Multifamily

Rockpoint Group Buys 365-Unit Town City Center Apartments Near Miami for $87M

by Nellie Day August 9, 2017

PEMBROKE PINES, FLA. — Rockpoint Group has purchased the 365-unit Town City Center apartment complex in the Miami suburb of Pembroke Pines for $87 million. The Class A community is located at 10700 S.W. City Center Blvd. in Broward County’s master-planned Pembroke Pines City Center development. The seller was The Related Group. Town City Center was built in 2016. It is situated on 11 acres near upscale shopping centers, golf courses, restaurants and nightlife, with Miami and Fort Lauderdale just 20 miles away. Pembroke Pines City Center is also expected to deliver a new retail concept adjacent to the property’s waterfront site. The garden-style community offers studio to three-bedroom apartments, as well as two-bedroom townhouses with attached garage entry. In-unit features include patios and porches, washers and dryers, porcelain tiling, stainless steel appliances, and designer vanities. The pet-friendly complex also boasts a two-level fitness studio, pool deck, cabanas, private waterside dock, private screening room and tennis courts. VStarr Interiors designed Town City Center. Greg Engler, Roberto Pesant and Chris Conklin of Walker & Dunlop’s investment sales team represented both the buyer and seller. “This transaction exemplifies strong investor demand for well-located, stabilized core assets across the South Florida multifamily market,” …

August 9, 2017

Colorado Multifamily Western

Jackson Square Properties Purchases Gateway Park Apartments for $75.2M

by Nellie Day August 8, 2017

DENVER — Jackson Square Properties has acquired the 328-unit Gateway Park Apartments in Denver for $75.2 million. The community is located at 4255 Kittredge St., near Interstate 70 and Pena Boulevard in northeast Denver. Community amenities include two swimming pools with sundecks and all-season spas; outdoor dining area with gas grills; private lake with fishing and beach; walking and jogging path along the adjacent nature preserve; state-of-the-art fitness center, clubhouse with fireplace and kitchenette; business center; and community recycling program. The property was 98 percent leased at closing. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens represented the seller, a joint venture between Griffis Residential and PCCP, in this transaction.

August 8, 2017

Affordable Housing Maryland Multifamily Southeast Virginia

CBRE Brokers Sale of 43-Property Affordable Housing Portfolio in Mid-Atlantic

by Camren Skelton August 8, 2017

COLUMBIA, MD. — CBRE Affordable Housing has arranged the sale of a 43-property, 4,153-unit affordable housing portfolio spread across Maryland, Virginia and Pennsylvania. Jeff Kunitz of CBRE arranged the transaction on behalf of the seller, Baltimore-based Shelter Group. Columbia, Md.-based Enterprise Community Investment purchased the portfolio for an undisclosed price. The portfolio includes 35 properties across Maryland, one property in Virginia and seven properties in Pennsylvania. All of the properties contain LIHTC, HAP or Senior Housing restrictions, and two were under new construction at the time of sale. In addition to the portfolio, Enterprise Community Investment acquired the property management company that operated the Shelter Group’s affordable housing portfolio.

August 8, 2017

Multifamily Southeast Student Housing West Virginia

Nelson Brothers Purchases Student Housing Property Near West Virginia University for $39M

by Camren Skelton August 8, 2017

MORGANTOWN, W.VA. — Nelson Brothers Professional Real Estate LLC, a California-based company, has acquired Mountain Valley Apartments, a student housing complex located roughly three miles from West Virginia University in Morgantown, for $39 million. Constructed in 1998, the 344-unit property includes a mix of one-, two- and three-bedroom floor plans and features a 24-hour fitness center, swimming pool, full-size gym, volleyball court, dog park, cyber café, game room and an outdoor picnic and grilling area. With this acquisition, Nelson Brothers owns 35 student housing properties in 13 states.

August 8, 2017

Florida Multifamily Southeast

Marcus & Millichap Arranges $13.5M Sale of Multifamily Property Near Fort Lauderdale

by Camren Skelton August 8, 2017

OAKLAND PARK, FLA. — Marcus & Millichap has brokered the $13.5 million sale of The Oasis, a 141-unit apartment community located at 3860 N. Andrews Ave. in Oakland Park, roughly four miles north of Fort Lauderdale. Daniel Cunningham, Derek Gibbs and Evan Richardson of Marcus & Millichap arranged the transaction on behalf of the seller, an undisclosed limited liability company, and procured the buyer, an individual/personal trust. The Oasis comprises seven buildings situated on five individual parcels totaling 3.7 acres. The property features two swimming pools.

August 8, 2017

Alabama Multifamily Southeast

Inland Residential Trust Acquires 332-Unit Apartment Community in Montgomery

by Camren Skelton August 8, 2017

MONTGOMERY, ALA. — Inland Residential Properties Trust Inc. has purchased The Verandas at Mitylene, a 332-unit multifamily community located at 8850 Crosswind Drive in Montgomery. Mark Cosenza of Inland Real Estate Acquisitions and Brett Smith of The Inland Real Estate Group LLC represented Inland Residential Trust in the transaction. Constructed in 2007, The Verandas at Mitylene comprises 14 three-story buildings and includes a mix of one-, two- and three-bedroom units. The property also features a clubhouse, 24-hour fitness center, playground, car care center, business center and a swimming pool. The asset was 91 percent occupied as of June 30.

August 8, 2017

Affordable Housing Illinois Midwest Multifamily

$14.1M Affordable Housing Complex Opens on West Side of Chicago

by Kristin Harlow August 8, 2017

CHICAGO — Harvest Homes, a 36-unit affordable housing complex, has opened in Chicago’s East Garfield Park. People’s Community Development Association of Chicago Inc. and The NHP Foundation developed the $14.1 million project. The property, located at 3512-46 W. Fifth Ave. on the city’s West Side, consists of four three-story buildings. The complex features a mix of two- to four-bedroom apartment units for residents earning up to 60 percent of the area median income. City support for the project included $1 million in tax increment financing and approximately $1.4 million in low-income housing and donation tax credits that generated $12.7 million in equity for the project. Other funding sources included a grant from the Federal Home Loan Bank and a private mortgage loan. The project is part of the city’s five-year housing plan to commit $1.3 billion in public and private funds to build, rehabilitate or preserve 41,000 units of affordable housing by the end of 2018.

August 8, 2017

Multifamily New Jersey Northeast

Joint Venture Breaks Ground on Condo Project in Hoboken, New Jersey

by Amy Works August 8, 2017

HOBOKEN, N.J. — 722 Jefferson St LLC, a joint venture between Derby Consulting and Crimson Capital, has broken ground for a condominium project located at 722 Jefferson St. in Hoboken. The five-story building will feature 15 residences in two- and three-bedroom layouts with deeded parking spaces; 2,000 square feet of courtyard space; two private rear yards and three private 930-square-foot roof decks. Minervini Vandermark is serving as architect and Fields Construction Co. is serving as construction manager and general contractor for the project, which is slated for completion by spring 2018.

August 8, 2017

Multifamily New York Northeast

TerraCRG Brokers $14.5M Sale of Residential Development Site in Brooklyn

by Amy Works August 8, 2017

NEW YORK CITY — TerraCRG has arranged the sale of a residential development site located at 172 Montrose Ave. in Brooklyn’s East Williamsburg neighborhood. An undisclosed buyer acquired the 17,000-square-foot site for $14.5 million. The site is zoned for 51,000 buildable square feet of residential space. Ofer Cohen, Dan Marks, Nicole Rabinowitsch and Mike Hernandez of TerraCRG brokered the transaction. The name of the buyer was not released.

August 8, 2017

Multifamily Texas

CMC Opens 230-Unit Apartment Complex in North Dallas

by Taylor Williams August 8, 2017

DALLAS — CMC/Commercial Realty Group has opened Modena, a 230-unit apartment complex located at 8275 Walnut Hill Lane in north Dallas. The five-story property features amenities such as indoor parking, a pool and a social lounge. Bob Moore Construction served as general contractor on the project, which represents CMC’s second multifamily development in Texas.

August 8, 2017

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