Multifamily

HFF Arranges $24.8M in Financing for Condominium Development in Morristown, New Jersey

by Amy Works February 21, 2018

MORRISTOWN, N.J. — HFF has secured $24.8 million in financing for the development of 30 Court, a condominium community located in downtown Morristown. The borrower is DRA 30 Court LLC, a joint venture between Diversified Realty Advisors and a private investor. Michael Klein and Jon Mikula of HFF arranged the 30-month construction loan with Investors Bank for the borrower. Slated for completion in 2019, the property will features for-sale two-bedroom homes ranging from 1,276 square feet to 1,939 square feet. Units will feature kitchens with granite countertops, wood cabinetry, central air conditioning, hardwood floors and in-house washers and dryers. Additionally, the property will feature a two-story, 131-space parking garage and a half-acre outdoor recreational space.

February 21, 2018

Mixed-Use Multifamily Northeast Pennsylvania Retail

Marcus & Millichap Negotiates $16.6M Sale of Apartment Building in Philadelphia

by Amy Works February 21, 2018

PHILADELPHIA — Marcus & Millichap has arranged the sale of Dynasty Court Apartments, an apartment building located at 1003-1011 Race St. in the Chinatown neighborhood of Philadelphia. A local partnership sold the property to a local development company for $16.6 million. The property features 56 apartments, five retail storefronts on Race Street and 21 parking spaces. Andrew Townsend, Ridge McLaren and Clarke Talone of Marcus & Millichap represented the seller, while Townsend, McLaren, Talone and Philip Sharrow, also of Marcus & Millichap, represented the buyer in the deal. Additionally, Matthew Rosenberg of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.

February 21, 2018

Multifamily New York Northeast

Alpha Realty Brokers $11.3M Sale of Three Apartment Buildings in Brooklyn

by Amy Works February 21, 2018

NEW YORK CITY — Alpha Realty has arranged the sale of three contiguous apartment buildings, located at 1193, 1199 and 1205 Eastern Parkway in the Crown Heights section of Brooklyn. A New York-based multifamily operator acquired the properties from a local private investor for $11.3 million, or $205 per square foot. The properties, all four-story walk-up buildings, total 55,000 square feet and 50 units. Lev Mavashev of Alpha Realty negotiated the off-market deal.

February 21, 2018

Indiana Midwest Multifamily

Marcus & Millichap Brokers $1.5M Sale of Apartment Building in Hobart, Indiana

by Kristin Harlow February 21, 2018

HOBART, IND. — Marcus & Millichap has brokered the sale of Lakeview Apartments in Hobart, a city in northwestern Indiana, for $1.5 million. The 28-unit apartment building is located at 136 Main St. in the Lakefront district. The property is within a recently approved redevelopment of approximately 750 feet of shoreline. Plans call for new boat launches for kayaks and canoes. The property features a mix of studio, one- and two-bedroom units. Scott Harris of Marcus & Millichap brokered the sale on behalf of the seller, a partnership. He also secured and represented the buyer, a limited liability company.

February 21, 2018

Loans Midwest Multifamily Ohio

Dougherty Provides $1.2M Refinance Loan for Apartment Property in Columbus, Ohio

by Kristin Harlow February 21, 2018

COLUMBUS, OHIO — Dougherty Mortgage LLC has provided a $1.2 million Fannie Mae loan for the refinancing of Parkview Apartments in Columbus. The apartment property consists of 216 market-rate apartment units. Dougherty’s Minneapolis office originated the eight-year loan, which features a 30-year amortization schedule. Wolfe Diamond Loch LLC was the borrower.

February 21, 2018

Loans Multifamily North Carolina Southeast

HFF Arranges $26M Refinancing for Multifamily Community in Downtown Raleigh

by Camren Skelton February 21, 2018

RALEIGH, N.C. — HFF has arranged a $26 million loan for the refinancing of The Lincoln Apartments, a 224-unit multifamily community in downtown Raleigh. The property is located at 408 E. Hargett St., less than a half-mile from the North Carolina State Capitol. Matthew Schoenfeldt, Cory Fowler and Roger Edwards of HFF arranged the floating-rate loan through MetLife Investment Management on behalf of the borrower, Lincoln Apartments LLC, an affiliate of Banner Real Estate Group. Completed in 2015, The Lincoln Apartments features a resident club room with a kitchen, resort-style pool, outdoor fireplace, fitness center with yoga studio, pet spa, coffee bar, enclosed parking garage and an electric car charging station. Individual units average 759 square feet and feature wood-style flooring, granite countertops, stainless steel appliances, balconies, walk-in closets and full-size washers and dryers.

February 21, 2018

Florida Multifamily Southeast Student Housing

Campus First Acquires 661-Bed Student Housing Community Near University of Florida

by Camren Skelton February 21, 2018

GAINESVILLE, FLA. — Campus First Student Living has acquired The Ridge, a 661-bed student housing community located less than one mile from the University of Florida campus in Gainesville. The property offers two-, four- and five-bedroom, apartment- and townhome-style units. Shared amenities include a three-room fitness center, clubhouse, study lounges, a beach entry pool, hot tub and lazy river. Planned renovations for the community — set for completion this fall — include improvements to the clubhouse and the addition of private study areas, fire pits, outdoor game areas, a yoga studio and a dog park. Ryan Lang of ARA Newmark’s Student Housing Group represented the seller in the transaction.

February 21, 2018

Multifamily Texas

Cypress to Develop 294-Unit Apartment Community in Uptown Dallas

by Taylor Williams February 20, 2018

DALLAS — Cypress Real Estate Advisors Inc. will develop a 294-unit apartment community at 4600 Ross Ave. in the Uptown district of Dallas. Oden Hughes Taylor Construction is serving as general contractor for the project and JHP Architects is designing the community, which is expected to break ground this quarter. The target completion date is early 2020. Steve Williamson of Transwestern brokered the sale of the 3.8-ace land parcel, which previously housed the headquarters of the Dallas Teacher Credit Union and Credit Union of Texas.

February 20, 2018

Multifamily Texas

CBRE Negotiates Sale of 148-Unit Apartment Complex in Houston

by Taylor Williams February 20, 2018

HOUSTON — CBRE has negotiated the sale of The Club at Stablechase, a 148-unit multifamily complex located in the Champions area of Houston. Built in 1999, the property features one-, two- and three-bedroom units that average 1,012 square feet. Amenities include a business center and 24-hour fitness center. The property was 90 percent occupied at the time of sale. Matt Phillips and Clint Duncan of CBRE represented the seller, CFH Investment Partners, in the transaction. Houston-based Mosaic Residential Inc. purchased the asset for an undisclosed price.

February 20, 2018

Affordable Housing Multifamily Oregon Western

Bridge Housing Breaks Ground on 203-Unit Affordable Housing Project in Portland

by Nellie Day February 20, 2018

PORTLAND, ORE. — Developer Bridge Housing has broken ground on the first phase of RiverPlace Parcel 3, a 203-unit affordable housing project in Portland. Bridge Housing will deliver 90 apartments reserved for households earning less than 30 percent of the area’s median family income (MFI); 10 units dedicated to homeless veterans utilizing the Veteran Affairs Supportive Housing (VASH) program; and the balance going toward families earning 60 percent of MFI. Property amenities include a playground and landscaped courtyard, two laundry rooms, a community room with kitchen and community spaces, resident services office with adjacent program space, a conference room and a community classroom. RiverPlace Parcel 3 is a joint effort between the Portland Housing Bureau and Prosper Portland. The 88,000-square foot parcel on the corner of SW River Parkway and Moody Avenue is owned by Prosper Portland. Bridge was selected to develop the site in 2015.

February 20, 2018

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