Multifamily

Cushman & Wakefield Arranges $85.4M Sale of Multifamily Asset in Nashville’s Cool Springs District

by Camren Skelton October 10, 2017

FRANKLIN, TENN. — Cushman & Wakefield has arranged the sale of ALARA Cool Springs, a 386-unit apartment community in Franklin, a city 20 miles south of Nashville in the metro’s Cool Springs submarket. Robert Stickel, Chris Spain, Alex Brown and Brad Boston of Cushman & Wakefield represented the seller, American Realty Advisors, in the transaction. Los Angeles-based IMT Capital purchased the property for $85.4 million, according to the Nashville Business Journal. Constructed in 1997, ALARA Cool Springs features a resort-style pool, outdoor lounge and fireplace, fitness facility and nature trails. In addition, the property is located within walking distance to numerous retail and dining options.

October 10, 2017

Multifamily Southeast Tennessee

Michaelson Acquires Apartment Community in Knoxville for $17.8M

by Camren Skelton October 10, 2017

KNOXVILLE, TENN. — Michaelson Real Estate Group has purchased Viera Cedar Bluff, a 184-unit multifamily community in the Cedar Bluff neighborhood of Knoxville, for $17.8 million. Located at 424 N. Cedar Bluff Road, the community is roughly 10 miles west of downtown Knoxville. Viera Cedar Bluff includes one- and two-bedroom floor plans with an average size of 849 square feet. Constructed in 1986, the community was recently renovated to include repaved parking lots, new roofs and interior and exterior updates, including renovated hardwood flooring and stainless steel appliances. Community amenities include a pool, fitness center, business center, hiking and jogging trails and an on-site laundry facility.

October 10, 2017

Multifamily New Jersey Northeast

One Wall Partners Acquires 16-Property Multifamily Portfolio in New Jersey for $63M

by Amy Works October 10, 2017

EAST ORANGE, WEST NEW YORK AND JERSEY CITY, N.J. — One Wall Partners (OWP) has purchased a 16-property multifamily portfolio from Shapco Property Management for $63 million in an off-market transaction. With the acquisition, OWP is now the largest property owner in East Orange and one of the largest transit-oriented workforce housing owner/operators in Northern New Jersey. Comprising 14 buildings in East Orange, one in West New York and one in Jersey City, the portfolio features a total of 516 apartment units and 300 parking spaces/garages. The unit mix includes 230 one-bedroom apartments and more than 286 two- and three-bedroom units.

October 10, 2017

Multifamily Northeast Pennsylvania

Gebroe-Hammer Facilitates $14M Sale of 20-Property Multifamily Portfolio in Philadelphia

by Amy Works October 10, 2017

PHILADELPHIA — Gebroe-Hammer Associates has brokered the sale of a 20-property multifamily portfolio in Philadelphia. A private investor acquired the 83-unit portfolio from West Village UCA for $14 million. Situated on the 3200 block of Powelton Avenue, 11 of the properties (3201-3027) are on the odd side of the street while two are even-numbered buildings (3214 and 3220). The 3214-3218 Pearl St. properties feature three two-unit townhomes with patios and garages, as well as an additional loft in two of the units. The properties at 311-313 N. 33rd St. include a 24-unit building with an adjacent parking lot. The portfolio comprises a mix of studio, one-, two-, three- and four-bedroom layouts, totaling 144 beds. Eli Rosen of Gebroe-Hammer Associates represented the seller and procured the buyer in the deal.

October 10, 2017

Colorado Multifamily Western

Griffis Residential Closes $407M Multifamily Investment Fund

by Nellie Day October 10, 2017

DENVER — Griffis Residential has closed Griffis Premium Apartment Fund IV, a $407 million fund that was used to acquired four apartment communities throughout the West and Texas. The communities contain a total of 1,475 units. They are situated in the metro areas of Seattle, Denver, Los Angeles and Austin, Texas. Fund IV iss targeting about $1 billion in multifamily apartment investments primarily in Colorado, Texas, Washington, Oregon and California. Griffis’ fourth private equity real estate investment fund pursued the same investment strategy as its predecessor funds: acquiring high-quality apartment communities and creating value through operational and capital improvements. Target assets are typically of recent vintage, contain more than 200 units and have a total project cost ranging from $50 million to $150 million. Acquisitions in Fund IV are focused on markets benefiting from above-average wage growth and demographics that favor the apartment industry. Shelter Rock Capital Advisors acted as the exclusive capital advisor to Griffis Premium Apartment Fund IV.

October 10, 2017

Colorado Multifamily Western

Doster Construction to Build 208-Unit Apartment Complex in Aurora

by Nellie Day October 10, 2017

AURORA, COLO. — Doster Construction Co. is set to start construction of the 280-unit Springs at Eagle Bend apartment complex in Aurora. The 283,084-square-foot development includes 14 buildings with their own private, ground-level entrance. Amenities will include a resort-style pool, fitness center, two pet playgrounds, clubhouse and 12 parking garage buildings. The apartment community is scheduled for completion in winter 2019. Continental Properties is developing the property, which Phillips Partnership designed.

October 10, 2017

California Multifamily Western

California Landmark Group Starts Construction of G8 Apartments in Marina Del Rey

by Nellie Day October 10, 2017

MARINA DEL REY, CALIF. — California Landmark Group (CLG) has started construction of the 230-unit G8 apartment community in the Marina Arts District adjacent to Marina del Rey. The $100 million community will be located at 13448 W. Beach Ave. in the Los Angeles submarket. Common-area amenities include a park, three courtyards with pools, collaborative indoor and outdoor workspaces, a fitness center, and a rooftop deck offering views of the city and ocean. The project will also include 25,000 square feet of renovated creative office space. G8 will be one of the largest multifamily developments to be built on Los Angeles’ Westside in several years, according to CLG.

October 10, 2017

Colorado Mixed-Use Multifamily Top Stories Western

ARA Newmark Brokers $141.5M Sale of 218-Unit Multifamily Community in Denver

by Katie Sloan October 10, 2017

DENVER — ARA Newmark has brokered the $141.5 million sale of Steele Creek, a 218-unit luxury multifamily community located in the Cherry Creek neighborhood of Denver. The community offers studio, one- and two-bedroom units. Shared amenities include a rooftop deck with an infinity pool, spa, fireplace, cabanas, daybeds, high-end grills and dining areas; a clubroom with billiards and a virtual golf/sports simulator; and a business lounge. The property also features ground-floor retail space leased to Matsuhisa Restaurant, AT&T and Drybar. The 12-story development is located across the street from Cherry Creek Shopping Center, home to over 160 retailers including Nordstrom, Neiman Marcus, Macy’s and Restoration Hardware. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan of ARA Newmark represented the seller, Denver-based real estate investment company BMC Investments, in the transaction. The buyer was not disclosed. — Katie Sloan

October 10, 2017

Connecticut Mixed-Use Multifamily Northeast Restaurant Retail

RBH Group Acquires Vacant Commercial Building in Hartford, Connecticut, for $20M

by Amy Works October 9, 2017

HARTFORD, CONN. — RBH Group has acquired a long-vacant commercial building, located at 370 Asylum St. in Hartford, for $20 million. RBH Group plans to redevelop the building into Teachers Corner Hartford, a mixed-use space. The development will feature market-rate and affordable residential units, space for educational opportunities and cultural performances, as well as restaurant and retail components. Laurie Grasso and Douglas Hoffmann of Hunton & Williams advised in the acquisition. Teachers Corner Hartford represents the first transaction in RBH Group’s national rollout of its Teachers Village concept following the first Teachers Village project in Newark, N.J., a $150 million, 23-acre mixed-use community. Teachers Corner Hartford is a realization of RBH Group’s continued joint venture with the Goldman Sachs Urban Investment Group and its partnering with Hartford’s Community Solutions and The Prudential Social Investment Group, with funding provided by the City of Hartford and various Connecticut state agencies.

October 9, 2017

Loans Multifamily New Hampshire Northeast

NorthMarq Capital Arranges $4.1M in Refinancing for Multifamily Property in New Hampshire

by Amy Works October 9, 2017

HUDSON, N.H. — NorthMarq Capital has arranged $4.1 million in refinancing for a multifamily property located in Hudson. The financing features a 10-year term on a 25-year amortization schedule. Mark Whelan of NorthMarq secured the financing through a regional bank for the undisclosed borrower. The multifamily property features 36 apartment units.

October 9, 2017

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