Multifamily

High Street Residential, MetLife Start Construction of 190-Unit Multifamily Property in Phoenix

by Amy Works March 13, 2018

PHOENIX — High Street Residential and MetLife Investment Management have started construction of The Osborn Residences, a five-story residential building located at Seventh Avenue and Osborn Road in midtown Phoenix. The project will feature 190 apartments ranging in size from 583 square feet to 1,358 square feet, as well as a five-story parking garage. On-site amenities will include a club room with buffet kitchen, lounge spaces, gaming area, Wi-Fi access throughout the common areas, fitness room, bike storage, dog spa, valet trash service and guest suite for visitors. Additionally, the community will feature a resort-style pool, courtyard, shaded lounge areas, fire pits, outdoor kitchen and grills, hammocks and a yoga lawn. The project team includes Chasse Building Team, ESG Architects, Kimley Horn and Meyer/Borgman/Johnson. The project is scheduled to open in August 2019.

March 13, 2018

Connecticut Multifamily Northeast

Chozick Realty Brokers Sale of 455-Unit Multifamily Portfolio for $48.2M

by Kristin Harlow March 12, 2018

GROTON, WALLINGFORD AND NEW LONDON, CONN. — Chozick Realty Inc. has brokered the sale of a five-property multifamily portfolio consisting of 455 units in Groton, Wallingford and New London for $48.2 million. Chozick Realty represented the seller, The Tree Group, in the transaction and procured the undisclosed buyer. Four complexes in the portfolio totaling 275 units are located in New London and Groton, in southeastern Connecticut midway between Boston and New York. The fifth property, totaling 180 units, is located in Wallingford, 14 miles north of New Haven. All five properties in the portfolio have full amenity packages including swimming pools, tennis courts, fitness centers, community rooms, walking trails and picnic areas.

March 12, 2018

Loans Multifamily Northeast Pennsylvania

HFF Arranges $14.5M in Equity for 248-Unit Multifamily Complex in Suburban Philadelphia

by Kristin Harlow March 12, 2018

KING OF PRUSSIA, PA. — HFF has arranged $14.5 million in preferred equity for the development of Skye 750, a 248-unit, midrise apartment community located 20 miles northwest of Philadelphia in King of Prussia. HFF worked on behalf of the developer, LeCesse Development Corp., to arrange the equity from Parse Capital. Slated for completion in 2020, Skye 750 will feature a resort-style clubhouse with fitness center, a cyber café, juice bar, private movie theater, game room, sauna, fire pit and resident lounges throughout, as well as an outdoor courtyard with an infinity swimming pool. The 5.2-acre site is situated just off Route 422 in the center of the King of Prussia Business Park.

March 12, 2018

Multifamily New Jersey Northeast

Goldstein Group Facilitates Sale of Redevelopment Site Near New York City

by Kristin Harlow March 12, 2018

BOGOTA, N.J. — The Goldstein Group has completed the sale of a redevelopment site located at 250 and 300 West Fort Lee Road in Bogota, New Jersey. The site will become a multifamily mixed-use development. Lew Finkelstein and CJ Huter of the Goldstein Group represented both the seller, BR Colony Holdings, and the buyer, River Club Development, in the transaction. The site is slated for 421 residential apartments across five buildings, along with 8,000 square feet of ground-floor retail space. Amenities planned for the site include a pool, clubhouse, dog park and walkway promenade along the Hackensack River. Once completed, the development could increase Bogota’s population of 8,200 people by around 10 percent, according to Goldstein. Bogota is 12 miles northwest of Manhattan and 14 miles north of Jersey City.

March 12, 2018

Affordable Housing District of Columbia Multifamily Southeast

NHP Foundation Acquires Affordable Housing Community in D.C. for $44.6M

by Camren Skelton March 12, 2018

WASHINGTON, D.C. — The NHP Foundation (NHPF) has acquired Woodmont Crossing Apartments, a 176-unit affordable housing community in Washington, D.C., for $44.6 million. The District of Columbia Housing Finance Agency (DCFHA) provided a $25.5 million acquisition loan for NHPF through the U.S. Department of Housing and Urban Development (HUD). In addition, the Royal Bank of Canada provided $12.1 million in low-income housing tax credits (LIHTC) on behalf of the NHPF. The Woodmont Crossing United Tenants Association selected NHPF to acquire the property as part of the D.C. Tenant Opportunity to Purchase Act (TOPA). The deal marks NHPF’s fifth TOPA acquisition in the D.C. area. As part of the agreement, NHPF will invest $42,000 per unit to upgrade kitchen and bath areas, as well as making 5 percent of the units fully handicap accessible. The property was originally constructed in 2002. All of the units are reserved for residents earning 60 percent of the area median income (AMI).

March 12, 2018

Georgia Loans Multifamily Southeast

Trez Forman Provides $13.5M Construction Loan for Multifamily Development in Metro Atlanta

by Camren Skelton March 12, 2018

HIRAM, GA. — Trez Forman Capital Group has provided a $13.5 million construction loan for the development of Greystone, a 115-unit apartment community in Hiram, roughly 26 miles northwest of Atlanta. Greystone Development Partners LLC is developing the community, which will feature townhome-style units. Community amenities will include a pool, outdoor cooking station, dog park, fitness center and a WiFi café. Trez Forman, a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group, is projected to complete more than $400 million in deals in 2018.

March 12, 2018

California Multifamily Western

IPA Negotiates $50M Sale of Two-Property Multifamily Portfolio in Fairfield, California

by Amy Works March 12, 2018

FAIRFIELD, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property multifamily portfolio located in Fairfield. Jackson Square Properties purchased the portfolio from Fairfield Quail Terrace and Fairfield Sheffield Greens for $50 million, or $185,450 per unit. The 268-unit portfolio consists of Avery Park Apartments and Bennington Apartments. Constructed in 1986, both properties feature park-like settings with landscaped greenbelts. Avery Park Apartments and Bennington Apartments offer one- and two-bedroom floor plans with average unit sizes of 884 square feet and 864 square feet, respectively. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the sellers in the transaction.

March 12, 2018

988-El-Camino-Real-South-San-Francisco-CA

California Mixed-Use Multifamily Retail Western

SummerHill Apartment Communities Receives Approval for Mixed-Use Project in South San Francisco

by Amy Works March 12, 2018

SOUTH SAN FRANCISCO, CALIF. — The City Council of South San Francisco has approved SummerHill Apartment Communities’ plans for a mixed-use community at 988 El Camino Real in South San Francisco. Serving as the gateway to the city’s El Camino Real/Chestnut Area, the development is located across from the future site of the Community Civic Campus, adjacent to Centennial Way Trail and near the Bay Area Rapid Transit station. KTGY Architecture + Planning designed the six-story project featuring 172 apartments ranging in size from studios to two-bedroom units and 11,000 square feet of ground-floor retail space. On-site amenities will include a lounge, fitness studio, bike hub, dog park, club room, two resort-style courtyards with spa, fire pits, outdoor kitchen and dining areas, lounge areas, and spur trail connecting to Centennial Way Trail. Additionally, the project will feature commercial and visitor parking at the ground level, a 212-space underground parking garage for residents, 130 bike parking spaces and electric vehicle charging stations.

March 12, 2018

Multifamily Texas

StreetLights Residential to Develop $50M Apartment Community in Austin

by Taylor Williams March 12, 2018

AUSTIN, TEXAS — Dallas-based StreetLights Residential will develop a 373-unit multifamily community within the 129-acre Austin Presidio development situated on Austin’s northwest side. The property, which has roughly $50 million in project costs, will be situated on 8.5 acres at the corner of Lakeline Mall Boulevard and Lyndhurst Street. The new community will be StreetLights’ second at Austin Presidio following The Michael, a 415-unit community that was completed in September 2016 and is approaching full occupancy. Steve Williamson of Transwestern represented StreetLights Residential in the land sale. Williamson also represented the seller, Austin 129 LLC, in that transaction.

March 12, 2018

Multifamily Texas

IPA Negotiates Sale of 448-Unit Apartment Community in North Dallas

by Taylor Williams March 12, 2018

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Churchill on the Park, a 448-unit multifamily community located near the Interstate 635/U.S. Highway 75 interchange in north Dallas. The property offers one- and two-bedroom units and amenities such as a resort-style pool, fitness center with classes, access to jogging and biking trails, outdoor cabanas with fireplace and grills and a billiards room. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, a New York-based pension fund advisor, in the transaction. The IPA team also procured the buyer, TH Real Estate, a global investment firm.

March 12, 2018

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