Multifamily

McShane Breaks Ground on 295-Unit Luxury Apartment Complex in Lombard, Illinois

by Kristin Harlow July 27, 2017

LOMBARD, ILL. — Greystar has selected McShane Construction Co. to build Elan Yorktown, a 295-unit luxury apartment complex in the Chicago suburb of Lombard. The four-story property is under construction on a six-acre parcel at 50 Yorktown Shopping Center. The building will feature a mix of studio, one-, two and three-bedroom units. Amenities will include exterior courtyards, a fitness center, golf simulator room, theater room, library, clubroom, pool and grilling stations. ESG Architects is providing the architectural services for the project, slated for completion in May 2019.

July 27, 2017

Loans Mixed-Use Multifamily New York Northeast Office Retail

HFF Arranges $28M in Refinancing for Mixed-Use Building in Brooklyn

by Amy Works July 27, 2017

NEW YORK CITY — HFF has arranged $28 million in refinancing for a mixed-use building located at 110 Fourth Ave. in Brooklyn’s Boerum Hill neighborhood. Scott Aiese of HFF secured the 10-year, fixed-rate, interest-only loan for the undisclosed borrower. The property features 49 residential units in a mix of studio, one- and two-bedroom layouts, and 5,197 square feet of retail and medical office space on the ground level. On-site amenities include a concierge, common room and fitness center. Additionally, most units feature balconies and/or in-unit washers and dryers. Built in 2007, the property was 100 percent leased at the time of financing.

July 27, 2017

Multifamily New York Northeast

Akelius Buys Multifamily Building in Brooklyn for $7.2M

by Amy Works July 27, 2017

NEW YORK CITY — Akelius has acquired a multifamily building located at 185 Prospect Park West in Brooklyn. A private local investor sold the property for $7.2 million, or $725,000 per unit. Built in 1920, the building features 10 apartment units. Michael Stimler of Greysteel represented the buyer and seller in the transaction.

July 27, 2017

Colorado Multifamily Western

CBRE Global Investors Fund Purchases 227-Unit Apartment Community Near Denver

by Nellie Day July 26, 2017

DENVER — A fund advised by CBRE Global Investors has acquired Viridian at the Gardens on Havana near Denver for an undisclosed sum. The 227-unit garden-style community is located at 10901 E. Garden Drive in Aurora. Viridian is two miles from a light rail station that is scheduled to open later this year. It sits adjacent to the 500,000-square-foot Gardens on Havana Shopping Center. The Class A community is nearly 95 percent occupied. ARA represented the seller.

July 26, 2017

Hospitality Multifamily New Jersey Northeast

Korman Communities, Rockefeller Group Open 256-Unit Flexible-Stay Residences in New Jersey

by Amy Works July 26, 2017

FLORHAM PARK, N.J. — Korman Communities and Rockefeller Group have opened AVE Florham Park, a flexible-stay residential community located at 90 Park Ave. in Florham Park. The 256-unit community is designed for extended-stay business travelers and individuals in transition. AVE Florham Park features 65,000 square feet of indoor and outdoor amenity space, including courtyards, a pool, fire pits, 24-hour business center, conference room, media theatre, spa room, a 3,600-square-foot fitness center and a 24-hour resident service team. The property is located within The Green at Florham Park, Rockefeller Group’s 268-acre master-planned development.

July 26, 2017

Multifamily Northeast Pennsylvania

High Real Estate Group Acquires 412-Unit Multifamily Portfolio in Central Pennsylvania

by Amy Works July 26, 2017

LANCASTER, ELIZABETHTOWN AND LEBANON, PA. — High Real Estate Group has purchased a four-property, value-add multifamily portfolio in Central Pennsylvania from Equus Capital Partners for an undisclosed price. The portfolio comprises the 112-unit Greenview Terrace and 85-unit Barrcrest Manor in Lancaster, the 128-unit Village Green in Elizabethtown and the 87-unit Lebanon Court in Lebanon. Mark Thomson, Carl Fiebig, Francis Coyne, Jose Cruz and Matthew Lawton of HFF represented the seller in the transaction. High Real Estate acquired the portfolio free and clear of debt.

July 26, 2017

Multifamily New York Northeast

Ariel Property Advisors Negotiates $15.8M Sale of Two Apartment Buildings in Manhattan

by Amy Works July 26, 2017

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a two-building multifamily portfolio located at 517 W. 180th St. and 570 W. 182nd St. in the Washington Heights neighborhood of Manhattan. A private investor acquired the portfolio for $15.8 million. Totaling 37,305 square feet, the portfolio features 51 residential units in one-, two-, three- and five-bedroom layouts. Thirty-nine of the units are rent stabilized and 12 are free-market apartments. Michael Tortorici, Victor Sozio, Matthew Gillis and Shimon Shkury of Ariel Property Advisors represented the seller, a private investor, and the buyer in the deal.

July 26, 2017

Multifamily Northeast Pennsylvania Student Housing

Campus First Student Living to Develop 152-Bed Student Housing Expansion in Slippery Rock, Pennsylvania

by Amy Works July 26, 2017

SLIPPERY ROCK, PA. — Campus First Student Living is developing the second phase of University Village at Slippery Rock in Slippery Rock. Located in close proximity to Slippery Rock University, the second phase will include five buildings totaling 44 units and 152 beds. The unit mix will include two-bed/two-bath, three-bed/three-bath and four-bed/four-bath layouts. All residences will feature stainless steel, high-efficiency appliances, new furniture packages and granite counter tops. Construction is slated to begin by June 2018. The first phase of the property consists of 200 units and 632 beds in two-bed/two-bath and four-bed/four-bath layouts.

July 26, 2017

Multifamily Texas

IPA Arranges Sale of 308-Unit Multifamily Asset in San Antonio

by Taylor Williams July 26, 2017

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Aura at the Rim, a 308-unit multifamily asset in San Antonio. Built in 2016 on 11-plus acres, the property is located within The Rim, a 3 million-square-foot shopping center on the city’s northwestern side. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller, a Dallas-based developer and procured the buyer, a Chicago-based investor.

July 26, 2017

Multifamily Texas

Muskin Brokers Sale of 78-Unit Apartment Complex in Austin

by Taylor Williams July 26, 2017

AUSTIN, TEXAS — Muskin Commercial LLC has brokered the sale of Eastside Commons, a 78-unit apartment complex located at 2401 Manor Road in Austin. Ellen Muskin and Daniel Elam of Muskin represented the seller, a California-based partnership. Nick Cochrane and Jesse Mamuhewa of Campus & Central Properties represented the buyer, EUP Partners LLC. Vista Bank provided financing for the acquisition.

July 26, 2017

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