Multifamily

Castle Lanterra Acquires Apartment Community in West Palm Beach for $63.5M

by Camren Skelton July 26, 2017

WEST PALM BEACH, FLA. — Castle Lanterra Properties (CLP) has purchased Loftin Place, a 259-unit multifamily community in West Palm Beach, for $63.5 million. Avery Klann of ARA Newmark brokered the transaction on behalf of the seller, Cypress Real Estate Advisors. David Layman of Greenberg Traurig and Mitch Clarfield of Berkely Point Capital represented CLP. Constructed in 2015, Loftin Place includes a mix of studio, one- and two-bedroom floor plans, and features a rooftop tennis court, jogging track, gazebo, sundeck, swimming pool, fitness center, yoga studio and grilling stations.

July 26, 2017

Florida Multifamily Southeast

Cushman & Wakefield Brokers $47M Sale of Multifamily Asset in Orlando

by Camren Skelton July 26, 2017

ORLANDO, FLA. — Cushman & Wakefield has arranged the $47 million sale of Advenir at Broadwater, a 408-unit apartment community located at 6677 Tanglewood Bay Drive in Orlando. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented Advenir in the sale to Emma Capital, which assumed a Freddie Mac loan with six years remaining on the term. Constructed in 1988, the property features two swimming pools, a clubhouse, fitness center, racquetball court, business center, picnic areas, grilling station and a dog park.

July 26, 2017

Massachusetts Multifamily Northeast Top Stories

Bell Partners Buys 196-Unit Olmsted Place Apartments in Boston for $103M

by Nellie Day July 26, 2017

BOSTON — Bell Partners has purchased the 196-unit Olmsted Place apartment complex in the Boston submarket of Jamaica Plain for $103 million. The community is located at 161 S. Huntington Ave. Olmsted Place debuted in 2015. It is fully leased. The community overlooks Jamaica Pond, part of the Emerald Necklace park system designed by legendary landscape architect Frederick Law Olmsted. The seller was a joint venture between Boston Residential Group and the Carlyle Group. The JV purchased the site in 2012 for $10 million from Home for Little Wanderers, a nonprofit, then completed the development. “We are thrilled to have created a win for our partnership and for the City of Boston by creating middle-class housing in a community that has long needed it,” says Curtis Kemeny, CEO of Boston Residential Group. Olmsted Place features studios to three-bedroom units. The units range in size from 530 square feet to 1,300 square feet. The community was the first new residential project for several decades in a rapidly improving section of Jamaica Plain. Boston Residential Group is a residential developer with projects in Boston submarkets such as Back Bay, South Boston and the Charlestown Navy Yard. The Carlyle Group is a Washington, …

July 26, 2017

Multifamily New Jersey Northeast

Azure Partners Completes Sale of 219-Unit Apartment Property in Newark, New Jersey

by Amy Works July 25, 2017

NEWARK, N.J. — Azure Partners has completed the disposition of The Addison, two 15-story apartment towers located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark, for an undisclosed price. The property features 219 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 700 square feet to 1,750 square feet. At the time of sale, the property was 99 percent occupied. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal. The name of the buyer was not released.

July 25, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Structured Finance Secures $12.1M Loan for Mixed-Use Building in the Bronx

by Amy Works July 25, 2017

NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse, interest-only loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves. David Cohen of Ready Capital negotiated the financing.

July 25, 2017

Loans Multifamily Oregon Seniors Housing Western

Capital One Closes $12M HUD Refinancing for 128-Bed Skilled Nursing Facility Near Portland

by Nellie Day July 25, 2017

GRESHAM, ORE. — Capital One has provided a $12 million fixed-rate HUD 232/223(f) loan to refinance Regency Gresham, a 128-bed skilled nursing facility in the Portland suburb of Gresham. Regency Gresham was built in 1960 and expanded in 1976. The owners recently converted four-person rooms and semi-private rooms to private ones. The sponsors will use proceeds of the loan to extend their renovation program to other areas of the facility, modernize the building’s infrastructure, improve common area appearance, and enable additional therapy services. Joshua Rosen originated the transaction.

July 25, 2017

Multifamily Southeast Virginia

ARA Newmark Closes $100.5M Sale of Multifamily Portfolio in Metro D.C.

by Camren Skelton July 25, 2017

FREDERICKSBURG, VA. — ARA Newmark has arranged the $100.5 million sale of two Class B apartment communities in Fredericksburg: the 200-unit Madison Falls Run and the 476-unit Madison England Run. Centrally located between Richmond, Va., and Washington, D.C., the properties were acquired by Newport News, Va.-based Chandler Management. Drew White, Mike Marshall and Jim Pope of ARA Newmark represented the seller, Philadelphia-based Equus Capital Partners, in the transaction. Constructed in 1989, Madison Falls Run includes a mix of one- and two-bedroom floor plans. Madison England Run, built in three phases in 1991, 1999 and 2001, features a mix of one-, two- and three-bedroom units. Together, the portfolio features amenities including a swimming pool, fitness center, tennis courts and sundecks. Both properties were 95 percent occupied at the time of sale.

July 25, 2017

Florida Multifamily Seniors Housing Southeast

Marcus & Millichap Arranges $30M Sale of Seniors Housing Community Near Miami

by Camren Skelton July 25, 2017

CUTLER BAY, FLA. — Marcus & Millichap has brokered the $30 million sale of Cabana Club, a 332-unit, Section 42 Low Income Housing Tax Credit community for seniors in Cutler Bay, roughly 20 miles south of Miami. The independent living community features a pool, fitness center and a clubhouse. Evan Kristol and Felipe Echarte of Marcus & Millichap represented the seller, a New York-based investment group, and procured the undisclosed buyer.

July 25, 2017

Multifamily Texas

Lee Development to Build 35-Story Apartment Tower in Austin

by Taylor Williams July 25, 2017

AUSTIN, TEXAS — Lee Development & Construction is building 48 East Avenue, a 35-story apartment tower in Austin’s Rainey Street District. The property will offer 250 units averaging approximately 850 square feet per unit, a pool, fitness center and a coffee bar. The project will also deliver 3,000 square feet of retail space and a 10-story parking garage. A timetable for delivery has not yet been established.

July 25, 2017

Market Reports Multifamily Washington Western Western Market Reports

Tech Growth Fuels Apartment Market All Around Puget Sound

by Camren Skelton July 25, 2017

From the hottest commercial submarkets, such as Downtown Seattle’s South Lake Union neighborhood, to far-flung suburbs like Lynnwood, the Puget Sound multifamily market has been firing on all cylinders lately. A major reason for this is the huge growth in tech employment throughout the Puget Sound region. Tech employment in the region has grown almost 87 percent since 2001, and more than 80 tech-based companies have opened engineering offices in Seattle in the past five years. Demand for engineering and creative talent has pushed salaries up. Salaries for tech workers in Seattle are 9 percent higher than the national average. Seattle offers the highest salaries in the nation for positions like vice president of engineering ($253,488) and director of product ($228,482). Demand for talent is also having a major impact on demand for apartments. In South Lake Union, where vacancy is 3.5 percent, demand among renters for apartment units continues to be strong. This is driving tremendous interest among multifamily investors. Newly built, high-quality properties like the 282-unit Radius apartment community lease up very quickly. A joint venture between Kennedy Wilson and Lefrak purchased the just-completed asset in February for $141 million. Radius is a prime example of the quality …

July 25, 2017

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