Multifamily

Starlight Buys Newly Built, 330-Unit Multifamily Community in Metro Atlanta

by Camren Skelton October 26, 2017

DULUTH, GA. — Starlight U.S. Multifamily has acquired The Heights at Sugarloaf, a 330-unit apartment community in Duluth, roughly 30 miles northeast of Atlanta. The sales price was not disclosed. Constructed this year by The Worthing Cos., The Heights at Sugarloaf is situated within the Sugarloaf Market development, a 30-acre mixed-use project. Upon completion, Sugarloaf Market will feature 80,000 square feet of commercial space including a national grocery retail anchor tenant and a future seniors housing community. The Heights at Sugarloaf includes five three- and four-story buildings. Community amenities include a fitness center, business center, package concierge system, resort-style swimming pool, gas grilling stations and a courtyard with park benches and a dog park.

October 26, 2017

Multifamily South Carolina Southeast

Federal Capital Partners Acquires Apartment Community Near Charleston for $16.4M

by Camren Skelton October 26, 2017

SUMMERVILLE, S.C. — Federal Capital Partners (FCP) has acquired The Gates at Summerville, a 232-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Elliot Calhoun and Andrew Braden of NAI Charleston arranged the transaction on behalf of FCP. Andrew Batkins of Avison Young represented the seller, Somerset South Carolina LLC. The Gates at Summerville includes one- to three-bedroom apartment units and features a fitness center, tennis court, playground, swimming pool and an outdoor grilling area.

October 26, 2017

Illinois Midwest Multifamily

Marcus & Millichap Brokers $11.1M Sale of Apartment Property in Suburban Chicago

by Kristin Harlow October 26, 2017

ALSIP, ILL. — Marcus & Millichap has brokered the sale of Orchard Estates in Alsip, a southern suburb of Chicago, for $11.1 million. The 156-unit apartment property is located at 4600 W. 122nd St. Built in 1973, the property comprises six three-story buildings on a 6.2-acre lot. The 72 one-bedroom units and 84 two-bedroom units were 96 percent occupied at the time of sale. Ryan Engle of Marcus & Millichap represented the seller and procured the buyer. Both were undisclosed.

October 26, 2017

California Multifamily Western

Century West Partners Completes 398-Unit Apartment Complex in Los Angeles

by Nellie Day October 25, 2017

LOS ANGELES — Century West Partners has completed the 398-unit Next on Sixth apartment complex in Los Angeles’ Koreatown neighborhood. The community is located at 600 S. Virgil Ave. Next on Sixth features studio to two-bedroom units on a 1.8-acre lot. Amenities include a 70-foot swimming pool, four roof decks with sky lounges, a yoga room, massage room, spa and a two-story gym. KFA designed the community.

October 25, 2017

Idaho Multifamily Student Housing Western

EdR Opens 656-Bed Residence Hall at Boise State University

by Nellie Day October 25, 2017

BOISE, IDAHO — EdR has opened Honors College and Sawtooth Hall, a 656-bed residence hall located on the campus of Boise State University. EdR is leasing the land from the university, and owns the five-story, 236,000-square-foot property. The community includes a dedicated Honors living-learning center and first-year accommodations in the form of 235 two- and four-person, private and semi-private suites. A number of apartment-style units are also included to provide alternatives for upper-division students in the Honors College. The building includes classrooms, study lounges, Honors offices and dining facilities.

October 25, 2017

California Multifamily Seniors Housing Western

JCH Arranges Sale of 97-Unit Assisted Living Facility in Southern California

by Nellie Day October 25, 2017

SOUTHERN CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of an assisted living facility in Southern California for $9.6 million. The name of the 97-unit property was not disclosed. Both the buyer and seller are local, single-asset operators. Jim Hazzard and Nick Stahler were the lead agents on the transaction.

October 25, 2017

Loans Maryland Multifamily Southeast

Pillar Originates $58.8M Acquisition Loan for Apartment Community in Metro Baltimore

by Camren Skelton October 25, 2017

TOWSON, MD. — Pillar Financial, a division of SunTrust Bank, has originated a $58.8 million Freddie Mac loan for the acquisition of The Winthrop, a 295-unit apartment community in Towson, roughly 13 miles north of Baltimore. Cullen O’Grady of Pillar originated the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, a private investment group. Scott Park of Columbia National Real Estate Finance arranged the transaction. Located at 913 Southerly Road, the property is within walking distance to Towson Town Center, an indoor mall. The Winthrop was constructed in 2015 and has a National Green Building Standard Gold certification. Chesapeake Realty Partners developed the property, which will continue to be managed by The Bozzuto Group. The Winthrop was 95 percent occupied at the time of sale.

October 25, 2017

Florida Loans Multifamily Southeast

Maverick Commercial Arranges $22M Construction Loan for Apartment Property in Tampa Bay

by Camren Skelton October 25, 2017

CLEARWATER, FLA. — Maverick Commercial Mortgage has arranged a $22 million construction loan for The Strand, a 132-unit apartment building located at 1100 Cleveland St. in downtown Clearwater. The Chicago-based firm secured the two-year, non-recourse loan with one 12-month extension option through an undisclosed lender on behalf of the borrower, 1000 Cleveland LLC. Originally constructed as an office building, the 15-story property was gutted in 2016 in preparation for conversion into condominiums. The borrower will use the loan — which totals 65 percent of the project cost — to finish the conversion into apartment units. Kimmich Smith Architects is designing the apartment building, and GlenStar Properties is the development manager. Situated within the Tampa Bay region, The Strand will feature a pool, hot tub, kitchen, workshop with tools and equipment, business center and covered parking. In addition, The Strand will include ground-floor retail space.

October 25, 2017

Multifamily Texas

HFF Arranges Sale of 293-Unit Apartment Community in Houston

by Taylor Williams October 25, 2017

HOUSTON — HFF has arranged the sale of H6 Apartments, a 293-unit, Class A multifamily community located at 14805 Grisby Road in Houston’s Energy Corridor submarket. The property, which was more than 95 percent occupied at the time of sale, features one- and two-bedroom units averaging 827 square feet per unit. Amenities include a pool, fitness center and business center. Chris Curry and Todd Marix of HFF represented the seller, an affiliate of New York-based Abacus Capital Group LLC, in the transaction. GPI Real Estate Management Corp. purchased the asset contingent to existing debt.

October 25, 2017

Illinois Loans Midwest Multifamily

Associated Bank Arranges $66.8M Construction Loan for Apartment Property in Lincolnshire, Illinois

by Kristin Harlow October 25, 2017

LINCOLNSHIRE, ILL. — Associated Bank has arranged a $66.8 million syndicated loan for the construction of 444 Social, a 302-unit luxury apartment property in Lincolnshire, a northern suburb of Chicago. The Class A property will be located at 444 Parkway Drive. The property will feature 127 one-bedroom units, 126 two-bedroom units and 15 three-bedroom units. Completion is slated for spring 2019. Associated Bank, which served as the lead arranger on the deal, provided $20 million of the loan package. Krista Casper of Associated Bank originated the loan for the borrower, SMASH Residential Chicago LLC, an affiliate of ECD Co.

October 25, 2017

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