Multifamily

City Club Apartments Breaks Ground on $70M Apartment Property in Detroit

by Kristin Harlow January 15, 2018

DETROIT — City Club Apartments has broken ground on a 288-unit apartment property in Detroit. Located at the corner of Washington Boulevard and Park Avenue facing Grand Circus Park, the site was once home to the 18-floor, 800-room Statler Hotel, which was built in 1915. In addition to apartments and penthouses, the property, known as City Club Apartments-CBD, will also feature 13,000 square feet of street-level space, including a pet store, restaurant and gourmet market. Amenities will include wellness and exercise rooms, valet parking and concierge services. The first residents are expected to begin moving into the community in November 2018 with project completion set for the second quarter of 2019. Wolverine Building Group is the general contractor, while BKV Group and Damon Farber are providing architectural services. Huntington Bank, Bank of Ann Arbor and Comerica Bank provided construction financing for the $70 million project.

January 15, 2018

Florida Multifamily Southeast Top Stories

Camden Property Trust Acquires 358-Unit Apartment Community Near Tampa for $127M

by Taylor Williams January 15, 2018

ST. PETERSBURG, FLA. — Camden Property Trust (NYSE: CPT), a Houston-based multifamily REIT, has acquired Camden Pier District, a 358-unit apartment community in the Tampa suburb of St. Petersburg, for $127 million. The community is located at 330 3rd St., less than a mile from the waterfront and within close proximity to Tropicana Field and the University of South Florida St. Petersburg. Patrick Dufour and Richard Donnellan of ARA Newmark arranged the transaction on behalf of the sellers, Miami-based American Land Ventures LLC and global equity partner Barings Real Estate — part of Barings LLC — on behalf of an institutional investor. American Land Ventures developed the property — originally known as AER Luxury Apartments — in 2016. “AER was an especially important assignment for us as we represented the land owner in the sale of the site to the developer, sourced the equity for the development of the project, monitored the asset closely through lease up and ultimately secured an institutional buyer in the sale of the asset.” says Dufour. The sales price, which equates to about $354,745 per unit, makes this transaction the largest apartment deal in the history of the Tampa Bay area on a per-unit basis, according …

January 15, 2018

Multifamily Texas

Oden Hughes Breaks Ground on 350-Unit Apartment Community in North Austin

by Taylor Williams January 12, 2018

AUSTIN, TEXAS — Oden Hughes LLC has broken ground on Lenox Ridge, a 350-unit multifamily community that will be located in north Austin. The property will feature a 1,600-square-foot community work studio on the second floor, which will offer private and community offices, meeting rooms, an open-floor lounge and a hospitality bar. The community is scheduled to open in early 2019.

January 12, 2018

Loans Multifamily Texas

KeyBank Secures $32.3M in Construction Financing for 324-Unit Apartment Complex in Austin

by Taylor Williams January 12, 2018

AUSTIN, TEXAS — KeyBank’s community development lending and investment group has secured $32.3 million in financing for the construction of Harris Ridge Apartments, a 324-unit multifamily complex that will be located in Austin. All units will be rented to residents earning at or below 60 percent of the area median income (AMI). Kyle Kolesar and Jeff Rodman of KeyBank arranged the financing through Freddie Mac’s Tax Exempt Loan program on behalf of NRP Group and the Housing Authority of the City of Austin. The loan, which includes 4 percent low income housing tax credits (LIHTC), features a 15-year term, 35-year amortization schedule and a 24-month interest-only period. Completion is slated for 2019.

January 12, 2018

Loans Multifamily Texas

NorthMarq Closes $13.1M Green Loan for Multifamily Asset in Corpus Christi

by Taylor Williams January 12, 2018

CORPUS CHRISTI, TEXAS — NorthMarq Capital has closed $13.1 million in refinancing for an undisclosed, 218-unit multifamily property located in Corpus Christi. Randy Wolfe and Bert Roberds of NorthMarq secured the 12-year loan, which features a 12-year term, 35-year amortization schedule and three years of interest-only payments, through Fannie Mae’s Green Rewards program.

January 12, 2018

Mixed-Use Multifamily New York Northeast Retail

AMAC Acquires Mixed-Use Property in Manhattan for $59M

by Amy Works January 12, 2018

NEW YORK CITY — AMAC, a Midtown Manhattan-based real estate investment firm, has purchased 10 Rutgers Street, a mixed-use property located in downtown Manhattan. Hudson Cos. sold the property for $59 million. Located at the intersection of the Lower East Side and Two Bridges neighborhoods, the asset features 83 residential units and seven retail spaces. The eight-story property features a unit mix of studios, one- and two-bedroom units; amenities include a doorman, a gym, a landscaped garden and a bike room. AMAC plans to renovate the units, common areas and amenities.

January 12, 2018

Affordable Housing Connecticut Loans Multifamily Northeast

Greystone Provides $55.2M Loan for Affordable Housing Acquisition in Stamford, Connecticut

by Amy Works January 12, 2018

STAMFORD, CONN. — Greystone has provided $55.2 million in Freddie Mac financing for the acquisition of an affordable housing community in Stamford. Dan Sacks of Greystone originated the loan in conjunction with Greystone’s Affordable Lending team. The seven-year adjustable rate Freddie Mac Targeted Affordable Housing loan was provided to a New Jersey-based investment group for the acquisition of The Wescott Apartments, a 261-unit income-restricted property. Built in 1986, the asset was renovated over the last five years and restricts 20 percent of its units to households earning 80 percent or less of the average median income.

January 12, 2018

Connecticut Multifamily Northeast

Avalon Bay Communities Sells 246-Unit Apartment Community in Milford, Connecticut, for $50.5M

by Amy Works January 12, 2018

MILFORD, CONN. — Avalon Bay Communities has completed the sale of Avalon Milford, an apartment community located in Milford. An affiliate of DSF Group acquired the property for $50.5 million. Jeffrey Dunne, Gene Pride, Simon Butler and Biria St. John of CBRE New England represented the seller in the deal. Built in 2004, the community has 246 apartments with open floorplans, gas heat and cooking, walk-in closets, full-size in-home washer/dryers and 10-foot or more vaulted ceilings on the third floor.

January 12, 2018

Multifamily New Jersey Northeast

Friedkin Realty Group Acquires 170-Unit Apartment Property in Cherry Hill, New Jersey

by Amy Works January 12, 2018

CHERRY HILL, N.J. — Friedkin Realty Group has purchased The Highlands at Cherry Hill Apartments, a multifamily housing property situated on 11.3 acres at 1980 Route 70 in Cherry Hill. Equity Residential sold the 170-unit property for an undisclosed price. Completed in 2002, the property comprises 12 two-story residential buildings housing one-, two- and three-bedroom units. On-site amenities include a clubhouse with lounge, fitness center, business center, grilling area, resort-style swimming pool with Jacuzzi, valet dry cleaning service and parking. At the time of sale, the property was 97 percent leased. Jose Cruz, Mark Thomson, Kevin O’Hearn, Stephen Simonelli, Carl Fiebig and Fran Coyne of HFF represented the seller in the transaction.

January 12, 2018

Florida Multifamily Southeast

IPA Arranges $46.3M Sale of Multifamily Community in Downtown St. Petersburg

by Camren Skelton January 12, 2018

ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $46.3 million sale of Urban Style Flats, a 481-unit apartment community located at 300 10th St. in downtown St. Petersburg. IPA arranged the transaction on behalf of a New York-based buyer. Other terms of the deal were not disclosed. Constructed between 1971 and 1978, Urban Style Flats has undergone a number of capital improvements since 2010, including new air conditioning systems, a structured parking garage and modern décor. The property comprises a high-rise building with three multi-story towers. Community amenities include a 24-hour fitness center, swimming pool, bocce ball court, golf putting green and an on-site restaurant.

January 12, 2018

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