Multifamily

Skanska USA Tops Out Apartment Tower in D.C.’s NoMa Neighborhood

by John Nelson March 19, 2018

WASHINGTON, D.C. — Skanska USA has topped out RESA, a 12-story, 326-unit apartment community located at 22 M St. in Washington, D.C.’s NoMa neighborhood. Situated 1.5 blocks from the NoMa/Gallaudet U Metro station, the apartment tower is the multifamily portion of Tyber Place, a three-building mixed-use development that will also feature 585,000 square feet of office space, 30,000 square feet of retail and restaurants and an open-air courtyard. RESA’s amenity package will include a rooftop “plunge” pool and lounge; rooftop penthouse with a catering kitchen; second-floor courtyard with grills, TV, bar and outdoor fireplace; 24-hour concierge services; resident lounges; fitness center; pet spa; bike storage; and a three-level, underground parking garage. RESA is Skanska USA’s first multifamily development in Washington, D.C.

March 19, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $2.8M Sale of Apartment Property in St. Paul

by Kristin Harlow March 19, 2018

ST. PAUL, MINN. — Marcus & Millichap has arranged the $2.8 million sale of Hoyt Avenue Apartments in St. Paul. The 36-unit apartment property spans two buildings with a mix of one- and two-bedroom units. Apartments range in size from 700 to 850 square feet. Recent upgrades include new balconies, sliding doors and improvements to a majority of the units. Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller, a partnership, and procured the buyer, a private investor.

March 19, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Brokers $97M Three-Building Portfolio Sale in Upper West Side

by David Cohen March 16, 2018

NEW YORK CITY — Rosewood Realty Group has brokered the $97 million sale of a three-property multifamily portfolio in the Upper West Side. Located in the Manhattan Valley neighborhood, the portfolio consists of three adjacent six-story elevator apartment buildings at 210, 220 and 230 W. 107th St. with a total of 180 units spanning 153,786 square feet. The buildings, built in 1925, sold for 15.15 times the current rent roll at a 4.66 cap rate. Aaron Jungreis of Rosewood Realty Group represented both parties in the transaction. Brooklyn-based investor Isaac Kassirer was the buyer. Orbach Group, a New Jersey-based firm that acquired the three buildings in 2013 for $70 million, was the seller.

March 16, 2018

Connecticut Loans Multifamily Northeast Seniors Housing

Grandbridge Provides $35M Freddie Mac Refinancing for Community in Connecticut

by David Cohen March 16, 2018

NEW CANAAN, CONN. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has provided a $35 million Freddie Mac refinancing for Brightview on New Canaan. The 90-unit seniors housing community is located in New Canaan, a suburb of Norwalk approximately 35 miles northeast of New York City. The permanent, fixed-rate financing features a 10-year term and 30-year amortization. Richard Thomas and Meredith Davis originated the loan.

March 16, 2018

Loans Multifamily Texas

CBRE Arranges $10M Acquisition Loan for 192-Unit Apartment Community in Houston

by Taylor Williams March 16, 2018

HOUSTON — CBRE has arranged a $10 million acquisition loan for North Park Apartments, a 192-unit multifamily community in Houston. The property offers one- and two-bedroom units and amenities such as a pool, laundry services and playground. Andrew Behrens and Jesse Weber of CBRE arranged the 10-year, fixed-rate loan on behalf of Clear Sky Capital, a Phoenix-based private equity firm. Goldman Sachs originated the funds.

March 16, 2018

Acquisitions Florida Multifamily Southeast

HFF Arranges $110.5M Sale of Waterfront Apartment Asset in Tampa Bay Area

by Camren Skelton March 16, 2018

BRADENTON, FLA. — HFF has arranged the $110.5 million sale of Carlton Arms of Bradenton, a 900-unit apartment community located at 5200 Riverfront Drive in the Tampa Bay community of Bradenton. The property is located on a peninsula overlooking the Braden and Manatee rivers. Matt Mitchell and Zach Nolan of HFF arranged the transaction on behalf of the seller, a joint venture between The Mahaffey Apartment Co. and Brighthouse Life Insurance Co. MetLife Investment Management advised Brighthouse on the acquisition. Elliott Thorne of HFF arranged a $76 million, 10-year, fixed-rate acquisition loan through Freddie Mac’s Capital Markets Execution (CME) program on behalf of the buyer, FLF Holdings. Constructed in 1980, Carlton Arms of Bradenton includes a mix of studio to three-bedroom units averaging 880 square feet. The property is also home to 12,519 square feet of fully leased retail space. Community amenities include two waterfront pools, two lighted tennis courts, two basketball courts, two clubhouses, a fitness center, dog park, guest suites, covered parking and five boat docks. The community was 99.7 percent occupied at the time of sale.

March 16, 2018

Illinois Midwest Multifamily Student Housing

Contegra Breaks Ground on 486-Bed Student Housing Asset Near Southern Illinois University-Edwardsville

by Kristin Harlow March 16, 2018

EDWARDSVILLE, ILL. — Contegra Construction Co. has broken ground on a 486-bed student housing property to serve Southern Illinois University-Edwardsville (SIUE). Richland Residential is developing the project, known as The Reserve. The property will comprise nine buildings with two-, three- and four-bedroom units. Amenities will include a workout room, study area, gaming room and a pool. Completion is slated for summer 2019.

March 16, 2018

Acquisitions Arizona Multifamily Western

Transwestern Development Sells 290-Unit Multifamily Community in Tempe

by Amy Works March 16, 2018

TEMPE, ARIZ. — Transwestern Development Co., in partnership with FL Lakeside Investor LLC, has completed the disposition of Vela, a multifamily community located at 555 N. College Ave. in Tempe. Los Angeles-based Pacific Development Partners acquired the 290-unit property for an undisclosed price. The property features a resort-style pool with cabanas; a fitness center with touch-screen cardio equipment and free weights; an indoor lounge space overlooking the lake with a catering kitchen, fireplace seating area and television viewing area; an activity courtyard with moveable movie projector, gaming area, fire pits and grilling area; indoor bike storage; and an outdoor covered lounge with kitchen, grilling areas, pool table and television viewing area. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the transaction.

March 16, 2018

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of 300-Unit Apartment Community in Orlando

by Camren Skelton March 16, 2018

ORLANDO, FLA. — CBRE has arranged the sale of Art Avenue, a 300-unit apartment community located at 10201 Lee Vista Blvd. in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the undisclosed seller. Robbins Property Associates and LEM acquired the asset for an undisclosed price. Constructed in 2014, Art Avenue features a resort-style saltwater pool, fitness center, spin room, outdoor lounge with a fire pit area and an outdoor kitchen. The property was 96.3 percent occupied at the time of sale.

March 16, 2018

Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Acquires 129-Bed Skilled Nursing Facility in Philadelphia-Area

by David Cohen March 15, 2018

YEADON, PA. — Tryko Partners has acquired ManorCare Health Services at Mercy Fitzgerald Hospital, a 52,000-square-foot skilled nursing facility at 600 S. Wycombe Ave. in Yeadon, a suburb of Philadelphia. A $2.5 million renovation is planned by Marquis Health Services, Tryko’s healthcare affiliate. The facility has been renamed the Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald. Built in 1995, the facility sits adjacent to Mercy Fitzgerald Hospital, which is part of the Mercy Health System. The two-story, 129-bed facility provides post-hospital care, short-term rehab and long-term residential care. Tryko purchased the facility from a ManorCare Health Services/Mercy Fitzgerald Hospital joint venture for an undisclosed price. The hospital will retain ownership of the land. CIBC financed the transaction.

March 15, 2018

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