 per month. Interiors will include granite countertops, hardwood plank flooring, high-end cabinetry and stainless steel appliances. Community amenities will include an infinity pool with cabanas, fitness center, dog wash, resident lounge and on-site bike storage. In addition, The Eddy will include a 12-acre park and 8,000 square feet of retail that will house a coffee shop, restaurant and coworking space. Prestwick Cos. will dedicate the waterfront park to the City of Smyrna upon completion. Residents at the community will have access to Riverview Landing’s amenities, which will include a kayak launch, public dock, observation decks and a community theater. Matrix Residential, a subsidiary of Atlanta-based multifamily investor and developer Pollack Shores, will manage …

March 21, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers Sales of Two Apartment Communities in Miami Beach Totaling $32.2M

by Camren Skelton March 21, 2018

MIAMI BEACH, FLA. — Cushman & Wakefield has brokered the sales of two apartment communities in Miami Beach totaling $32.2 million. The first transaction was for a six-story, 52,133-square-foot redevelopment property located at 550 9th St. ADME Real Estate LLC sold the property to 550 9th LLC for $17.6 million. The second transaction was for a 23,260-square-foot community located at 250 Collins Ave. Drago Capital Miami LLC acquired the 27-unit property from TwoFifth Collins LLC for $14.6 million. Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the sellers in both transactions. The property at 550 9th St. was constructed in 1966 and previously operated as a 196-bed seniors housing community. The property has redevelopment potential for multiple uses including a hotel, apartments, office and medical space. The property at 250 Collins Ave. includes a mix of one- to three-bedroom units and features a rooftop pool and terraces or balconies in each unit.

March 21, 2018

Newer Posts

Older Posts