Multifamily

Michaelson Acquires Apartment Community in Tampa for $20.7M

by Camren Skelton March 27, 2018

TAMPA, FLA. — Michaelson Real Estate Group LLC has acquired St. Moritz Apartments, a 168-unit multifamily community in Tampa, for $20.7 million. The name of the seller was not disclosed. The property is located at 13835 Heritage Club Drive, less than two miles from the University of South Florida. St. Moritz Apartments offers two-bedroom/two-bath townhomes and features a swimming pool, lakefront picnic and barbecue areas, fitness center and a clubhouse. The community was built in 1984 and has undergone renovations over the last two years.

March 27, 2018

Loans Multifamily Washington Western

Newmark Arranges $25.5M in Financing for Apartment Building in Seattle

by Amy Works March 27, 2018

SEATTLE — Newmark has secured $25.5 million in financing for 1111 East Olive Apartments in Seattle. Meriwether Partners developed the property for the longtime land owners. The property features 80 apartments above ground-floor retail space, which will be occupied by a coffee shop and Richard Hugo House, a non-profit center for supporting writers. Residential amenities include a rooftop deck, conference room, gym, secured bicycle storage and parking for 69 vehicles. Michael Taylor and Patrick Taylor of Newmark’s Seattle office arranged the 15-year term financing through Aegon Real Assets US. The loan will be used to refinance the construction loan.

March 27, 2018

Acquisitions Iowa Midwest Multifamily

CBRE | Hubbell Brokers $5.1M Sale of Two Apartment Properties in Des Moines

by Kristin Harlow March 27, 2018

DES MOINES, IOWA — CBRE | Hubbell Commercial has brokered the sale of two apartment properties in Des Moines for $5.1 million. Properties in the 108-unit portfolio include Rosewood Apartments at 221 E. McKinley Ave. and Kenwood Apartments at 530 E. Kenyon Ave. Rick Krause and Cy Fox of CBRE | Hubbell represented the buyer, a California-based private investor. North Dakota-based Kenwood-Rosewood Apartments LLP was the seller.

March 27, 2018

Acquisitions Arizona Multifamily Office Retail Western

Cushman & Wakefield Brokers Two Sales Totaling $7.7M in Tucson

by Amy Works March 27, 2018

TUCSON, ARIZ. — Cushman & Wakefield has arranged two sales totaling $7.7 million in Tucson. In the first deal, Pelican 9th LLC acquired Sonoran on 9th Apartments, a multifamily property located at 814 and 838 E. 9th St. in Tucson. SVP Holdings sold the 26-unit property for $4.6 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield | PICOR brokered the deal. In the second transaction, West Ina Center Marana Arizona LLC purchased a commercial building located at 3662 W. Ina Road in Tucson. Ina Meredith LLC sold the 8,917-square-foot asset for $3.1 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the buyer. Rick Volk of Volk Co. and Pete Villaescusa of CBRE represented the seller in the deal.

March 27, 2018

Acquisitions Multifamily Nevada Seniors Housing Western

Radiant Senior Living Buys Memory Care Community in Nevada

by Amy Works March 27, 2018

SPARKS, NEV. — Radiant Senior Living has acquired Arbors Memory Care, a seniors housing community in the Reno suburb of Sparks. The seller was the independent owner-operator of Arbors. The price was not disclosed. Radiant owns and operates 18 assisted living and memory care communities in the West.

March 27, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Facilitates Sale of $44.1M Apartment Building in Manhattan

by David Cohen March 26, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a 56,700-square-foot apartment building in Manhattan for $44.1 million. Located at 1274-1275 Fifth Ave., the six-story, 54-unit building sold at a capitalization rate of 2.71 percent. Former New York City Mayor Fiorello LaGuardia, who held office from 1934-1945, lived in the penthouse of the building shortly before Gracie Mansion became the official mayoral residence in 1942. Billy Billitzer of Rosewood Realty represented the buyer, Akelius Real Estate Management. Aaron Jungreis, also of Rosewood, represented the seller, Ofer Yardeni’s Stonehenge Partners. The property is located just east of Central Park on Fifth Avenue’s Museum Mile.

March 26, 2018

Acquisitions Multifamily Texas

NewQuest Brokers Sale of 426-Unit Apartment Community in Houston

by Taylor Williams March 26, 2018

HOUSTON — NewQuest Properties has brokered the sale of Chateaux Dijon Apartments, a 426-unit multifamily community located at 5331 Beverly Hill St. in Houston’s Galleria neighborhood. The property consists of one-, two- and three-bedroom units ranging from 510 to 1,380 square feet. Amenities include several pools, a fitness center, coffee bar, dog park, conference room and a business center. Glenn Dickerson of NewQuest Properties represented the seller, FHB Beverly Hill LP, and procured the buyer, Florida-based investment firm Avesta Communities LLC. The property was developed in the 1960s and renovated in 2016.

March 26, 2018

Acquisitions Multifamily New York Northeast

GFI Realty Services Brokers Sale of 46-Unit Apartment Building in Brooklyn for $12.5M

by David Cohen March 26, 2018

NEW YORK CITY — GFI Realty Services has arranged the sale of a six-story, 46-unit apartment building in the Bay Ridge neighborhood of Brooklyn for $12.5 million. The pre-war property, located at 218 74th St., consists of 16 studios, 28 one-bedroom units and a couple of two-bedroom units, all of which are rent-stabilized. Yosef Katz and Natan Safdieh of GFI Realty represented the seller in the transaction, Madeleine Behette, a local investor. Erik Yankelovich, also of GFI, procured the buyer, Meridian Properties. The property is located on a tree-lined block between Ridge Boulevard and 3rd Avenue.

March 26, 2018

Acquisitions Multifamily Texas

NAPA Ventures Sells 144-Unit Multifamily Community in Arlington

by Taylor Williams March 26, 2018

ARLINGTON, TEXAS — NAPA Ventures has sold Parkside Townhomes, a multifamily community in Arlington that features 144 rentable townhome units. The property, which is located within three miles of AT&T Stadium and Globe Life Park, offers two- and three-bedroom units and a pool. Prior to the sale, NAPA invested in capital improvements to the property’s landscaping, parking lots and exterior lighting, as well as the cabinets, countertops and floors of the units. The buyer was not disclosed.

March 26, 2018

Acquisitions Multifamily New York Northeast

Westbridge Realty Arranges Sale of Six-Unit Apartment Building in Queens for $2.2M

by David Cohen March 26, 2018

NEW YORK CITY — Westbridge Realty Group has arranged the sale of a 5,600-square-foot apartment building located at 20-35 Gates Ave in the Ridgewood neighborhood of Queens. The vacant six-unit building, which was built in 1930, sold for $2.2 million. The sales price equates to $379,000 per unit. Adam Traub and Isaac Shrem of Westbridge Realty represented both the buyer, an active investor in Queens, and the seller, a long-term holder who purchased the property in 1985.

March 26, 2018

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