Multifamily

Hines, Welltower Break Ground for 151-Unit Seniors Housing Tower in Manhattan

by Amy Works March 6, 2018

NEW YORK CITY — Hines and Welltower Inc. have broken ground for the construction of Sunrise at East 56th, a seniors housing property located at 139 E. 56th St. in Midtown Manhattan. As known as The Welltower, the 16-story tower will be the neighborhood’s first purpose-built assisted living and memory care community. Designed by SLCE, the property will feature complementary retail at the base and 151 assisted living and memory care units. Community amenities will include dining rooms, a salon, exercise facilities, medical examination rooms, an art studio and a theater. Slated for completion in early 2020, the development will be managed by Sunrise Senior Living. Champalimaud is serving as interior designer for the property.

March 6, 2018

Multifamily New York Northeast

BEB Capital Acquires 29-Unit Multifamily Property in East Harlem for $14.2M

by Amy Works March 6, 2018

NEW YORK CITY — BEB Capital has purchased a multifamily building located at 238 E. 106th St. in Manhattan’s East Harlem section. 106th Street Realty Development Corp. sold the eight-story property for $14.2 million. Constructed in 2016, the 18,860-square-foot building features 29 free-market apartments and nine parking spaces. On-site amenities include a virtual doorman with video intercom, central laundry and terraces on each unit. Abie Kassin and David Benharouch of Meridian Capital Group represented the seller and procured the buyer in the deal. Additionally, Bryan Kallenberg and Brian Flax, also of Meridian, negotiated $8.5 million in acquisition financing for the purchase.

March 6, 2018

Florida Multifamily Southeast

TruAmerica Buys Multifamily Community in Central Florida for $50M

by Camren Skelton March 6, 2018

WINTER SPRINGS, FLA. — TruAmerica Multifamily has purchased Astor Park, a 368-unit apartment community in Winter Springs, for $50 million. The community is located at 4545 Willa Creek Drive, roughly 16 miles north of Orlando. The name of the seller was not disclosed. Astor Park was built in two phases between 1987 and 1999 and features a mix of one-, two- and three-bedroom units. TruAmerica plans to invest $4 million to upgrade the property’s exteriors, common areas and unit interiors. Planned renovations will include new stainless steel appliances, stone countertops, new cabinet faces, upgraded lighting and plumbing fixtures, vinyl plank flooring, new landscaping throughout, exterior paint, fitness center upgrades and pool furnishings.

March 6, 2018

Florida Multifamily Southeast

Marcus & Millichap Arranges $14.3M Sale of Apartment Asset in Miami Beach

by Camren Skelton March 6, 2018

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Park Terrace, a 32-unit apartment building located at 355 19th St. in Miami Beach. Florida-based Blue Road acquired the asset, according to the South Florida Business Journal. Joseph Thomas, Adam Duncan and Brett McMahon of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. Park Terrace was originally constructed in 1951 and features a swimming pool and a sundeck. Blue Road plans to convert the property into a boutique hotel, as well as increase the building height and add more rooms.

March 6, 2018

Massachusetts Multifamily Northeast

Samuels & Associates Opens Residential Tower in Boston

by Amy Works March 5, 2018

BOSTON — Samuels & Associates, in partnership with Landsea, has announced the grand opening of Pierce Boston, a residential tower located at the intersection of Brookline Avenue and Boylston Street in Boston’s Fenway-Kenmore neighborhood. Designed by Arquitectonica, the 30-story tower features 190 condominium units, 240 apartment units and more than 20,000 square feet of street-level dining and retail space. Amenities at the tower include The Levity Lounge, a top-floor lounge with sky top pool, seating areas, a private dining room and a library; a 24/7 doorman and concierge service; a fitness room with yoga studio; parking and private sky cabanas for purchase.

March 5, 2018

Multifamily New York Northeast

Cushman & Wakefield Arranges $8.2M Sale of Development Site in Queens

by Amy Works March 5, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 11-35 31st Drive in the Astoria neighborhood of Queens. Blue Mountain Capital purchased the site from Kenneth Trading Corp. for $8.2 million, or $241 per buildable square foot. The property allows for a maximum of 33,982 buildable square feet for residential development. A 10,000-square-foot warehouse building, which is net leased through March 2019, is currently on the site. Stephen Preuss and Andreas Efthysmiou of Cushman & Wakefield represented the seller in the deal.

March 5, 2018

Loans Multifamily Texas

S2 Capital Refinances 512-Unit Apartment Community in Metro Dallas

by Taylor Williams March 5, 2018

MESQUITE, TEXAS — S2 Capital LLC, an investment firm specializing in Class B multifamily assets, has refinanced Forty200, a 512-unit multifamily community located in the eastern Dallas metro of Mesquite. The property offers one- and two-bedroom units and amenities including a fitness center, pool and tennis and basketball courts. The loan, the amount of which was not disclosed, features a fixed 4.2 percent interest rate, a 75 percent loan-to-value (LTV) ratio and four years of interest-only payments. Nathan Stone, Brad Mason and Guy Griffith of Berkadia secured the financing through Fannie Mae.

March 5, 2018

Multifamily Texas

ARA Newmark Brokers Sale of 230-Unit Apartment Community in Austin

by Taylor Williams March 5, 2018

AUSTIN, TEXAS — ARA Newmark has brokered the sale of Lakeshore Pearl, a 230-unit multifamily community located adjacent to Oracle’s office campus in Austin’s East Riverside area. The property, which features a pool, fitness center, business center, theater room and storage space, was 93 percent occupied at the time of sale. Pat Jones of ARA Newmark represented the seller, an affiliate of Chicago-based Inland Private Capital. Austin-based investment firm Cypress Real Estate Advisors acquired the asset for an undisclosed price.

March 5, 2018

Colorado Multifamily Western

Greystar Real Estate Partners Buys 336-Unit Apartment Complex in Thornton, Colorado

by Nellie Day March 5, 2018

THORNTON, COLO. — Greystar Real Estate Partners has purchased the 336-unit Waterford Place apartment complex in Thornton for an undisclosed sum. The community is located at 2801 E. 120th Ave. Waterford Place was built in 1998. Greystar’s value-add strategy will focus on renovating all units and common areas of the asset. Unit updates will include the addition of stainless steel appliances, extended plank flooring, quartz countertops, and new lighting and hardware packages. Renovations to the common areas will feature enhancements to the pool, clubhouse, fitness center, BBQ area, dog park and sport/tennis court.

March 5, 2018

Arizona Multifamily Seniors Housing Western

LCS, Westminster Funds Start Construction of 44-Unit CCRC Expansion in Phoenix

by Nellie Day March 5, 2018

PHOENIX — A joint venture between Life Care Services and Westminster Funds has broken ground on Desert Willow Assisted Living, a 44-unit assisted living building on the campus of Sagewood, a continuing care retirement community (CCRC) in Phoenix. Located within Sagewood’s Acacia Health Center, the assisted living expansion will be available to those currently in the community as well as new residents. The building will add to Sagewood’s current 316 units. The two-story building is scheduled to open in fall 2018. Todd & Associates is serving as the architect on the project. Spellman Brady & Co. is providing interior design. The Weitz Company is the general contractor.

March 5, 2018

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