NEW YORK CITY — Cushman & Wakefield has negotiated the $9.3 million sale of 309 East 92nd St., a five-story, 8,600-square-foot apartment building locatedon Manhattan’s Upper East Side. Cushman & Wakefield represented the seller, 309 East 92 LLC, in the transaction. The 10-unit, free-market apartment building includes nine four-bedroom units and one two-bedroom unit. The property underwent a renovation project, which included the construction of a roof deck, in 2015.
TAMPA, FLA. — Marcus & Millichap has brokered the $88.4 million sale of the Tripointe Value-Add Portfolio, a six-property multifamily portfolio located throughout Central and North Florida. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office arranged the transaction on behalf of the seller, an Ohio-based limited liability company, and procured the buyer, a Tampa-based limited liability company. The properties in the transaction included The Palms at Brandon, a 184-unit community in Brandon, roughly 12 miles east of Tampa; the 154-unit Bradford Place in Orange Park, about 20 miles south of Jacksonville; the 168-unit Mallards of Brandywine in Deland, approximately 40 miles north of Orlando; Marsh Oaks, a 120-unit community in Atlantic Beach, roughly 16 miles east of Jacksonville; the 200-unit San Pablo in Jacksonville; and Shadow Lakes, a 184-unit community in Ormond Beach, located six miles north of Daytona Beach. The communities feature amenities such as swimming pools, car was areas, tennis courts, fitness centers and playgrounds.
DURHAM, N.C. — Blue Heron Asset Management has received a construction loan for the development of Foster on the Park, a 164-unit apartment community located at 545 Foster St. in Durham. Roger Edwards, Justin Good and Henry Sisson of HFF arranged the loan through First National Bank, a subsidiary of FNB Corp., on behalf of Blue Heron. Foster on the Park will feature ground-floor retail and restaurant space and will overlook Central Park — the city’s main urban park that hosts a twice-weekly farmers market, food truck rodeos and community and social events. In addition, the community will be located adjacent to Durham Innovation District, a 1.7 million-square-foot, planned mixed-use development, as well as the Historic Durham Athletic Park. In addition to Blue Heron, the project team includes general contractor Resolute Building Co., architect Cline Design Associates and civil engineer Coulter Jewell Thames. Bell Partners will manage the community upon completion in the first quarter of 2020.
PORTLAND, ORE. — HFF has secured $47.4 million in joint venture equity for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Ira Virden, Mark Erland and Matt Benson of HFF, on behalf of developer Alamo Manhattan, arranged the joint venture equity partnership with Diamond Realty Investments. Slated for completion in 2020, the property will feature 347 units in a mix of studio, one- and two-bedroom apartments, averaging 801 square feet. The 20-story development will feature premium interior finishes and community amenities, including a 15,000-square-foot amenity terrace and a 20th-floor rooftop residential lounge, and a 16th-foor terrace. Additionally, the property will feature 15,000 square feet of ground-floor retail space.
Commercial real estate sectors in secondary and tertiary markets often suffer from a lack of current, comprehensive data and metrics. Until a few years ago, the multifamily market of the Rio Grande Valley (RGV) was no exception. Much of the region’s multifamily product consists of “clusters” of fourplexes. In many cases, different investors own different units within these properties, which generally do not have management and leasing offices with hard data. Consequently, for years multifamily developers and brokers in Hidalgo and Cameron counties operated without reliable information on their market, generally ceding to the ideas that it was overbuilt. Turns out they were incorrect. Year-over-year rent growth in this market tends to be flat. Fluctuations are short-lived and back-and-forth in nature. But beginning in 2015 and carrying over into 2016, multifamily players in the RGV began to realize that their market was not overbuilt and that in fact, demand for better product was rising. Volatile Vacancy To better grasp the ebbs and flows of this market, we revert to 2008 and pre-recession data. To simplify our analysis, we use the McAllen-Edinburg-Mission MSA as a proxy for the region. In 2008, multifamily vacancy stood at approximately 6 percent. By 2011, when …
NEW YORK CITY — Pembrook Capital Management has provided a $32.7 million first mortgage loan to finance the condominium conversion of a restored mansion in the Upper East Side of Manhattan. The borrower was undisclosed. Located at 320 East 82nd St., Park Mansion will offer six full-floor units with outdoor space. Units range in size from 2,243 to 4,447 square feet with three to four bedrooms. Amenities will include a private gym, bike storage, individually locked storage rooms and a key-locked elevator. The property, which was originally constructed in 1900, is located between Central Park and Carl Shurz Park.
HOUSTON — Carroll Organization, an Atlanta-based multifamily investment and management firm, has acquired The Ava, a 321-unit multifamily community in Houston via its latest investment fund. The four-story, mid-rise property, which has since been rebranded Arium Uptown West, is located near the Galleria/Uptown area on the city’s west side. Amenities include a two-level fitness center, resident clubhouse, resort-style pool with outdoor kitchen, multi-level parking garage and a pet park. The seller and sales were not disclosed.
DAYTONA BEACH, FLA. — Mallory & Evans is set to break ground on Bellamy Daytona, a 376-bed student housing community located in Daytona Beach. The $26 million community will serve students at Embry-Riddle Aeronautical University, Daytona Beach; Daytona State College; The Florida State University College of Medicine, Daytona Beach; The University of Central Florida, Daytona Beach; Bethune-Cookman University; and Keiser University, Daytona Beach. The four-story property will offer three-, four- and five-bedroom, fully furnished apartments with bed-to-bath parity. Every unit will have “smart house” features including Amazon Alexa, thermostats and keyless entry locks operated through smartphone applications. Shared amenities will include a clubhouse, 24-hour fitness center, tanning studio and a resort-style pool. Construction and leasing are expected to begin this summer, with completion scheduled for fall 2019. Caliber Living will manage and lease the property upon completion.
ST. LOUIS — Berkadia has arranged the sale of The Orion Apartments in St. Louis for an undisclosed price. The 178-unit apartment property features a 40,000-square-foot Whole Foods Market on the first floor. Amenities include a pool, fitness center, clubroom and electric car charging stations. Ken Aston and Andrea Kendrick of Berkadia represented the seller, Mills Properties Inc. Canada-based Brass Enterprises Inc. was the buyer.
IRVINE, CALIF. — American Campus Communities and the University of California, Irvine, have broken ground on a 1,441-bed, on-campus residential building and a bike storage facility. This marks the beginning of Phase IV of the partnership’s on-campus development plan. The past three phases of development have brought a total of 5,162 units to the campus. Benchmark Contractors, a subsidiary of Morley Builders, was the general contractor for the past three phases on UCI’s campus, and is moving forward with a design-assist approach for the new large development. KTGY is the architect for the project. The development is set to open at the end of summer 2019.