Multifamily

M&C Properties Acquires New Multifamily Community in Orlando for $56.5M

by Camren Skelton October 20, 2017

ORLANDO, FLA. — Salt Lake City-based M&C Properties has purchased Alta at Eastmar Commons, a newly constructed, 312-unit apartment community located at 10038 Vista Laguna Drive in Orlando, for $56.5 million. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Wood Partners, in the transaction. Constructed this year, Alta at Eastmar Commons features a tech lounge with a coffee bar, sports lounge with billiards room, conference room, fitness center, cycle room, yoga studio, pet park and a pet spa. The community was 95 percent occupied at the time of sale.

October 20, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $34.4M Sale of Multifamily Property in Camden, New Jersey

by Amy Works October 20, 2017

CAMDEN, N.J. — Marcus & Millichap has brokered the sale of Crestbury Apartments, a multifamily property located at 2552 S. Eighth St. in Camden. An affiliate of Lincoln Avenue Capital acquired the property from Tryko Partners for $34.4 million. Situated on 18 acres, the property features 392 one- and two-bedroom units. Andrew Townsend, Ridge MacLaren and Clarke Talone of Marcus & Millichap represented the seller in the deal. J.D. Parker of Marcus & Millichap is the firm’s broker of record in New Jersey.

October 20, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $54.2M in Financing for Two Skilled Nursing Facilities in Queens

by Amy Works October 20, 2017

NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and Rehabilitation, a 278-bed facility in Flushing. Both loans were 30-year self-amortizing FHA loans at low fixed rates.

October 20, 2017

Georgia Multifamily Southeast

Pollack Shores to Break Ground on 200-Unit Apartment Community in Metro Atlanta

by Camren Skelton October 20, 2017

KENNESAW, GA. — Pollack Shores will break ground this month on The Barrett, a 200-unit multifamily community in Kennesaw, roughly 30 miles northwest of Atlanta. The 192,000-square-foot property will include one- to three-bedroom units ranging in size from 700 to more than 1,600 square feet. Apartment units will features granite countertops, shaker-style cabinets, stainless steel appliances and vinyl plank flooring. Community amenities will include a resort-style pool, courtyard, fitness center and a clubroom. The Barrett will be situated one mile from Town Center at Cobb, which features a mix of retail space and dining options. Dwell Design Studio is handling design for the project, and McShane Construction is the general contractor. Matrix Residential, a subsidiary of Pollack Shores, will manage the property. The first residents are expected to move in around December 2018.

October 20, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Facilitates $5.7M Sale of Apartment Community in Belmar, New Jersey

by Amy Works October 20, 2017

BELMAR, N.J. — Gebroe-Hammer Associates has arranged the sale of Silver Lake Garden Apartments, a multifamily community located at 104 Fifth Ave. in Belmar. A private investor acquired the property from Anza Inc., the original developer/owner, for $5.7 million, or $190,000 per unit. The 30-unit property features six two-bedroom and 24 one-bedroom units with updated kitchens and bathrooms. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.

October 20, 2017

Loans Michigan Midwest Multifamily Student Housing

Calmwater Provides $12.6M Acquisition Loan for Student Housing Conversion in Auburn Hills, Michigan

by Kristin Harlow October 20, 2017

AUBURN HILLS, MICH. — Calmwater Capital has provided a $12.6 million loan for the acquisition and conversion of a 144-unit multifamily property to student housing near Oakland University in Auburn Hills. The property, located at 2770 Pine Knoll Drive, will soon be upgraded and converted into student housing and be known as The Edge. Some of the loan proceeds will be used for physical upgrades in addition to the implementation of student-focused marketing and resident programming. Formerly known as Knollwood Place and built in 1990, the property comprises six three-story buildings. A joint venture between Andover Real Estate Partners and M Group was the borrower. Campus Village will manage the property.

October 20, 2017

Illinois Midwest Multifamily

Essex Brokers $4.5M Condo Deconversion in Chicago’s Lincoln Square

by Kristin Harlow October 20, 2017

CHICAGO — Essex Realty Group has brokered the sale of the Sunnyside Lane Condominiums in Chicago’s Lincoln Square neighborhood for $4.5 million. All 18 condominium units were sold to one buyer in what is known as a condo deconversion. The property, located at 4459 N. Campbell Ave., consists of 17 two-bedroom units and one one-bedroom unit. Brian Kochendorfer & Brian Karmowski of Essex represented the condo owners, while Steve Livaditis & Joe Scheck represented the undisclosed buyer. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.

October 20, 2017

District of Columbia Loans Multifamily Southeast

MBA: Multifamily Lending Up 8 Percent in 2016

by John Nelson October 20, 2017

WASHINGTON, D.C. — Multifamily lending was up 8 percent year-over-year in 2016, with 2,822 different multifamily lenders providing a total of $269.2 billion in financing for apartment buildings with five or more units, according to a new report from the Mortgage Bankers Association (MBA). It was another record year for U.S. multifamily lending, according to Jamie Woodwell, MBA’s vice president of Commercial Real Estate Research. Woodwell says that momentum is still strong in 2017, but this summer the MBA predicted that 2017 volume for commercial and multifamily originations will dip by 3 percent. By dollar volume, the greatest market share (39 percent) went to the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. The top five multifamily lenders in 2016 by dollar volume were Wells Fargo, JP Morgan Chase and Co., CBRE Capital Markets Inc., Berkadia and Walker & Dunlop. The report is based on data from the MBA 2016 Commercial/Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act (HMDA). The MBA survey targets dedicated originators and covered $491 billion in commercial and multifamily loans in 2016.

October 20, 2017

Massachusetts Multifamily Northeast

Hood Park LLC Breaks Ground on 177-Unit Residential Project in Boston Suburb

by Amy Works October 19, 2017

CHARLESTOWN, MASS. — Hood Park LLC has broken ground for 480 Rutherford Avenue, a multifamily project located in Charlestown, a suburb of Boston. The development is the first residential project at Hood Park, a 20-acre development permitted for more than 1.1 million square feet located at the former H.P. Hood Plant. The 177-unit multifamily development will feature a mix of studio, one- and two-bedroom units, including 23 affordable units. On-site amenities will include garage parking, bike storage, a resident lounge, a community kitchen, fitness/yoga studio, dog amenities, an outdoor courtyard with city views, 24/7 security and 10,500 square feet of retail amenity space. The project team includes Lee Kennedy Co. as construction manager, CBT as architect, Colliers International as project manager and Bozzuto Management Co. as management and leasing representative. Over the course of the next two years, the project will create approximately 250 construction jobs and another 40 permanent jobs once open. The entire development of Hood Park is scheduled for completion in late 2019.

October 19, 2017

Georgia Multifamily Southeast

Atlantic | Pacific Acquires 269-Unit Multifamily Community Near Atlanta Airport

by Camren Skelton October 19, 2017

HAPEVILLE, GA. — Atlantic | Pacific Cos. (A|P) has acquired The Atlantic Aerotropolis, a 269-unit multifamily community in Hapeville, two miles north of Hartsfield-Jackson Atlanta International Airport. Additional terms of the transaction were not disclosed. The Atlantic Aerotropolis features a saltwater swimming pool, fitness center, grill and picnic areas, gaming room with billiards and shuffleboard, a business center, conference room and a rooftop deck. A|P will invest in capital improvement to the property including updating unit interiors with quartz countertops and stainless steel appliances. A|P Management, the property leasing and management platform under A|P, will manage the property. The acquisition brings A|P’s regional portfolio to 18 multifamily communities.

October 19, 2017

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