Multifamily

Colliers Brokers $1.9M Sale of Apartment Property in Paterson, New Jersey

by Amy Works April 25, 2018

PATERSON, N.J. – Colliers International has arranged the sale of Cooke Mills, an apartment building located at 19 Market St. in Paterson. A private investor purchased the property from an undisclosed seller for $1.9 million, or $135,750 per unit. The three-story building features 14 apartments in a mix of two- and three-bedroom layouts. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller and marketed the transaction in conjunction with Ten-X, an online transaction platform for commercial real estate.

April 25, 2018

Georgia Loans Multifamily Southeast Student Housing

NorthMarq Secures $6.4M Acquisition Loan for Student Housing Community in Milledgeville, Georgia

by Camren Skelton April 25, 2018

MILLEDGEVILLE, GA. — NorthMarq Capital has arranged a $6.4 million acquisition loan for Prospect Milledgeville, a 141-bed student housing community in Milledgeville. The community is located less than a mile from Georgia College & State University, Georgia Military College and downtown Milledgeville. Lee Weaver of NorthMarq’s Tampa office arranged the 12-year loan with a 30-year amortization schedule on behalf of the undisclosed borrower. Prospect Milledgeville features a resort-style pool, 24-hour fitness center, clubhouse with a grilling station and on-site management.

April 25, 2018

Arizona Loans Multifamily Western

HFF Secures $29.3M Acquisition Financing for 256-Unit Apartment Property in Suburban Phoenix

by Amy Works April 25, 2018

CHANDLER, ARIZ. — HFF has arranged $26.3 million in financing for Greentree Place, an apartment property located at 250 S. Elizabeth Circle in Chandler, a suburb of Phoenix. Josh Simon and Brad Miner of HFF worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA-managed fund. The five-year, floating-rate loan was used to acquire the property and includes a future-funding component to provide the borrower with a capital expenditure program. The 256-unit property features a mix of one- and two-bedroom layouts, resort-style swimming pool, spa, tennis court, volleyball court, fitness center, business center and courtyards with a community playground.

April 25, 2018

Loans Montana Multifamily Western

Newmark Arranges $11.8M Refinancing for Apartment Community in Bozeman, Montana

by Amy Works April 25, 2018

BOZEMAN, MON. — Newmark has secured $11.8 million in permanent financing for Creekside Apartments in Bozeman. The new apartment building includes 72 residential units. Demetri Koston of Newmark’s Spokane, Wash., office arranged the financing for the undisclosed borrower. The non-recourse loan features five years of interest-only payments followed by a 30-year amortization schedule.

April 25, 2018

Acquisitions Illinois Midwest Multifamily

Essex Brokers $25.2M Sale of Two Apartment Properties in Chicago Area

by Kristin Harlow April 25, 2018

CHICAGO AND GLENVIEW, ILL. — Essex Realty Group Inc. has brokered the sale of two apartment properties in the Chicago area for $25 million. One of the properties is a 31-unit building located at 1545 W. North Ave. in Chicago’s Wicker Park neighborhood. Doug Imber, Kate Varde and Clay Maxfield of Essex represented the seller and developer, Sedgwick Properties. The Supera family purchased the asset for $12.1 million. The other is a 36-unit building located at 1202 Waukegan Road in Glenview. Matt Welke of Essex represented the seller and developer, Riverforest Development LLC. Doug Fisher and Vic Ciancetta of Essex represented the buyer, an out-of-state private investor who purchased the asset for $13.1 million.

April 25, 2018

Acquisitions Illinois Midwest Multifamily

Interra Brokers $30M Condo Deconversion Sale in Chicago

by Kristin Harlow April 24, 2018

CHICAGO — Interra Realty has brokered the $30 million deconversion sale of a 15-story condominium building in Chicago’s Lakeview East neighborhood. The property is located at 445 W. Wellington Ave. The buyer, Beal Properties, plans to turn the 65-year-old building’s 117 condos into rental apartments. All 117 units contain one bedroom and one bath. David Goss, Jon Morgan and Joe Smazal represented both the buyer and the seller, Wellington Place Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or lease back the unit from the new owner. “The deconversion trend will continue as demand for apartment buildings, especially in desirable North Side neighborhoods, keeps outpacing the available supply of buildings for investors,” says Smazal. “The deconversion trend still has legs, but there are headwinds (rising interest rates and slower rent growth) that should create a sense of urgency for associations which are considering a deconversion.”

April 24, 2018

Acquisitions Arizona Multifamily Western

IPA Negotiates $58.3M Sale of Apartment Complex in Phoenix

by Amy Works April 24, 2018

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Escape, an apartment complex located at 4700 N. 16th St. in downtown Phoenix. P.B. Bell sold the property to Weidner Apartment Homes for $58.3 million, or $239,139 per unit. Built in 2016, the property features 244 apartment units, a resident lounge with billiards tables and views of Camelback Mountain. Steve Gebing and Cliff David of IPA represented the seller and procured buyer in the transaction.

April 24, 2018

California Development Multifamily Student Housing Western

GMH Capital, AGC Equity Partners Plan 305-Bed Student Housing Community Near California State University – Sacramento

by Amy Works April 24, 2018

SACRAMENTO, CALIF. — GMH Capital Partners and AGC Equity Partners have announced plans for The Academy on 65th, a 305-bed student housing community located near California State University – Sacramento. The property will offer fully furnished units, alongside shared amenities including a fitness center, game room, motion studio, private and group study spaces, an outdoor courtyard and a hot tub. The main entrance will be situated along 65th Street, steps away from the Hornet Crossing entrance, a pedestrian and bike trail leading directly to campus. GMH recently announced its new partnership with AGC to acquire and develop core and value-add student housing properties. GMH University Housing will manage the community, with leasing set to begin in August 2018.

April 24, 2018

Acquisitions California Loans Multifamily Western

Greystone Provides $28.5M Fannie Mae Acquisition Loan for Multifamily Property in Sacramento

by Amy Works April 24, 2018

SACRAMENTO, CALIF. — Greystone has provided a $28.5 million Fannie Mae DUS loan for the acquisition of Carmel Pointe in Sacramento. Located at 7826 Center Parkway, the garden-style multifamily property features 22 two-story buildings offering a total of 332 residences. On-site amenities include two outdoor swimming pools, a spa, fitness center, clubhouse, playground, dog park, tennis court and five laundry rooms. Simon Herrmann, Todd Vitzthum and Cody Field of Greystone arranged the financing for the undisclosed borrower.

April 24, 2018

California Loans Multifamily Western

Greysteel Arranges $9M Refinancing for Multifamily Property in North Hills, California

by Amy Works April 24, 2018

NORTH HILLS, CALIF. — Greysteel has arranged $9 million in refinancing for Appletree Village Apartments, a multifamily property located at 9229 Sepulveda Blvd. in North Hills. John Mullen of Greysteel secured the 12-month bridge-to-HUD financing on behalf of a Los Angeles-based affordable housing developer. Built in 1982, the property features 125 units in a mix of two- and three-bedroom layouts.

April 24, 2018

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