Multifamily

ArborCrowd Offers Investors Shares in $40.8M Multifamily Deal in San Antonio

by Taylor Williams September 27, 2017

SAN ANTONIO — Online commercial real estate firm ArborCrowd has offered investors an opportunity to own equity interests in Quarry Station Apartments, a 306-unit multifamily community in San Antonio’s Alamo Heights neighborhood. The total capitalization of the deal is $40.8 million, with ArborCrowd raising $3.2 million in equity and projecting a return of 16 to 19 percent across a two- to four-year hold period. As part of the deal, the current owner will invest in upgrades to the property’s interiors and exteriors. ArborCrowd is a crowdfunding real estate investment organization that is part of the Arbor family of companies, including Arbor Realty Trust, Arbor Commercial Mortgage and AMAC.

September 27, 2017

Greater Jamaica Development Selects Developer for 500,000 SF Mixed-Use Project in Queens

by Amy Works September 27, 2017

NEW YORK CITY — The Greater Jamaica Development Corp. has selected a joint venture between BRP Cos. and Wharton Properties to purchase and develop a site located at 90-02 168th St. in the Queens’ neighborhood of Jamaica. The open-air parking lot will become an approximately 500,000-square-foot development with more than 300 mixed-income residential units and more than 70,000 square feet of retail space. Construction is slated to begin in the second half of 2018.

September 27, 2017

Multifamily Northeast Pennsylvania

J.G. Petrucci Co. Opens 151-Unit Residential Community in Warminster, Pennsylvania

by Amy Works September 27, 2017

WARMINSTER, PA. — J.G. Petrucci Co. has opened Jacksonville Station, a 151-unit apartment community located at 375 Jacksonville Road in Warminster. The eight-building property features 74 one-bedroom and 77 two-bedroom apartment units with high ceilings, stainless steel kitchen appliances, quartz countertops and in-unit washers/dryers. Situated on 10 acres, the multifamily complex features on-site surface parking, a state-of-the-art fitness center, resort-style swimming pool and resident clubhouse with flat-screen televisions, couches and meeting spaces.

September 27, 2017

Multifamily New York Northeast

TerraCRG Brokers $4.8M Sale of 20-Unit Apartment Building in Brooklyn

by Amy Works September 27, 2017

NEW YORK CITY — TerraCRG has arranged the sale of an apartment building located at 440 Senator St. in Brooklyn’s Bay Ridge neighborhood. An undisclosed buyer acquired the four-story building for $4.8 million, or $340 per square foot. The 14,280-square-foot property features 20 apartment units. Peter Matheos and David Algarin of TerraCRG brokered the transaction.

September 27, 2017

Georgia Multifamily Southeast

Hanover to Deliver Upscale Apartment Tower in Atlanta’s Buckhead District

by Camren Skelton September 27, 2017

ATLANTA — Houston-based real estate developer Hanover Co. is nearing completion of Hanover Buckhead Village, a 353-unit apartment community in Atlanta’s Buckhead district. The 20-story tower is located next to the historic Buckhead Theatre at the corner of Roswell Road and Irby Avenue N.W., and is situated within walking distance to a Whole Foods Market, West Village and The Shops at Buckhead Atlanta. Community amenities include a screening room, business center, 24-hour TechnoGym, rooftop pool deck and outdoor dining and fireplace areas. Individual units feature oversized glass windows, wood-style flooring and granite countertops. Hanover Buckhead Village also includes 13 penthouse units that will feature wraparound windows and views of the Buckhead and Midtown skylines. In addition, the tower will include approximately 12,500 square feet of first-floor retail space. The property is slated to open this fall.

September 27, 2017

Midwest Minnesota Multifamily

CBRE Arranges $87M Sale of Luxury Multifamily Property in St. Paul

by Kristin Harlow September 27, 2017

ST. PAUL, MINN. — CBRE has arranged the sale of the Vintage on Selby in St. Paul for $87 million. The 210-unit multifamily property features a 39,506-square-foot Whole Foods Market on the first floor. Completed in 2015, the property is located at the intersection of Snelling and Selby avenues. The building features a mix of units ranging from studios to three-bedroom units. Amenities include a rooftop terrace with swimming pool, fitness center and yoga room, club room, electric car charging stations and bike storage. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, The Vintage on Selby LLC. The entity is related to Ryan Cos. and The Excelsior Group, which developed the property. An affiliate of Zurich North America purchased the property.

September 27, 2017

Illinois Midwest Multifamily

Interra Arranges $5M Sale of Condo De-conversion in Chicago’s Hyde Park

by Kristin Harlow September 27, 2017

CHICAGO — Interra Realty has arranged the sale of Everett Hyde Park in Chicago for $5 million. The 32-unit condominium building is located at 5454 S. Everett Ave. The property was renovated and converted to condominiums in 2007. Joe Smazal of Interra represented the condominium association and the purchaser, Chicago-based Tricap Residential Group. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent of residents or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.

September 27, 2017

California Multifamily Top Stories Western

Essex Apartment Homes Acquires 24-Story Mixed-Use Property in San Jose

by Nellie Day September 27, 2017

SAN JOSE, CALIF. — An affiliate of Essex Apartment Homes (NYSE: ESS) has purchased 360 Residences, a 24-story, mixed-use residential and retail tower in downtown San Jose. The purchase price was $133.5 million, according to Silicon Valley Business Journal. The mixed-use asset is located at 360 Market St., situated one mile from Google’s proposed office campus as well as the future downtown San Jose and Diridon BART stations. The transit-oriented property also provides access to Interstates 280, 680 and 880, U.S. Highway 101 and State Highway 87. 360 Residences was built in 2010. It features 213 ultra-luxury condominium units with high-end finishes and floor plans that average 1,320 square feet. Community amenities include a resort-style pool, fitness center, community lounge with chef’s kitchen, and executive business center with conference room and concierge services. The asset also contains 10,167 square feet of ground-floor retail that is fully leased. The seller, Capri Capital Partners LLC, purchased 360 Residences from Kennedy Wilson for $118 million in April 2012. HFF’s Scott Bales, Peter Yorck and Miles Kersten represented Capri in this transaction. San Mateo, Calif.-based Essex Apartment Homes is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops apartment communities …

September 27, 2017

Colorado Multifamily Western

Oak Coast Buys 384-Unit Apartment Community in Denver for $52.5M

by Nellie Day September 26, 2017

DENVER — Oak Coast Properties has purchased a majority interest in the 384-unit Villas on 76th apartment community in Denver for $52.5 million. The property is located at 2002 W. 76th Ave. Villas features a playground, pet park, swimming pool and newly renovated clubhouse. The seller, BMC Investments, will maintain a minority interest in the project. BLDG Management, an affiliate of BMC Investments, will continue to operate the property. BMC acquired Villas on 76th in 2013. At that time, the company made investments to complete deferred maintenance and update the look and feel of the community.

September 26, 2017

Loans Multifamily Washington Western

Love Funding Provides $29.8M Refinancing for Pimlico Apartments in Pullman

by Nellie Day September 26, 2017

PULLMAN, WASH. — Love Funding has provided a $29.8 million refinancing for the 361-unit Pimlico Apartments in Pullman. The community is located at 1455 NE Brandi Way. Pimlico Apartments features one- to three-bedroom units with private balconies. It was built in 2013 and 2014. Brian Robertson of Love Funding has secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with long-term, non-recourse financing.

September 26, 2017

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