Multifamily

Bell Partners Buys 196-Unit Apartment Community in Boston’s Jamaica Plain

by Amy Works July 21, 2017

BOSTON — Bell Partners has purchased Olmsted Place, an apartment community, located at 161 S. Huntington Ave. in the Jamaica Plain neighborhood of Boston, for an undisclosed price. Bell has renamed the 196-unit property Bell Olmsted Park, and Bell Partners will manage the community. Opened in late 2015, the property features a variety of studio, one-, two- and three-bedroom layouts, two elevated courtyards and surface and garage parking. The residences feature hardwood floors, granite countertops, stainless steel appliances and in-unit laundry facilities. On-site amenities include a resident lounge with bar and audio-visual equipment, a state-of-the-art fitness center, a heated pool and outdoor terraces. The name of the seller was not released.

July 21, 2017

Multifamily New York Northeast

TF Cornerstone Opens 714-Unit Apartment Development in Brooklyn

by Amy Works July 21, 2017

NEW YORK CITY — TF Cornerstone has completed the development of 33 Bond, a 25-story apartment development located in Brooklyn. Designed by Handel Architects, 33 Bond features 714 rental units in studio, one- and two-bedroom open-concept layouts, a 24-hour attended lobby, package attendant, club lounge with billiards table, screening room, designated event space, bicycle store, parking garage and an on-site pet grooming space. Residences feature white oak floors, state-of-the-art kitchens with stainless steel appliances, and floor-to-ceiling windows. Additionally, the property features HomeWork, a full-scale collaborative workspace, and 60,000 square feet of retail space occupied by Chelsea Piers, a fitness, health and lifestyle center, and Devocion, a Colombian coffee roaster.

July 21, 2017

Multifamily New York Northeast

Lourdes Realty Acquires 100-Unit Apartment Building in Brooklyn for $33M

by Amy Works July 21, 2017

NEW YORK CITY — Lourdes Realty Group has purchased a 100-unit apartment building located at 70 Dahill Road in the Kensington section of Brooklyn. Sentinel Real Estate Corp. sold the property for $33 million. Built in 1934, the 102,000-square-foot building features six studios, 61 one-bedroom, 26 two-bedroom and seven three-bedroom units. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.

July 21, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Sims Mortgage Funding Closes $6.4M HUD Loan for Affordable Community in New Jersey

by Amy Works July 21, 2017

MARGATE, N.J. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $6.4 million HUD loan for Margate Terrace, an affordable seniors housing community in Margate, a beach community near Atlantic City. The financing will provide cash for improvements and reserves. Margate Terrace Corp., which owns the property, can now preserve the Section 8 designation on the property. Community Realty Management is the operator. Margate Terrace Apartments was developed in the early 1990s under the HUD Section 202 Direct Loan Program. Its primary source of income is a Section 8 Housing Assistance Payment (HAP) Contract, which has a remaining term of approximately 16 years. The Section 8 subsidy is sufficient to fund operations and debt service obligations, but the project had growing capital needs that could not be financed from operations and current reserve balances. The project benefited from a PILOT (Pilot in Lieu of Taxes) and ground lease agreements from the City of Margate. The existing agreements did not meet HUD’s current loan program requirements and needed to be amended to recapitalize the project. Approximately $1.4 million in loan proceeds are escrowed for capital repairs, $350,000 was deposited into a replacement reserve fund and a 15 percent …

July 21, 2017

Multifamily New York Northeast

Cushman & Wakefield Arranges $4M Sale of Multifamily Development Site in Yonkers, New York

by Amy Works July 21, 2017

YONKERS, N.Y. — Cushman & Wakefield has brokered the sale of a multifamily development site located at 1065 and 1073 Warburton Ave. in Yonkers. RMS Warburton LLC acquired the 0.63-acre site for $4 million. Al Mirin, Kate Schwartz and Matthew Torrance of Cushman & Wakefield represented the undisclosed seller in the sale. The property at 1073 Warburton Ave. has been permitted for the intended construction of a nine-story, 79-unit rental apartment building to be built above an enclosed structured parking. The purchase of 1065 Warburton Avenue added approximately 0.18 acres to the overall property creating a combined site that is estimated to accommodate more than 100 units.

July 21, 2017

Florida Multifamily Southeast

Morgan Breaks Ground on Multifamily Community in Fort Lauderdale

by Camren Skelton July 21, 2017

FORT LAUDERDALE, FLA. — Morgan, in conjunction with institutional investors advised by J.P. Morgan Asset Management, has broken ground on Pearl Flagler Village, a 350-unit apartment community located at 400 N.E. 3rd Ave. in Fort Lauderdale. Situated along the Wave Streetcar line within Flagler Village, a mixed-use development, the project will include a mix of studio, one-, two- and three-bedroom floor plans. The seven-story property will also feature a business center, fitness center, yoga studio, gas grill stations, dog park and a heated saltwater pool. The first units of the development are slated to open in the second half of 2018.

July 21, 2017

Multifamily Student Housing Texas

EdR Opens 304-Bed Student Housing Property Near Texas State University

by Taylor Williams July 21, 2017

SAN MARCOS, TEXAS — Student housing developer EdR has opened The Local Downtown, a 304-bed, pedestrian-to-campus student housing property located at 210 N. Edward Gary St. in San Marcos. The property is located less than half a mile from Texas State University. Amenities include a pool, clubhouse, game room and a fitness center with a sauna.

July 21, 2017

California Mixed-Use Multifamily Retail Western

Trammell Crow Residential, KTGY Break Ground on $135M Mixed-Use Project in Oakland

by Nellie Day July 21, 2017

OAKLAND, CALIF. — Trammell Crow Residential and KTGY Architecture + Planning have broken ground on Alexan Webster, a mixed-use development being built on a parking lot at 2330 Webster St. in the Lake Merritt neighborhood of Oakland. Designed by KTGY, the 1.4-acre redevelopment project will feature a 234-unit apartment community, 15,000 square feet of street-front retail space and a public and residential parking garage. The $135 million sustainable development will also feature 5,000 square feet of indoor amenity and leasing office space, as well as a lap pool, business center, 24-hour fitness center, outdoor kitchen, bicycle repair center and storage and a rooftop deck. The residential component will feature a mix of studio, one- and two-bedroom apartments ranging in size from 610 square feet to 1,160 square feet. Completion is slated for summer 2019.

July 21, 2017

Midwest Minnesota Multifamily

CBRE Brokers $53.2M Sale of Apartment Property in Minneapolis

by Kristin Harlow July 21, 2017

MINNEAPOLIS — CBRE has brokered the sale of Track 29 in Minneapolis for $53.2 million. The 198-unit apartment property is located at 2841 Bryant Avenue South along the north side of the Midtown Greenway. The 148,082-square-foot building offers a mix of studio, one- and two-bedroom units. Amenities include an art gallery/exhibition space, rooftop terrace, Zen garden, saltwater pool and dog run. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, Bryant Apartments LLC, a local private investment partnership. An institutional buyer purchased the property.

July 21, 2017

Multifamily Oklahoma Student Housing Texas Top Stories

Joint Venture Breaks Ground on $194M Mixed-Use Project at University of Oklahoma

by Kristin Harlow July 21, 2017

NORMAN, OKLA. — A joint venture between Balfour Beatty Campus Solutions LLC and Provident Resources Group (PRG) has broken ground on the first phase of a $194 million mixed-use project at the University of Oklahoma in Norman. The development will expand the university’s on-campus living options for upperclassmen as part of a public-private partnership. Located on more than 10 acres in the southern part of OU’s campus, the project will include four mid-rise buildings with 1,231 beds. Plans also call for 40,000 square feet of retail and academic space, as well as a 1,000-car parking garage. Construction of the project is slated for completion in August 2018 in preparation for the 2018-2019 academic year. OU and Balfour Beatty Communities will jointly operate and manage the housing component of the development. JE Dunn Construction is leading the project’s design/build team, in collaboration with Clark Nexsen and Oklahoma City-based Studio Architecture. RBC Capital Markets is the financial underwriter for the project. Balfour Beatty Campus Solutions provides development, asset/property management and other real estate services to higher education with a focus on public-private partnerships. PRG is a national non-profit organization that develops, owns and operates educational, healthcare, seniors housing and multifamily properties. To …

July 21, 2017

Newer Posts

Older Posts