Multifamily

Joint Venture Receives $117.8M in Construction Financing for Development of Apartment Property in Chicago

by Kristin Harlow March 3, 2017

CHICAGO — Fifield Cos. and F & F Realty, in a joint venture equity partnership with Ares Management LP, has received $117.8 million in construction financing for the development of 727 West Madison, a 46-story apartment project in Chicago’s West Loop. Upon completion in late 2018, the project will comprise 492 apartment units averaging 783 square feet and approximately 10,000 square feet of retail space. Units will feature a mix of studio to three-bedroom floor plans. Designed by FitzGerald Associates Architects, the building will include amenities such as a swimming pool, yoga room, game room, resident lounge with coffee bar, movie theater, dog park and car wash area. Matthew Lawton and Danny Kaufman of HFF represented the developer by arranging joint venture equity and securing the construction financing. Bank of the Ozarks provided the loan.

March 3, 2017

Midwest Minnesota Multifamily

CBRE Arranges $32M Sale of Apartment Property in Cottage Grove, Minnesota

by Kristin Harlow March 3, 2017

COTTAGE GROVE, MINN. — CBRE has arranged the sale of Hinton Heights in Cottage Grove, 10 miles south of St. Paul, for $32 million. The 249-unit apartment property is located at 7750 Hinton Ave. South. The community features amenities such as a clubhouse with community room, game room, business center, fitness center, indoor swimming pool, sauna, hot tub, sport courts, outdoor lounge, picnic area, putting green, dog park and playground. Apartment sizes range from one- to three-bedroom units, with an overall average of 1,081 square feet. Hinton Heights was built from 1990 to 1995 and was 98 percent occupied at the time of the sale. Curtis Capital Group LLC, an entity controlled by Curtis Capital Group in Bellevue, Wash., purchased the property. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE arranged the sale on behalf of the seller, Cottage Grove Investors IV Limited Partnership LLLP, an entity related to the St. Louis Park-based Belgarde.

March 3, 2017

Georgia Multifamily Southeast

CBRE Arranges Sale of Apartment Community Near University of Georgia

by John Nelson March 3, 2017

ATHENS, GA. — CBRE has brokered the sale of Archer on North Apartments, a 140-unit multifamily community located at 210 Spring Court in Athens, a little more than a mile from the University of Georgia. Atlanta-based QR Capital purchased the asset for an undisclosed price. Built in 1984 and renovated in 2012, Archer on North features a new clubhouse, outdoor pool and fitness center. The community was 98 percent occupied at the time of sale. Brad Simmel of CBRE represented the seller, Archer On North LLC, in the transaction.

March 3, 2017

Multifamily Utah Western

Eastside Apartments in Salt Lake City Sells for $36.8M

by Nellie Day March 2, 2017

SALT LAKE CITY — An out-of-state investor has acquired the 180-unit Eastside Apartments in Salt Lake City for $36.8 million. The community is located at 350 S. 600 E. The community is situated less than a block from a TRAX light-rail stop and near the University of Utah. Community amenities include gated underground parking, an outdoor basketball court and a party patio. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both parties in the transaction.

March 2, 2017

California Multifamily Student Housing Western

Campus Evolution Villages, Heitman Acquire 771-Bed Community Near San Diego State

by Nellie Day March 2, 2017

SAN DIEGO — Campus Evolution Villages LLC, in partnership with an affiliate of Heitman LLC, has acquired Sterling Alvarado, a 771-bed community located near San Diego State University. Planned renovations — to be completed by fall 2017 — include a new, upgraded clubhouse with a community game room; updated common areas and units; and high-speed Wi-Fi throughout.

March 2, 2017

California Multifamily Student Housing Western

The Preiss Co. Buys Student Housing Community in Riverside

by Nellie Day March 2, 2017

RIVERSIDE, CALIF. — The Preiss Co. has acquired GrandMarc at University Village in Riverside. The community offers one-, two- and three-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a resort-style swimming pool and spa, outdoor grilling station, basketball court, clubhouse, study and meeting rooms, a game room, theater room, 24-hour fitness center and tanning beds. The seller was an undisclosed private investment group. The Preiss Co. will operate the facility and oversee renovations and upgrades.

March 2, 2017

Multifamily Texas

Olympus, Artemis Acquire Three Multifamily Properties in Metro Fort Worth

by Taylor Williams March 2, 2017

KELLER, TEXAS — Olympus Property and its joint venture partner, Artemis Real Estate Partners, have acquired three multifamily properties consisting of 679 units in the Dallas-Fort Worth suburb of Keller. Stoneleigh Cos. originally developed the three Class A properties, which will be individually rebranded as Olympus Town Center, Olympus Stone Glen and Olympus Waterford.

March 2, 2017

Florida Multifamily Southeast

Independence Realty Trust Buys Apartment Community in Tampa for $29.8M

by John Nelson March 2, 2017

TAMPA, FLA. — Independence Realty Trust Inc. has purchased an undisclosed 216-unit apartment community in Tampa’s Northdale neighborhood for $29.8 million. The REIT purchased the asset using available cash and its line of credit. Built in 1985 and renovated in 2016, the property features one- and two-bedroom units averaging 925 square feet. The asset was 93 percent occupied at the time of sale and averaged $1,192 per month in rent for the three months ending Jan. 31. The seller was undisclosed.

March 2, 2017

Florida Multifamily Southeast

Franklin Street Brokers $8M Sale of Apartment Community in Central Florida

by John Nelson March 2, 2017

MELBOURNE, FLA. — Franklin Street has brokered the $8 million sale of Bridgewater Pointe Apartments, a 100-unit multifamily community located at 151 Eber Road in Melbourne. Robert Goldfinger and Matthew Kesterson of Franklin Street represented the buyer and the seller, both private investors, in the transaction. Built in 1987, the two-story apartment community features a swimming pool, clubhouse, fitness center and a business center. The property was 96 percent occupied at the time of sale. Lonnie Kitchen of Franklin Street provided insurance services for the buyer, which selected Franklin Street Management to manage the asset. Franklin Street represented the same buyer last year in its $9.9 million acquisition of Seastone Luxury Apartments in Tampa.

March 2, 2017

Illinois Midwest Multifamily Seniors Housing

McShane to Construct Final Phase of Senior Living Community in Northbrook, Illinois

by Kristin Harlow March 2, 2017

NORTHBROOK, ILL. — McShane Construction Co. has been selected to construct the final phase of The Lodge of Northbrook, a senior living community in Northbrook, about 25 miles northwest of Chicago. Essex Communities is the developer of the property, located at 2244 Founders Drive. The final phase of construction will include 60 independent living apartments and eight assisted living units. A total of 96 units were constructed in the first three phases. The new addition will be constructed on the north end of the property and will complement the existing building utilizing the same masonry. The 150,000-square-foot Phase IV will incorporate amenities such as an expanded fitness center and new dining room, commercial kitchen and salon. Omaha-based Avant Architects is providing the architectural services for this phase, which is scheduled for completion at the end of May 2018.

March 2, 2017

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