Multifamily

Castle Lanterra Buys Mountain Vista Apartments in Lakewood for $38M

by Nellie Day October 3, 2017

LAKEWOOD, COLO. — Castle Lanterra Properties has purchased Mountain Vista, a 257-unit apartment community located at 474 S. Wright St. in Lakewood, for $38 million. Built in 1973, the property has undergone renovations in 221 units. It is situated near Green Mountain Open Space and Matthews Winters Park, which contains nearly 5,000 acres of open space and 30 miles of hiking and biking trails. Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Jackson Square Properties, in the transaction.

October 3, 2017

Multifamily New York Northeast

Cushman & Wakefield Arranges $80M Sale of Apartment Building in Manhattan

by Amy Works October 3, 2017

NEW YORK CITY — Cushman & Wakefield has brokered the sale of Madison Park Tower, an apartment building located on 34th Street between Madison and Park avenues in Manhattan. Affiliates of CIM Group sold the property to Morgenstern Capital and TLM Equities for $80 million. Constructed in 2009, Madison Park Tower is a 36-story building featuring 110 studio, one- and two-bedroom rental units, a 24-hour attended lobby, fitness center, bike storage and 2,950 square feet of ground-level retail space. Adam Spies, Doug Harmon, Adam Doneger, Kevin Donner and Avery Silverstein of Cushman & Wakefield represented the seller in the transaction. Additionally, Steve Kohn, Gideon Gil, Dave Karson, Alex Hernandez, Chris Moyer and Alex Lapidus of Cushman & Wakefield Equity, Debt and Structured Finance arranged $65 million in acquisition financing for the purchaser. The financing was provided by affiliates of Square Mile Capital Management.

October 3, 2017

Massachusetts Multifamily Northeast

The Davis Cos. Develops 85-Unit Condominium Building in Boston’s Allston Neighborhood

by Amy Works October 3, 2017

BOSTON — The Davis Cos. is developing Telford 180, a condominium building located at the corner of Soldiers Field Road and Telford Street in the Allston neighborhood of Boston. Slated to open this fall, the six-story building features 85 residences in a mix of studio, one-, two- and three-bedroom layouts, including six affordable, family-sized units targeted for first-time home buyers. On-site amenities include an 84-space underground parking garage, a fitness center, a clubhouse with private courtyard, a dog washing station, private conference rooms, a biking garage and a rowing room. Designed by CUBE 3 Studio, the property features 17 unique floor plans that each include a washer and dryer and modern kitchen designs. The opening of the property will mark the completion of the Charlesview Apartments development, a multi-phase project that commenced in 2011 with the construction of 280 mixed-income and affordable units in the Charlesview Residences located adjacent to Telford 180. The Davis Cos. celebrated the project with an official ribbon cutting on Monday, Oct. 2.

October 3, 2017

Multifamily Oregon Western

Virtu Investments Purchases Barclay Village in Oregon City for $18.7M

by Nellie Day October 3, 2017

OREGON CITY, ORE. — Virtu Investments has purchased the 146-unit Barclay Village apartments in Oregon City for $18.7 million. The community is located at 775 Cascade St., just south of Portland. Built in 1987, Barclay Village features a mix of one- and two-bedroom units with an average size of 989 square feet. The asset was 97 percent occupied at the time of sale. About half of the units have received modest renovations upon turnover. CBRE’s Phil Oester, Joe Nydahl and Josh McDonald represented the seller, Barclay Cascade Investors, in the transaction.

October 3, 2017

California Multifamily Seniors Housing Western

Killefer Flammang Architects Completes $12M Conversion of Historic Church to Affordable Seniors Housing

by Nellie Day October 3, 2017

LONG BEACH, CALIF. — Killefer Flammang Architects (KFA) has completed Immanuel Place, an affordable seniors housing community in the Bluff Heights Historic District of Long Beach. The $12 million project converted the 90-year-old Immanuel Church into a 31,000-square-foot, 25-unit community. Thomas Safran & Associates developed the property. The adaptive reuse project preserved the church’s stained-glass windows, pipe organ and three-story sanctuary. The development also moved an adjacent home to another area of Long Beach, making room for a parking lot. Immanuel Place was financed through a combination of Low Income Housing Tax Credit equity from Union Bank, an Infill Grant from the California State Department of Housing and Community Development, a loan from the U.S. Department of Housing and Urban Development (HUD), HOME Investment Partnership Program funds from the City of Long Beach/The Long Beach Community Investment Co., a loan from the Community Development Commission of the County of Los Angeles and funds from the Federal Home Loan Bank. KFA is an architecture and design firm specializing in urban infill and adaptive reuse projects. The company is based in Santa Monica, Calif.

October 3, 2017

Florida Multifamily Southeast

Northland Investment Buys Two Adjacent Multifamily Assets in South Florida for $56M

by Camren Skelton October 3, 2017

JUPITER, FLA. — Northland Investment Corp. has purchased two adjacent multifamily communities in Jupiter for a combined $56 million. Preston Giuliano Capital Partners sold the two assets — Mallards Cove and Shell Trace — that together total 359 units. Matt Mitchell, Jaret Turkell, Maurice Habif, Zach Nolan and Simon Banke of HFF arranged the transaction on behalf of the seller. Upon purchasing, Northland Investment combined the two properties and rebranded the community as Jupiter Isle. The property, located at 6705 Mallard Cove, comprises 46 two-story buildings and offers one- and two-bedroom units averaging 818 square feet. Apartment units feature walk-in closets, in-unit washers and dryers and balconies or patios. Community amenities include a pool, fitness center, clubhouse and onsite maintenance and management. Jupiter Isle was 97 percent occupied at the time of sale.

October 3, 2017

Georgia Loans Multifamily Southeast

PAC Receives $20.1M Acquisition Loan for Multifamily Community in Metro Atlanta

by Camren Skelton October 3, 2017

CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has received a $20.1 million loan from Mid First Bank for the acquisition of Reserve at Summit Crossing, a 172-unit apartment community in the Atlanta suburb of Cumming. The loan features a 30-year amortization schedule and a fixed interest rate of 3.87 percent. PAC acquired the community through a wholly owned subsidiary. The seller and sales price were not disclosed. Reserve at Summit Crossing features a fitness center, yoga studio, clubhouse, saltwater pool and a fire pit with outdoor seating.

October 3, 2017

Midwest Multifamily Ohio

Marcus & Millichap Arranges $1.3M Sale of Apartment Property in Bellevue, Ohio

by Kristin Harlow October 3, 2017

BELLEVUE, OHIO — Marcus & Millichap has arranged the sale of Shadow Hill in Bellevue, located in central northern Ohio, for $1.3 million. The 40-unit apartment property is located at 300 Derby Lane. The property, comprised of five buildings on 3.7 acres, features a mix of two- and three-bedroom units. The Barron, Burkons & Wintermute group of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state limited liability company. The team also procured the buyer, a regional limited liability company.

October 3, 2017

Multifamily Texas

ZOM Living Breaks Ground on $45M Apartment Community in McKinney

by Taylor Williams October 2, 2017

MCKINNEY, TEXAS — Orlando-based multifamily developer ZOM Living has broken ground on The KINSTEAD, a $45 million, garden-style apartment community in McKinney. The 376-unit property will comprise six three-story buildings, the first units of which are scheduled for a first-quarter 2018 delivery. Amenities will include a coffee bar, yoga or spin room and sports simulator. Stanford Construction will serve as general contractor for the project, which is ZOM Living’s fifth in the Dallas area and 10th overall in Texas.

October 2, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of 130-Unit Apartment Complex in Fort Worth

by Taylor Williams October 2, 2017

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Normandale Place Apartments, a 130-unit multifamily complex located at 8713 S. Normandale St. in Fort Worth. The property offers a mix of studio, one- and two-bedroom units. Mark Allen of Marcus & Millichap represented the seller and procured the buyer, an undisclosed partnership and limited partnership, respectively.

October 2, 2017

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