Multifamily

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

Kentucky Loans Multifamily Southeast

Berkadia Closes $20.3M Freddie Mac Refinancing for Multifamily Community in Louisville

by Camren Skelton June 11, 2018

LOUISVILLE, KY. — Berkadia has closed a $20.3 million loan for the refinancing of Southgate Landing, a 256-unit apartment community in Louisville. Charles Foschini and Christopher Apone of Berkadia arranged the seven-year, floating rate loan through Freddie Mac on behalf of the borrower, CAPREIT. Southgate Landing, constructed in 2001, features a fitness center, swimming pool, detached garages and storage units.

June 11, 2018

Arizona Loans Seniors Housing Western

Capital One Provides $20.8M HUD Refinancing for Seniors Housing Community in Tucson

by Amy Works June 11, 2018

TUCSON, ARIZ. — Capital One has provided a $20.8 million loan for the refinancing of a seniors housing community in Tucson. The facility opened in 1964, with expansions added in 1977 and 1990. It currently features 24 independent living units, 19 assisted living units and 270 skilled nursing beds distributed across 132 units, making it one of the largest facilities in the Tucson area. The fixed-rate HUD 232/223(f) loan will replace bank debt with low-rate, long-term financing, allowing the owner-operators to recoup capital expenditures and retire partner debt. The operators have invested in newly redesigned therapy center and are installing LED lighting to reduce energy consumption.

June 11, 2018

Loans Michigan Midwest Multifamily

Arbor Provides $10.6M Bridge Loan for Multifamily Property in Roseville, Michigan

by Kristin Harlow June 11, 2018

ROSEVILLE, MICH. — Arbor Realty Trust Inc. has provided a $10.6 million bridge loan for a multifamily property in Roseville, about 20 miles northeast of Detroit. The 266-unit property is comprised of two adjoining apartment communities built between 1965 and 1972. Amenities include laundry facilities, on-site management, a playground and swimming pool. Ari Short of Arbor originated the three-year loan. The borrower was not disclosed.

June 11, 2018

Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $14.2M Construction Financing for Two Affordable Seniors Housing Renovations in Buffalo

by David Cohen June 8, 2018

BUFFALO, N.Y. — KeyBank Community Development Lending & Investment has provided $14.2 million in construction financing for the renovation of Riverview Manor and Piotr Stadnitski Gardens in Buffalo. The two-building property consists of 210 one-bedroom units for seniors. Riverview Manor is a 12-story building built in 1977 and was last renovated in 1989. Stadnitski Gardens is an 11-story building built in 1978. Kyle Kolesar of KeyBank originated the financing. Alliant Capital and New York State HFA provided additional funding. The project will be developed in partnership with Smith & Henzy Advisory Group and MDG Design + Construction and is supported by existing project-based HUD Section 8 vouchers.

June 8, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $13M Sale of Apartment Building in Flushing, New York

by David Cohen June 8, 2018

FLUSHING, N.Y. — Marcus & Millichap has brokered the sale of 142-27 Barclay Ave., a six-story apartment building in downtown Flushing. The property sold for $13 million at a capitalization rate of 3.07 percent. Victoria Fisher and Jim Evans of Marcus & Millichap represented the undisclosed seller in the transaction who had owned the building since the 1960s. The purchaser, who was in a 1031 exchange, was also not disclosed. The 50-unit building features 24 free market apartments and 26 that are rent stabilized.

June 8, 2018

Acquisitions Florida Multifamily Southeast Student Housing

Inland Subsidiary Sells 894-Bed Student Housing Property Near University of Central Florida

by Camren Skelton June 8, 2018

ORLANDO, FLA. — Orlando Student Housing DST, an entity related to Inland Real Estate Group of Cos. Inc., has sold the Retreat at Orlando, an 894-bed student housing property located roughly two miles southwest of the University of Central Florida (UCF) in Orlando. Inland Private Capital Corp. (IPC) facilitated the sale of the property on behalf of one of its 1031 investment programs. The name of the buyer and the sales price were not disclosed, but the Orlando Business Journal reports the company originally acquired the off-campus asset in 2015 for $72.5 million, or $80,376.94 per bed. Constructed in 2014 by Athens, Ga.-based Landmark Properties, the Retreat at Orlando includes 143 apartment buildings with a mix of two- to six-bedroom floor plans. Units feature private bathrooms, nine-foot ceilings, full-size washer and dryer units and a front porch or back patio. Community amenities include a resort-style, multi-tiered swimming pool with cabanas and hammocks, 24-hour fitness center, clubhouse with catering kitchen, computer lab, pool tables, golf simulator, sand volleyball court, tennis court, picnic area with barbecue grills and shuttle service to the UCF campus. At the time of sale, the community was 99.6 percent occupied.

June 8, 2018

Acquisitions Georgia Multifamily Southeast

StoneBridge Acquires 200-Unit Apartment Community in Metro Atlanta for $23.5M

by Camren Skelton June 8, 2018

MARIETTA, GA. — StoneBridge Investments has acquired Avia East Cobb, a 200-unit apartment community located in the northwest Atlanta suburb of Marietta, for $23.5 million. Kevin Geiger of CBRE arranged the transaction on behalf of the seller, an entity controlled by Harbor Group International. The community includes a mix of one- to three-bedroom units and features a resort-style pool, outdoor grills and a renovated clubhouse in a historic stone mill. In addition, the community is located roughly three miles from SunTrust Park, the home ballpark of the Atlanta Braves. StoneBridge will invest $3.2 million in capital improvements, renaming the property Landry at East Cobb Apartments. Planned renovations include enhanced community amenities, conversion of the existing dog park into an artificial grass sport court, exterior paint, façade renovation and upgraded unit interiors. ZRS Management will manage the community.

June 8, 2018

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